When faced with a business risk, there are 3 courses of action:
To decide which one to take, you'll need to understand the risk well. Unfortunately, in many companies, details of risks are buried and littered under a mountain of contract paperwork.
Uncovering and understanding the true breadth of risk present in the agreement is the real challenge here. Mere moving all your documents to a centralized repository (a.k.a. CLMs) will hardly serve the purpose here. You need a specialized analysis of contracts from a risk management perspective.
Lets look at a few examples
At the simpler end of the spectrum, which many of us encounter regularly:
A very specific example that we came across:
We can find many such examples but the real point is:
Knowledge is power when it comes to contract risk management
Do not risk leaving out proper risk analysis of your vendor and customer agreements. Check out our capabilities in contract risk analytics and contact us for a discussion.
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