Contract Risk & Compliance Services

CRC is a key component of the risk services because the activities mitigate risk through communicating business objectives, risks, and controls associated with business relationships; validating compliance or locating potential noncompliance; validating the accuracy of information received from external sources; and performing on and off-site risk assessments and control reviews.

Benefits include;

  • Optimized revenue,

  • Reduced operational expenses,

  • Improved metrics,

  • Cost containment,

  • Transparency of controls/controls enhancement.

BOLD&Digital’s CRC Process reinforcement program includes below:

1-Identify Relationships:

  • Identify all contractual relationships

2-Identify Relationship Objectives:

  • Identify objectives of key relationships

3-Assess Risks:

  • Determine the key control points and dependencies of relationships

  • Develop process to identify risks

  • Target relationships that pose significant risks

  • Identify the risk of not achieving key objectives

4-Evaluate Compliance

  • Determine key controls/processes at external business partners that impact your business

  • Evaluate data records against contract terms

  • Identify process improvement opportunities

5-Mitigate Risks

  • Improve policies and procedures

  • Improve relationships and performance

  • Enhance compliance

  • Incorporate learnings

  • Train Contract writers/negotiators

  • Avoid relationships that pose greater than normal risk

  • Growth through innovation/creativity:
    Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
  • Increased profits:
    The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
  • Higher business values:
    The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
  • Lower staff turnover:
    This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.
how can we help you?

Contact us at BOLD&Digital office nearest to you or submit a business inquiry online.

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