Procurement and vendors · Contract Review (rm.Contracts)
Contract insurance requirements review
Standardize the insurance requirements in your contracts and run them through one review and approval workflow.
The problem
Insurance and indemnity terms are negotiated contract by contract, often by people outside risk management. Non-standard language gets signed before risk management sees it, and the requirements passed to compliance tracking no longer match the contract.
- Premiums32%Not directly affected.
- Retained losses62%Insurance and indemnity terms that hold up move losses to the other party and its insurer.
- Cost to manage risk6%In this example, reviewing contracts takes about 720 staff hours a year, roughly $52,000.
Typical split from the Risk Diagnostic’s example: a public agency with a $1.2 billion budget. Take the diagnostic and this chart shows your own numbers.
What it does
Requirement templates
Standard insurance requirements by contract type, value and risk.
Review workflow
Standard contracts are approved automatically; non-standard ones route to your designated reviewers.
Link to compliance
Approved requirements flow straight into Insurance Compliance tracking.
Guided questionnaire
An interactive questionnaire checks the contract type, its risk profile and its terms, with in-line prompts on thresholds and preferred language.
Risk score
Each contract gets a relative risk score based on the severity of its deficiencies and how well it meets your liability standards.
Version comparison
Side-by-side comparison highlights every change between versions of a contract.
Buy side and sell side
Works for contracts where you buy and where you sell.
Full record and reporting
Every action and message between your team and outside parties is logged, and ad-hoc reports give real-time contract, process and performance data.
How it works
- 1Contract request submitted
- 2Standard requirements applied
- 3Exceptions reviewed and approved
- 4Requirements tracked for compliance
What to expect
Who uses it
Procurement, legal and risk management.
Questions
Does this replace our contract system?
No. It manages the insurance requirements in your contracts and connects to your contract or procurement system through RiskWorksAPI. See Integrations and API.
Related
Insurance Compliance
Set insurance requirements for every agreement, collect certificates and endorsements from vendors, contractors and tenants, and work only the exceptions.
Learn moreThe RiskWorks platform
The platform every application runs on: workflows, rules, hierarchies, documents and audit trail.
Learn moreIntegrations and API
Connect RiskWorks to Workday, Oracle, SAP Ariba, JD Edwards, PeopleSoft, MRI and more through RiskWorksAPI.
Learn moreWhere does your compliance program stand?
Take the free insurance compliance readiness check. You see your results right away, then review them with an Exigis analyst at no cost.