Compliance officers spend inordinate amounts of time running reports and figuring out if you are actually paying or getting paid according to agreed-upon terms and conditions. And then there is always the stress of wondering what the records would show in the event of an audit—even when all parties believe they are complying with policies and regulations, the paper trail doesn’t always support that.
Today’s contract terms and conditions are frequently very complex and difficult to interpret, monitor or verify based on the information included in billings and reporting. And the tools used to manage the process don’t provide the controls, reporting, and transparency necessary to effectively monitor compliance. Add to that the reality that often, once a contract is executed, it is gets filed away without having been properly socialized with the people who will be executing it. Then with employee turnover, transfers and office moves, it is too easy to lose track of who is in charge of compliance. As a result, the reporting, controls and behaviors required go unmonitored and, worse yet, aren’t complied with. In today’s climate where regulators are coming down hard on companies and individuals for compliance, this is a big problem. And it’s not fun.
ContractRoom changes that. You can easily monitor compliance with automated workflows and contract compliance enforcement and track timely execution of contracted commitments systematically. ContractRoom will automatically push users to perform tasks on time, on budget and on spec, while providing full visibility of the entire process.
How does this make compliance fun? Quickly running a report with the assurance that everything is current and compliant will make anyone overseeing compliance happy! Automation is the key to making compliance easy and fun.
When you ease the burden on officers charged with compliance, and everyone else who touches on a contract, you’ll see improved performance on internal compliance audits and a minimized risk of noncompliance both internally and externally. ContractRoom automatically builds a compliance/audit program into the entire contracting process.
ContractRoom helps you manage a myriad of details that impact compliance:
- Ability to get required content to the right people at the right time.
- Monitor the process continually, and receive instant notification.
- Verify that changes are implemented correctly and in a timely manner.
- An alerting process that informs when steps are done and what needs to be done by certain deadlines.
- Reporting on key metrics.
Further, ContractRoom’s automated process includes:
- Implementation of contract “Best Practices”
- Transparency enhancing control, reporting and reconciliation clauses
- Ability for periodic independent contract compliance audits
- Ongoing contract compliance monitoring and performance assessments
Timely, thorough contract compliance and performance monitoring protects you and your company. And as an added benefit, it will help build trust with your clients, leading to stronger relationships. An automated process that makes compliance easy and fast—now, that's fun compliance.
Request a demo of the ContractRoom system by clicking here: , and/or watch a 2-minute video of a specific use case, http://ow.ly/ILQe7.
Find out more about ContractRoom at www.contractroom.com.
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