Tracking and retaining contract compliance can be challenging when leveraging primarily manual methods, such as spreadsheet management – especially when tracking multiple contracts with varying compliance standards. Fortunately, contract lifecycle management (CLM) software tools can empower you to achieve contract compliance success. Read on to discover how you can optimize contract compliance oversight with leading contract management software.
What Is Contract Compliance?
Contract compliance is a contract’s adherence to performance obligations and legal regulations between counterparties and prospective organizations. Essentially, it is a barometer in assessing the conformance of what was agreed upon within a contract’s pre-signature stage of the contract lifecycle. Without leading CLM software contract compliance tools, contract compliance tracking can prove difficult.
Contract Compliance Oversight With Contract Management Software
Contract compliance with contract management software involves the electronic process of tracking contract compliance within a centralized contract repository. Tracking contract compliance is essential to the post-award contract management stage of the contract lifecycle because it helps you measure your adherence to obligations and legal regulations – which directly correlates with risk management and counterparty trust.
Contract Compliance Auditing & Reporting
Manually auditing and reporting contract compliances with tools such as spreadsheets can be cumbersome. Fortunately, contract management software offers advanced auditing and reporting features - including visually engaging graphical dashboards - to help retain optimal contract compliance oversight within your organization and with external stakeholders, including DBE tracking for strong supplier diversity. With the help of full contract audit trails and milestone tracking, you can remain abreast of upcoming fulfillable contract obligations and non-compliance areas. Leading CLM software offers robust contract compliance auditing and tracking features such as:
- highly-configurable dashboards for prioritized contract areas of compliance.
- ad-Hoc reporting for user-defined reports that can be exportable to various formats – such as Word, Excel, and PDF.
- an online report designer tool to configure compliance report layouts which can be exported to multiple file types.
Watch the video below to see how contract intelligence can help you streamline contract lifecycle management processes and manage contract compliance risk.
OFAC Compliance Oversight
Overseeing OFAC compliance internally and externally without the right tracking tool can waste resources. Fortunately, leading contract software can empower you with an OFAC search graphical risk tool to identify if your contracts, including involved vendors and employees, comply with the Office of Foreign Asset Control’s national sanctions list. This graphical risk visualization allows you to identify a contract’s OFAC compliance both in the pre-award and post-award stage – increasing comprehensive risk mitigation. Similarly, as abovementioned, you can preconfigure rules to notify you in essentially real-time if an entity meets or exceeds a specific OFAC Search percentage - allowing for swift risk mitigation before it becomes untenable.
HITRUST Compliance & COI Tracking
As a contract manager, you may need to retain HITRUST compliance and track COI (certificate of insurance) compliance. HITRUST CSF (HITRUST Common Security Framework) compliance requires an organization to adhere to regulations and standards of creating, storing, and exchanging sensitive data – including healthcare and IT industries. HITRUST compliance can include proper compliance of COI tracking for vendors. Without utilizing highly-configurable contract management and vendor management software tools to track these data points harmoniously in virtually real-time, your organization can inadvertently fall into non-compliance and cause you to waste time manually coordinating crucial data when it might be too late.
Contract Compliance Management & More With Cobblestone Software
Begin your efficient and effective contract compliance management journey with CobbleStone Contract Insight® - an end-to-end CLM software solution, equipped with the necessary future-minded contract compliance management tools that can help protect your organization’s reputation and bottom line.
CobbleStone’s trusted, award-winning, fully integrated contract management software streamlines the contract management process with optimal governance, reduced friction, and high flexibility from contract requests to renewals. CobbleStone Software has been a visionary leader in CLM software for over twenty years. CobbleStone’s user-friendly, robust, and scalable solution seamlessly integrates with mission-critical applications for unified and seamless contract management. It’s no wonder why Forrester names CobbleStone a Leader in CLM software!
Discover why thousands of contract managers trust CobbleStone Software with their contract management needs. To learn more about CobbleStone’s unparalleled contract management software, book a free demo with a Contract Insight expert today!
Are you interested in future-minded contract management software tools? Watch the 6 Critical Contract Management Tools for 2021 video below to learn how to leverage industry-leading CLM software tools for streamlined, user-friendly, and low-friction contract lifecycle management success!
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