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Monitor of Contracts, Risks and Management Interaction


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Petri Keskitalo

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One way of conceptualizing the interplay between contracts, risks and management is to emphasize the management perspective to the equation. Accordingly, the concept(s) of management have gained a lot of attention within the world of contracting through the concepts of Contract management (CM) and Contract administration (CA), which concepts have often been used synonymously. However, in the majority of recent contracting literature the concept of contract management refers to the processes of contract lifecycle management, rather than the management of implementation of contracts, which is the focus of contract administration. Contract management offers therefore an important perspective to the conceptualization of the role of contracts in the management of organizations, although it has challenges in fully realizing the potential role of contracts due to its focus on single contracts or transactions, rather than the entire contracting activity of the organization. The introduction of the broader perspective of Enterprise contract management (ECM) will eventually help to develop the contract management perspective in a way that that will enable it to overcome this disadvantage. Nevertheless, the fundamental emphasis on the management of contracts risks downplaying the equally important perspective of risk management. Alternative ways of conceptualizing the interplay between contracts, risks and management avoid such a risk by emphasizing the risk management or governance perspectives to the interplay.