article thumbnail

Third Party Risk and the Contractual Life Cycle

SIG Speaks

The lack of continuous monitoring of the Third Party puts an organization at risk. The acquisition of new software/hardware or purchase of a company could change the dynamic of your Third Party and the Third Party's risk level. The third part has good assessment tools.

article thumbnail

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

SirionLabs

Statutory compliance parameters: Safety and health regulations, labor codes, data security standards, local and international guidelines, licensing, etc. Whatever the objective may be, the contract audit process is essential to averting non-compliance— the ramifications of which go far beyond fines and penalties.