In-House Contract-Related Risk Management Process
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An In-House Contract-Related Risk Management Process is a contract risk management process executed by internal legal teams and business units (within an organization rather than by external service providers).
- Context:
- It can (typically) involve Internal Stakeholders from legal departments, business units, and compliance teams.
- It can (often) utilize Internal Contract Management Systems and risk management tools.
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- It can range from being a Centralized In-House Contract Risk Management Process to being a Decentralized In-House Contract Risk Management Process, based on organizational structure.
- It can range from being a Basic In-House Contract Risk Management Process to being a Comprehensive In-House Contract Risk Management Process, based on internal capability.
- It can range form being an Pre-Signature In-House Contract-Related Risk Management Process to being a Post-Signature In-House Contract-Related Risk Management Process.
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- It can manifest through Internal Risk Management Roles:
- Internal Legal Counsel: providing legal risk assessment
- Business Unit Manager: contributing operational risk assessment
- Contract Manager: managing contract risk tracking
- Compliance Officer: ensuring regulatory risk control
- It can leverage Internal Resources:
- Internal Knowledge Base: documenting risk management practices
- Internal Templates: standardizing risk assessments
- Internal Review Processes: conducting risk reviews
- Internal Reporting Systems: tracking risk status
- It can integrate with Internal Processes:
- Business Approval Process: aligning with business objectives
- Internal Compliance Process: meeting internal control requirements
- Department Review Process: incorporating department inputs
- ...
- Example(s):
- Corporate Legal Department Processes managing contract risks for multiple business units
- Enterprise Contract Management Processes integrating with internal systems
- Cross-Functional Review Processes involving multiple internal stakeholders
- Internal Risk Assessment Processes utilizing company-specific criteria
- Business Unit-Specific Processes tailored to unit requirements
- ...
- Counter-Example(s):
- See: Contract Risk Management Process, Internal Legal Process, Business Unit Process, Corporate Risk Management