As May approaches, pockets of the United States are beginning to resume normal activities using phased approaches. It’s the type of news that lifts spirits and injects hope. Because of COVID-19, many organizations went through significant cost-cutting measures this Spring that resulted in an unemployment rate that has now topped 23%. Contractors represent a significant portion of the unemployed as many organizations relieved their third-party workforce as part of their cost-cutting efforts.
Moving Forward
Now, companies are gearing back up to conduct business and move forward to a new normal, but they’re left with less resources, talent, and technology. In addition, they’re responsible for extra safety precautions and preventative measures that protect their employees, contractors, vendors, and suppliers.
So, while most organizations will continue to run lean for the foreseeable future, how do risk managers and other groups that are responsible for bringing back third-parties onsite or on projects that are picking back up, ensure that they remain in compliance?
It starts with identifying the necessary technology that can empower risk managers to manage compliance at scale. For example, using software to manage contractors’ ACORD certificates of insurance (COIs) can help organizations quickly identify third-parties that have expired COIs, incomplete or those don’t meet the minimum insurance requirements.
Managing Risk with Compliance Software
While many organizations use standard document management solutions (e.g., Box, SharePoint, Dropbox, etc.) to store documents, even COIs, these tools weren’t developed or intended to ensure compliance or manage risk. Risk managers should review a COI tracking solution that enables them to track contractor compliance at the business unit level and with unique risk groups. Without it, organizations can potentially be exposed to additional risk leading to significant consequences.
To help organizations that manage risk during this time, we are offering access to our compliance platform and to manage up to 100 COIs for no charge. Have more than 100 COIs and need financial support through a custom payment plan or deferred payments? We can do that.
To learn more, call 817.382.1901 or [email protected].
