Compliance Software

The competition for best compliance software is fierce, and we’d be being dishonest if we didn’t say you need to choose the right solution for your company. Obviously, at myCOI we believe we are the right solution nine times out of ten, but we don’t fit every company, and that’s okay. If you’re looking for something like Assent Compliance who manages supply chains, myCOI would be the wrong fit. The same could be said for banking compliance software and compliance AI. Electronics compliance can be a part of this. RegulatoryC change management software and supply chain compliance software are separate from this. Delivery and management solutions, like Sphere Software, also do different things.

Certificate tracking online could be a critical part of your business no matter what solution you use, whether that’s a full managed partner solution or a simple COI tracking spreadsheet.

You’ll need to define what “best” means for your business. Is it the least expensive? That depends on how you measure cost. In pure dollars, a free COI compliance tracking software may work, but is it reliable? Do its developers offer support? Are there regular product updates coming out? If not, check it carefully to make sure it isn’t out of date.

Is “best” the least of your precious person-hours consumed by tracking certificates of insurance? Then a managed solution like myCOI offers may be best. Our team of insurance professionals know what they’re looking at, and they’re experts in making sure your certificates are promising what they say they do, that they meet your business requirements for coverage, and our quarterly verification makes sure the coverage stays in effect.

Compliance Software Example

Insurance compliance, or compliance software example, is a phrase that can mean a lot of things to different people. Here at myCOI, we think of tracking the compliance of third-party insurance on certificates of insurance (COI), because that’s our business: we erase the worry of certificate tracking for companies that use our software or hire our team of insurance professionals.

Everyone is out there trying to save a dollar. We get it. You may be searching for free compliance management software, software compliance checklist tools, software compliance jobs, or even software compliance standards on the internet. Whatever you find, make sure your team is on board. 

Other teams may take insurance compliance to mean insurance regulatory compliance, which is the business function that ensures a business is aligned with any and all federal, state, or local regulatory insurance requirements. In the United States, there are many varied requirements around business insurance regulations, for example. 

These meanings generally apply to larger businesses that hire other businesses, but insurance compliance is a necessity for companies that get hired, as well. Subcontractors, specialists, independent vendors: all of these kinds of companies regularly have to check to see if they’re compliant with the standards the hiring company insists on as a condition of employment.

Regardless of which specific track of insurance compliance you’re currently pursuing, know that it is important, even critical work for your company. There are few more unanticipated and sometimes destructive unexpected expenses than insurance claims your company should never have been liable for. We’ve seen such claims put companies behind by years or more, or even shove them out of business altogether.

No one wants that to be their company. That’s just one of the reasons so many companies trust myCOI to help them avoid that risk. We can help you, too.

Compliance Software Vendors

Insurance compliance software is one of the most important purchases your risk management team can make, and that importance only scales up as the number of COIs you need to track increases. There are lots of compliance software vendors, but there can only be one best compliance management software. At myCOI, we’re devoted to erasing the worry of certificate of insurance tracking, by using our industry-leading software and services to make sure your COIs are compliant when you accept them and across the lifetime of your contract with your third-party.

Compliance monitoring software and compliance software tools can come in many different forms and pricepoints, and it’s important to consider where you land with respect to them. And there might not be a one size fits all piece of tech for your need. For instance, healthcare compliance software is wildly different from certificate of insurance software. 

There are other solutions, of course, including free COI tracking softwares. And many of them may be the right choice for your business, but myCOI has spent more than a decade ensuring that we’re the right choice for almost any company. We offer the best technology backed up by the very best team of insurance professionals. We work hard, every day, to make sure ours is the best certificate of insurance tracking software.

And no one—no one—cares more than we do.

If you’re comparing a couple of COI management systems against each other, pay attention to things like this:

• Can the solution verify compliance against certificate of insurance requirements by state?
• Can it read both typed and handwritten COIs?
• Is it backed by a team of insurance professionals, or are you putting all of your faith (and your risk) in a machine?
• Does it meet all the individual needs you have for your business and your compliance team?
• Is it insurance software, or insurance tracking software? Sometimes the difference is very important.

Take demos from all of them. Go in with a list of questions. And don’t leave that demo until you have your questions answered.

