Vendor screening can help reduce your liability when taking on third-party subcontractors. Depending on your industry, OFAC debarment screening, EHS screening, financial screening, and legal screening may be beneficial.

Strong compliance management techniques can save your staff time by simplifying inviting and connecting with vendors, streamlining onboarding, centralizing document collection, detecting compliance gaps, automating follow-ups, integrating other tools, and facilitating real-time compliance checks.

Contractual risk transfer is the ability to move a risk/loss from one party to another through the language written in a contract.

Full-service certificate of insurance (COI) tracking pairs software with human support, while self-service options offer software-only monitoring.

A certificate of insurance (COI) is a document that serves as proof of business insurance. It is a snapshot of an insurance policy, containing all the most important details, and it helps protect against third-party risk.

On-site insurance covers incidents at the jobsite, while off-site coverage extends to project-related incidents occurring at other locations.

Self-insurance entails setting aside money for a potential loss in lieu of purchasing a third-party insurance policy. Depending on the losses your business faces, this could either save or cost more money than conventional insurance coverage.

During a certificate of insurance tracking software demo, participants should pay attention to the interface, service level, collection process, integrations, analytics capabilities, industries served, screening options, and special features.

Certificate of insurance tracking software, such as the BCS App, helps companies achieve and maintain compliance via a customizable, user-friendly platform and centralized data hub, which monitor and visualize vendors by compliance status.