March is what we used to call in Vermont one of the “shoulder seasons.” That is, it can’t decide whether to focus on winter or spring so it just throws curve balls at you all day. Luckily for us, as we cover in this March DetermiNews, Determine has incredible customers for us to focus on regardless of what the weather is doing. There are many pathways to achieving customer success; we’re success agnostic – whatever works for them works for us.
Financial Services (FinServ) organizations – banks, insurance companies, wealth management firm, wirehouses – are constantly trying to find a balance between regulatory mandates and expectations, and operational efficiency. Massive supplier data breaches seem like they have become an almost regular occurrence (when they’re reported), customer privacy and data laws are becoming more stringent (GDPR), and predatory behavior by suppliers and vendors is an ongoing issue. Certainly, the porous nature of globalization isn’t making things any easier. With all that to contend with, it’s critical to remember that you can pin the blame for risk on third parties, not the responsibility for it.
You don’t have to be a corporate general counsel to know that managing contracts can be complicated and time consuming. While almost every contract starts with a request, and ends (hopefully) with renewal, there’s a lot that needs to go on — and sometimes doesn’t — in between. That’s where an integrated and automated contract management process comes in.
Our recent webinar with IACCM, Contract Management – Beyond the Expected, raised a lot of interesting and varied points about the need for contract lifecycle management, and the potential complexity involved. Especially around data visibility – or lack of it, what Sean Delaney, VP of Sales at Determine, called “data disaggregation.” Which is a fancy-pants way of saying your data is a hot mess.
I recently shared my initial thoughts about the news that Carillion, the 2nd largest construction company in the UK, had gone into liquidation because it could not secure the funding required to stay in operation.
As a reminder, Carillion is a private sector firm that provided a wide array of public services across Britain. They served lunches in public schools and provided maintenance to prisons; They provided cleaning and foodservice in hospitals, and they maintained roads. Perhaps most importantly, they did all of this through a huge network of subcontractors and partners, many of whom are now facing financial difficulties in the wake of the Carillion collapse. By some estimates, up to 30,000 companies could be affected.
There is a constant stream of information coming out about GDPR – the General Data Protection Regulation – most of it with a sense of urgency, if not doom, about it. A recent article by Efficio, one of the valued organizations in the DetermineAlliance Partner Program, laid out a very clear and rational explanation for how to approach GDPR compliance. In essence, you need to see where your risks are so you can plan for them.