Risk /risk/ (noun) Any unexpected effect on your objectives, either positive or negative. Say you’re skiing down a long, wide ski slope in the Colorado Rockies. Suddenly you catch an edge and nearly lose control of your skis. You manage to recover your balance just in time, when the sun comes out from behind the clouds and you’re blinded by the light reflecting off the snow. After you stop to get your bearings, you continue on down the mountain. At a fork you take a slope you thought was intermediate, only to discover that you’ve chosen a super-advanced double-black diamond. You have to slow way down to maintain control, but your plan works and you make it down safe and sound. All of these unexpected events are examples of risk--any event that you didn’t anticipate that will affect your objective (a nice mug of hot chocolate back in the lodge). But as you become a more experienced skier, you get better at anticipating and compensating for these unexpected events, and the right equipment can go a long way toward helping you deal with them as they arise.
Contract Management Risk
Risk works the same way when it comes to managing contracts. Every company needs to understand the broad effects of risk—and control for those—to ensure the best results possible and maintain compliance. If you don’t control for risk in the contract lifecycle, it may lead to systemic failure to manage contracts and result in revenue losses. Like a pair of great skis, good ski goggles and warm gloves, Conga Novatus can help you mitigate the areas of greatest risk in the contract lifecycle. These include:
- Performance violations
- Automated renewals
- Unapproved contracts
- Compliance failures
To avoid these pitfalls, you need a comprehensive contract management plan supported by a full-featured, robust CLM solution that targets weak points and mitigates risk. Conga Novatus provides insight into contract processes and delivers automated features and deep analytics that are the key to compliance. Find out more! Download our white paper, How to Reduce Risk with Contract Management, now. Then get out there and hit the slopes!