The lack of a solid 3rd party insurance compliance and management process can cost you a bundle.
1. Possible increased insurance premiums
2. Out of pocket costs before deductibles
3. Legal expenses
4. Bad publicity/bruised reputation
5. Loss of revenue
2. Out of pocket costs before deductibles
3. Legal expenses
4. Bad publicity/bruised reputation
5. Loss of revenue
The only way to truly mitigate risk is to understand where it is comes from and have the right strategy and personnel in place to reduce it at the point of entry.
Certrax manages 3rd party risk before suppliers are hired, without the extra cost of hiring a permanent staff member. Each Certrax specialist is trained on the laws associated with risk transfer. Our team manages and analyzes your vendor population in our centralized portal, separating them into risk categories to keep risk transfer costs right sized.
Certrax manages 3rd party risk before suppliers are hired, without the extra cost of hiring a permanent staff member. Each Certrax specialist is trained on the laws associated with risk transfer. Our team manages and analyzes your vendor population in our centralized portal, separating them into risk categories to keep risk transfer costs right sized.
Our team is at your disposal to:
- Ensure your corporate insurance standards are met across your entire portfolio
- Help your team evaluate and categorize supplier risk levels
- Verify insurance terms meet contract requirements