Symfact offers the following Contract Management Software and Compliance Management Software solutions to its enterprise customers, available on a unique, single technology platform. Contract Management and Compliance requirements increasingly intersect and enterprise customers often begin with a narrow set of requirements but then continue to find value in an increasingly broad range of functionality. Symfact’s solution can be characterized as follows:
Legal Entity Management
At the heart of legal entities are the documents and the information they contain. Articles of incorporation announce a corporation’s birth. Bylaws explain the rules of its governance from the origin until the corporation is dissolved, merged, bankrupt or in some other way ended. A variety of documents track every step, stumble, leap and fall of the company’s existence however brief or long it is. Documents and the information they contain also are the lifeblood of every other type of business organization, including partnerships (both general and limited), joint ventures, limited liability companies, wholly owned subsidiaries and company divisions.
Contracts are the foundation of all businesses and provide the basis for control of all customers, suppliers and inter-company relationships. Accurate knowledge and understanding of obligations, opportunities and risks are essential.
Respect of treaties, laws and regulations becomes more and more complex for companies, not only with respect to purely legal terms, but also conditions, financial arrangements, logistical coordination, increased quality standards, performance guaranties, etc.
To ensure contract compliance, transparency is essential.
Any uneven level of information to all parties involved in contract management, lack of updates to contracts, the absence of control over their contents as well as the non compliance with deadlines are the main risks of the contract management: it is on these points that Symfact acts. The resulting contract management is centralized and accessible to all those having authorized access via any simple Internet browser.
Operational Risk Management
The extent and the degree of maturity of the compliance organisation must always be adapted to the circumstances and complexities of the company and its activities. Ultimate compliance responsibility must remain with the Board; i.e. the latter should install, manage be responsible for and oversee the compliance function.
The necessity of introducing preventative or reactive measures and activities can be simply and efficiently incorporated into the Symfact Solution by the person responsible for compliance. The following items help to enhance the control and monitoring of transparency and compliance:
- Register of gifts or hospitality offered or received
- Register of donations and support provided
- Library with due diligence questions
- Library with self-declaration forms
- Library recoding code of conduct acceptances and compliance
The Symfact solution for governance, risk management and compliance supports the whole procedures management process from the registering of the procedure, the automatic generation of monitoring activity (e.g. from the third party integrity check), via the assignment of responsibilities to the execution of the prescribed procedures
Policy control challenges have grown exponentially with the proliferation of documents, collaboration software, file shares and web sites. Organizations end up with policies scattered across dozens of disparate sites with no defined understanding of what policies exist and how they are enforced. Anybody in the company can create a document and call it a policy thus exposing the organization to unnecessary liability. Policies end up being written poorly, out of synch, out of date, exceptions are not documented and the enterprise has no evidence if the policy is being enforced. The costs to the organization are significant in the exposure of ineffective policy management.
The Symfact Policy Management product provides a consistent process for management of the lifecycle of corporate policies, exceptions and regulations. The solution is pure web-based and offers a centralized platform for creating policies, standards and control procedures and mapping them to corporate objectives, regulations, industry guidelines and best practices. It allows every company to communicate policies across the enterprise, track acceptance, assess comprehension and manage exception requests
Third Party Risk Management
In typical large and complex engagements such as those of Outsourcing, customers may spend months of effort and substantial expense authoring and negotiating comprehensive agreements often including hundreds or even thousands of pages of detailed exhibits and schedules. By the time the deal closes it may be tempting to return to business as usual while the service providers proceed with the work. Managing a service centre or provider is however fundamentally different from managing local internal staff that the service provider replaced and simply filing that large complex agreement away in a drawer can be an expensive mistake. Symfact provides a valuable platform coupled with domain experience to manage exactly the terms and performance obligations of concerned agreements. Symfact supports the practical, proactive management of multiple and complex agreement terms.
Modern business defines itself based on its customers’ perspectives of the value it delivers in products and services for both enterprise and government. Everything that is done along the enterprise’s value chain must increase the business value of the finished product. IT or BPO services are no exception. Sourcing leaders must manage services with the target of delivering and continuously increasing the business value of services. Management responsible for multi-sourcing must take many factors into consideration but the main issue is always total business value.