CRC is a key component of the risk services because the activities mitigate risk through communicating business objectives, risks, and controls associated with business relationships; validating compliance or locating potential noncompliance; validating the accuracy of information received from external sources; and performing on and off-site risk assessments and control reviews.

Benefits include;

• Optimized revenue,

• Reduced operational expenses,

• Improved metrics,

• Cost containment,

• Transparency of controls/controls enhancement.

BOLD&Digital’s CRC Process reinforcement program includes below:

1-Identify Relationships:

• Identify all contractual relationships

2-Identify Relationship Objectives:

• Identify objectives of key relationships

3-Assess Risks:

• Determine the key control points and dependencies of relationships

• Develop process to identify risks

• Target relationships that pose significant risks

• Identify the risk of not achieving key objectives

4-Evaluate Compliance

• Determine key controls/processes at external business partners that impact your business

• Evaluate data records against contract terms

• Identify process improvement opportunities

5-Mitigate Risks

• Improve policies and procedures

• Improve relationships and performance

• Enhance compliance

• Incorporate learnings

• Train Contract writers/negotiators

• Avoid relationships that pose greater than normal risk