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Corporate leaders juggle a complex array of risks, responsibilities, and relationships that includes managing an ever-expanding number of third-party contractors, vendors and suppliers. In the past, businesses were forced to rely on poorly developed software solutions from a variety of sources to accomplish a host of tasks. The following all had to be done separately:
Vendor document management Certificate of Insurance (COI) and third-party contractor compliance tracking Vendor, supplier and third-party subcontractor financial risks protection
Managing vendor insurance and financial risk separately creates gaps that hurt your business. When certificate of insurance tracking runs on different systems than subcontractor prequalification, you miss connections between expired insurance and declining financial health that signal real problems.
On top of the related costs of technology infrastructure, multiple subscription fees and additional staff requirements, integrating and customizing all solutions just wasn’t possible.
Vertikal RMS noticed the issue, which is why we made the decision to unite our solutions to create our integrated risk management platform. With Vertikal RMS’s new platform, business customers can access and customize the services they need, whether that’s just one solution, such as CertFocus by Vertikal RMS, or a combination of two or more solutions, such as PreQual by Vertikal RMS and CertFocus by Vertikal RMS. By uniting our risk management solutions on one platform, we can deliver unparalleled results for our clients.
CertFocus by Vertikal RMS allows businesses to create a culture of vendor compliance. Its powerful software solution makes it easy to collect, organize, review and monitor COIs and endorsements for an entire corporate network of third-party vendors, contractors and suppliers. CertFocus by Vertikal RMS dynamic software leverages Optical Character Recognition (OCR) and machine learning technologies to provide businesses with impressive capabilities:
Automated renewal notifications and compliance alerts Multiple reporting and dashboard configurations Collaboration and cross-referencing Visible carrier insurance ratings Access to certified industry experts Specialty services that match company needs and industry requirements
CertFocus by Vertikal RMS and PreQual by Vertikal RMS share vendor data automatically so you see complete risk profiles instead of fragmented information. When a subcontractor's insurance expires, you also see their current financial health and project performance in one view. This integration catches problems early, like when financially struggling contractors let insurance lapse or when insured contractors hide cash flow problems.
The unified platform eliminates duplicate data entry across systems. Upload vendor information once, and both CertFocus by Vertikal RMS and PreQual by Vertikal RMS access it automatically. Track EMR ratings, insurance compliance, and financial stability through integrated dashboards that show which vendors create real risk versus those who just need certificate updates.
Construction companies benefit most from this integration because they need both strong insurance coverage and financial stability from subcontractors. Learn what insurance subcontractors need and how financial prequalification catches risks that insurance verification alone misses.
PreQual by Vertikal RMS delivers an enhanced level of transparency to business third-party relationships. This powerful solution helps companies orsimplify,simplify and monitor key financial risk indicators and exposure to outside liabilities. Furthermore, PreQual by Vertikal RMS combines it all with expert financial analysis that helps companies identify potential liabilities before they can adversely impact the business financially. Its powerful software is fully configurable to be compatible with a company’s accounting and project management systems. Plus, it’s easy to integrate and operate and is packed with helpful features that make the entire process more accurate, efficient, and effective:
Personal human outreach to third parties Senior financial manager access Financial underwriting and screening expertise Objective and reliable scorecards Customizable elements and fully configurable software to match business and industry needs Task automation to make monitoring and tracking simple and efficient Database creation and unlimited storage capacity
Separate systems create blind spots that cost you money. Your COI tracking shows valid insurance but misses that the vendor can't afford to pay their premiums next month. Your prequalification shows good financials but misses that they reduced coverage limits to save money.
Integrated platforms catch these problems by connecting insurance data with financial analysis. See which vendors have additional insured endorsements and waiver of subrogation clauses while also reviewing their balance sheets and cash flow. This complete picture helps you make better decisions about which vendors qualify for specific projects.
Compare COI tracking software costs between standalone and integrated solutions. Many contractors find integrated platforms cost less than buying separate systems while providing better risk protection through connected data.
Our new single-suite solution unites CertFocus by Vertikal RMS and PreQual by Vertikal RMS in one platform, making it simpler than ever for businesses to identify and monitor potential financial, insurance, and compliance risks across their entire supply chain.
Vertikal RMS requires no registration and provides additional enhanced functionality and features to CertFocus by Vertikal RMS and PreQual by Vertikal RMS clients, such as the ability for companies, agents, and insureds to upload certificates of insurance, endorsements, and other documents directly to the system.
Our integrated risk management platform allows businesses to configure a solution that works for the entire organization, including for CEOs and CFOs, supply chain management, procurement, and liability management. With Vertikal RMS’s all-in-one risk management solution, companies can improve vendor compliance, reduce liability and financial risk, and save time and money.
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