16 Mar 2018 – When it comes to big multinational companies for managing large number of contracts (large and small), governance and risk management are two key aspects needing due diligence before the company (authorised representative) signs a contract.
The companies generally experience local regulatory hurdles in tracking and complying with contracts apart from operational/financial risks. At the same time, the companies are facing increasing pressure to reduce costs and improve financial and operational performance. Increased competitive pressures, project/contract complexity, customer’s flow down pressures, new regulatory requirements have resulted in an increasing recognition of the importance and benefits of effective risk and contract management.
Relying on manual methods is no longer viable and not sustainable. Companies need to establish an effective automated risk and contract management framework based on the principles of transparency, clear governance, absolute accountability and continuous improvement.
At this committee meeting, Santosh Kumar, Director and Head, APAC Region Solution Risk Management, Schneider Electric shared with us more on the subject.
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