The Hidden Compliance Challenges Beyond COIs

When organizations expand their view beyond insurance, several additional risk factors come into focus:

• Business Licenses: Vendors must maintain valid, up-to-date licenses to operate legally. Expired or missing licenses can trigger regulatory penalties and operational disruption.
• Safety Certifications: Outdated OSHA or industry-specific certifications increase liability exposure in the event of an accident or workplace incident.
• OFAC and Sanctions Screening: Failing to screen vendors against sanctions lists can result in working with restricted or high-risk entities, creating regulatory and reputational risk.
• Contracts and Agreements: Without organized, accessible contract documentation, enforcing compliance requirements becomes difficult. Terms may be unclear, renewal dates may be missed, and obligations may go unmonitored.
• Industry-Specific Regulatory Forms: Certain industries require additional documentation at the state or federal level. Missing forms can delay projects, create compliance violations, or result in fines.

Each of these elements carries risk independently—but together, they define the full compliance landscape.

Why Fragmented Tracking Fails

Tracking multiple compliance document types manually across dozens or hundreds of vendors quickly becomes unsustainable.

Spreadsheets multiply. Shared drives fill with versions of documents that may or may not be current. Email reminders rely on individual follow-through. Visibility becomes siloed across departments, making it difficult to answer simple questions:

• Which vendors are fully compliant today?
• Which licenses are nearing expiration?
• Are all required screenings complete?

Without centralized oversight, blind spots are inevitable.

What Comprehensive Vendor Risk Management Looks Like

A smarter approach to vendor risk includes:

• Centralized storage for all compliance document types—not just COIs
• Automated reminders for renewals, licenses, and certifications
• Integrated screening processes for sanctions and high-risk entities
• Clear role-based visibility for compliance, procurement, and risk teams
• Audit-ready archiving that supports investigations and reporting

When compliance requirements are managed together rather than in isolation, organizations gain consistency, transparency, and stronger risk control.

WHow Ebix RCS Supports Full-Scope Compliance

Ebix Risk Compliance Solutions (RCS) centralizes insurance documents, licenses, certifications, contracts, and screening results into a single, structured platform. Automated alerts help prevent lapses, integrated OFAC checks flag potential risks early, and role-based dashboards provide real-time visibility across the vendor network. By managing every compliance requirement together—not in isolation—organizations reduce fragmentation, eliminate blind spots, and strengthen audit readiness. COIs remain essential, but they are only the starting point. Looking past insurance and toward a comprehensive compliance ecosystem builds a more resilient, controlled vendor risk framework.