Obligation Management Process

This document emphasizes how obligations are managed in the Cognitive View platform.

Before starting, let us first understand what obligation means in a company.

Obligation means committing oneself to a specific path of action according to rules defined by the government or a particular company/industry. 

Obligation management is critical as failure to recognize a contract breach can cost your organization a lot of money in the long term. This isn't limited to a contract violation against your organization. Without appropriate obligation management, your organization may not realize it violates a contract.

Here, you can see all the rules and whether they are obliged by government regulations or company rules. This section covers all compliance obligations in a single place.

At Cognitive View, we majorly do compliance monitoring.

What is compliance?

Compliance means a list of rules or regulations that generally comes from a government body or within the company or industry.

In simple words, a travel insurance company will have more diverse rules than a life insurance company. Therefore, we gathered a lot of compliance and sourced out numerous obligations that every industry, company, or government considers. Then, we brought them together and placed them.

What next? 

You can choose from various themes and filters as given below:

1) Compliance filter: With this, select the compliance on the dropdown.

2) Compliance theme filter: You will get details of where the compliance theme comes from, say under which act or rule.

3) Type filter: Here, you will find two types of filters:

(a) Legal: This is decided by the legal body and applicable to all.

(b) Service: This is industry-specific and is more company-specific.

4) Product and process filter: To insert more inputs

After this, you learn how to manage your obligations.

Manage Obligations: Here, you can see details of each obligation and refer to the examples under scenarios. 

Obligations details: Talks about a category, jurisdiction, and more.

Examples: To make you understand how the obligations work in specific scenarios.

Obligation hierarchy: Talks about where the obligations come from, which type it is, and under what obligations are present.

Create obligations

With this functionality, you can customize your obligations as well. You have to mention some fields. 

If it's a service obligation, you don't need citations.

In the case of legal obligations, you have to cite the rules and under what clause they belong.

Clause management: Here, you can mention your citations or separately add them.

If you want to edit, delete, or add a clause to meet your obligation requirements.

With this, we finish this section.

Have more queries? Feel free to contact us at Cognitive View.