Your organization increasingly works with disparate national and global third parties to deliver the majority of its revenues.
In each case, a contract is needed to govern the relationship and address any associated risks. Creating, reviewing, negotiating and executing those contracts and managing any residual risks the contracts don’t control, across thousands of individual third parties can be complex.
Hiperos Contract Risk Management and the Hiperos 3PM platform enable you to better protect your brand, reputation and revenues by providing an automated, risk-centric approach to contract authoring.
Hiperos Contract Risk Management closes any gaps in risk communication between the line of business and the legal teams by automatically generating a list of required contract controls, or clauses, based on risks identified during due diligence. These clauses can be incorporated into the third party contract. The Contract Risk Management Application tracks which clauses have been included, omitted or changed in the signed contract. If required clauses have been negotiated out of the contract or changed to the point where they are deemed insufficient, risk control programs are systematically created to proactively mitigate the residual risk and automatically monitor third party performance.
Contracts can be attached to a supplier relationship record within Hiperos 3PM, providing an accessible contract repository. In addition, the Contract Risk Management Application provides automated alerts as contracts near termination. With the contract history attached to the relationship record, clauses required in a renewed, extended or renegotiated contract are readily accessible.