In the compliance world, consistency is one of the keys to a successful compliance program. One of those areas where consistency is mandated is in contracting. Having consistency in the compliance terms and conditions of any contract is a critical aspect of the compliance professional. While there will certainly be negotiation over a wide variety of terms and conditions, from the financial and payment terms, to the operational terms, to the legal terms, companies need consistency with their compliance terms and conditions. This is particularly true given the paucity of compliance terms which should be put in place.
For the compliance professional this means that less may well slip through the cracks and you will not be in an after the fact position of finding out that your agent or distributor in a high-risk venue does not have an audit clause.
Three Key Takeaways:
- AI contracting software can make you contracting process more efficient.
- AI contracting software is scalable.
- AI contracting software can allow you to move from a detect to preventative mode.