Contract risk management refers to the assessment of contract risks posed to a specific company's contract lifecycle management portfolio, followed by the development of a strategy to successfully manage the identified present and potential contract risks. Your contract risk management assessment will identify various areas of contract risk, such as potential financial impacts of a contract on the company, missed opportunities for new business relationships and deals, legal risk exposure presented during various contract lifecycle stages, and so on. Contract risk management is a key activity for every firm. Continue reading to learn everything you need to know about contract risk management.