Risk management, specifically vendor compliance, is of high 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 compliance, inviting a large amount of risk. This is where CMS comes in.
Our certificate of insurance 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. Certs Made Simple (CMS) completely automates the process of sending notifications to vendors about their certificates of insurance nearing expiration. For example, a notification e-mail can be set up to send automatically 60, 30, and then 15 days before the insurance certificate 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 Certs Made Simple (CMS), companies can have a proactive approach to their compliance and risk management needs; saving them time and money along the way.