Contract risk management is necessary but often overlooked.
Many organizations are constantly juggling competing priorities, including supply chain management, system implementation, and meeting financial goals. For this reason, business areas such as contracts can land further down on the priority list. Organizations often have different contracts for various expense categories active at one time, which can cause risk.
ERA Principal Consultant Paul Zaleski provides four best practices for organizations to avoid contract risk:
- Review your suppliers and expenses.
- Gather all known contracts and establish a central repository.
- Create a log of all contracts that includes start and end dates.
- Conduct an internal compliance audit
Now is the time to secure your contracts and align them with your business operations. Download the full article today to ensure appropriate contract management for your company.
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