The Contract Risk Management Policy serves as a crucial governance tool for organizations operating in India, designed to systematically identify, assess, and manage risks associated with contractual relationships. This policy becomes essential when organizations need to establish standardized procedures for contract risk management, ensuring compliance with Indian regulatory requirements including the Indian Contract Act, 1872, Companies Act, 2013, and other relevant legislation. The document typically includes comprehensive frameworks for risk assessment, mitigation strategies, roles and responsibilities, monitoring procedures, and reporting requirements, making it a fundamental component of an organization's risk management and governance structure.
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1. Purpose and Scope: Defines the objective of the policy and its applicability across the organization
2. Definitions: Key terms used throughout the policy including types of contracts, risk categories, and relevant stakeholders
3. Roles and Responsibilities: Defines the roles of key stakeholders including board, management, contract managers, and risk committee
4. Risk Assessment Framework: Methodology for identifying, analyzing, and evaluating contract risks
5. Risk Categories: Detailed classification of different types of contract risks (legal, financial, operational, etc.)
6. Contract Review Process: Standardized procedures for reviewing and approving contracts based on risk levels
7. Risk Mitigation Strategies: Standard approaches and tools for managing identified contract risks
8. Monitoring and Reporting: Procedures for ongoing monitoring of contract risks and reporting requirements
9. Documentation Requirements: Standards for maintaining contract-related documentation and risk assessments
10. Policy Review and Updates: Process for periodic review and updating of the policy
1. Industry-Specific Risk Considerations: Additional section for organizations in regulated industries requiring specific risk management approaches
2. International Contract Risk Management: For organizations dealing with international contracts and cross-border transactions
3. Technology and Systems: For organizations using contract management software or planning to implement digital solutions
4. Emergency Risk Response: For organizations requiring specific procedures for handling urgent contract-related risks
5. Supplier Risk Management: Detailed section for organizations with significant supplier relationships
6. Training and Compliance: Extended section for organizations requiring detailed training programs
1. Risk Assessment Templates: Standard templates for conducting contract risk assessments
2. Risk Classification Matrix: Detailed matrix for categorizing and prioritizing contract risks
3. Approval Authority Matrix: Documentation of approval levels based on contract value and risk level
4. Standard Risk Mitigation Measures: Detailed list of approved risk mitigation strategies for common risks
5. Reporting Templates: Standard formats for risk reporting and monitoring
6. Contract Review Checklist: Comprehensive checklist for contract review process
7. Risk Register Template: Template for maintaining ongoing risk tracking and management
8. Escalation Procedures: Detailed procedures for risk escalation and emergency response
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