Two risk management experts who identified a need in the marketplace for a better way to manage vendor and third party risk founded BCS. They recognized that most organizations had a policy requiring third parties (such as vendors, tenants, and borrowers) to provide evidence of compliance with the insurance terms and other conditions of their agreements. However, after working closely with top risk management teams, BCS’ founders quickly realized that these policies were loosely enforced or not complied with, at best.
Organizations were going through the motions of requesting certificates of insurance without having a process in place to measure compliance and track improvement. Furthermore, most organizations were doing so with part-time administrative staff that lacked insurance expertise and access to current information technology. These programs failed to deliver the single result this risk management policy was implemented in order to achieve: loss transfer.
Trends in litigation and the payout of third party claims were all pointing to a need for greater controls, improved processes, and reliable outcomes within the realm of third party risk management. BCS was founded to provide organizations with the protection they need, a process they can trust, and service they can depend on.
"The only thing worse than being blind is having sight but no vision".
— Helen Keller
"A mission statement is not something you write overnight...But fundamentally, your mission statement becomes your constitution, the solid expression of your vision and values. It becomes the criterion by which you measure everything else."
— Stephen R Covey
"When your values are clear to you, making decisions becomes easier."
— Roy Disney
More About BCS
If you want to learn more about BCS, we recommend contacting one of our insurance certificate tracking consultants for either a face-to-face or web meeting. Or you can get more information about BCS here.