21 Sep Managing Risk – Contractor Certificates
Let’s explore a few best practices surrounding the topic of Certificate Management.
An astounding 20 percent of certificates in contractor management tracking systems are expired or set to expire within 30 days. And, many documents initially uploaded into databases do not meet basic criteria (e.g. expiry dates, improper coverage amounts, proper company name).
Unmanaged contractor certificates can put you at serious jeopardy. If your contractors do not have valid or proper coverage in place, you could be liable for incidents, direct costs and even legal liabilities. This is risky if you are using a manual spreadsheet to manage your contractors certificates.
IMPORTANCE OF A DATABASE
We can’t overstate the importance of using a database for contractor management. And, particularly for managing dated certificates!
While spreadsheet software like Excel might seem like the easiest and most cost-efficient option, these programs lack the functionality needed to properly manage key components. Primarily, it can’t track certificate expiry dates or provide warning notifications. A database that can identify those issues and bring them to your attention is the best way to avoid these issues and helps you mitigate your risk.
Failure to do basic certificate management due diligence could result in significant consequences to your business down the line.
Download our best practices: Certificate Management Best Practices.