Regulatory Compliance Software

Compliance tracking is simply the process of monitoring compliance-related activities via a suitable framework. Regulatory compliance software can fit under this umbrella. 

A software compliance checklist helps ensure that companies comply with relevant regulations and industry standards. A compliance framework list should include all of the systems, processes, and documentation that a company should implement to meet its professional expectations and should be built into the best compliance software available at your budget. Free compliance management software usually won’t include all the tools you need to get the most out of your efforts. 

When a company works off a proper compliance framework template, it can better comply with what is required of them. The quality of its compliance management framework template can determine how well and fast they follow the rules.

A compliance monitoring example concerns the verification and tracking of certificates of insurance. Companies that hire contractors or vendors should require them to have their own insurance policies. Third-party employees can prove their coverage by submitting certificates of insurance. The companies then have to constantly monitor the certificates to make sure the third parties comply with their insurance requirements.

To help with their compliance monitoring, these organizations can use a certificate of insurance tracking solution to automate the entire process. One such solution is myCOI. The cloud-based platform can verify and monitor each third party’s certificate of insurance, which will make them comply with insurance requirements at the risk of losing their employment.

Is compliance monitoring important? What does the internal monitoring of compliance ensure?

Legal Compliance Software

Knowing how to organize certificates of insurance for tracking is a necessity for any company that hires third parties such as contractors or vendors. A certificate of insurance tracking solution allows businesses to track certificate of insurance compliance. Usually, a legal compliance software solution is the key to making your compliance management system simple. You can also build in compliance monitoring software or compliance software for financial services if need be. 

Free compliance management software or healthcare compliance software is hard to find if you’re on a tight budget. For that reason, you might need to consider different budgetary ways of making room for a solution that does the work you need it to. 

One of the most common mistakes that businesses make is not keeping accurate records of certificates of insurance. This puts them at risk for fines and penalties if they do not have up-to-date documentation on hand when requested by a third party, such as an attorney. In addition to having legal consequences, failing to keep track of your company’s certificates could lead to financial losses. It also increases the likelihood of liability lawsuits filed against your business. Knowing which vendors need a certificate of insurance is one of the core components of risk management.

Here’s a hint: the answer is all of them. Any vendor doing work for you needs a COI. And knowing how to request a certificate of insurance from a vendor should be onboarding-level training for most risk teams.

It’s not just those who hire contractors and vendors that need to track certificates of insurance. Property managers who host commercial tenants also need to ensure those tenants are carrying the proper insurance. We often see the duty of securing and verifying these COIs fall on property managers, instead of dedicated risk teams, so we strongly suggest having on hand a sample letter requesting a certificate of insurance from commercial tenants, so you can quickly request the COIs you need to manage your property’s risk.

Compliance Management Software

Certificate of insurance compliance is the work a risk manager or compliance admin does to collect, verify and maintain the certificates of insurance provided to that company by its third parties. It is easiest done in a compliance management software free of issues. Almost anyone a business hires to do work on its behalf can be asked to provide some form of proof of insurance. And on the face of it, that sounds like a pretty easy ask.

Collect a piece of paper? A standardized form? And store it? Easy-peasy. 

Except each certificate of insurance has to be checked, first and foremost to ensure that it claims all the necessary coverages, amounts, limits, and exclusions that your company requires of its contractors. Sure, there is general liability insurance mentioned, but does it protect to the same amount that you require?

Also, what assurances do you have that the contractor didn’t let the policy lapse the day after they handed you the COI? Are you verifying with insurance agents that these contractors still hold the policies and protections that their COI claims? Are there exclusions to the contractor’s protection that will mean you’re held responsible for risk that should properly rest with the contractor?

This kind of complexity is why some people cringe when they hear “insurance” compliance frameworks can be such a boon. The role of a compliance officer in insurance company operations is to manage risk. That’s not an easy job, but it is a critical one.

Remember that there are varied certificate of insurance requirements by state, and you need to be aware of them. Certificate of insurance best practices in every case remind you to check your state requirements, and we’d be remiss if we didn’t do the same.

We think the best way to do this is by using the best compliance management software available. That is myCOI. Other compliance software tools pale in comparison to what we offer. We don’t focus on financial compliance software or regulatory compliance management software so that we can tailor our tool to do the best at what it was designed to do: keeping your compliance, and the compliance of your subs, in line.