Effective Contract Management a Necessity Amid Financial Regulations

The financial services industry is one of the most heavily regulated sectors of our economy. There is Dodd-Frank and Sarbanes-Oxley to contend with, among so many others. There is also the myriad of acronym-labeled organizations and agencies, on both domestic soil and abroad, tasked with overseeing the enforcement of these rules and regulations or the investigation of companies or individuals believed to have breached them. Granted, there have been a few outrageous dealings and unscrupulous scandals (okay, maybe more than a few) that had a rather significant impact on the economy at large. Because of these unfortunate occurrences and their considerable or lingering repercussions, some level of increased scrutiny and heightened disclosure rules was to be expected. Not surprisingly, this increased level of scrutiny also applies to how a financial services firm manages its contracts.

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Three Steps Your Company Can Take to Improve Contract Compliance

A lot of companies struggle to become more efficient, cut costs, and increase their profits. Contract management, in particular, may divert a lot of company resources if it isn’t handled properly. Under-optimized contract management systems may result in improper or inadequate contract compliance, which inevitably leads to wasted dollars.

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