Managing contracts and associated risk in Microsoft 365

With the increasing use of digital tools, managing contracts has become more efficient, and Microsoft 365 offers a range of features to help manage contracts and associated risks. In this blog post, we will discuss how Microsoft 365 tools and features can help to manage contracts and reduce associated risks.

Centralized contract repository

The first step in managing contracts and associated risks in Microsoft 365 is to create a centralized repository for all contracts. This will allow organizations to store and organize contracts in one location, making it easier to retrieve and review contracts when needed.

Microsoft 365 offers a centralized repository, such as SharePoint, to store all your contracts in one place. This feature helps to reduce the risk of contracts being lost or misplaced, and it allows for easy access to all contract-related information.

Set user permissions and track contract status

Once contracts have been stored in the centralized repository, organizations should establish policies and procedures for managing contracts. This includes identifying the roles and responsibilities of each party involved in the contract and defining the process for creating, editing, and approving contracts. With SharePoint, you can also set up permissions to ensure that only authorized personnel can access specific contracts, reducing the risk of unauthorized access.

This includes monitoring contract deadlines and keeping track of any changes to the contract. Unnecessary costs can be avoided from missed deadlines, tracking volume commitments, and unintended renewal of contracts.

Automate processes, workflows and manage risks

Microsoft Syntex's AI-driven contract analytics and risk management features can enable organizations to automate processes, and manage and secure contracts. With its natural language processing (NLP) and AI ability, users can instantly search, analyze, organize, and electronically sign (eSignature) contracts. Additionally, Syntex's ability to allow integration into business workflows also makes it easy to identify and analyze valuable information from contracts, enabling organizations to make informed decisions about their contracts.

Microsoft Syntex also provides risk management capabilities that allow users to identify and address legal and business risks associated with contracts. This helps organizations to meet security and compliance requirements by protecting their contracts – backup or restore and advanced contract management security features in Syntex.