There are many diverging opinions about whether or not the process of tracking COIs is of any value to an organization. You may have heard “the COI is not worth the paper it’s written on” or “our contract already states they have to provide insurance”... In this article we set out to explore the 8 most common arguments against tracking COIs and whether they are true or false.
Unless you’re a dedicated risk and insurance professional, it’s hard to navigate the vendor risk management maze.
So, we’ve created this beginner’s guide to get you started on your path to becoming a Pro at protecting your organization from third-party liability risk. If you currently work with vendors and are unsure whether you’re collecting the sufficient legal/insurance documentation from them to fully protect your business, then this guide is the roadmap you need!