4 Steps to Manage Business Risks and Obligations using Contract Management Software

4 Steps to Manage Business Risks and Obligations using Contract Management Software

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  4 Steps to ManageBusiness Risks and Obligations Using Contract Management Software
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  Challenge In a tech-centricworld where your favorite food ordering app can share when food will be delivered with precise location-based tracking, why can’t large companies keep track of their contracts status, including critical obligations and renewals?
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  “ “There is arisk in how people fulfill the obligation concerning the contract.”
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  What are Businessrisks? ● Present in the nature of your business or how your suppliers are sourcing for the business. ● Exists in terms of the environment, whether it is a regulatory or a legal perspective. ● Associated with the unknown/unpredictable ● Important to capture its severity and probability.
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  Types of Businessrisks 5
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  4 Steps ToTackle Business Risks with Contract Management Solutions
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  ● Focus onidentifying legal text ● Aligning with specific business terminologies and data points ● Helping to safeguard your business by tagging terms and information based on the specific documents like SLAs, Clauses, Policies, and Government Laws. #1 Capture & Tag Data
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  #2 Triage &Inventory Risks ● Identifying risks important to your organization ● Assessing the severity of risk ● Managing an inventory of risk and identifying ways in which it can be changed
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  ● Identify anddiscover risks proactively while drafting contracts ● Get predictive insights to identify where the risk is coming from ● Suggest where that risk needs to be addressed or suggest the language to avoid a certain risk. #3 Discovery and Insight
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  ● Incorporating allof CLM features into giving the best possible combination to combat risk ● Tracking, process management, speed, and intelligence via CLM. ● Reminders and alerts for key dates and milestones via CLM automation ● Intelligently routed contracts based on attributes and roles ● Brings contracts into collaboration tools, and easy search and analysis. #4 Quality Data Management
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  Start Managing BusinessRisk using ServiceNow + Aavenir Contractflow ServiceNow is a Leader in Integrated Risk Management as per Gartner Magic Quadrant for Integrated Risk Management. ServiceNow GRC has a Risk Management application which provides ways to: ● Arrange categories of risks to normalize risk scores within the organization, ● Consistently assess risks using a best practice workflow, and ● Understand and report on the financial and statistical impact of risk to the organization
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  Get Free Resources ContractReview & Negotiation Checklist Free Download Assess Contract Management ROI Test Drive Contractflow Know About Contractflow Check Other Resources Annual Calculate ROI Free Demo Know More Explore Now
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  Our S2P ProductSuite on ServiceNow Visit: www.aavenir.com
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  Delivering Future of Work www.aavenir.com linkedin.com/company/aavenirinfo [email protected] twitter.com/AavenirInfo