30 Best Business Leaders of the Year 2019 30 Best Business Leaders of the Year 2019 | Page 46

Enterprise Contract Management Made Easy
Icertis
E
very business requires a
means of officiating contracts.
Whether it is a small family-
run office, or a large corporation
operating across a range of
industries, drafting a contract is a
crucial aspect of offering services
for money. In light of this, it should
come as no surprise that offering
contract management software
is a large industry by itself. A
company named Icertis is the
leading provider of contract lifecycle
management in the cloud. Icertis
Contract Management (ICM) is an
innovative, easy-to-use platform
that is highly configurable and
continually adapts to complex
business needs.
ICM is used in the management
of 5.7 million contracts in 40+
languages across 90+ countries.
With its intelligent workflow and
built-in analytics, ICM provides
ongoing contractual insights and
best-of-breed contract management.
ICM enables customers to increase
compliance, improve governance,
mitigate risk and enhance user
productivity, thereby maximizing
ROI and accelerating time to value
across the global enterprise.
Icertis provides services
for the following
industries
Financial Services
46
Today’s financial services companies
are grappling with the evolving
competition, heightened oversight
and increasing regulation over how
they interact with customers and
september 2019
suppliers—relationships that hinge
on contracts.
Common contract challenges
for firms across retail banking,
commercial banking, asset
management, and brokerages
include:
•
•
•
•
•
Onboarding of vendors,
channels and customers
is fragmented and not
standardized, hindering
compliance with stringent
vendor and “Know Your
Customer” (KYC) regulations
A lack of automation in contract
creation and execution makes
contract threshold parameters
(such as limits and asset quality
exposure) prescribed by the
ISDA, the ESMA, and FINRA very
difficult to enforce, increasing
the risk noncompliance with
Sarbanes-Oxley
Contract processes are siloed
by department or geography,
making it difficult to analyze
high volumes of transactions
across parameters like asset
class, counterparty, risk, credit
scores, service type, etc., for
performance analysis and
efficient allocation of capital
Risk departments do not
have adequate control over
variations in credit and risk
thresholds enshrined in
contracts
Labor intensive, manual
contract management processes
don’t allow negotiated terms
to automatically flow into
enterprise financial systems,
hurting productivity and
exposing companies to errors
If left unaddressed, these challenges
can put financial services providers
at a competitive disadvantage,
cause contracts to underperform,
and expose companies to serious
regulatory risk.
Healthcare
Today’s healthcare payers and
providers operate in an ever-
changing, complex regulatory and
commercial environment. In order
to stay competitive and compliant,
these organizations need to be able
to react quickly to changing laws
and foster close collaboration with
third-party business partners. Key
to responding to these imperatives
are contracts.
In working with some of the world’s
largest healthcare organizations—
both payers and providers—Icertis
has identified a number of common
challenges:
•
•
•
•
Manual management of
complex agreements between
payers and providers is time-
consuming and error-prone,
especially for Physician
Participation Agreements
that contain provider details,
program details, large volumes
of reimbursement terms,
participating locations, etc.
Business Associate Agreements
(BAAs) required by law are
cumbersome to initiate and
verify, slowing the contracting
process
Claims, disputes and change
requests are impeded by a lack
of self-service capabilities on
agreements
Inability to take bulk actions