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What business risks arise in the absence of a contract management system?

A brief listing of potential business risks in the absence of a contract management process and their impact:

  • Unevaluated content risks of contracts
    By the existing possibility to evaluate contract risks in the context of the contract and by regular audits, you can introduce
    a pre-warning stage into the VM process.
  • Failure to meet contractual deadlines such as option or notice periods
    You can also manage contract-relevant dates in a deadline book, but for several hundred contracts a digital task and deadline      management is certainly the better way.

  • Insufficient processing due to intransparent approval / release process
    When you set up an approval/release process, no process remains "stuck" in the system. You can inform yourself at any
    time about the documented status of a contract creation or administration process or receive information by e-mail.

  • Lack of actuality / distributed information status
    If not all contract information is up to date, the risk analysis cannot correctly assess the company's consequences.

  • Difficult finding of contracts
    If all contract-relevant information is not available at a central location, the compliance process is not ensured.

  • Loss of contracts/components of contracts
    The violation of the duty of care represents a violation of the legally required documentation and storage obligation.

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