Wondering what Compliance Tracking Is?

myCOI brings certificate of insurance compliance management to a whole new level. We protect your company against the risk of underinsured claims, costly litigation and failed audits.

Automate Your COI Tracking

There’s no more need to worry about stacks of certificates cluttering up your office or hours of frustrating phone calls and emails to chase down certificates. myCOI Central provides your company with a solution to automate your insurance certificate requests, collection, and compliance resolution, while also giving your team a single, centralized repository to view compliance. 

Protect Your Business From Costly Claims

Ask your CFO or Risk Manager just how much claims and lawsuits can cost your business. If you are collecting certificates just to confirm they were received, you have no guarantee that your requirements are being met. myCOI Central is built on a foundation of insurance industry logic to ensure you remain protected with the appropriate coverage.

For Agents & Brokers

Win business and boost retention by providing agency branded, industry leading insurance tracking software to your insureds.  Offer software only or add on your own compliance review services.

"As a result of switching providers and partnering with myCOI, myself and our 11 Contract Administrators are spending about 1 hour of our time each week on insurance compliance versus 1 hour each day."
Victoria Pearson
Contract Administrator Manager
Alston Construction

What Is Compliance Tracking

Everyone is expected to follow the rules. Whether they are on the road or in the office, rules exist to create acceptable standards of behavior. These standards can foster efficiency and safety. You can get where you want faster and safer if you follow traffic laws. Not following the laws can endanger you and all the drivers around you.

Compliance in the business sense of the word means that companies and their employees abide by the regulations and guidelines that apply to their specific industry. Compliance can cover external policies like laws and internal ones. Compliance tracking can help companies protect all of their resources.

What is compliance tracking?

Compliance tracking is simply the process of monitoring compliance-related activities via a suitable framework.

A compliance monitoring framework helps ensure that companies comply with relevant regulations and industry standards. A compliance frameworks list should include all of the systems, processes, and documentation that a company should implement to meet its professional expectations.

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?

This article will explore these questions to help you understand why compliance tracking should be an integral piece of your company’s risk management program.

Why Is Compliance Monitoring Important

Compliance monitoring in any setting is crucial. As previously mentioned, if you do not obey traffic laws, you run the risk of hurting yourself or someone else. People could get hurt or die. Traffic law enforcement makes sure drivers follow the rules. Compliance can decrease the number of incidents that result in injury or death.

Compliance monitoring is important in every area. For instance, what is compliance monitoring in government?

Compliance monitoring and testing in government make the parties we have chosen to govern us accountable for their actions, proving they are not above the laws they set. What kind of example would they be setting if they did not practice what they preached?

Why is compliance monitoring important?

Without compliance monitoring, malpractice can run rampant throughout an environment. For instance, if a company requires its vendors and contractors to submit valid certificates of insurance, then it has the responsibility to verify all of the information provided in the document. It has to do this with each certificate they obtain. The company also has to make sure its vendors and contractors are in constant compliance.

What if the company does not practice certificate of insurance tracking?

Then it could face steep claims and lawsuits if its third parties are found negligent in injuring someone else. A company that does not monitor its certificate of insurance compliance process could find itself on the hook for its third party’s malfeasance.

Compliance Monitoring Examples

By now, you should know the compliance monitoring definition and why the act is essential to preserving your company’s fortunes and reputation. But do you know how to monitor compliance with policies and procedures?

Looking at compliance monitoring examples can help you create a compliance monitoring framework that blossoms into a secure risk management tree of responsibility. However, learning more about compliance monitoring might take more time than you have. You could copy what has worked for other companies in your field. There is nothing wrong with imitation. If a compliance monitoring system works for one organization, then it could work for yours.

For example, if you discover that a company has partnered with myCOI to help track its certificates of insurance, then you could pursue that option for your insurance compliance demands. myCOI can help companies save time and strengthen compliance. Protecting against liability risk is an ongoing struggle that myCOI can simplify. Choosing the right tool as soon as you can save you time. You do not have to look elsewhere for compliance monitoring examples if you find a great one. You can simply sign up for service and move on to your next task.

What Does Internal Monitoring Of Compliance Ensure

When you move away from a compliance monitoring definition and head deeper into the subject, you could find yourself awash with too much information. You could drift for a long time with many questions that might not have anything to do with your situation.

What compliance monitoring government entities are there? Is there an environmental compliance monitoring organization?

Focus your efforts on your industry and requirements and you can receive the best information to help you in your search for compliance monitoring tools. Why would you waste time exploring topics that have nothing to do with your line of work? You should generally know that compliance monitoring can be easy to understand but more difficult to execute.

What does internal monitoring of compliance ensure? How can I know if my company is getting it right?

Compliance monitoring makes sure that your company is performing as it should.

A compliance monitoring report can identify areas of non-compliance as well as where your efforts are strongest. Some platforms let you compile a compliance monitoring report online. A compliance monitoring report example drawn from your company’s practices can let you know if you need to improve your policies and procedures or if you simply need to sustain your program.

If you do not assess your monitoring processes, then you are operating blindly. How do you know if your employees are complying with your policies? Non-compliance can take time to rear its ugly head. Just because something unfortunate has not happened yet does not mean it never will. Your job is to make sure it will not. You have to know what processes need tightening. Revisiting them can prove beneficial but it takes diligence to keep up. Compliance reports can help faster than surveys and observing behavior. If your company is at risk, then you need to act quickly before things take a horrible turn.

Monitoring Compliance In The Workplace

Addressing non-compliance in the workplace is critical when managing your company’s risk. Looking at examples of non compliance in the workplace and comparing them to activities within your company can help you gauge their severity. What is unacceptable in one industry might be mandatory in another. The inverse is true. Your company’s compliance monitoring methodology must be well-informed and specific to its industry.

Compliance in the workplace examples can help paint a larger picture of your risk management processes. These processes can foster a company culture that exhibits integrity and honesty. Plus, they can be good for business. Clients and customers may tend to work with your company when they see it values ethical behavior. Ensuring compliance within your company can pay off.

You can view monitoring compliance in the workplace as a way to generate revenue. Granted, compliance can maintain safety and whatnot. It can also attract potential customers who are tired of dealing with companies that have unsavory reputations.

For instance, if someone is searching for a contracting firm, then they might want a company that has a stellar safety record. Therefore, they want insured contractors working for them. The contracting firm has to make sure its contractors are properly insured via certificates of insurance. The firm has to monitor the forms for compliance. It uses myCOI to handle its insurance compliance monitoring. The contracting firm makes sure its third parties are covered, which in turn makes the firm appear to take negligence seriously. A potential customer could see this and think, “If they only hire insured contractors, then maybe this is the safest company to work with.”

You can track compliance and attract customers at the same time.

Compliance Monitoring Plan PDF

Whether you need a compliance monitoring plan for banks, hospitals, or any field in between, the Internet probably has the compliance monitoring plan example for you.

A compliance monitoring plan PDF can help you create a corporate compliance strategy that incorporates all of the best practices. From setting policies to enforcing them, you can efficiently and effectively monitor them when you begin with a solid foundation. Think of one as a road map. You know where you want to go. How do you get there? How can you avoid getting lost?

Where can you find a suitable example?

The easiest solution is to look online. As with anything you find online, you should question its authenticity. Anyone can present anything on the Internet. Would you follow regulatory compliance advice offered by someone you have never heard of? You should seek resources from known experts in your field. You should even gather information from government entities that might govern your industry.

What is compliance?

Ultimately, compliance is protection. Compliance can create a safe, productive work environment. It can decrease the waste and abuse that plagues other companies that do not take compliance seriously. Compliance is a choice but one worth taking.