Now more than ever, issues of contract management efficiency and risk management are major focal points of company operational strategy and initiative. Often general counsel, serving in their varied roles of legal expert, risk manager and business leader, have been asked to provide guidance in this area. Many are now being held ultimately responsible for the institution of contract management best practices and supporting information systems—at least at an architectural or policy level.
No matter the level of accountability, general counsel should be concerned about efficiencies and risks associated with the enterprise contracting process. While a long recognized “hot bed” issue, it is only now that tools and terminology associated with effective contract management strategy have been appropriately aligned with corporate contract policy and procedure.
