US Contract Ownership Blind Spot Exposed in Global Survey: Compliance Risks Loom

• A recent webinar highlighted the findings of this year's Contract Intelligence Index Report, which surveyed nearly 7,000 people across 10 countries.
• Three out of four organizations are unable to identify who owns their contracts, creating a significant compliance exposure and potential risk to business operations.
• The inability to manage contract ownership effectively can lead to regulatory penalties, reputational damage, and financial losses.

One question in particular stood out: Who actually owns your contracts? The results were striking, with three out of four organizations unable to identify who owns their contracts.

A recent webinar, hosted by Workday and Ohio Northern University, provided a first look at the findings of this year's Contract Intelligence Index Report. The report surveyed nearly 7,000 people across 10 countries, including the US, Europe, Asia, and Australia, on various contract-related questions. One question in particular stood out: Who actually owns your contracts? The results were striking, with three out of four organizations unable to identify who owns their contracts. This is a significant compliance exposure and potential risk to business operations.

The Contract Intelligence Index Report has been tracking contract ownership issues for several years now. Last year's report, which surveyed 1,250 US legal and enterprise professionals, found that three out of four couldn't answer the simple question of who owns their contracts. This year's global survey revealed a similar pattern, with nearly every market showing confusion around contract ownership. The findings highlight a critical gap in organizations' ability to manage their contracts effectively.

The inability to identify who owns contracts is not just an administrative issue; it has significant implications for compliance and business operations. Organizations that fail to address this blind spot risk exposure to regulatory penalties, reputational damage, and even financial losses. On the other hand, those that have successfully closed this gap are better equipped to manage their contracts effectively, reducing risks and improving operational efficiency.

Lawyers should watch for the findings of the Contract Intelligence Index Report, which reveals that three out of four organizations cannot identify who owns their contracts, highlighting a significant compliance exposure and potential risk to business operations.

Source: Original reporting via Workday and Ohio Northern University