Novatus For: Risk & Compliance

Without an effective contract management system, your organization may lack the appropriate controls to meet audit and compliance requirements. Some common contract-related internal control gaps include:

• Difficulty implementing, managing and enforcing contracting policies
• Limited contract portfolio transparency (financial terms and obligations)
• Inconsistent and inefficient contracting processes
• Lack of automated internal controls and business continuity
• Dependency on paper documentation and antiquated file cabinet systems

The Novatus solution provides a secure, on-demand platform that enables the implementation and on-going management of policies and procedures to meet government, industry and corporate regulatory requirements and mitigate risk. Novatus’ automated internal controls and functionality eliminate contracting inefficiencies and dependency on antiquated paper processes. The system’s reporting engine provides transparency into an organization’s finances, allowing it to proactively identify and address control gaps. As an on-demand solution, your contracts and contract data are stored in secure locations, based on industry standards and best practices.

Responding to audit requests can be time-consuming and expensive, often requiring additional resources to collect and organize the data that is housed in disparate systems. Often, firms that are not responsive to initial audit requests put themselves at greater risk for a more comprehensive audit.

The Novatus solution provides a dramatic improvement in contracts visibility across the enterprise. Associates are able to quickly generate reports that provide multiple views and cross sections of your contract data as well as system controls. From an on-going management perspective, as requirements change the system can be quickly reconfigured to enable the capture additional data from contracts. The end result is a comprehensive system that provides the capability to proactively incorporate new fields in response to regulatory requirements and generate reports in response to audit requests.

As the global economy continues to grow, many organizations have expanded their product and service offerings to new markets. With that comes a need to manage compliance in accordance with local regulatory requirements.

Novatus’ on-demand solution enables users to securely access contracts and data specific to corporate or local regulatory requirements from anywhere around the world. Due to a highly flexible platform, Novatus Contracts is able to capture contract data requirements tailored to regional regulatory requirements. Plus, its powerful reporting engine gives your team the ability to quickly and effectively generate reports required to demonstrate compliance. As a result, you are able to more effectively oversee and control global contract compliance.