Compliance is a very important
aspect of running a business, a missed licensed or permit may cause legal
disputes and unnecessary cost. This is
why companies or businesses usually have an organized system in place to ensure
that compliance becomes part of their contractual process.
One of the issues that business may
encounter with this process is to ensure that these pertinent documents are
updated or current. Every company’s
Human Resource and Personnel Department have a myriad of tasks each day and the
effectivity dates of these documents are often bound to be overlooked,
especially for companies whose projects and contracts are spread over a whole
State. In this case, the job of tracking
Certificates of Insurance, Certificates of Currencies, ABNs, and other permits becomes more daunting and
logistically challenging.
On-going monitoring is a must and
this is where a dedicated tracking service should be employed. Meticulous monitoring can only be ensured
this way, otherwise the alternative is hiring a dedicated team to monitor,
verify, file, notify and do regular follow up which may take up a lot of the
company’s financial resources and manpower.
Service companies like CertTracker has set of services specific to
companies. They have a comprehensive set
of services that are designed to address different industry requirements.
The tracking system used has proven to
be reliable and highly accessible because of the online database which is
available at any time. The system is manually monitored by a competent
compliance team well versed in insurance certificates and compliance documents.
These are skilled individuals specialize in risk management that manually
tracks the documents and oversees the system. The system also has a set of
customizable features such as notifications, expiration tracking and archiving
services that can be set according to the needs of the company. The
notifications and user interface look like it is actually your own in house
system.
To avoid any legal disputes and smooth
insurance processes, strict compliance to necessary documents insurance
certificates, licenses and permits should be observed. And this is why certificate tracking services are vital to a
growing company because a lack luster system of monitoring can prove
devastating to any business.
