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The Cost of Non-compliance Series: Penalties in Manual Contract Management
In our Cost of Non-Compliance Series, we have been discussing the four major costs associated with non-compliance. The first week we discussed Resources, this week we are discussing Penalties. When it comes to Contract Management, here are the costs associated with non-compliance penalties.
Next Steps
After investing time and resources creating these policies, make sure employees read, understand and apply them to their daily job responsibilities! How? Read the Guide on How to Ensure Employee Accountability & Compliance through Effective Policy Management.
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Education
Manage employee and teacher contracts, sponsorship deals, city and state regulations, and partnerships.
Manufacturing and Retail Industry
Manage supplier and vendor contracts, employee and staff contracts, distribution contracts, and facility leasing and ownership contracts.
Healthcare
Comply with HIPAA, HITECH, ICD 9, ICD 10, and FDR CFR regulations for contract management, and handle active directory contracts for your organization.
Financial Services and Banking
Comply with SEC, FDIC, FINRA, OCC, CFTC, and Federal Reserve regulations on contracts, handle employee contracts, and partnership deals
Insurance and Employee Benefits
Create and manage employee contracts, improve organizational transparency, reduce risk factors, and mitigate lawsuits.
Energy and Utilities
Abide by local, regional, state and federal regulations, manage contractor information, develop third-party outsourced contracts, and handle facility agreements.
Transportation
Comply with FAA, DOT, FMCSA, FRA and FTA regulations for contracts, outline contracts for drivers and vendors, and reduce potential risks.