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.
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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
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
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
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