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Challenge

  • Inadequate strategic supplier contract management process – expiration dates went unnoticed, obligations not systematically tracked
  • Contracts security certification documents were hard to locate
  • Dissatisfaction with SharePoint as contracts repository
  • No systematic response process for client audits

 

Solution

  • ELM Manage Contracts module with automatic expiration alerts and color-coded dashboard for expiring contracts
  • Ability to quickly take action within system to initiate renewals, negotiations, etc.
  • System onboarding process for strategic partners and operational suppliers
  • Built-in procedures and mandatory controls for audit compliance
  • Strategic partner ‘social profiles’ for contract management, communications, obligations, reviews, and due diligence
  • Supplier security and audit information readily available
  • Ability to scale and incorporate compliance risks evaluations

Impact

New contract management processes and controls to meet strict financial client audit requests
Platform encourages collaboration between internal and external legal teams
Contract process automation improves productivity of small legal team
Actively tracks contract obligations and expirations to reduce contract revenue leakage
Mitigates compliance risks in heavily regulated financial sector
Decreased low-value administrative work for lawyers leading to higher utilisation rates

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