Contract Management Risks - How to Manage and Mitigate

Contracts, regardless of the business type or tenure, are indispensable for running a successful business. Moreover, a robust contract management process is necessary for a company to avoid, mitigate, and navigate through unnecessary risks.

Alpana Shirgoankar, Senior Executive Director, Business Process Management, accentuates the rising importance of Procurement Contracting in today’s crowded and competitive business world. Furthermore, she highlights how a poor contract management process can adversely impact businesses in the form of increased organizational risks, revenue loss, and reduced contract value.

She also speaks about the challenges and uncertainties of contract management from a Procurement and Legal Team perspective while citing poor communication and cooperation as a huge risk.

While discussing contract management risks and challenges regarding finance, compliance, operations, and more, Alpana emphasizes on the vital pillars of contract management while stressing on the importance of a framework to mitigate risks.