November 15, 2018
Ensuring contracts perform to their full potential requires all parties deliver on their promises. Yet identifying and extracting contract obligations at scale via manual contract management processes can be difficult if not impossible for large enterprises. The repercussions of poor obligation management are not abstract. A McKinsey & Company study ...
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September 3, 2018
In my previous post, I related a story from a colleague who missed significant costs savings because of his inability to search his contracts, and how a central repository of digital contracts could have solved the problem. Today, I want to build on my last post and discuss how risks ...
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Risks associated with contract obligations can be managed within a contract management platform to protect companies from financial and reputational damage.
July 15, 2018
Preventing reputational and brand damage caused by poor supplier practices should be first on the executive agenda, according to Pierre-Francois Thaler, co-founder and co-CEO of EcoVadis. “Our world is more connected and social than ever. Today’s environment puts a laser focus on not just your own actions, but on the ...
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Enterprise contract management software provides supply chain visibility by tracking what a firm’s worldwide obligations, entitlements and business relationships truly are.
April 9, 2018
As global supply chains become more complex, ensuring that contractual commitments around sustainability and ethical practices are met at each stage of the supply chain has become extremely challenging. Along with this increased supply-chain complexity, the economic and reputational cost of a lapse in compliance is increasing as well. Companies ...
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Icertis is working with customers on solutions that will allow them to use a consortium blockchain to create an immutable ledger of transactions.
March 7, 2018
In 2017, 45 new Foreign Corrupt Practices Act-related investigations were publicly disclosed, according to a tally just published by FCPA Blog, which monitors enforcement of the U.S. law. If that sounds like a lot, that’s because it is: The investigations made for the most active year for new FCPA-related investigations ...
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A busy year in Foreign Corrupt Practices Act investigations should have all global enterprises thinking about their contract fundamentals.
February 15, 2018
Enforcement of the European Union’s sweeping privacy law, the General Data Protection Regulation (GDPR) begins May 25. Unfortunately, many companies remain unprepared. Gartner estimates that 50 percent of companies affected by GDPR will not be in full compliance with its requirements on the date of implementation. Organizations need to move quickly ...
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Many businesses are not prepared for GDPR, the EU's sweeping data privacy law. Proper contract management can get organizations on the path to compliance.
January 30, 2018
As anyone who has a banking app on their phone can tell you, the digital transformation is well under way in the financial industry. Breakthroughs in financial technology have made it possible for bank customers to deposit a check, apply for loans, and transfer funds with little more than a ...
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Banks that embrace the digital transformation can expect more customers accessing their products. But a poorly executed could leave banks either lagging behind competitors or, worse, in serious breach of government regulations and internal controls—exposing the institution to legal and financial risk.
December 5, 2017
The financial services industry today faces unprecedented regulatory scrutiny. With the heavy fines and bad PR that come with findings of non-compliance, following strict standards is not simply a goal for banks, but a core requirement. Contracts, which form the foundation of a bank’s relationship with customers, employees, and vendors, ...
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If banks aren't asking these compliance questions, they may be overlooking risks lurking in their contracts.
August 15, 2017
A recent survey from EY revealed that many companies are facing difficulties with their ASC 606/IFRS 15 compliance programs. According to the report, 71% of CFOs say their revenue recognition programs are not yet complete and 45% are having difficulties implementing or upgrading to a new system and may miss ...
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Effective contract management software critical for ASC 606/IFRS 15 compliance. New revenue recognition rules turn contracts into critical business assets.
May 15, 2017
Today we announced that Wipro has chosen the Icertis Contract Management (ICM) platform to accelerate the contract creation process and better manage risk. A key reason they selected Icertis was our ability to streamline back-to-back contracting. Back-to-back contracting involves linking the terms and obligations in your customer contracts with the ...
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Most companies don't have a system that manages both buy- and sell-side contracts. ICM helps protect the entire value chain.
April 28, 2017
Contracts with tech service providers fail to adequately address hacking and system recovery risks. The FDIC's Office of Inspector General released a report earlier this year that found major gaps in how financial institutions (FI) are addressing business continuity issues, including cybersecurity, in their contracts with technology service providers (TSPs). ...
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The FDIC released a report that found major gaps in how financial institutions are addressing business continuity issues in their contracts.
March 27, 2017
Is Your Contract Management System Helping You to Get Ready? According to the Chartered Institute of Procurement & Supply’s Risk Index, supply chain risk is near an all-time high. The index continued its worsening trend in Q4 according to the report’s analysts. Forces of deglobalisation are threatening supply chains in ...
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Forces of de-globalisation are threatening supply chains in advanced countries - Is Your Contract Management System Helping You to Get Ready?
September 13, 2016
In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released new guidelines for recognizing revenue in contracts with customers. It signifies the biggest accounting standard change in the last decade and will be effective for annual reporting periods beginning on or after December ...
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New guidelines for recognizing revenue in contracts with customers. Icertis will help you learn about the affected businesses and 5 things you need to know and plan in order to invest in contract lifecycle management platform.