Successful Vendor Compliance Is More Than Luck!
Vendor Compliance Misconceptions
Vendor Compliance has greatly evolved in recent years, responding to changes in case laws and liability. The increasing tide of threats exposes the lack of information, professionalism, and efficiency of the current vendor compliance methods used by Association Management Companies. Recent surveys indicate that only 8% of organizations are part of a vendor compliance program that is auditable and constant throughout the organization, protecting the business and the associations from vendor risk. Why are so many companies taking this risk with standard exclusions on their companies E&O policy for insurance related work? Because that is the way it has always been.
Time, Tools and Expertise
Historically, vendor compliance has been seen as the responsibility of the community manager position. Community manager executives are beginning to realize that vendor compliance requires more time and a more sophisticated skill set than that possessed by community managers. With a professional compliance company such as Association Services Network (ASN) and the CertTrak vendor compliance program, you’ll have the proper tools and knowledge of a vendor compliance team that can help to improve your organization’s security posture through better execution and decision-making.
Vendor compliance is more than just an activity of creating requirements to ensure the vendors insurance, license, and availability of information. Developing and maintaining compliant vendors, and relevant policies and procedures, is a key focus area as well. To effectively manage and promote vendor compliance, a formal approach should be in place for the lifecycle processes of vendor compliance activities. By applying a lifecycle approach, organizations can establish who is responsible for doing what, and activities have been appropriately managed or completed.
Technology Integration to Meet Your Company’s Needs
Per a recent survey by ASN on “Vendor Compliance in today’s HOA management,” 90% of vendors in their organization were “Non-Compliant” before or soon after deployment of the ASN compliance program. Managers do not have the time, tools or expertise to manage such a program, while most companies may not have the resources to support and staff their current compliance vendor programs. A company like Association Services Network can help solve the problems of vendor compliance responsibilities with overall easy, time effective cataloging and communicating with ASN’s Vendor Directory, and integration to your company’s management software system.
Vendor Compliance is an asset that adds value to any community management organization, and their associations, and consequently needs to be protected from a wide range of threats to minimize litigation impacts and maximize return on investments and business opportunities. Effective vendor compliance program management is not achievable through technology alone. It can only be achieved when a professional compliance outsource approach is adopted. This methodology requires the integration of a team of people who understand association business, the proper process, and technology dimensions of vendor compliance while adopting a risk-balanced, community association business-based approach. Contact ASN today for an in-depth review on how ASN can help your company with a vendor compliance program that works, at no cost to your company.
Association Services Network is a best-of-class, easy-to-use, Asset Protection Vendor Compliance Program solution for apartments, condos, and associations. ASN provides the easiest Vendor Directory and integration capability to management software available to property managers, leasing agents, boards of directors, and back-office personnel. Quickly and easily access to whatever you need, whenever you need it. Act on the documents and vendor information at your fingertips.AT ABSOLUTELY NO COST TO YOU! Contact us today! Asn4hoa.com/cacm or 949-300-3702