Tracking SLAs Manually? How to Automate Contract & Obligation Monitoring in TPRM

In many Third Party Risk Management (TPRM) programs, contracts and service-level agreements (SLAs) are signed, filed, and then forgotten. That is, until a renewal deadline sneaks up, or a vendor fails to meet a critical performance standard, whereby no one can prove whether the vendor was or wasn’t held accountable. 

If that sounds familiar, you’re not alone. 

Contract and SLA management are two of the most underrated yet high-impact areas for TPRM automation. And the good news? You don’t need a massive system overhaul to start reaping the benefits. 

Why Contract & SLA Monitoring Matters in TPRM 

Contracts contain the DNA of your third party relationships. They note: 

• What services are being delivered 

• What controls are expected 

• When the agreement expires or renews 

• What happens if something goes wrong 

If this information lives in static PDFs or folders, and relies on someone to remember key dates or terms, you’re exposing your organization to real risk. Such risks include, but are not limited to: 

• Missed renewals that may auto-renew unfavorable terms 

• SLA violations that go undetected and un-remediated 

• Unenforced obligations that weaken your risk posture 

Automation can help solve this problem. And it doesn’t have to be complex. 

What You Can Automate 

Here are several key elements of contract and SLA management you can automate today: 

 1. Key Date Reminders 

• Renewal and termination notice deadlines 

• Compliance documentation expiry (e.g., updated SOC 2 required every 12 months) 

• Review cycles (e.g., quarterly performance check-ins) 

Automation example: Auto-alerts at 90/60/30 days before renewal, with owner assignment and status tracking. 

 2. Obligation Tracking 

• Ensure third parties deliver required evidence (e.g., updated pen test results) 

• Auto-track performance standards (e.g., response times, uptime, ticket resolution) 

• Flag when obligations aren’t met 

Automation example: Use automated tools to extract obligations from contracts and load them into a tracker that flags upcoming deliverables. 

 3. SLA Monitoring Integration 

• Link with operational data (e.g., help desk platforms, uptime monitors) to auto-validate whether SLA commitments are being met. 

• Set automated thresholds for escalation if a third party exceeds a defined limit (e.g., >3 late response tickets in a month). 

Automation example: When help desk tickets tied to a third party cross a certain age threshold, an alert is triggered to the TPRM team. 

Real-World Example: Automating Renewal Notifications in a Mid-Sized Bank 

A regional U.S. bank had thousands of third parties with contracts stored across multiple departments. Renewal dates were tracked in spreadsheets, and deadlines were frequently missed, resulting in automatic renewals that locked the organization into poor terms. 

“We didn’t realize how often we were defaulting to auto-renewal until we missed our shot at renegotiating a major payment vendor,” the TPRM manager shared. 

The team implemented a contract tracker tied to their TPRM tool that extracted and logged: 

• Contract expiration dates 

• Required notice periods 

• Assigned contract owners 

Automated alerts were triggered on 90, 60, and 30 days before key dates, with color-coded status dashboards. 

Impact: 

• 100% of critical third party renewals reviewed on time 

• Saved ~$300K through renegotiated terms in Year 1 

• Improved coordination with Legal and Procurement 

Getting Started: Tools You Can Use 

You don’t need a custom platform to get going. Some automation options include: 

• GRC/TPRM platforms with contract modules  

• Contract lifecycle tools (e.g., Ironclad, LinkSquares, DocuSign CLM) 

• Workflows in MS365 or Google Workspace using reminders and task lists 

• Low-code platforms like Airtable or Monday.com for custom trackers 

Key Takeaways: 

• Contracts are a goldmine of risk and performance data. Don't let them sit untouched. 

• Automating reminders and tracking obligations keep your third parties accountable and your TPRM program compliant. 

• Start small: even a shared tracker with auto-reminders can reduce missed deadlines and drive savings. 

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Author Bio

Heather Kadavy

Senior Membership Success Coordinator

Heather Kadavy joined the Third Party Risk Association (TPRA) in 2023 as the Senior Membership Success Coordinator. In recent year(s) Heather has been providing freelance TPRM consulting work to various organizations after retiring from a Nebraska financial institution after nearly 35 years where she oversaw and managed critical programs of the organization including Third Party Risk Management, Information Security,

Physical Security, Safety, Business Recovery, Financial Crimes, Model Risk Management, and Enterprise Risk Management.  In her TPRM role she had oversight of over a thousand third party relationships, systems, due diligence reviews and contract management activities.  She developed, facilitated, and implemented training programs for thousands of employees over the years.

Heather is a natural born connector of people and values relationship building at the cornerstone of her career.  She encourages you to connect with TPRA and herself via LinkedIn to join in the "TPRM Global Conversation".