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.
Heffernan has strategically selected TrustLayer and their exceptional SAAS product to provide a solution for these challenges. With the TrustLayer system, it is easier than ever to track insurance compliance. This system is especially useful for companies that use multiple vendors and service providers and therefore have multiple insurance requirements to track.
When you use the compliance management system, you enjoy the following benefits:
Facilitated vendor compliance with easy collection, verification, and management of documents.
Achieve comprehensive visibility and collaborative support for vendor compliance with stakeholders.
Streamlined workflows with automation to minimize repetitive tasks.
Reduced operating costs by the acceleration of business transactions and the control of fraud and manual errors.
Embrace the freedom to customize your service level based on your unique needs and preferences.
The Compliance Management Process
When you use the automated compliance management system, you do not have to worry you might be missing something.
Here is how it works:
The system sends document requests to the company’s business partners.
The business partners upload the requested documents.
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.
When policy expiration dates approach, the system sends out automated reminders for document requests.
Assistant Vice President, Compliance Management