Contract Management Software

Manage 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 or reduces if done right. 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 with workflow and AI capabilities supports our comprehensive Contract Management solution, seamlessly connecting Contract Management with all other parts of the Third Party Lifecycle Management process and providing assurance that all risks are surfaced and mitigated proactively.

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

Identify unknown risks.

You can outsource a service, but you can never outsource a risk. Integrating your Contract Management program with your Third-Party Management program enables you to identify what risks your third parties pose and streamline your contracts to focus on the most important risks.

Assess the severity of your risks.

Going one step further, assessing threat levels through a systemic, standardized approach allows you to more effectively create tiers for you to prioritize your time and resources.

Mitigate effectively.

Each contract term is really a mitigation control that should be in your standardized contract term library. A risk-based approach inherently uncovers the true source of your risks, allowing you to determine what clauses need to be included in your contracts to take the right mitigation measures for keeping your organization protected in both the short and long term as part of contract lifecycle management.

Monitor SLAs.

With LogicManager’s AI digitize, analyze and extract innovation, you can find key clauses like renewal dates, complaint or termination contacts, or breach response workflows with obligations that need to be monitored. You can then create automated tasks to follow up to continually monitor Service Level Agreements to ensure your third parties are holding up their end. If not, you can determine whether or not to terminate the contract or work on a remediation plan, ultimately preventing your organization from negligence and liability for failure to monitor your risks.

Escalate your contract reviews to your risks.

Use workflows to help everyone in your team know what are important terms that protect against the highest risks. Pull a standard term from your contract library that mitigates that risk from happening to reduce your legal review backlog. LogicManager’s contract management systems prioritize contract clauses to help understand if and why changes should be considered, and present audit findings.

Report progress & trends.

Generate robust reports that reveal patterns over time and demonstrate to inquiring minds that you are responsibly handling all of your organization’s contracts.

CapabilitiesHow Our Contract Management Tools Help

Risk Analyzer AI

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.

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Custom Profile & Visibility Rules

LogicManager’s Custom Profile & Visibility Rules allow you to dynamically collect additional information on a third party 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.

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Workflow Capability

LogicManager’s workflow capability can route third-party 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.

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Resource Assessment

Using our Resource Assessment, convert qualitative contract data into quantitative assessment data to better understand upstream and downstream dependencies within your third-party relationships.

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Home Screen Customizations

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.

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Reporting & Dashboards

Use our robust reporting engine to easily build custom, comprehensive reports in an easy-to-use, drag-and-drop interface. Through in-app dashboards, you’re able to gain quick insight into overdue tasks, showcase contracts by criticality levels you have coming up, and much more.

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Seamless System Connections

Our Integration Hub allows for seamless, no-code integration with over 500 popular third-party applications such as NetSuite, Office365, Docusign, Adobe eSign, Workday, BitSight, RiskRecon, or any ERP or accounts payable system to complete your contract management work all within LogicManager.

NetSuite

Office365

Jira

workday

Bitsight

RiskRecon

Adobe eSign

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LogicManager’s
Risk-Based Contract Analyzer

Imagine being able to proactively identify issues at the start of a third-party evaluation. Then, being able to automatically determine whether that third party’s contract adequately mitigates the unique risks they present to your organization – without even 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.

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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 contract tracking AI that ensure you have mitigations in place for any third-party risks that are 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 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.

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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

Complimentary DownloadThe Dos and Don’ts of Contract Management

Direct costs of poor contract management due to mishandling or missing milestones can cost companies around 9%* of their revenue (Research from World Commerce & Contracting, 2020), however the liabilities and failures of the business. 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.

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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 a library of contract terms for your organization and tracking exceptions to know possible liabilities to support audits and future exception-handling guidance
  • 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 revisions of all these agreement terms is an input into the due diligence phase of contract enforcement and compliance. 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.

Ultimately, the goal of a contract is to mitigate the risks that come with doing business with third-parties. In order to effectively do this, you must first identify what risks the third party or vendor is exposing your organization to in order to ensure that you have the proper contract terms in place to mitigate against those risks. Not doing so can leave your organization exposed to security breaches, fines, and penalties from non-compliance with regulations or contract requirements for your clients, or more. While the items covered will vary based on the nature of the contract and the unique relationship between the parties, here’s a checklist of the most common and important clauses to look for in a vendor contract.

Use our risk assessment template to drive standardization between all risk assessments across your organization, from your vendors, to applications, to processes, and more, so that you can create an enterprise view of all risks that your organization is facing and how well you are mitigating them. 

Download the Risk Assessment Template Now

Contract Lifecycle Management (CLM) is a process that covers the complete lifecycle of a contract from creation to termination. It involves the management of all activities and tasks related to contracts, including negotiation, execution, performance tracking, and renewal. The goal of CLM is to streamline the contract management process, reduce risk, improve efficiency, and ensure compliance with legal and regulatory requirements. 

CLM software is a type of software that helps organizations manage the entire process of creating, negotiating, executing, and storing contracts. It automates many of the manual tasks involved in contract management, such as tracking expiration dates, sending renewal notices, and managing approvals, which can help organizations reduce the risk of contract non-compliance and ensure that contracts are managed efficiently and effectively.

Contract compliance software is a type of technology that helps organizations monitor and manage contract compliance. It automates compliance checks and ensures that contracts are being executed according to the terms and conditions agreed upon by both parties. This type of software is an essential tool for contract lifecycle management, as it helps organizations reduce the risk of disputes or breaches and ensures that contracts are being executed as intended. Contract compliance software can provide features such as automated alerts, reporting and analytics, and contract tracking to ensure that all parties involved in the contract are fulfilling their obligations and following the terms outlined in the contract.

To choose the best contract management software for your business, consider your specific needs and requirements, such as the number of contracts you manage and the features you require. Look for a solution that provides a user-friendly interface, integrates with your existing systems, and has robust security features to protect your data.

LogicManager’s AI-powered contract management solution package allows businesses to holistically manage vendor risks across due diligence, onboarding, accounts payable, renewals, and more. The software supports a risk-based approach to contract management, which helps businesses identify and assess risks, mitigate them effectively, monitor service level agreements, escalate contract reviews, and report progress and trends. LogicManager also offers benefits such as automation of the contract review process, better detection of risk and compliance issues, and prevention of negative impacts on earnings, key terms, and stakeholders. Additionally, LogicManager provides lifetime value support, fixed pricing with no surprise fees, and a 90-day satisfaction guarantee.

Additional Resources

Vendor Contract Checklist
6 Steps of Vendor Management
Contract Management Form
VMS Integration puzzle pieces

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Request a DemoLearn How LogicManager’s Contract Management Software Can Transform Your Third Party Risk Management Program

Take control of your organization’s contract management with LogicManager’s innovative solution. Our platform and AI capabilities simplify the complex process of managing contracts, reducing your risk exposure and ensuring all risks are addressed proactively. Request a demo today and see how we can improve your contract management program through a risk-based approach.

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