Mitigate business risk through proactive assessment, discovery and continuous monitoring
Business risk can emerge from any part of a company and must be managed proactively to avoid devastating impacts. Often, risk originates during the process of onboarding new customers or suppliers and entering into contracts that do not fully account for the business and regulatory environments involved. Companies with manual contract management processes lack the visibility necessary to proactively identify and manage contract risk on an ongoing basis. This raises a number of challenges:
- Companies cannot proactively assess and manage their risks in view of the current post-pandemic business environment characterized by unpredictability, volatility, and mounting counter-party solvency risks.
- Onboarding of vendors, channels and customers is fragmented and not standardized, hindering compliance with stringent “Know Your Customer” (KYC) and anti-money laundering (AML) regulations.
- With involvement of multiple departments and no seamless collaboration, missing information may lead to inaccurate risk assessment and risk categorization.
- One-off risk assessments fail to continuously monitor third parties for performance against contractual deliverables in terms of quality, quantity, and timeliness, leading to leakage and post-execution noncompliance
- Lack of visibility and insight into obligations—typically spelled out in detail in service contracts—can lead to substantial risks for businesses if not surfaced at the appropriate time and monitored at an adequate level to provide required executive attention.
Built on the Icertis Contract Intelligence (ICI) platform, the Risk Management app brings a paradigm shift in the management of business risks. The app offers a process-oriented, organization-wide solution to stay on top of all potential risks that a business faces—whether they emanate from the potential insolvency of a counterparty, payment default by a customer, supply disruption due to a pandemic or natural disaster, logistics blockades due to localized conflicts, or other market turbulence.
With the Risk Management app, companies can embed risk identification, assessment, mitigation, and reporting in any business context that is relevant to a specific organization—for example, supplier risk assessment at the time of onboarding a supplier, customer credit risk check while signing long-term contracts on non-cash terms, contractual performance risk while evaluating technical capabilities of a service provider, etc. Companies can surface risk from anywhere in an organization (within ICI or outside), as well as deploy the app as a standalone risk management program at enterprise scale. Finally, organizations using the risk management app can prevent and reduce risk-injection as opposed to only managing risks.
The ICI Risk Management app offers the following capabilities to manage risk:
- Configurable risk register and scoring model
- AI-powered risk identification and assessment
- Questionnaire and external system-based risk identification
- Actionable insights
- Seamless integration
- Alerts and notifications
- Risk scorecard and comprehensive dashboard
Learn more about Icertis Risk Management
- Icertis Risk Management App datasheet
- Supply Chain Risk and Contracts: Three (Difficult) Lessons Learned for a Post-Pandemic World
Learn more about Icertis
The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Contract intelligence provides the contract creation, automation, and insights that organizations need to be ready for growth.
ICI is built and runs exclusively on Microsoft Azure and natively integrates with other Microsoft cloud-based technologies, including Microsoft 365, Microsoft Dynamics 365, Teams and the Power Platform.