Published March 23, 2021 • 2 minute read
Your COI tracking software should be easy for your employees to learn and use. An intuitive interface can simplify the processes of collecting, correcting, and maintaining documentation, saving workers valuable time and effort.
Tracking solutions vary in their level of service to meet different needs. Software-only options provide you with a platform to maintain your COIs in-house, with less hassle. Full-service providers not only offer software for easy access to your documents, but also include a team to review and correct COIs to achieve compliance and provide the highest degree of third-party risk mitigation.
COI Collection Process
Uploading documents should be easy for everyone involved. To simplify the process, some COI tracking software options automatically upload COI's, scan them, and mark any deficiencies. This is often more efficient for both your employees and contractors.
For optimal user experience and productivity, your COI tracking software should integrate with your existing accounts payable, procurement, and enterprise platforms, such as Viewpoint, Experian, Yardi, Entrata, and more. Seamless integrations improve efficiency by enabling communication between apps.
Advanced analytics can supply data to inform your decisions, in real time. Armed with the right information, you’ll be better equipped to make the best risk management decisions for your business. Look for a solution that can offer you analytics reports.
Insurance requirements vary between industries, so you should pay attention during the demo to ensure the COI tracking software you’re considering meets the requirements of your field. You may also ask if the company has previously worked with others in your industry to judge whether the solution provider has experience with your unique needs.
While not all COI tracking solutions provide screening options, they can be an added benefit to improve your overall posture. Regulatory screening can help you stay on top of compliance requirements to avoid costly penalties, while financial screening can verify that your potential vendors are on firm financial footing before you enter into a relationship.
All COI tracking programs are designed to help you maintain your documents, but special features often set one COI tracking software apart from another by simplifying other aspects of your business. For instance, a vendor search feature could help you find pre-qualified contractors in your area. Automated RFPs can broadcast jobs, garner bids, and compare your options, side by side. Communication tools may even enable you to communicate with current or potential vendors directly through the app.
BCS helps some of the world’s top companies track vendor COIs, mitigate risk, and maintain regulatory compliance. Our self-service solution is designed for companies that have the bandwidth to review COIs in-house but would benefit from a tool to simplify the process. The full-service option includes software plus expert assistance from a dedicated team, which includes an account manager and compliance analysts who review documents, provide support, and correct compliance deficiencies on your behalf. Schedule your demo with BCS to learn more.