Managing the relationship between the private provider and the government`s implementation agency over the long term of a P3 project is essential to its success. Establishing an effective relationship, beneficial to both parties, does not mean that one of the parties must jeopardize its contractual rights and obligations. The key factors in a successful relationship are mutual understanding, open communication and information exchange, as well as recognition of mutual goals. Appropriate communication at the strategic, commercial and operational levels between the Executive Agency and the private party is necessary to establish a successful relationship. Clear lines of communication at appropriate levels help ensure a timely resolution of potential disputes. All relationships, including contractual relationships, require compromises. People have different ideas and priorities, but the only way to work for a relationship is that each party is willing to give and take. Unfortunately, a party often tries to take more than it is willing to give, which often leads to nasty contractual quarrels. The easiest way to avoid such costly problems is to be prepared to compromise fairly so that all parties involved can prosper. RMA Plus, the more detailed version of RMA, goes even further by giving institutions the indication of the types of messages they wish to receive and send from each of their counterparties. Better control of individual relationships will allow RMA Plus to create new business opportunities that could otherwise be avoided due to regulatory risks and concerns. In general, management is about managing people and expectations, and it`s really about having a positive relationship. This may be a relationship between a supervisor and an employee, a company and its customers, or between partners in a joint venture.
For many of these relationships, there is a treaty that describes the roles and duties of the parties. However, managing these contracts requires much more than being concerned with the performance of responsibilities and reducing the risks associated with inequity. This is why contract management is essentially synonymous with relational management: relationships are linked on the way to combat, but most obstacles are easily circumvented by effective communication. When treaty issues arise, they must be brought to the table, openly discussed and resolved by mutual agreement. Of course, communication is correlated with compromises, which once again reinforces the importance of both for the management of contractual relationships. It is often said that relationships take work, and contractual agreements are no exception. Investing in a healthy contractual relationship makes more sense than spending resources and making efforts to correct any wrongdoing. For too long, contract management has been generally reactive, but today`s business climate requires a more positive, more proactive approach.
Wolfsberg`s paper states that financial institutions should incorporate RMA standards of care into their financial crime/AML/KYC programs, specifying a number of principles that should be considered for both client relationships and non-client RMA relationships. The Bank`s correspondence relationships are managed by SWIFT`s global network of 11,000 banks in 200 countries.