Simplify Tracking and Managing a Contract's Risk Controls

A contract is a formal and legally binding mechanism to ensure third parties supply goods or services in accordance with company and regulatory policies and procedures. Third party contracts should directly address the specific risks identified during the third party due diligence process. Companies need to ensure the contract has the necessary clauses to control the risks identified or, if the clauses are inadequate or unable to be negotiated into the contract, measures are taken outside the contract to mitigate them.

 

Hiperos 3PM Contract Risk Management

Hiperos 3PMTM Contract Risk Management enables companies to automate aspects of the contract process by identifying the required contract controls – specific contract clauses – based on the risk characteristics identified during the due diligence of the third party relationship under consideration. These contract controls can then be accepted, modified or omitted by appropriate subject matter experts within the various risk areas. Contract controls that finally end up in a contract are tracked. If modified or omitted during contract negotiation, they are managed through mitigating risk programs. All contract controls are available directly in the third party contract record for easy reporting.

Benefits

  • Accelerate and simplify management of third party risks prior to contract signature
  • Automate inclusion of appropriate clauses into a contract based on third party relationship risks
  • Track the effectiveness of a contract’s risk controls automatically
  • Mitigate risks caused by inadequate contract controls
  • Increase efficiency by centralizing access to third party contracts
  • Adhere to regulatory guidance by managing contract controls throughout the relationship lifecycle