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Contract Risk Management Policy

Contract Risk Management Policy Template for Australia

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Key Requirements PROMPT example:

Contract Risk Management Policy

"I need a Contract Risk Management Policy for our Australian mining company that focuses heavily on environmental compliance and contractor safety management, with specific provisions for managing risks in remote operations and indigenous land agreements."

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Document background
The Contract Risk Management Policy serves as a crucial governance document for organizations operating in Australia, providing a structured approach to managing contractual risks in compliance with Australian legislation and regulatory requirements. This policy becomes necessary when organizations need to standardize their approach to contract risk management, ensure consistent decision-making, and maintain compliance with Australian corporate governance standards. It includes comprehensive guidelines for risk assessment, treatment strategies, and monitoring procedures, incorporating requirements from key Australian legislation such as the Competition and Consumer Act 2010, Corporations Act 2001, and relevant state-based regulations. The policy is designed to protect organizations from contractual risks while promoting efficient business operations and regulatory compliance.
Suggested Sections

1. Purpose and Objectives: States the policy's aims and objectives in establishing a framework for managing contract-related risks

2. Scope and Application: Defines which contracts, departments, and personnel are covered by the policy

3. Definitions: Key terms used throughout the policy including types of contracts, risk categories, and relevant terminology

4. Roles and Responsibilities: Outlines responsibilities of key stakeholders including board, management, contract managers, and staff

5. Risk Assessment Framework: Details the methodology for identifying, analyzing, and evaluating contract risks

6. Risk Categories: Defines and describes different types of contract risks (financial, operational, legal, reputational)

7. Risk Treatment and Controls: Describes required controls and mitigation strategies for different risk levels

8. Contract Review and Approval Process: Outlines the required steps for review and approval based on risk levels

9. Monitoring and Review: Procedures for ongoing monitoring of contract risks and policy effectiveness

10. Reporting Requirements: Specifies reporting obligations for contract risks at various organizational levels

11. Policy Review: Frequency and process for reviewing and updating the policy

12. Compliance and Enforcement: Consequences of non-compliance and enforcement mechanisms

Optional Sections

1. Insurance Requirements: Detailed insurance requirements for different contract types - include for organizations with complex insurance needs

2. International Contracts: Additional considerations for international contracts - include if organization operates internationally

3. Technology and Systems: Details of contract management systems and tools - include if organization uses specific contract management software

4. Training and Education: Staff training requirements and programs - include for larger organizations with formal training programs

5. Sustainability and ESG Considerations: Environmental, social, and governance risk factors - include if organization has specific ESG commitments

6. Third-Party Risk Management: Specific procedures for managing third-party risks - include if organization heavily relies on third-party contractors

7. Emergency and Force Majeure Procedures: Procedures for managing contract risks during emergencies - include based on business continuity requirements

Suggested Schedules

1. Risk Assessment Matrix: Template for assessing and scoring different types of contract risks

2. Delegation of Authority Schedule: Matrix showing approval authorities based on contract value and risk level

3. Contract Risk Checklist: Standard checklist for identifying common contract risks

4. Risk Treatment Plan Template: Template for documenting risk treatment strategies and controls

5. Contract Review Checklist: Checklist for reviewing contracts based on risk level

6. Incident Reporting Template: Template for reporting contract risk incidents

7. Key Risk Indicators: List of KRIs for monitoring contract risk management effectiveness

8. Risk Register Template: Template for maintaining a register of contract risks

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


































Clauses






























Relevant Industries

Financial Services

Manufacturing

Construction

Healthcare

Technology

Professional Services

Retail

Energy

Mining

Telecommunications

Government

Education

Transport and Logistics

Real Estate

Relevant Teams

Legal

Risk Management

Compliance

Procurement

Operations

Finance

Internal Audit

Corporate Governance

Commercial Operations

Project Management Office

Vendor Management

Business Development

Strategy

Relevant Roles

Chief Risk Officer

General Counsel

Compliance Manager

Contract Manager

Procurement Manager

Legal Counsel

Risk Analyst

Commercial Manager

Operations Director

Chief Financial Officer

Business Unit Manager

Project Manager

Vendor Manager

Audit Manager

Corporate Governance Officer

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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