Public Risk

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Public Risk

  1. 1. Mitigating Risks with Contractors and VendorsWithin today’s environment, public organizations face many risks associated with their vendors and contractors. Not allrisks can be mitigated away. However, you can significantly mitigate the risks your firm encounters when it comes tocontracting to the right kinds of contractors and vendors. The failure to perform appropriate due diligence could causeissues with inadequate performance, inability to complete job orders, or inadvertently working with businesses who donot keep up adequate insurance, pay their taxes, or maintain the appropriate licenses. Questions you should know about your contractor and vendor risk mitigation practices: 1. Who is responsible for the vetting of your contractors and vendors? 2. Do you have a centralized location to house all of your organization’s contractor and vendor data? 3. How often is this information updated and verified and who is responsible for these tasks? 4. Who is verifying that your contractors and vendors insurance hasn’t changed throughout the year, and if they have the right types of coverage? 5. How are you protecting your organization from utilizing contractors and vendors who are not current on their tax payments, or have judgments against them?If you can’t answer these questions with certainty then you can’t rely on your ownsystem. From here you have two options: fix internally or work with Assurance Screeningto ease this process for you.Between hiring staff, paying for a software platform to house all the data, and coveringthe costs of pulling the different types of business checks your organization needs tomake informed and ongoing decisions regarding your contractors and vendors, you canquickly become aware that implementing a program internally is not necessarily the bestoption.When you work with Assurance Screening, we handle all of the above with no costs toyou. With our contractor and vendor notification system and document collection andverification team specially trained to run the process for you, you can feel confidentknowing that you have the information your organization needs to make informeddecisions when it comes to working with quality contractors and vendors. In addition, withour customizable screening parameters, your organization can have the peace of mindknowing that your contractors and vendors have the right insurance, bonding capacity,licenses, or other types of credentials required to work with your organization. Meet with us today to see how we can help your firm Be Sure. www.assurancescreening.com ©2011 Assurance Screening, LLC

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