Contracts are commercial agreements between two parties, usually with a buyer and a seller.
Financial services firms usually enter contracts for providing services or buying services:
- Seller – clients/customers receive a service from the firm
- Buyer – the firm receives services, e.g. outsourced services or employees providing their expertise
Regardless of whether your firm is selling or buying a service, a contract contains clauses requiring the provision of a quantity/quality of a service. Knowing what the obligations imposed by the contract is essential.
GRC-Maestro supports your Legal Contract Compliance in a Maestro Solution with:
- Customised Templates: based on your specific contractual requirements (before signing, ongoing monitoring and exception management
- Schedules: periodically sending Maestro-Forms to designated oversight staff
- Incidents: evaluate responses with automatic and manual incident creation, reporting and resolution
GRC-Maestro evidences to your senior management and clients that your business has a thorough control over legally contracted services.