Contracts are the lifeblood of a corporation and should be an essential part of any corporate data management program. Yet many corporations do not know how many contracts they have, where they are located, what rights and obligations they create or how to track and manage them.
With regulatory pressures growing, data privacy and security pressures mounting and change of control events ever-present, today’s corporations need a contract universe that is organized, accessible, properly preserved and able to be analyzed quickly in response to data requests.
The FTI Contract Lifecycle Management Assessment
To help corporations take the first step toward organizing their contracts, the FTI Technology offers a Contract Lifecycle Management (CLM) Assessment, designed to evaluate the company’s contract management process across nine crucial areas including:
- Policies and Standards
- Process Execution
- Drafting and Negotiation
- Third Party Management
- Storage and Retention
- Compliance and Response
Tested Processes and Customized Deliverables
In performing CLM Assessments FTI utilizes Information Governance best practices from leading organizations such as Compliance, Governance & Oversight Council (CGOC) and the Information Governance Reference Model (IGRM) along with relevant expertise from its Contract Intelligence practice to assess the maturity level of the corporation’s people, process and systems/technology involved with contract management. The assessment’s goal is to help clients reduce risk and recognize the value inherent in these crucial contract documents.
The assessment deliverable is a highly customized report regarding the organization’s unique contract processes including:
Current state and findings
Gap analysis and maturity
Recommendations and roadmap
Post Assessment Services
After the assessment, should the organization want to implement recommended solutions, FTI Technology can help. Using tested methodologies, the team can support clients to enact and enforce CLM policy, develop CLM processes, select and implement CLM technology and systems, perform contract analysis and review and train essential personnel. Post-CLM Assessment services and deliverables may include: