What is Contract Risk Management?

What is contract risk management? Contract risk management assesses a contract's maximum value through compliance tracking by identifying, managing, and minimizing the potential risks throughout the contract lifecycle. This may include loss of opportunity, legal exposure if things go wrong, and potential business impact the contract will have on the involved parties.

Contract Risk Management

Identify and manage risk throughout the contract management lifecycle. A configurable risk model helps track risks across different categories, such as financial, contractual, performance, and third parties. For procurement, companies use their contracts to examine their sourcing strategy to ensure they are not overly dependent on a single supplier.

On the sell-side, enforce “know your buyer” best practices to stay in compliance with international law. Look up and leverage internal data as well as external data, from sources such as D&B and Thomson Reuters, to determine risk scores, ensure proactive risk monitoring and increase visibility for stakeholders.

From procurement to sales, contracts touch every aspect of your business—and therefore can create risk from anywhere in the organization. And things are getting even more dicey with recent global disruptions that have put a strain on commercial relationships.

Yet, for many companies, identifying their most significant contract risks can be a challenge—let alone managing them. That’s why we’re sharing a WCC Report highlighting the top contract risks we’ve encountered while implementing our industry-leading contract management solution, including:

  • Hidden obligations
  • Missed revenue
  • Regulatory noncompliance

Contact us to start your journey to better enterprise risk management through organization-wide contract intelligence. Or see a demo of Icertis Contract Intelligence to learn more.

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Next Steps

Get Started on Your Contract Lifecycle Management Journey

Icertis Contract Intelligence

Standardize, streamline, and automate every contract – everywhere

Transforming contracts into structured, connected, and on-demand data is just the beginning. Discover the power of intelligent contract creation, automation, and insights to realize the full intent and maximize the value of every contract, clause, and obligation across the enterprise.

Explore Icertis Contract Intelligence