Get a head start on 2016 by listening to our three-minute audio blog below, six contract management tips for government contractors. There's nothing to read, simply launch the player to listen. Thank you for tuning in!
Successful companies view contract management as a critical business function that involves virtually every aspect of the organization from sales to legal to accounting and compliance. At Baker Tilly, we advise clients on the following best practices to improve contract management and reduce compliance risk:
Tip 1: Establish a process for evaluating potential contract opportunities to identify regulatory and contractual requirements, understand associated risks, and ensure compliance. Tip 2: Develop contract briefs containing key information including scope, pricing, contract terms, conditions and compliance requirements. Tip 3: Encourage cross-functional collaboration of resources from across the organization at appropriate stages of the contract management lifecycle. Tip 4: Ensure proper segregation of duties and implement preventive and detective controls to mitigate potential compliance risk.Tip 5: Formalize relevant policies and procedures in writing and provide targeted training to all resources involved in the management of contracts. Tip 6: Leverage current systems to automate processes where possible, and/or consider implementing a Contract Management software or solution, if appropriate, based on your company’s risk profile.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.