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Contract Risk Management Policy

Contract Risk Management Policy Template for Singapore

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Contract Risk Management Policy

"Need a Contract Risk Management Policy for our Singapore-based fintech startup that emphasizes cryptocurrency trading risks and compliance with MAS guidelines, to be implemented by March 2025."

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Document background
The Contract Risk Management Policy serves as a critical governance tool for organizations operating in Singapore's business environment. This document is essential when organizations need to establish standardized procedures for managing contractual risks, ensuring regulatory compliance, and protecting business interests. The policy encompasses risk assessment methodologies, mitigation strategies, and compliance requirements aligned with Singapore's legal framework, including the Contract Law Act, PDPA, and industry-specific regulations. Companies implement this policy to maintain consistent risk management practices across all contractual relationships.
Suggested Sections

1. 1. Purpose and Scope: Defines the objectives and applicability of the policy, including reference to Singapore Contract Law Act and other relevant legislation

2. 2. Definitions: Key terms used throughout the policy, including legal and risk management terminology

3. 3. Roles and Responsibilities: Defines who is responsible for various aspects of contract risk management, including board, management, and operational levels

4. 4. Risk Assessment Framework: Methodology for identifying and evaluating contract risks, incorporating ISO 31000 principles

5. 5. Risk Mitigation Strategies: Standard approaches for managing identified risks, including control measures and monitoring procedures

6. 6. Compliance Requirements: Mandatory regulatory and internal compliance procedures, including PDPA and industry-specific requirements

Optional Sections

1. Industry-Specific Requirements: Special provisions for regulated industries such as financial services (MAS Guidelines) or healthcare sector requirements

2. Cross-border Considerations: Procedures and requirements for international contracts, including foreign jurisdiction compliance

3. Digital Contracting Procedures: Specific procedures for electronic contracts under the Electronic Transactions Act

Suggested Schedules

1. Schedule 1: Risk Assessment Matrix: Template and methodology for evaluating contract risks with scoring criteria

2. Schedule 2: Contract Review Checklist: Standardized checklist for contract review process including legal and risk considerations

3. Schedule 3: Approval Authority Matrix: Delegation of authority for contract approval at different risk and value thresholds

4. Schedule 4: Standard Risk Clauses: Pre-approved contract clauses for common risks, compliant with Singapore law

5. Schedule 5: Incident Reporting Forms: Templates for reporting contract-related incidents and escalation procedures

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




















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Industries

Contract Law Act (Cap. 53): Primary legislation governing the formation and enforcement of contracts in Singapore, including contractual obligations, remedies, and rights of parties

Electronic Transactions Act: Legislation providing legal framework for electronic transactions and digital signatures in Singapore, essential for modern contract management

Personal Data Protection Act (PDPA) 2012: Law governing the collection, use, disclosure and care of personal data, crucial for contract management involving personal information

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including their contractual capabilities and obligations

MAS Guidelines: Regulatory guidelines issued by Monetary Authority of Singapore, specifically relevant for financial sector contracts

Government Procurement Act: Legislation governing public sector procurement and contracting processes in Singapore

ISO 31000: International standard providing principles and guidelines for effective risk management practices

ISO 9001:2015: Quality management system standard relevant for contract risk management processes

ISO 37001: Anti-bribery management systems standard, important for contract risk prevention

Competition Act: Law prohibiting anti-competitive practices, relevant for contract terms and business relationships

Consumer Protection (Fair Trading) Act: Legislation protecting consumer rights and regulating fair trading practices in contractual relationships

Employment Act: Primary legislation governing employment relationships and contracts in Singapore

Prevention of Corruption Act: Anti-corruption law relevant for contract risk management and business relationships

AML Regulations: Anti-money laundering regulations affecting contract due diligence and risk assessment procedures

KYC Requirements: Know Your Customer requirements for proper identification and verification of contracting parties

ASEAN Agreements: Regional trade agreements affecting cross-border contracts within ASEAN member states

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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