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