Ignore Third Party Risk at your own Peril Ilume

For decades, businesses have required certificates of insurance (COI) from subcontractors, tenants, vendors, suppliers, and other third parties to confirm evidence of insurance.  This is important to confirm that risk transfer can occur as expected in a written contract.  Problems and gaps are often only uncovered after a claim occurs and coverage that was expected to be in place does not exist.  Modern processes and technology that can improve third party risk management now incorporate machine learning and automated tracking.  Sharon Fox, Director of Business Development at TrustLayer and Justin Voerster, AVP at Kraus-Anderson Insurance, join us this month to describe the risks, challenges, and solutions.