Why Financial Institutions Need Contract Management Solutions
Financial service institutions deal with highly sensitive subject matter so the quality of their contract management solutions is critical. Managing contracts, especially at high volumes, can be complicated and challenging. Contracts are important because the terms and conditions are legally enforceable. When contracts deal with the financial well-being of the enterprise and the enterprise’s clients, the stakes are even higher. Additionally, the field of financial services is evolving. Customer expectations are shifting, competition is increasing, regulations are mounting, and oversight requirements are becoming more robust. If the contracts and the management of the contracts are inadequate, financial institutions expose themselves to substantial amounts of risk and competitive disadvantage. Sophisticated finance contract management software is a critical necessity for every financial institution in operation today.
Challenges of Contract Management in Finance
There are many challenges of contract management in finance. Financial institutions are often large systems with many branches, employees, and clients. Almost every operation in financial services involves some form of a contract. Finance contract management often involves antiquated, legacy systems that are inefficient, difficult to use, and ineffective. The implementation of the legacy systems is oftentimes decentralized and disjointed. This decreases contract visibility and opens up opportunities for serious errors and mistakes. When data has to be manually entered, key provisions can easily get lost in spreadsheets. This limited visibility complicates contract negotiation and agreement efforts as well as the overall contract workflow. Documents often have to travel to many stakeholders. Issues with interoperability, bottlenecks, miscommunications, and file duplications can lead to costly mistakes. In finance, contract management is a high stakes operation that must be supported with only the best, most trusted solution.
Why Choose Koho Software
Koho Software partners with the top vendors in the industry to allow financial institutions to take control of the entire lifecycle of their documents so that compliance is maintained, performance standards are met, risk is mitigated, security is rock solid, and the administrative workload is streamlined
With Koho Software as a partner, contract management for financial institutions is scalable, smooth, secure, organized, consistent, and effective. We offer multiple best in class solutions that handle the complete, end-to-end lifecycle of your contracts, so you can easily remove exhausting and error-prone tasks like renewals, contract generation, and approval tracking. All of our solutions include a contract repository, template and clause libraries, automated approval workflows, smart tracking and alerts, robust security, thorough compliance support, artificial intelligence functions, and integration on both the buy and sell sides.
The contract repository centralizes all of your institution’s contracts and increases visibility. The template and clause libraries allow you to standardize language across contracts and create contracts instantly using approved language and a dynamic clause library. All of these organizational functionalities increase operational efficiencies, improve consistency, and enhance reliability. This frees up more time for your financial team to cultivate client relationships and deliver high-class returns.
Smart automation allows you to manage workflows, streamline contract review, ensure timely execution of key processes, and more. The smart features also include configurable dashboards that allow you to visualize key data. With the AI features, document migration is efficient, risky contracts can be easily identified, and replacement clauses can be inserted effortlessly. As risk management is a top priority, these intelligent assets are important because they decrease the possibility for human error.
Koho Software’s security and compliance measures will bolster your efforts to adhere to best practices. The doubly redundant infrastructure protects your data, and your clients’ data, from disaster. Precise access controls allow you to thoroughly comply with rigid privacy standards. Koho Software’s application and hosting infrastructure is validated by third party security firm audits and government oversight organizations. The compliance support features make it straightforward for your financial institution to comply with regulatory requirements like Sarbanes-Oxley, CDPR, and HIPAA, while managing risk. The compliance support features also monitor and report on the commercial health of contractual relationships. Because you are dealing with strict regulations, Koho Software makes it easy to access full audit trails for all agreements. The security and compliance capabilities give you peace of mind and empower you to provide the best finance services to your most valued clients, while simultaneously reducing business costs.
To ensure your clients’ financial security, you need the best finance services contract management solution. As the most flexible contract management solution on the market, Koho Software focuses on providing software and services for organizations looking to execute on their Digital Transformation, Process Improvement, and Growth strategies through the use of our trusted partner’s legal-tech solutions. With a number of offerings, we have a solution to fit every organization’s needs when it comes to finding the perfect CLM tool. For top tier finance services contract management solutions, contact Koho Software.