Halloween is here and that means pumpkins and costumes, candy and bonfires. While trick or treating may look very different in a world with COVID-19, this is still the time of year when we delight in hearing ghoulish myths and horror stories. Fictional horror stories, that is. The real-life horror stories of things that go wrong in business are a little bit harder to swallow, but let’s take a look at some truly scary tales from the world of contract management.
These nightmare scenarios can quickly lead an organization into Apologies-to-Dante Four Circles of Risk Hell.
Contract management can be scary, no matter the season. But risk is inherent in any contract and when organizations completely avoid risk and scary situations, they are also avoiding opportunity. Understanding the different risks in contract management processes, and taking the steps to identify, assess, and mitigate them can help businesses breathe a little bit easier.