Sirion and KPMG Release White Paper on CLM’s Critical Role in Managing ESG Initiatives and Regulations
Leveraging Contract Management Increases Visibility into ESG Compliance, Improves Accountability for Sustainability Across Business Ecosystems
SEATTLE, WA – May 2, 2023 – SirionLabs, the global leader in AI-powered contract lifecycle management (CLM) today announced the release of its new white paper in collaboration with KPMG, titled “Accountability for Sustainability: Weaving ESG into the Fabric of Contract Management.” The co-authored white paper explains how CLM software can help organizations integrate environmental, social and governance (ESG) requirements across their entire supplier, partner and customer ecosystems to create a seamless, value-driven organization.
Today, a company’s ability to align its values with a wide spectrum of socio-economic issues has become a key measure of its capacity for resiliency, sustainability and long-term success. Due to the heightened global focus on ESG issues, business leaders are increasingly prioritizing the integration of ESG regulations with corporate priorities.
Last year alone, lack of compliance with tightened ESG requirements led to $4.2 billion in SEC fines assessed to U.S. companies, so enterprises clearly cannot afford to overlook the importance of closely tracking and accurately reporting on ESG initiatives. And, while it’s clear that sustainable operations and sourcing strategies guided by ESG principles are beneficial for everyone—as well as the planet—many enterprises are still struggling to find the right technology backbone they can build on. AI-driven CLM software can address this challenge by providing full visibility into thousands of contracts across organizations to help prevent costly ESG fines.
“Enterprise CLM software has emerged as the most effective platform for aligning processes into the ESG framework because AI-powered CLM is a key driver of cross-departmental collaboration between legal, finance, procurement, supplier management and other areas instrumental in achieving corporate ESG goals,” said Rahul Sharma, Regional Head – UK&I, D/A/CH & Nordics at Sirion. “This white paper provides business leaders valuable insights they need to overcome any roadblocks to maintain ESG compliance, and demonstrates that enterprise-grade CLM is critical in providing a holistic look into partner and supplier relationships that may impact ESG goals.”
“By digitizing their CLM processes and implementing powerful technology, we reduce the workload of our clients and we enable them to work efficiently and focus on their core business,” said Julien Irmen, Senior Manager at KPMG. “At the same time, a contract repository provides a powerful basis for running analytics, in order to gather and understand the vast amount of data collected—which is one of the biggest challenges in measuring progress towards ESG goals.”
Key learnings include:
- Why it’s critical to incorporate ESG standards into contracts to reduce risk levels and increase resiliency across the supply chain
- What obstacles are created by a fragmented approach to ESG management across various departments
- How to leverage CLM to institutionalize ESG and incorporate it into your supplier performance management
- How CLM enables companies to manage and monitor suppliers’ ESG performance and ensure their reporting of ESG information
To download the full white paper, please visit: https://info.sirionlabs.com/slw-download-whitepaper-accountability-for-sustainability
Bringing together category-leading innovation, unrivaled Contract Lifecycle Management expertise, and a deep commitment to customer success, Sirion helps the world’s leading businesses contract smarter. Powered by intelligence uniquely connected across the complete contract lifecycle, Sirion’s easy-to-use, highly configurable Smarter Contracting platform brings legal, procurement, sales, and business teams together to author stronger contracts, improve risk management and strengthen counterparty relationships. Sirion is trusted by over 250 industry-leading organizations, including Vodafone, Unilever, and The Bank of New York Mellon, to manage 5+ million contracts worth more than $450 billion across 70+ countries. For more information, visit www.sirion.ai.
KPMG is an organization of independent member firms with more than 265,000 employees in 143 countries and territories. In Germany too, KPMG is one of the leading auditing and advisory firms and has over 13,100 employees at 26 locations. Our services are divided into the following functions: Audit, Tax, Consulting and Deal Advisory. Our Audit services are focused on the auditing of consolidated
and annual financial statements. The Tax function incorporates the tax advisory services provided by KPMG. Our high level of specialist know-how on business, regulatory and transaction-related issues is brought together within our Consulting and Deal Advisory functions. We have established teams of interdisciplinary specialists for key industries of the economy. These pool the experience of our experts around the world and further enhance the quality of our advisory services.
10Fold Communications for Sirion