Leading the way in Enterprise Risk Management

Contracts Management

Managing Contracts

Managing Contracts is a natural function to come under the governance landscape of the enterprise. There are many different types of contracts or agreements developed over the years; leases, intellectual property, contractors/suppliers/consultant and insurance policies to name a few. Bringing these under the ambit of the ERM Strategy has several benefits:

  • Key events and any conditions that are precedent are managed through the time keeping in KnowRisk;  you’re emailed in proactive ways to attend to contractual items that are tied to dates and associated details.
  • KnowRisk interfaces between the particular contract record held in the organisational area to where the actual document is stored in your IT domain or document management system.  You can link up to the contract document from KnowRisk or vice-versa.
  • Risks to contracts are also dealt with in KnowRisk, this being a natural part of optimising the way contracts are managed.

The Contracts Management module in KnowRisk provides compelling efficiencies in managing the contracts and reporting as normal embedded functions of the procurement and legal departments.

Requirements for Managing Contracts

CorProfit starts from where you are; from your current way of managing contracts. Usually there are opportunities to make refinements to your approach based on some IP that CorProfit has, or you may prefer to just adopt the approach that CorProfit has designed into the module.

Given the flexible nature of the KnowRisk software, you can adapt the module over time to take account of incorporating more aspects that are needed in the future, without you having to call CorProfit to perform specific customisation of the software.

An outline of the solution is:

Managing Contracts Framework diagram

Database Administration

The training encompasses "Super User" level use of KnowRisk which relates to setting up a suitable structure of Contract Types and how to run standard reports.The use of Forms does not require any in-depth training; rather the emphasis is on inducting or reaffirming staff into the Contracts Management Process in which KnowRisk is an enabler.

Look & Feel

A typical Form that staff will interact with is shown here. 

  • Completely configurable.
  • Build in business rules (such as validation of what is reviewed, status of where Contract Agreements )
  • Build the workflow (have KnowRisk be proactive)

Contracts managment

Getting Underway
No matter what stage your company has reached in its Contract Management, KnowRisk fits in to provide a pathway to increase efficiency and adequacy of the work involved.

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