Your organization may have tens of thousands of contracts, but at any given time do you have immediate visibility into ALL of these contracts, the terms buried within them and whether they are compliant with the regulatory environment in which you operate? Despite the apparent risk, the answer can often be no.
You may be implementing a Contract Lifecycle Management system, in the midst of an acquisition, or facing the daunting task of migrating legacy contracts or a newly acquired company’s contracts into your system.
Whatever the drivers, it is critical that organizations follow a best practices approach for successfully locating contracts, extracting the information you need, and migrating and storing contracts appropriately.
In this webcast, you will learn about:
- Best practices for contract discovery, metadata extraction, and review
- How automated data abstraction software can be combined with low cost specialist resources to lower the cost of mass contract review
- Triage of contracts based on basic business rules (e.g. “do not review expired contracts”)
- Next-step remediation – identifying when action must be taken to notify parties or amend agreements