Contract Management Software Improve Your Contract Management Program Through a Risk-Based Approach

Contract Management is a critical yet complex function of any business. Each time your organization enters into an agreement with a third party, your risk exposure increases. And as time goes on, you could be managing hundreds, thousands or even tens of thousands of contracts all with varying terms, renewal dates and disclosures. LogicManager’s core platform and AI capabilities support our comprehensive Contract Management solution, seamlessly connecting all parts of the Vendor Lifecycle Management process and providing assurance that all risks are surfaced and mitigated proactively.

Book Demo
Vendor Third-Party Contract Risk Management Software Dashboard

Why a Risk-Based Approach to Contract Management is important:

How Our Contract Management Software Helps

  • Our Risk Analyzer AI technology automatically extracts key clauses like renewal date, compliance terms, breach notification or BC/DR/CM/RM requirements and more to eliminate manual review and enable you to report on any parameter.
  • LogicManager’s Custom Profile & Visibility Rules allow you to dynamically collect additional information on a vendor based on their contract risk level (will they have access to PII?) or contract type (what’s the nature of the relationship?) to better conserve time and resources for both new contracts and renewals.
  • LogicManager’s workflow capability can route vendor contracts through a review process based on business logic (i.e. how critical they are to operations, which departments rely on them most, etc.) to ensure all of the appropriate steps are taken and all necessary parties are notified throughout the lifecycle of a contract – from initial creation to termination.
  • Using our Resource Assessment, convert qualitative contract data into quantitative assessment data to better understand upstream and downstream dependencies within your third-party relationships.
  • Customize the LogicManager home screen so that it only displays your users’ most relevant information (e.g. their list of contract-related tasks, a contract dashboard or ERP system integration points) to keep information centralized and eliminate distractions.
  • Experience a robust Reporting & Dashboards system that makes it easy to build reports on overdue tasks, showcase contracts by criticality levels and much more.
  • Through our Integration Hub, seamlessly integrate with third-party applications like NetSuite, Office365, Docusign, Workday, BitSight, RiskRecon or any ERP or accounts payable system to complete your contract management work all within LogicManger.

NetSuite

Office365

Jira

workday

Bitsight

RiskRecon

LogicManager’s
Risk-Based Contract Analyzer

Imagine being able to proactively identify issues at the start of a vendor evaluation. Then, being able to automatically determine whether that vendor’s contract adequately mitigates the unique risks they present to your organization – without evening having to open it – and instantly seeing which risks each clause mitigates. LogicManager’s unique taxonomy combined with powerful AI technology can make this a reality for your business today.

SEE IT IN ACTION

Benefits of Using LogicManager’s Contract Management System For Better Tracking & Maintenance

Save money

Save your organization money by ensuring that contracts don’t renew when you don’t want them to. LogicManager will notify you of termination dates so that they’re never missed and you stop spending money on vendors you aren’t actually using.

Maintain a centralized repository

Completing your contract management due diligence processes in one central location allows your organization to easily see if any individual contract does not meet the appropriate guidelines, standards and requirements you’ve set forth. Standardizing this process ensures that each contract is going through the same review process, collecting the necessary information along the way.

Proactively mitigate risk

LogicManager is an ERM software designed to help you view your governance activities through a risk-based lens. Access out-of-the-box risk assessments and update as well as track contracts so that there are terms in place that mitigate any of the vendor risks you’ve identified in your assessments. Doing so also helps protect your organization from liability if any of those risks should materialize.

Why Logicmanager? – Users of LogicManager’s ERM / GRC software explain how their contract risk management programs have benefited from our platform and expert advisory service.

Customer Success StoriesExplore How Companies Overcame Challenges With Our Contract Risk Management Solution

FHLBank Indianapolis

IMPACT 2022 How To Take a Risk-Based Approach to Third-Party Risk & Contract Management

Bryan Phillips from Federal Home Loan Bank of Indianapolis speaks about taking a Risk-Based Approach to Third Party Risk and Contract Management.

Watch Video

What Our Customers Are Saying...

“We’ve been able to create a centralized place to house multiple review processes that were previously handled via email. This has enabled tracking, reporting, and visibility to processes that wasn’t available before LogicManager. The Customer Support team has been amazing! Everyone I’ve interacted with has offered positive solutions and offered assistance.”
Compliance Change Management Specialist
Financial Services
“I have implemented LogicManager across four organizations and believe it to be the best product out there for ERM. The company listens to the feedback from end users and incorporates that into system enhancements and upgrades. The Advisory Analysts are like having an add to staff, as they assist in identifying and sharing ideas to address customer use cases.”
AVP - ICFR & Vendor Risk Manager
Financial Services
“The overall experience has been very positive. The implementation team has done a great job of walking us step by step through the set up process. The initial introduction to the software was overwhelming, but through careful guidance and instruction, the system has become much easier to navigate. Continued familiarity with the product is creating more confidence in using the system. The software allows you to centralize processes and create efficiencies throughout the organization. Once the processes are built out, they system allows you to automate reminders to ensure on-going compliance with federal regulatory requirements.”
SVP, Senior Compliance Manager
Banking
Dos and Don'ts of Contract Management

Free DownloadThe Dos and Don’ts of Contract Management

Poor contract management due to mishandling or missing milestones can cost companies around 9%* of their revenue (Research from World Commerce & Contracting, 2020). Build your Contract Management program on a foundation of best practices by reading this list of the top dos and don’ts of managing your contracts.

Download Now

Frequently Asked QuestionsFoundations of Contract Management

Contracts serve as the cornerstone of any vendor relationship; and vendors help your business succeed. 

Your contract management responsibilities may involve:

  • Reviewing and negotiating terms to optimize financial benefit (i.e. reducing fees, eliminating unwanted add-ons and tracking discounts)
  • Developing contracts for your organization
  • Working cross-functionally with Accounts Payable and other departments that may have stake in the vendor relationship
  • Analyzing previous trends in the vendor relationship to forecast future data and better design workflows and processes
  • Continually ensuring compliance and alignment with your organization’s policies and procedures

It stands to reason that having a robust contract management system in place is characteristic of any successful organization. No matter how many vendor contracts are in effect at any given time, managing the ins and outs of the agreement terms requires ample due diligence. It’s important to streamline this due diligence to efficiently utilize your time and resources.

Failing to properly manage contracts and the entire contract lifecycle can get your organization into stressful situations that could have been avoided with contract management software, such as:

  • Missed renewal and contract end dates – This can lead you to waste critical resources, whether you’re spending hours negotiating with customer service to issue you a refund, or wasting money on a service or product you no longer wanted or needed.
  • Increased chances of confidentiality breaches – By not having immediate access to contract requirements, vendors may violate your terms and you may not even notice. This puts your most sensitive data in a vulnerable position.
  • Improper resource allocation – Spending too much or too little resources in certain areas of your business can lead to imbalance and ultimately cause you to spend outside your budget.
  • Compliance loss – Falling out of compliance due to a vendor contract oversight can lead to a loss of customer or stakeholder trust. This can ultimately manifest into a damaged reputation.
  • Negligence & fraud – Without having a handle on your contracts, it’s easier than you might think to become guilty of negligence or accidentally make a fraudulent statement.

Related PackagesYou May Also Like…

Request a Free DemoLearn How LogicManager’s Contract Management Software Can Help Transform Your Vendor Risk Management Program

Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.

REQUEST A DEMO
ERM Advisor Risk Management Software Support

Title