article thumbnail

Third Party Risk and the Contractual Life Cycle

SIG Speaks

The third part has good assessment tools. Using software or information from security rating services makes sure the individuals responsible for Third-Party monitoring can assess the third party. . The last phase of the lifecycle is the end of the contract renewal process.

article thumbnail

Contract Compliance Audit: Overview, Benefits & How AI is Helping

SirionLabs

For example, companies usually schedule annual or quarterly compliance audits to examine: Agreement parameters: Clauses, contractual obligations, service level agreements, payment terms, project milestones, deliverables, etc. Supplier audits can also complement third-party contract performance assessments.