Contract Initiation & Approval

Contract request, legal review, negotiation, and signature authority.

Sub-Process Score

69/ 100

Adequate

7/10 responses received

Control Objectives (1)

CM-CI-01

COSO P10COSO P12ICFR.CM.CI.01IIA IV.9.2

All contracts above a monetary threshold receive legal review before execution.

Risk: Unfavorable terms or regulatory non-compliance.

Assessment Questions (3)

01Contract approval matrix with dollar thresholds is documented and enforced.Document
02Legal redlines are tracked in a contract management system.
03Executed contracts are stored centrally with version history.