Ultria CLM offers unprecedented insight into the content of your contracts. It provides you with relevant information on contract execution and compliance on a customizable dashboard with a single view. Ultria strives to obtain and ensure compliance with all agreements and will help you follow best practices. During and after your contract compliance audit, think about what worked well and what doesn`t. It`s important to anticipate what you can fix or run smoother, whether it`s with the same provider or another. Non-financial contractual compliance audits typically lead to process improvements, recommendations to improve contract language, documented cases of non-compliance to remedy the situation, and confirmation that internal employees are complying with your company`s policies and procedures. In addition, these audits often lead to healthier and more productive relationships with third parties. For each contract, your company may be exposed to the risk of compliance error. Determining your risk may vary depending on your expenses and the suppliers you work with. However, there is a good chance that your business is at risk.
Today`s largest companies operate with thousands of suppliers, most of which are governed by one or more contracts. The purchase-to-pay environment is complex and diverse, making it more difficult to monitor compliance with negotiated terms. After selecting the most complex suppliers and contracts for audit, we work seamlessly with them to identify compliance gaps, close discrepancies, identify revenue leaks, and restore revenue shortfalls. Learn more about life sciences companies` thinking about fcpa compliance and third-party risk management. Of course, scope and parameters will likely determine the timing, as a broader review will take longer to consider and therefore probably shouldn`t take place at the same time as another complex process, for example.B during the tax season or any other type of review. It can be helpful to start small by performing batch audits, for example.B. based on the type of contract, and then use the knowledge gained to start verifying other contract batches….