1. Mitigating Risks with Contractors and Vendors
Within today’s environment, public organizations face many risks associated with their vendors and contractors. Not all
risks can be mitigated away. However, you can significantly mitigate the risks your firm encounters when it comes to
contracting to the right kinds of contractors and vendors. The failure to perform appropriate due diligence could cause
issues with inadequate performance, inability to complete job orders, or inadvertently working with businesses who do
not 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 own
system. From here you have two options: fix internally or work with Assurance Screening
to ease this process for you.
Between hiring staff, paying for a software platform to house all the data, and covering
the costs of pulling the different types of business checks your organization needs to
make informed and ongoing decisions regarding your contractors and vendors, you can
quickly become aware that implementing a program internally is not necessarily the best
option.
When you work with Assurance Screening, we handle all of the above with no costs to
you. With our contractor and vendor notification system and document collection and
verification team specially trained to run the process for you, you can feel confident
knowing that you have the information your organization needs to make informed
decisions when it comes to working with quality contractors and vendors. In addition, with
our customizable screening parameters, your organization can have the peace of mind
knowing 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