AI-Driven Compliance Management

Automated compliance management

Our compliance management approach combines AI driven software with Heffernan’s years of experience. The result is a premium compliance solution that blends automation and speed with dedicated expert oversight and sound judgment. Contracts have always been vital for vendors and service providers, as well as incorporating insurance requirements to mitigate risks. However, tracking coverage can be a challenging and arduous endeavor in today’s business environment. Requiring a Certificate of Insurance at the time of signing is not always enough because insurance policies can lapse. As a result, companies may not know whether their vendors and service providers have appropriate coverage in place until they need to file a claim.

To solve this, Heffernan has selected a leading SaaS compliance platform and integrated it into our service model. The system makes it simple for our compliance team to collect, verify, and manage vendor insurance at scale.

When you work with our compliance management team, you enjoy the following benefits:

• Facilitated vendor compliance with simplified collection, verification, and management of documents.
• Clear, detailed, real-time visibility for internal stakeholders
• Streamlined workflows with automation to minimize repetitive tasks.
• Lowered risk of costly errors and fraud exposure through tighter controls and clearer documentation requirements.
• Customized workflows, reports and a simplistic dashboard tailored to your business.

The Compliance Management Process

When you work with our compliance management team, you do not have to worry that you’re missing something.

Here is how it works:

1. The system sends document requests to 3rd party business partners – vendors, suppliers, etc.
2. The business partners upload the requested documents.
3. The system uses automation to extract information and verify it against the insurance requirements. An insurance agent then comes in to review verbiage, endorsements and add clarifying notes as to why the business partner is non-compliant. 
4. If the documents are not in compliance, a new request is sent out. If the documents comply, they are stored, and no further action is necessary.
5. When policy expiration dates approach, the system sends out automated reminders for document requests.