Common challenges.

Evolving competition, heightened oversight and increasing regulations are changing how financial services firms interact with customers, suppliers, and governments – and all these relationships hinge on contracts.

If left unaddressed, these challenges can put financial services providers at a competitive disadvantage, cause contracts to underperform, and expose companies to serious regulatory risk.

Common contract challenges for firms across retail banking, commercial banking, asset management and brokerages include:

  • Onboarding of vendors, channels and customers is fragmented and not standardized, hindering compliance with stringent vendor and “Know Your Customer” (KYC) regulations
  • A lack of automation in contract creation, data extraction and execution reduces overall visibility and efficiencies when quickly responding to market events or regulatory requirements
  • Risk departments do not have adequate control over variations in credit and risk thresholds enshrined in contracts due to siloed and inconsistent ways of contracting
  • Labor intensive, manual contract management processes don’t allow negotiated terms to automatically flow into enterprise financial systems, hurting productivity and exposing companies to errors

The Icertis solution.

Icertis has implemented Contract Lifecycle Management (CLM) solutions for financial services providers across the world, leveraging the ICI platform combined with our powerful suite of solutions.

While the ICI solution is ultimately configured for each customer, our CLM for financial services capabilities include:

on contract counterparties to provide ongoing monitoring of vendors, partners and customers

of contract authoring, approval, and execution improves global compliance with LIBOR, ESMA and FINRA regulations

Full visibility and automated processes enable companies to quickly onboard vendors and customers in full compliance with region-specific regulations

and holistic risk modeling across the entire body of contracts based on credit score and other parameters, providing actionable data for risk reduction

that models complex contract relationships, including derivatives trading agreements and investment management agreements

Icertis’ financial services solutions offer unmatched benefits across the entire enterprise. We handle all contract types, have integration adapters for other enterprise systems, and can ensure that companies continue to maximize the value of their contracts long after each one is signed.

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