Finance / Administration
Modern organizations can have tens if not hundreds of thousands of contracts active at any given point in time. Each contract has numerous conditions for compliance, such as insurance certificates, accreditations, deliverables, timelines, quality measures, and legal considerations. With the significant management burden contained in the contracts, many organizations unfortunately continue to use manual methods to monitor agreements.
Finance departments manage a wide range of documents affecting and enterprises risk exposure and financial status. Risk exposure of companies can be potentially significant. Without automated Compliance Management, there is no way to measure what has been adhered to and where potential risks lie. Management has no idea what the company’s obligations are or what its suppliers’ commitments are. Risks continue to mount at an alarming rate. Symfact solutions allow users to track all items related to compliance measures and link attributes like dates, amounts and so forth. Thus users can attach many compliance measurement items to every clause or section in a contract and apply resolution measures as needed.
Third Party Risk Management
Finance departments require 360° visibility over contracts, obligations and rights across the entire enterprise. Fulfilling this requirement provides optimal Contract Management, Risk Management and regulatory compliance. Risk exposure, ranging from financial to reputational, must be minimised. Enterprise Contract Management provides significant capability in this direction whereas additionally the Symfact solution also integrates with leading online data providers to provide both ad hoc and scheduled analysis and verification of Third Party Integrity.
International Regulatory Compliance
Increasing compliance demands such as Sarbanes-Oxley, IFRS (International Financial Reporting Standard) etc… can be costly and time-consuming to address. The deployment of web-based Contract and Compliance Management Solutions can be used to generate governance reports and highlight high-risk contracts or contracts that deviate from corporate standards. It is not only necessary to ensure regulatory compliance but also to demonstrably prove the application of internal controls and monitoring to meet reporting requirements of auditors, regulatory agencies and investors.
Proactive Contract Administration
Contract Lifecycle Management should not simply be reactive to external events and demands. Processes should anticipate significant events and continually analyse concerned performance. This requires constant monitoring of all related documentation and critical metadata. First-generation approaches to resolve this requirement were sometimes based upon development of Excel spreadsheets which rapidly proved ineffective and impossible to control. Enterprise risk exposure thus remained considerable.