A contractor comes on site to perform some needed preventive maintenance. There’s an accident involving one of your customers. Luckily, your contractor’s fully insured because you checked this when you established this vendor relationship a few years ago. Their insurance and other credentials are still in effect, at the right levels, right? Are you sure? Would you bet your job?
If their insurance expired last month, you’ve just opened your company to a potential huge claim. Risk management has historically not been part of the facilities management function but with all the rules, regulations, corporate standards and increasing litigation, it is now.
Bottom line: you can’t be sure you’re not at risk unless you’re systematically checking your contractor base and verifying every time a contractor comes on site to do work. Do you have time and the capabilities to do that? With multiple locations to manage and numerous contractors at each one – from local service providers to national firms – this becomes untenable quite quickly.
Contractor Compliance Technology
The only way to ensure contractor compliance to your corporate and regulatory requirements across all your locations is by relying on software that does this regularly, comprehensively and automatically. This is how companies can efficiently manage vendor compliance requirements – at scale, which helps improve overall operational performance and key metrics.
How does contractor compliance technology enable you to manage this? Facilities departments with this technology integrated into their facilities management platform can now:
- Easily manage contractor compliance
- Reduce risk by identifying non-compliance
These tools streamline and simplify the process of collecting, monitoring and managing important details from your contractors, including W-9s, insurance, rates, licenses and other business requirements.
Compliance Manager provides a proven way to manage and reduce risk, eliminate non-compliance providers and integrate sourcing with compliance.
If you don’t readily know when a contractor’s insurance expiration date is coming up, or if agreements, custom company requirements and legal compliance are up-to-date, you’re vastly increasing the risk both you and your company are facing.