Most companies have strong internal controls around the initiation of contracts. But most do not have the same focus on the administration and monitoring phases. Poor monitoring of the complex financial and legal agreements that govern extended business relationships can lead to brand or reputation damage, financial reporting errors and more. Four key process categories are necessary for the effective management of contracts: Creation, Publication and Activation, Compliance and Analysis.
In this guide, we further outline the risks and key recommendations associated with the contract management process.