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Contract Risk Management Policy
"Need a Contract Risk Management Policy for our medium-sized healthcare technology company that specifically addresses HIPAA compliance and data protection requirements, with emphasis on vendor risk management for our cloud service providers."
1. Purpose and Scope: Defines the objective and applicability of the policy
2. Definitions: Key terms used throughout the policy including risk categories, contract types, and regulatory references
3. Roles and Responsibilities: Defines who is responsible for various aspects of contract risk management
4. Risk Assessment Framework: Methodology for evaluating contract risks including risk identification, analysis, and evaluation procedures
5. Risk Mitigation Strategies: Standard approaches for managing identified risks including control measures and monitoring procedures
6. Compliance Requirements: Mandatory regulatory and legal compliance procedures including reporting and documentation requirements
1. Industry-Specific Requirements: Additional requirements based on specific industry regulations such as HIPAA for healthcare or SEC requirements for financial services
2. International Considerations: Additional requirements for international contracts including cross-border compliance and jurisdictional issues
3. Technology and Data Protection: Specific requirements for technology contracts and data protection including cybersecurity and privacy considerations
1. Risk Assessment Template: Standard template for conducting risk assessments including risk scoring matrices and evaluation criteria
2. Approval Matrix: Decision-making authority levels based on risk categories and contract values
3. Compliance Checklist: Standard checklist for ensuring compliance with policy requirements and regulatory obligations
4. Standard Contract Clauses: Pre-approved contract language for common risk scenarios and standard risk mitigation measures
Authors
Authorized Approver
Contract Risk
Contract Owner
Contract Value
Critical Contract
Due Diligence
Escalation Matrix
Force Majeure Event
High-Risk Contract
Indemnification
Key Performance Indicators (KPIs)
Low-Risk Contract
Material Breach
Medium-Risk Contract
Mitigation Strategy
Policy Owner
Risk Assessment
Risk Category
Risk Level
Risk Matrix
Risk Rating
Risk Register
Risk Threshold
Risk Tolerance
Stakeholder
Standard Contract
Third-Party Risk
Vendor Risk
Authority and Governance
Risk Assessment Process
Risk Categories and Classifications
Approval Requirements
Documentation Requirements
Roles and Responsibilities
Risk Mitigation Strategies
Monitoring and Review
Compliance Requirements
Reporting Requirements
Audit and Control
Training Requirements
Record Keeping
Policy Review and Updates
Escalation Procedures
Emergency Procedures
Confidentiality
Due Diligence Requirements
Contract Review Process
Performance Monitoring
Dispute Resolution
Vendor Management
Insurance Requirements
Indemnification Standards
Termination Procedures
Change Management
Business Continuity
Data Protection
Regulatory Compliance
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