Contract Management

Failure to ensure compliance with client and vendor contracts is bad business!

Challenge

Lawyers invest huge efforts negotiating contract with clients and vendors alike, yet contracts get signed, filed in fireproof vaults and forgotten.

If your firm isn’t monitoring their contractual compliance, be it with clients or vendors, there is a high risk that your firm is not providing or receiving the services contracted for. 

Contractual compliance can be highly commercial, especially since clients might need material compensation and, ultimately, can remove their business!

Maestro-Solution

GRC-Maestro helps ensure firms are both compliant with their clients’ contracts and that their vendors are providing the services contacted for.

Monitoring and managing contractual compliance is an essential internal control.

Contractual Risk Assessment

Review the contracts your firm has entered, risk assess them, identify the firm's contract "owner" and set a risk adjusted review frequency.

Policies & Procedures

Firms need to document their Client and Vendor Contract Policies/Procedures which must be followed before entering contracts and be periodically revised in the light of disputes that might have arisen.

Contract Monitoring

Each material Client/Vendor contract has to be reviewed at a risk assessed frequency by an "owner" who can certify contractual compliance.

If anomalies are identified by GRC-Maestro, these are flagged for investigation, reporting and resolution by a manager.

Disputes: Identification & Reporting

On an exception basis, contractual disputes can arise. It is essential that these are formally recorded, investigated, reported and resolved.

Remedial action might include assessing why the dispute arose and how to prevent a recurrence.

GRC-Maestro

Prove Compliance – Evidence your Governance, Risk & Compliance (GRC)

Automate GRC – Run manual checks and processes automatically

Low Cost – Quick and easy to use + low pricing