Due to liquidity restraints and cost-cutting concerns, the Financial Services companies must ensure real-time visibility into budgets and costs by optimizing resources. Increased scrutiny by regulations such as the PATRIOT Act, OSFI, and BSA/AML also demands complete control over contracts.
Ultria CLM—Enterprise Contract Management Software—enables Financial Services organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Track data comprehensively to ensure all compliance documents such as those for CFPB and OSFI are valid.
- Maintain audit trail for all the changes made to professional service agreements, confidentiality agreements, independent consultant agreements.
- Author error-free and all-inclusive contracts using preapproved clause and template libraries; automate onboarding of clients, brokers, advisors.
- Gain visibility into contractual obligations and milestones to ensure adherence to the scope of work and meet delivery timelines and budgetary expectations.
- Store and manage contracts within a searchable and secure repository.
- Grant user and folder-based access for confidential contracts and compliance documents.
- Establish standardized workflows with multiple reviewers and approvers, as required.
- Generate reports to increase transparency.