Margin Requirement reform has been a major concern amongst global financial services firms for the past two years and it’s only going to get more challenging over the next two years. You may remember we addressed the topic of uncleared derivatives regulations back in 2016 when the regulation first came into force. These rules were brought into effect to prevent a repeat of the financial crisis that occurred in 2008/9. We discussed how it’s time for banks to “buckle down” and start the repapering process for their credit support annexes.
Juggling numerous contracts at once can become an overwhelming task that can spiral out of control. Contracts can be as short as one paragraph to as long as thousands of pages, which demands the need to be continuously looked after throughout their lifecycle. It is not enough just to store data onto a centralized platform. Therefore, contract management should be viewed as a process that can be changed and improved overtime.
In today's technological world, cloud-based contracts are becoming more and more essential to enterprises. It is vital to be aware of the potential risks that may arise in the process of producing a contract. On the surface contract management can seem simple but when different components are interjected such as third-party relationships, contract management without digitization can become a challenge.
If your company does business internationally, you are undoubtedly aware of the challenges that brings to contracting. Contracts need to be reflective of the current commercial status, which is constantly changing due to changes in the world, from changes in power to currency fluctuations, new international regulations, and rapidly changing international laws.
Once a contract has been executed, what happens to it? Does the contract move on to storage purgatory, never to be seen again — or at least until there is an issue that needs to be addressed, or you need to capture some information from the contract? How do you confirm that the terms of the contract are being met, and that all the major milestones and deadlines are being adhered to? And when the expiration date approaches, what do you do about renegotiating and/or renewing the contract?
Contract management is changing the way the world’s largest companies do business. How you may ask? By employing AI-driven technologies to better organize and operationalize their contracts, allowing them to save money, mitigate risk, and drive significant organizational efficiencies.
One complaint that we hear all the time from companies is that contracting takes forever. In many companies, it can take weeks to bring a contract from negotiation to execution, and it’s often due to issues in the contracting process itself — not the parties involved. Here are five common bottlenecks and how fix them.
It appears that the days of massive stacks of paper, endless rows of filing cabinets, and clunky, ineffective ways of managing contracts are rapidly coming to an end. Although contracts are the lifeblood of nearly every organization in every industry, traditionally the management of these documents has been disjointed at best.
On May 25, 2018, the General Data Protection Regulation (GDPR) goes into effect in the European Union. Although these protections are designed to protect the personal data for individuals located in the EU, U.S. businesses are going to be affected by these GDPR compliance, too. Simply put, if you collect, process, or store the personal information of anyone located in the EU, not following these regulations will prove costly to your business.
Exari’s powerful document assembly tool, DocGen™, is being increasingly recognised as an effective and expeditious way to generate insurance documents while capturing key data along the way. With Exari as the MRC builder, documents and their data can flow from broker to underwriter electronically, with less effort and more control. See how Exari DocGen can streamline your processes.