Risk management, specifically vendor compliance, is of ever-growing importance to companies in all industries. Any company that employs vendors carries risk until proper certificates of insurance (COI’s) are provided. Once provided, reviewed, and approved, vendors can be determined in compliance and business can proceed. Sounds simple enough, yet, many companies go through periods where they have gaps in their required compliance, creating large amounts of risk placed on them. This is where SmartCompliance comes in.
SmartCompliance, as a software, helps risk managers take a proactive stance on risk management. It helps organizations from a variety of industries, from TPAs and waste management to municipalities and universities, get to a point where gaps in compliance cease to occur. Through its unique notification features, SmartCompliance completely automates the process of sending notifications to vendors about their certificates of insurance nearing expiration. For example, a notification email can be set up to send automatically 60, 30, and then 15 days before the COI expires. These, along with other settings, can be customized to fit the criteria for each company, vendor or project. This allows users to adapt the software to align with their current vendor compliance management process instead of adapting their process to the software.
The setbacks companies can incur from having non-compliant vendors can be devastating, specifically if an insurance claim is filed against a vendor. Without the proper coverage, the responsibility for an incident is shifted from the vendor to the company, which can become a huge problem, monetarily and reputationally. Non-compliance can also stall business operations between two companies. A day wasted has opportunity costs associated with the businesses not proceeding. By using SmartCompliance, companies can have a proactive approach to their compliance and risk management needs; saving them time and money along the way.
SmartCompliance not only automates the notification process, but has many other key features that make it a valued resource for risk managers:
- In-house, SaaS tool – allows complete administrative control and unlimited user access to those needing immediate verification of compliance. Also extremely cost effective – no need to outsource management of your documents to a costly third party full service provider.
- Elimination of manual data entry – the optical character recognition (OCR) technology streamlines the uploading of the certificate documents into the system. Users can to scan, fax, or email the documents directly into their vendor database and our software will transcribe document images into data and compare that data to customized risk templates.
- Website integration – vendors can upload their own COI’s and documents via a dedicated web portal to submit them into your SmartCompliance inbox for approval.
- Allows for a centralized, searchable vendor database which stores not only COIs, but other related vendor documents such as contracts.
Ready to see how SmartCompliance can help your certificate of insurance management process? Click here to schedule a personalized web demo with us today!