Contract Management and Compliance - Assignment

Added on - Mar 2020

In this document, we will discuss Contract management which signifies the fair deals between two parties ensuring the expected transactions. It is important to point out that compliance management depends on the proper monitoring process that allows insights into the opportunities for considerable changes. The study would reflect on the contract management process in IBM, US.

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Running head: CONTRACT AND COMPLIANCE MANAGEMENTContract Management and ComplianceName of the Student:Name of the University:Author Note:
1CONTRACT AND COMPLIANCE MANAGEMENTTable of ContentsIntroduction......................................................................................................................................2Background......................................................................................................................................2Concept of Contract and Compliance Management........................................................................3Importance of Contract Management..............................................................................................6Challenges in contract Management................................................................................................71. Maintenance the contracts not in writing.....................................................................................72. Lack of information regarding the contract costs........................................................................73. Unnecessary extension of the legal reviews................................................................................84. Lack of proper protection of the data..........................................................................................8Conclusion.......................................................................................................................................9References......................................................................................................................................10
2CONTRACT AND COMPLIANCE MANAGEMENTIntroductionContract management signifies the fair deals between two parties by ensuring theexpected transactions. According to Abdullah, Indulska & Sadiq (2016), the contractmanagement is the standardized interaction process between the parties by signing an agreementthat includes the detailed norms and policies. Many of the government agencies reply on thiscontract management process. The compliance process is the integral part of the contractmanagement that helps in resolving the conflicts and reduces the risks associated with thebusiness functions (Schneider, 2015). It is important to point out that the compliancemanagement depends on the proper monitoring process that allows insights to the opportunitiesof considerable changes. The study would reflect on the contract management process in IBM,US. The development of the literature study would provide the adequate knowledge about thecontract management and compliance process.BackgroundContract compliance management is an important business functionality that helps inincreasing the business efficiency and reducing the risks. The contract compliance managementensures integrity in monitoring the compliance process. It aligns the available contract terms withthe approved practices and corporate policies (Sadiq & Governatori, 2015). This process isdeveloping or overseeing the standardized contract templates and the monitoring process of thecompliance. The managers deal with the entire paper works and manage the transparency whilecommunicating with the business clients. It is the responsibility of the contract manager to keepthe clients apprised of progress towards the business objectives. The improvements brought tothe contract management procedure helps in satisfying the compliance needs if the process is
3CONTRACT AND COMPLIANCE MANAGEMENTmuch formal and structured (Elgammal et al., 2016). At the transaction level, it sometimesinclude the proper review and approvals of the process associated with the terms and conditions.However, it is essential to input the necessary data for taking the control of the system. At thefinal stage, it is essential to report to the management.IBMhas undertaken the contract management process that covers the different stages ofthe contract lifecycle (Ibm.com, 2017). The contract management software is quite useful for thecompany to enabling the different types of the contract management, such as enterprise, sales,and procurement contracts (Christensen, Nikolaev & WittenbergMoerman, 2016). However, thecompany is focusing towards improving the contract and compliance process these days bygathering more knowledge regarding this aspect. The application of the adequate knowledge andskills would be beneficial for the company to develop more advanced contract software. In orderto gain the adequate knowledge, it is essential to conduct the extensive market research on thecontract and compliance management process. The exploration of the conceptual analysis wouldbe much significant in developing the ideas regarding the contract and compliance managementprocess.Concept of Contract and Compliance ManagementThe contract management often considers the standardized version of managing the dealsbetween two parties. It helps in reducing some of the situational hazards that the workplace mayface (Alfe et al., 2013). The contract management process deals with the administrative purposeof the employees. The compliance management deals with the following factors:Performance Monitoring

In brief, The study reflects the development of the contract management process to structure the organizational functionalities. The ideas obtained from the conceptual analysis determine that the contract managers require to maintain the responsibilities toward the secure and systematic contract management and compliance process. The contract managers are responsible for monitoring the performance parameter of the vendors.

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