Contract Lifecycle Management (CLM)

What is Contract Lifecycle Management (CLM)?

CLM encompasses the processes and systems used to manage contracts from drafting to expiration. It includes approval workflows, version control, obligation tracking, and renewal planning. In TPRM, CLM supports enforcement of security clauses, privacy requirements, SLAs, and audit rights throughout the vendor relationship.

FAQs

Why is CLM important for vendor governance?

It ensures contractual obligations are tracked and enforced consistently.

Can CLM support compliance requirements?

Yes, it documents obligations such as privacy terms, controls, and certifications.

How does CLM reduce risk?

Structured contract oversight reduces blind spots and unmanaged obligations.