A legal contract is enforceable by law - if you sign it, comply with it!

Challenge

Lawyers expend huge efforts negotiating contract with clients and vendors, the contracts get signed, filed in fireproof vaults and forgotten.

If your firm isn’t regularly monitoring their vendor contracts there is a high risk that they are not receiving the goods/services, they are paying for or paying the agreed price. Conversely, if your firm isn’t monitoring client contracts then it is possible they will have material claims for breach of contract.

Maestro-Solution

GRC-Maestro helps ensure firms are both compliant with their clients’ contracts and that their suppliers 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