Before Onboarding a Vendor: Set the Foundation

• Collect and validate COIs against contract requirements, confirming coverage types, limits, and policy periods before work begins to avoid locking in insufficient or incorrect coverage.
• Confirm additional insured endorsements are properly documented, ensuring your organization is protected under the vendor’s policy if a claim arises.
• Verify required waivers of subrogation, reducing the risk of insurers pursuing recovery against your organization after a loss.
• Check carrier financial stability using AM Best ratings, helping ensure coverage will respond as expected when a claim occurs.

During the Contract Term: Maintain Visibility

• Track policy expirations and coverage changes continuously, preventing silent lapses that can occur mid-contract without notice.
• Monitor licenses, permits, and safety certifications, ensuring vendors remain compliant with regulatory and operational requirements throughout the engagement.
• Conduct periodic compliance reviews, confirming documentation stays current and aligned with evolving contract terms.
• Account for location- or project-specific requirements, reducing uneven risk exposure across regions or job types.

Post-Contract and Renewal: Close the Loop

• Archive all compliance documentation securely, supporting audits, investigations, and claims long after work is completed.
• Review vendor compliance history, using past behavior to inform future sourcing, risk assessments, and contract decisions.
• Update internal risk scoring and vendor evaluations, allowing compliance data to contribute to broader risk management strategies.

Why Manual Checklists Aren’t Enough

Checklists are essential—but managing them manually introduces inconsistency. Spreadsheets, shared drives, and inbox reminders rely heavily on individual follow-through. As volume increases, visibility decreases, and gaps emerge.Manual processes also limit leadership insight. Teams may know a checklist exists, but not whether it’s being applied consistently across vendors, regions, or departments.

How Automation and RCS Keep the Checklist Intact

Manual checklists rely on individual follow-through and fragmented tools, which makes consistency difficult as vendor networks grow. Automated compliance platforms enforce each step of the checklist by validating documents on intake, tracking expirations continuously, and surfacing issues before coverage lapses or audits begin.

Ebix Risk Compliance Solutions (RCS) applies this automation across the entire vendor compliance lifecycle—from onboarding through renewal and audit. COIs, licenses, and certifications are validated against defined requirements, monitored in real time, and stored centrally for audit readiness. With automated alerts, dashboards, and consistent enforcement, teams spend less time chasing paperwork and more time managing exceptions and reducing risk.