Risk Management Consulting, LLC

Contract Compliance — Third-party contract reviews can maximize revenue, minimize costs
By Gary Sturisky, MBA, CPA, CMC; Global Practice Leader, Risk Advisory, Jefferson Wells

This article presents a well-thought-out rationale for reviewing vendor contracts and auditing vendor compliance with contract terms and conditions. A key point Gary makes is that

Few organizations have a systematic process for managing third-party reviews. Historically, third-party audits are the exception, not the norm. The prevailing economic conditions, however, combined with the benefits that can stem from these reviews, have resulted in a sea-change — world-class companies are now looking to these reviews to drive additional business value.

The complete article can be found at Compliance Insider (you may be required to set up a free account).