Due Diligence and Ongoing Monitoring

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

Original Message:
Sent: 2/6/2023 6:14:00 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

We check for insurance prior to contracting as part of our due diligence. We have an insurance SME and worked to put an acceptable coverage matrix together so that my team is able to review coverages and issuers for low and medium risk tiers and we have the insurance SME review the critical high risk vendor coverages. We then contractually obligate the vendors to carry coverage commensurate by tier and applicable to services and like Cheryl track insurance expirations to ensure we have the most recent policy on file.  Good Luck!

------------------------------
Jenn Wilkinson
Vice President
Strategic Vendor Management
Cenlar FSB

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Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

Good day Jenn, would you be willing to share your acceptable coverage matrix (if not proprietary or confidential to your business)?
We contractually obligate vendors to have insurance, we track the expirations, but only critical & high risk vendors are reviewed by our managed services provider to attain if the insurance levels are acceptable.   Thank you.
Original Message:
Sent: 02-08-2023 07:42 AM
From: Jennifer Wilkinson
Subject: Insurance Risk Assessment

We check for insurance prior to contracting as part of our due diligence. We have an insurance SME and worked to put an acceptable coverage matrix together so that my team is able to review coverages and issuers for low and medium risk tiers and we have the insurance SME review the critical high risk vendor coverages. We then contractually obligate the vendors to carry coverage commensurate by tier and applicable to services and like Cheryl track insurance expirations to ensure we have the most recent policy on file.  Good Luck!

------------------------------
Jenn Wilkinson
Vice President
Strategic Vendor Management
Cenlar FSB


Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

I would be interested in Jennifer's matrix, as well.  Thank you!
Original Message:
Sent: 02-08-2023 08:11 AM
From: Melissa Madigan
Subject: Insurance Risk Assessment

Good day Jenn, would you be willing to share your acceptable coverage matrix (if not proprietary or confidential to your business)?
We contractually obligate vendors to have insurance, we track the expirations, but only critical & high risk vendors are reviewed by our managed services provider to attain if the insurance levels are acceptable.   Thank you.
Original Message:
Sent: 02-08-2023 07:42 AM
From: Jennifer Wilkinson
Subject: Insurance Risk Assessment

We check for insurance prior to contracting as part of our due diligence. We have an insurance SME and worked to put an acceptable coverage matrix together so that my team is able to review coverages and issuers for low and medium risk tiers and we have the insurance SME review the critical high risk vendor coverages. We then contractually obligate the vendors to carry coverage commensurate by tier and applicable to services and like Cheryl track insurance expirations to ensure we have the most recent policy on file.  Good Luck!

------------------------------
Jenn Wilkinson
Vice President
Strategic Vendor Management
Cenlar FSB


Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

Original Message:
Sent: 2/8/2023 8:44:00 AM
From: Kelly Pickle
Subject: RE: Insurance Risk Assessment

I would be interested in Jennifer's matrix, as well.  Thank you!
Original Message:
Sent: 02-08-2023 08:11 AM
From: Melissa Madigan
Subject: Insurance Risk Assessment

Good day Jenn, would you be willing to share your acceptable coverage matrix (if not proprietary or confidential to your business)?
We contractually obligate vendors to have insurance, we track the expirations, but only critical & high risk vendors are reviewed by our managed services provider to attain if the insurance levels are acceptable.   Thank you.
Original Message:
Sent: 02-08-2023 07:42 AM
From: Jennifer Wilkinson
Subject: Insurance Risk Assessment

We check for insurance prior to contracting as part of our due diligence. We have an insurance SME and worked to put an acceptable coverage matrix together so that my team is able to review coverages and issuers for low and medium risk tiers and we have the insurance SME review the critical high risk vendor coverages. We then contractually obligate the vendors to carry coverage commensurate by tier and applicable to services and like Cheryl track insurance expirations to ensure we have the most recent policy on file.  Good Luck!

------------------------------
Jenn Wilkinson
Vice President
Strategic Vendor Management
Cenlar FSB


Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

Original Message:
Sent: 2/8/2023 8:44:00 AM
From: Kelly Pickle
Subject: RE: Insurance Risk Assessment

I would be interested in Jennifer's matrix, as well.  Thank you!
Original Message:
Sent: 02-08-2023 08:11 AM
From: Melissa Madigan
Subject: Insurance Risk Assessment

Good day Jenn, would you be willing to share your acceptable coverage matrix (if not proprietary or confidential to your business)?
We contractually obligate vendors to have insurance, we track the expirations, but only critical & high risk vendors are reviewed by our managed services provider to attain if the insurance levels are acceptable.   Thank you.
Original Message:
Sent: 02-08-2023 07:42 AM
From: Jennifer Wilkinson
Subject: Insurance Risk Assessment

We check for insurance prior to contracting as part of our due diligence. We have an insurance SME and worked to put an acceptable coverage matrix together so that my team is able to review coverages and issuers for low and medium risk tiers and we have the insurance SME review the critical high risk vendor coverages. We then contractually obligate the vendors to carry coverage commensurate by tier and applicable to services and like Cheryl track insurance expirations to ensure we have the most recent policy on file.  Good Luck!

------------------------------
Jenn Wilkinson
Vice President
Strategic Vendor Management
Cenlar FSB


Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.

Hi everyone, 

It's great to see so much feedback happening in this discussion! There seems to be a lot of interest in the acceptable coverage matrix that Jenn Wilkinson mentioned. I've confirmed with Jenn that you should reach out to her directly for the matrix. By clicking her name, you will be redirected to Jenn's member profile and have the option to send her a message through the community. 

Thank you,

Brittany Padgett
Community Manager
Original Message:
Sent: 02-06-2023 06:14 PM
From: Anonymous Member
Subject: Insurance Risk Assessment

This message was posted by a user wishing to remain anonymous

We are looking to implement a standard policy for our sourcing team to verify insurance prior to contract award.  Currently most team members are not checking insurance prior to contract award because we never had a formal policy around it.  This is new for me as prior to joining this company I always checked insurance during the sourcing process and prior to contract award.  We have language in our MSA that details insurance requirements, and states that suppliers must send insurance to Risk Management.  However, in some cases our Risk Management team is having to deal with having to follow-up with suppliers to get insurance certificates and dealing with suppliers not having the correct insurance levels after the contract is signed, which is a huge risk to the company.  I would like to see when other companies check insurance (prior to contract award or after), who typically checks insurance (sourcing team member or Risk Management), do you check all suppliers, only new suppliers, or contracts over a certain dollar amount? Also, we have a very manual process and are there any tools that work well for automating tracking insurance requirements.