ComplyScore's “activated” Contract Management Solution addresses the highest formal and legal level of vendor and supply chain governance, by automating the full life cycle of processes related to contracts between an enterprise and its suppliers and business associates.
This solution helps manage the entire contract life cycle from authoring of the contracts to approval to e-signature to active Contract compliance monitoring.
In addition, ComplyScore enables extraction of the contract terms from existing contract documents. Using a combination of advanced Machine Learning techniques and business rules, the solution helps jump start “digitization” of contracts. The result is instant view into expiration dates, counter parties, specific terms as well as hidden risks within the contracts.
FEATURES & BENEFITS
Role-Based AccessRole-based access across a single unified repository of all contracts, enables all stakeholders to easily locate and view desired contracts, addendums, attachments and related documentation.
SearchablePowerful and easily entered content with search criteria, enables users to quickly zero in on the portions/items of interest within contracts.
Create TemplatesAutomatic Contract Template creation, standard Terms and Conditions (T&C) library and required T’s & C’s by contract type functionality, greatly simplifies contract authoring and terms/language vetting process.
Automate ApprovalsAutomated Contractor and Contract Approvals Workflow and electronic signature features, keep contract approval processes on a clear, fast and compliant track.
Regulatory ComplianceComplyScore ensure regulatory compliance as well as ongoing compliance with contract terms Features like real-time as well as batch analysis of documents ensure compliance with regulatory requirements across multiple domains. Ability to extract terms and creating a term database ensures compliance with SR 14-1/QFC while creating a check list ensures compliance with agency guidelines such as FFEIC Appendix J, FDIC, HITECH and TSP requirements.
Automate T & CsContract Templates generated by defined categories, can be automatically assembled to include appropriate compliance driven Terms & Conditions (T’s & C’S) from ComplyScore’s contract T’s & C’S library.
Automate trackingAvailable Interactive Compliance update / on line agency streaming data services feed functions can recognize when guideline changes occur and flag T’s & C’S, for appropriate verbiage edits.
Plug & PlayComplyScore's Contract Management Module can plug & play interface to our Compliance Update Module for continual visibility of ongoing Compliance (Regulatory & Corporate Policy-related) updates.
Secure AccessOur SaaS, web based Contracts Module provides instant and secure role based access to all stakeholders/users needing fast, convenient availability of contract details in performing their jobs.
User FriendlyComplyScore’s web app and icon navigated, intuitive user interface provides a very positive user experience and utilizes role-based option selections and helpful drill-downs to guide users to functions and information they need.
Single RepositoryA single repository for all departments ensures that all users see updated and consistent information, keeping users on the same page and facilitating collaboration wherever useful.
Alerts & NotificationsThroughout the contract lifecycle, users are alerted along the way to required tasks and issues, or changes requiring attention.
Maintain RecordsThe system’s revision control system assures retrieval of the latest versions including complete set of related attachments.
NotificationsAdvance notifications of upcoming renewal dates are provided on as desired basis to support proper team preparation and collaboration for re-negotiations, including ability to pre-flag new T’s & C’s and compliance requirements.
Streamline RenewalsRenewal agreement negotiators have the latest contract and vendor performance-related information at their fingertips to assure best posture for re-negotiated values and terms.
Access DataLeveraging optional interfaces to online information service feeds, regulatory driven terms and conditions are flagged for update keeping pace with regulatory changes.
Integrate FAQsEnsure your team is up-to-date on certain policies by attaching FAQ’s and quizzes.
TemplatesChoose from a range of templates to maintain a homogenous look and feel to your policy documents.
Auto-Create TasksEnsure that certain follow-up tasks are assigned and completed before policy becomes effective.
Data Import–ExportExport updated policies and import staff updates on a scheduled basis.
While contracts are available in electronic formats, companies do not have view into the terms of the contract. Given the volume of the contracts it is not feasible to manually extract the terms like expiration dates, counter party, limits, liability, insurance as well as SLAs. The result is companies carry high risk hidden in contracts.
ComplyScore has harnessed the power of Machine Learning to build a powerful solution to extract the specific terms that exist within the contracts. Supplementing these techniques with business rules and NLP capabilities enables ComplyScore to deliver results consistently with confidence levels of over 92%
A single repository of contracts does not exist and frequently, alerts on upcoming renewals are not timely, leading to missed opportunities for renegotiation.
No follow-up on contract terms to ensure vendor is compliant with the terms.
Manual/Email based workflow causes significant delays in approval.
Multiple contracts that are not counter signed can lead to unnecessary complications.