In this episode of the Industry Insights podcast, Rafael is joined by CEO and Founder of Ncontracts Michael Berman to talk about the evolution of contract management at financial institutions. It’s a timely topic as Michael’s company celebrates its 15th anniversary and he unveils Ncontracts' newest innovation - the Ntelligent Contracts Assistant.
Contracts are single most effective control a financial institution has when working with third-party vendors. An oversight when drafting or managing contracts can lead to expensive mistakes. It’s not just about pricing. Inadequate analysis of terms and conditions, failure to monitor vendor performance, and deficiencies in handling data security during transitions can all spell trouble.
Contract management includes every aspect of the TPRM lifecycle, including vendor onboarding, ongoing oversight, and termination. Meanwhile regulatory scrutiny of contracts continues to increase, with over 100 references in recent guidance impacting banks.
Over the years, Michael has watched contract management best practices evolve along with features that can mitigate insider threats that lead to data breaches, like vendor employee background checks, security training, and cyber insurance.
Now AI is transforming contract management again by uncovering risks and driving efficiency. Michael’s company, Ncontracts is leading the way with Ntelligent Contracts Assistant leading the way. It’s an exciting development for financial institutions that want to maximize their understanding of contract while minimizing the staff hours to get it done.
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