The Contract Risk Management Policy serves as a crucial governance tool for organizations operating in Canada, providing a structured framework for managing contractual risks across all business operations. This policy becomes necessary when organizations need to standardize their approach to contract risk assessment, establish clear approval hierarchies, and ensure consistent risk mitigation strategies. It incorporates requirements from Canadian federal and provincial legislation, including corporate governance guidelines, privacy laws, and industry-specific regulations. The policy typically includes detailed procedures for risk identification, assessment matrices, approval authorities, and monitoring protocols, making it essential for maintaining effective risk control and regulatory compliance. Organizations should implement this policy to establish clear accountability, protect corporate interests, and ensure systematic risk management in all contractual relationships.
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1. Purpose and Objectives: States the policy's aims and its role in supporting organizational goals and risk management
2. Scope and Application: Defines which contracts, departments, and entities are covered by the policy
3. Definitions: Defines key terms used throughout the policy, including types of contracts, risk categories, and key roles
4. Roles and Responsibilities: Outlines who is responsible for various aspects of contract risk management, including approval authorities
5. Risk Assessment Framework: Details the methodology for identifying, assessing, and categorizing contract risks
6. Contract Review and Approval Process: Establishes the required steps and approvals for contract review based on risk level
7. Risk Mitigation Strategies: Describes standard approaches for managing different types of contract risks
8. Monitoring and Reporting: Specifies how contract risks are monitored and reported to management
9. Documentation Requirements: Details required documentation for contract risk assessment and management
10. Policy Review and Updates: Establishes frequency and process for reviewing and updating the policy
1. Industry-Specific Risk Considerations: Section for organizations in regulated industries detailing specific regulatory requirements and risks
2. International Contract Risk Management: For organizations dealing with international contracts, covering cross-border risks and considerations
3. Technology and Cybersecurity Risks: Detailed section for organizations where technology risks in contracts are significant
4. Environmental and Social Risk Management: For organizations needing to address ESG risks in their contracts
5. Emergency Risk Management Procedures: For organizations requiring specific procedures for high-risk or emergency situations
6. Supplier Risk Management: Detailed section for organizations with complex supply chain relationships
1. Risk Assessment Matrix: Template for evaluating and scoring different types of contract risks
2. Approval Authority Matrix: Table showing approval requirements based on contract value and risk level
3. Standard Risk Mitigation Measures: List of approved risk mitigation strategies for common contract risks
4. Contract Risk Assessment Checklist: Standardized checklist for evaluating contract risks
5. Risk Reporting Templates: Standard formats for risk reporting to different stakeholders
6. Contract Review Workflow: Detailed process flow for contract review and approval
7. Risk Categories and Examples: Comprehensive list of risk categories with examples
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