Contract Risk & Compliance Services
- Posted by: Candaş Üçer
- Category: Blog, English
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.
Reduced operational expenses,
Transparency of controls/controls enhancement.
BOLD&Digital’s CRC Process reinforcement program includes below:
Identify all contractual relationships
2-Identify Relationship Objectives:
Identify objectives of key relationships
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
Determine key controls/processes at external business partners that impact your business
Evaluate data records against contract terms
Identify process improvement opportunities
Improve policies and procedures
Improve relationships and performance
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.