The cost of compliance for the oil and energy industry, e.g., for the EHS and EPA regulations, majorly impacts the bottom line. For HSE alone, global E&P companies’ expenditure is estimated to increase by 60% between 2011 to 2030, mostly due to the increased regulatory scrutiny. Non-compliance has even more disastrous consequences with fines worth millions of dollars.
Ultria CLM—Enterprise Contract Management Software—enables Oil and Energy organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Gain increased visibility into SLAs to keep up with the strict packaging and delivery schedule.
- Manage sell rates, benchmark rates, and negotiated carrier rates across locations.
- Track data comprehensively to ensure all supporting documents / clauses required for regulatory compliance are valid.
- Leverage preapproved clause and template libraries to create error-free contracts with customers and distribution partners.
- Establish standardized workflows with multiple reviewers and approvers, as required.
- Generate reports to increase transparency.
- Maintain audit trail for all the changes made to contracts.
- Store and manage contracts within a searchable and secure repository.