Procurement and vendors · Insurance Compliance (rm.Compliance)
Certificate of insurance tracking and vendor compliance
Set insurance requirements for every agreement, collect certificates and endorsements from vendors, contractors and tenants, and work only the exceptions.
Free · results right away
The problem
Many organizations track third-party insurance in spreadsheets and inboxes. Verifying one contract takes 30 to 180 minutes, and the work is split across procurement, risk and legal, so nobody owns the gaps. Certificates expire unnoticed, endorsements go missing, and nobody can say which vendors are covered until there is a claim.
- Premiums32%Not directly affected.
- Retained losses62%When a vendor causes a loss, its insurer pays instead of you, because the coverage was verified before work started.
- Cost to manage risk6%The smallest slice, and the one you control most directly. In this example, managing vendor insurance compliance takes about 500 staff hours a year, roughly $36,000.
Typical split from the Risk Diagnostic’s example: a public agency with a $1.2 billion budget. Take the diagnostic and this chart shows your own numbers.
What it does
Requirements by agreement
Assign the right coverages, limits and endorsements to each contract, by type, region, value or service.
Document intake and reading
Vendors send certificates and endorsements by email or upload. Each document is read into coverages and limits.
Two-level review
Automated first-level scoring, then a second-level review by an Exigis specialist or your own team.
Exceptions and follow-up
Deficiencies and expirations go to an exceptions queue, with tiered, multistage notices to vendors by email, fax and US mail, and on-boarding plans for new vendors.
One record per party
Many agreements can share one vendor record, so one certificate can satisfy several contracts.
Supporting documents
Track contracts, purchase orders, hold harmless agreements, W-9s, performance bonds and more alongside certificates.
Spend and combined exposure
Monitor total spend and combined exposure across all of a vendor’s agreements.
One dashboard
Risk managers see activity, progress and compliance across the organization in real time.
Full record and reporting
Every action and message between your team and outside parties is logged, and ad-hoc reports give real-time compliance, process and performance data.
AI and experts
Every certificate read by AI. Expert review at the level you choose.
AI reads each certificate and endorsement and scores it against the agreement’s requirements. A second-level review then catches unusual wording, manuscript endorsements and blanket provisions before they become a claim, done by Exigis specialists, your own team, or both. Your team sees only the exceptions.
- 1AI reads the certificate and endorsements
- 2Scored against the agreement’s requirements
- 3Second-level review by Exigis or your team
- 4You see only the exceptions
Full service (RiskWorks Complianz): Exigis specialists review every document and handle vendor follow-up. Hybrid: Exigis reviews most documents and your team handles the rest. Self-service: your team runs the second level in RiskWorks. Coming in RiskWorks 13: AI that reads the agreement itself and confirms the right requirements are assigned.
How it works
- 1Requirements set per agreement
- 2Vendor submits certificate
- 3Document read and checked
- 4Exception routed and resolved
What to expect
Who uses it
Procurement, risk management, property management and legal teams at public agencies, real estate owners and large enterprises.
Questions
Can Exigis do the review for us?
Yes. RiskWorks Complianz is the managed version: our full-time staff review documents and follow up with vendors on your behalf.
Which systems does it connect to?
Workday, Oracle, SAP Ariba, JD Edwards, PeopleSoft and MRI, plus any system that can use RiskWorksAPI.
Do vendors need a login?
No. Vendors can reply to notices by email with their documents.
Related
Contract Review
Standardize the insurance requirements in your contracts and run them through one review and approval workflow.
Learn moreThe RiskWorks platform
The platform every application runs on: workflows, rules, hierarchies, documents and audit trail.
Learn moreIntegrations and API
Connect RiskWorks to Workday, Oracle, SAP Ariba, JD Edwards, PeopleSoft, MRI and more through RiskWorksAPI.
Learn moreWhere does your compliance program stand?
Take the free insurance compliance readiness check. You see your results right away, then review them with an Exigis analyst at no cost.