The new release of ROME Contract Management delivers enhancements to workflow, clause library, and security
ROME Corporation, the leading provider of risk management solutions for the energy market, today announced the release of a new version of their energy contract management solution. ROME Contract Management (RCM) enables companies to achieve enterprise-wide visibility and control of their contracts throughout the entire lifecycle – from initial contract request and negotiation to on-going compliance and performance management. RCM reduces contract cycle time, seamlessly integrates with credit and market risk systems, and lowers administrative costs. As a result, ROME customers are able to increase compliance, maximize revenue and limit risk exposure.
The new release of ROME Contract Management provides a number of significant enhancements including:
• Energy Contract Template Library – Leverage preconfigured contract templates for the most common energy contracts including NAESB, EEI, ISDA, and Guaranty contract types. This set of out-of-the-box templates allows administrators to ensure legal compliance and streamline the contract authoring process. Users can still create unlimited configurable templates for contracts not included in the Energy Contract Template Library.
• Questionnaire Wizard – Give non-power users the ability to initiate complex authoring activities by following wizard-driven prompts that guide them with a series of questions. Questions are completely configurable based on contract type.
• Dynamic Contract Creation – Reduces contract administration workload while increasing standards compliance by leveraging conditional logic and business rules from a variety of data sources to build contracts based on responses to Questionnaire Wizard questions and other key contract information
• Counterparty Name Change Tracking – Automatically updates counterparty name changes at the contract level and keeps a historical record of previous names.
• Clause-level Approval Workflow- Provides users with wizard-driven guidance during the clause drafting, approval and management stages, including the ability to auto-approve or flag certain language. Clause-level approval workflows increase control and standardization while driving company-wide efforts to normalize risk-mitigation practices.
• Contract Validation – Reviews and validates the inclusion of required clauses in outbound contracts and ensures that inbound contracts are flagged for inconsistencies to standard language. Contract validation enhancements improve language control during contract collaboration and negotiation processes.
• Contract Reconciliation – Streamlines contract negotiation and reconciliation processes with 3-way clause-level comparisons that highlight and list all business term and clause deviations to help users quickly review contract versions and make decisions based on those differences. All version changes and language-level changes are saved to a secure and immutable audit file.
• Microsoft Word Integration – Further extends Microsoft Word integration to provide ease-of-use during contract authoring, template creation and third-party-paper mapping. Rich editing improvements include a graphical term and clause tree, drag and drop capabilities for the insertion of values directly in the contract, and global search and replacement terms.
• Security Reporting – This set of out-of-the-box reports helps companies comply with regulatory requirements, such as SOX and GLBA. The reports provide critical system access information, allowing administrators to maintain a documented trail on roles and permissions, and ensuring complete control over the contract management repository.
• Graphical Reporting- Customizable pie charts and bar graphs make it easy to communicate and understand contract activities. Charts and graphs port to desktop applications such as Word, PowerPoint or Excel for management level reports.
“As the volume and complexity of contracts continues to accelerate, a state-of-the-art contract management application is critical for energy companies to ensure compliance and facilitate operational efficiency,” said Dan Reid, VP of Marketing at ROME Corporation. “The latest version of ROME Contract Management extends the power of contract administrators and improves contract usability across the organization.”