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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
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 noticed the issue, which is why we made the decision to unite our solutions to create our integrated risk management platform. With Vertikal’s new platform, business customers can access and customize the services they need, whether that’s just one solution, such as CertFocus, or a combination of two or more solutions, such as PreQual and CertFocus. By uniting our risk management solutions on one platform, we can deliver unparalleled results for our clients.
CertFocus 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 dynamic software leverages Optical Character Recognition (OCR) and machine learning technologies to provide businesses with impressive capabilities:
• Alerts, notifications and confirmations
• 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
PreQual delivers an enhanced level of transparency to business third-party relationships. This powerful solution helps companies organize, simplify and monitor key financial risk indicators and exposure to outside liabilities. Furthermore, PreQual 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, simple to operate and 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
Our new single suite solution unites CertFocus, PreQual and our other services 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 requires no registration and provides additional enhanced functionality and features to CertFocus and PreQual 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’s all in one risk management solution, companies can improve vendor compliance, reduce liability and financial risk, and save time and money.