What is a CLM Health Check ?

A CLM Health Check is an assessment of your current CLM (Contract Lifecycle Management) practices. We review your environment based on multiple dimensions. Based on the Review we can put together areas of improvement and a plan to address these with you. Areas we focus on withing a CLM Health Check as as follows:        

Process and Workflow

The CLM health check assesses various aspects of contract process automation and workflow improvement. This includes reviewing the efficiency of contract request and initiation, the use of templates and drafting automation, streamlining approval workflows, enabling automated negotiation and redlining, implementing automated contract review and compliance checks, generating analytics and reports, and providing a robust contract repository with search capabilities.

Organization and Culture 

The review examines the organizational structure and culture surrounding CLM. It looks at clearly defined roles and responsibilities, effective leadership and change management practices, a well-established governance structure, alignment with the overall company culture, strategies for driving user adoption, and the effectiveness of knowledge management and training programs.

Risk Management and Compliance 

The health check evaluates how well the CLM system manages risk and ensures compliance. This involves analyzing contract negotiation and approval cycle times, assessing the risk management program, measuring adherence to compliance requirements, tracking contract renewal rates and timeliness, monitoring ongoing contract compliance, ensuring legal and regulatory adherence, and verifying the presence of strong internal controls and auditability.

Technology and Innovation 

The review assesses the CLM technology stack and innovation capabilities. This includes evaluating integration with other enterprise systems, fostering a culture of innovation and continuous improvement, ensuring data security and privacy compliance, verifying the scalability and flexibility of the CLM solution, enabling integration with third-party software, ensuring seamless data integration and interoperability, and providing an intuitive and accessible user interface.

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