What to Look for in Vendor Compliance Software

Powered by user-friendly technology, this self-service portal streamlines vendor communications and management, reducing human errors and saving countless hours of tedious manual data input.

To optimize compliance and facilitate effective risk management, businesses should ensure their software choice contains some important features.

 

Key Vendor Compliance Software Features

Though there are hundreds of COI tracking solutions available, not all are created equal nor do they provide the invaluable peace of mind deriving from employing the optimal compliance software. 

The ideal program utilizes cutting-edge automated technology to track, automate,  manage, and simplify third-party operations—saving your organization time and resources, and ensuring holistic risk management. 

When selecting the right service for your company, verify it contains the following important features:

 

1. Vendor Portal

Vendor portals are integrated online platforms where businesses can manage interactions with third parties. This organized hub streamlines onboarding, stores pertinent documents, manages compliance status, and provides 24/7 communication tools.

The centralized nature of this technology eliminates data silos and simplifies third-party record management. Vendors can simply sign agreements and submit COIs through the portal or a vendor mobile app, depending on the software. This is a must-have feature, enabling communication at any time.

2. Compliance Correction Capabilities

Through the portal, businesses can also identify policy deficiencies, flag upcoming/overdue expirations or insufficient insurance limits, and easily request corrections be made through auto-generated notifications. Businesses can easily bring wayward vendors back into compliance through specific renewal or email notices reflecting deficient policies.

Some software features OCR extractors that scan the COI and identify correctly and incorrectly entered information, facilitating an easy return to compliance. This intuitive, user-friendly technology is a welcome alternative to relying on only a manual review that can be subject to human error.

3. Automated Updates & Notifications

Upon upload of new documentation, some software might have the capability to automatically update user information, policies, or other materials—a convenient and efficient way to maintain the most relevant records and mitigate risk.

To streamline further and prepare for the next round of expiring COIs, schedule notices to alert third parties when policies or other agreements are nearing their end. This insurance tracking software also should immediately flag COI deficiencies upon upload of a new COI.

4. Automated RFPs & Job Postings

Broadcasting automated requests for proposal (RFPs) to a portal quickly and easily puts businesses in touch with new vendors. After those matching the job posting criteria submit their bids, businesses can easily compare bids and select the best fit. 

5. Messaging Tool

Whether reaching out to a new contact following their RPF bid or addressing questions or concerns of current vendors, a messaging function enables centralized communication between parties. 

Programs that contain this 24/7, self-service access point facilitate streamlined communications between your business and related third parties.

Though the list of available compliance software may be getting longer by the day, few contain ALL of these necessary, comprehensive key features. 

The BCS COI Tracking Software is a ​​state-of-the-art, user-friendly compliance solution, providing all of these sophisticated capabilities, and much, much more.

 

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BCS is one of the leading vendor management solutions on the market. 

In addition to self-service and full-service COI tracking, the BCS App includes a simplified onboarding process, automated request for proposal (RFP) broadcasting, and integrated communication tools. 

This innovative platform supports your business in managing and tracking certificates of insurance (COIs), correcting compliance, and more. Contact us today to learn more.