With the Icertis Contract Management (ICM) platform, leading financial services companies are accelerating customer and vendor onboarding and staying agile in a fast-changing regulatory environment.

Contract Management Challenges for the Financial Services Industry

Today’s financial services companies are grappling with evolving competition, heightened oversight and increasing regulation over how they interact with customers and suppliers—relationships that hinge on contracts.

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 and execution makes contract threshold parameters (such as limits and asset quality exposure) prescribed by the ISDA, the ESMA and FINRA very difficult to enforce, increasing the risk noncompliance with Sarbanes-Oxley 
  • Contract processes are siloed by department or geography, making it difficult to analyze high volumes of transactions across parameters like asset class, counterparty, risk, credit scores, service type, etc., for performance analysis and efficient allocation of capital
  • Risk departments do not have adequate control over variations in credit and risk thresholds enshrined in contracts
  • 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

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.

Icertis Solutions for Financial Services Providers

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

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

  • Automatic risk assessments on contract counterparties, including integrations with Dun & Bradstreet and Thomson Reuters to provide ongoing monitoring of vendors, partners and customers
  • Centralized automation of contract authoring, approval and execution for global compliance with ISDA, ESMA and FINRA regulations, as well as the ability to execute mass amendments on contract language in response to regulatory change
  • Full visibility and automated processes enable companies to quickly onboard vendors and customers in full compliance with region-specific regulations
  • Holistic risk modeling across the entire body of contracts based on credit scores and other parameters, providing actionable data for risk reduction
  • Deep insights into contract performance based on asset class, counterparty, risk or credit score, service type, etc.
  • Intelligent configuration that models complex contract relationships, including master agreements and derivatives
  • AI applications enable the digitization of legacy and third-party contracts at scale and auto-extraction of risk and obligations

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.

Learn More from the Industry Experts

Featured Solutions for Managing Financial Services Contracts

Within the ICM product portfolio, these solutions enable banks and financial services providers to drive even more value from their contracts.

ICM Sourcing

Streamline the source-to-contract process to ensure full compliance and minimize risk.

ICM Collaboration Portal app

Enable faster contract turnaround time through seamless collaboration. 

ICM Obligations Management app

Identify, manage and fulfill previously hidden contract obligations.