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Transforming Contract Management with Measurable Risk Scoring

In today's fast-paced business world, managing contract risks is more critical than ever. IntelAgree, a prominent player in the field of AI-powered contract lifecycle management (CLM), has recently unveiled a groundbreaking new feature designed to tackle this ongoing challenge. The newly released contract risk scoring functionality aims to transform how organizations perceive and manage their contractual agreements.

Addressing the Need for Clarity

Traditionally, contract risk assessments have been somewhat subjective, leading to inconsistency across departments. Michael Schachter, IntelAgree's Director of Product Management, highlighted the problem, stating, "Contract risk has always been a challenge for organizations because different departments often have varying definitions and perspectives on what constitutes 'high risk.'" With the introduction of this scoring feature, IntelAgree aims to provide a unified framework that allows teams to objectively assess contract risk across various dimensions.

Features of the New Scoring Functionality

IntelAgree offers two options for its risk scoring feature: a Standard Risk Scoring and an AI-assisted version powered by their Saige Assist suite. Each version allows users to define contract attributes based on what matters most to their organization:

1. Standard Risk Scoring: This version empowers users to configure risk parameters without AI assistance. Teams can define scoring bands and weights for different attributes, tailoring risk assessments to their unique needs.
2. Saige Assist Risk Scoring: For organizations seeking automation, this AI-enhanced version offers the advantage of streamlined implementation. Users can select attributes most relevant to their risk evaluations, and Saige Assist generates optimal scoring configurations automatically.

Enhanced Decision-Making

With IntelAgree's risk scoring module, businesses can derive more accurate insights into the risks associated with their contracts. Here’s how it works:

• - Customized Scoring: Businesses can assign scores to specific contract attributes, such as payment terms and expiration dates, and designate them as low, medium, or high risk based on custom parameters.
• - Overall Risk Calculations: The platform facilitates automatic calculations of comprehensive risk scores, utilizing flexible formulas to determine risk levels.
• - Streamlined Approval Processes: Organizations can manage contract approvals based on risk levels more efficiently by routing high-risk contracts to the appropriate stakeholders before signatures.
• - Risk Tracking over Time: The tool allows for monitoring how risk levels change throughout various contract versions, showcasing the effects of negotiation cycles and enhancing the legal team’s ability to demonstrate their considerations.
• - Proactive Risk Management: Users can quickly identify high-risk contracts or attributes across their entire portfolio, fostering proactive risk management strategies.

Making Contracts Strategic Assets

The release of the risk scoring feature aligns with IntelAgree's vision of evolving contracts from mere documents into strategic assets. The ability to quantify contract risks enables organizations to make informed decisions at every stage of the contract lifecycle—from initial discussions to ongoing management and through significant transitions like mergers and acquisitions.

Lee Rone, IntelAgree's General Counsel, emphasized the importance of contract visibility, stating, "Contracts are your first line of defense—and your biggest blind spot if you don't have visibility." The new risk scoring module allows organizations to understand their contract risk profile comprehensively, paving the way for data-driven resource allocation decisions.

Conclusion

In a marketplace where agility and informed decision-making are paramount, IntelAgree's risk scoring capability is a game-changer. For organizations looking to enhance their contract management processes and minimize risk exposure, exploring this innovative tool is highly recommended. Businesses can schedule a demonstration to see first-hand how this feature can revolutionize their risk assessment protocols. Understanding and managing contract risks has never been more accessible than with IntelAgree's cutting-edge solutions, and the future of contract management looks promising.

For further inquiries and detailed information, visit IntelAgree