Regular contract compliance audits can dramatically improve day-to-day stakeholder behaviors, providing insights and engagement that spread throughout the organization. However, implementing and institutionalizing a contract compliance program can seem daunting. The benefits of partnering with contract compliance experts to optimize stakeholder performance are featured below in part three of our graphic animation series.
While contract compliance audits can maximize shareholder value and vendor transparency, they can also improve stakeholder engagement and performance. In fact, the review process offers many insights that can become part of standard behaviors and trickle down into everyday stakeholder interactions.
However, the prospect of implementing and institutionalizing a contract compliance audit program can feel daunting—especially if you do not have an ongoing program established.
Partnering with contract compliance experts can help organizations to overcome this challenge by assessing contractual relationships and corresponding risks. When this process is fully embedded into an organization’s culture, it can strengthen stakeholder collaboration, relationships, and efficiency.
And, integrating this strategy into your corporate DNA doesn’t have to be disruptive, antagonistic, or even difficult.
Ultimately, establishing a contract compliance audit program can maximize contract value and operational effectiveness with increased transparency, engagement, and accountability.
Want more information about contract compliance audits and the benefits of engaging experts and stakeholders? In a recent white paper, SC&H Group’s Contract Compliance Audit team discusses the “sentinel effect” and why companies should implement contract compliance audits. Click here to read this paper today.
To learn more about how SC&H Group can help you reduce costs and develop greater trust, transparency, and accountability with third-party vendors, click here