It’s 10 P.M., Do You Know Where Your Vendor’s Insurance Certificates Are?
It’s a small thing, but it could cause big problems down the road…
Staying on top of your vendor management duties is a never-ending task, why it almost seems like as soon as you’ve completed your due diligence on the last vendor on your list it’s time to start on the next round of annual reviews! Even focusing on assurance alone can feel like a job unto itself with SSAE-16s, SOC-1 Type IIs, SOC-2s and “replaces SAS-70” to keep straight.
Yes, vendor management can be daunting but with so much at stake there’s little choice but to stay on top of it. With that in mind there’s a crucial detail that is easy to forget, but can cause a tremendous amount of grief down the road and that’s your vendor’s insurance coverage. It’s not enough to make sure that your vendor provides them, it’s important to note when they expire and to make sure that you receive updated copies when their policies are renewed.
If you haven’t already, make a note in your calendar reminding you when your vendor’s current policy is set to expire. Depending on the specific language in your contract, if you forget to check up on this and the unthinkable happens you may be in an extremely disadvantageous position!