Digitally transforming contract management can help to improve
compliance
According to the NASDAQ Global Compliance Survey, while
companies are spending more to be adequately equipped to deal with
regulatory changes and implementations, only 15% of firms feel
fully prepared. According to NASDAQ, this can potentially leave
firms exposed to both regulatory and reputational risk. The onus is
on compliance teams to lead proactive efforts to ensure their firms
are compliant both now and into the future.
One system that all compliance pros should be focused on when
assessing their readiness is their company’s contract
lifecycle management (CLM) system. Contracts, which govern every
dollar in and out of an organisation, form the foundation of
commerce and can provide a strong bulwark against compliance risk,
as they define the terms of work in any relationship. In many
companies, however, the contract management process is largely
manual. According to LexisNexis’ recent
