OPTIMISING REGULATORY CHANGE MANAGEMENT: CONTENT INTELLIGENCE AND CONTRACT ANALYTICS
R&C: To what extent are companies facing increasing regulatory challenges? What additional risks and challenges have been presented by the coronavirus (COVID-19) pandemic?
Fuentes: Prior to the COVID-19 pandemic, organisations were already experiencing myriad ongoing regulatory challenges. Some organisations have been proactive, combining people, process and technology to address ongoing regulatory changes. But, for the most part, organisations have been largely reactive, placing tremendous pressure on people, processes and technology going from one battle to the next. No industry is spared, and we are seeing the London Inter-bank Offered Rate (LIBOR), International Financial Reporting Standards (IFRS 17), data privacy as well as M&A, force majeure and the General Data Protection Regulation (GDPR) presenting unique challenges across all industries. COVID-19 came in overnight and, among the current ongoing regulatory challenges, forced organisations to pause and think of the broader risk to their business. One area that emerged for businesses is contracts, and the inherent risk relating to the buy- and sell-side of contracts and their obligations. Businesses should begin to think of their contract risk along three points: contract visibility, contract risk and contract review.
Jan-Mar 2021 Issue
Adlib