Vendor Details-Compliance

Vendor Compliance

The second tab on the Vendor Details is Compliance, see figure 5.3. 

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Figure 5.3 Compliance Results

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Compliance will show the user a view of the details of each compliance verification performed by VIVE. The first column is the specific items that was reviewed such as General Liability Policy Amount Aggregate. The second column, titled Finding, lists the information listed on the vendors Certificate of insurance.  For example, the Finding for Policy per Occurrence Limit is $500,000. The third column, titled “Requirement” lists the minimum requirement to be in compliance. The requirement amount is set by the management company. In this example, the requirement for Policy per Occurrence Limit is $1,000,000. The forth column lists the compliance result. In this example the result is Fail. The possible results are:

• Pass: The information entered by the vendor meets all requirements outlined by the management company.
• Missing: The vendor has not yet submitted the necessary information in order to evaluate the result for the compliance area. If a vendor is missing information in any area, the vendor is automatically informed through weekly automated emails from VIVE as to what information is missing.
• Fail: The information entered by the vendor does not meet the minimum requirement outlined by the management company. If a vendor fails in any area, the vendor is automatically informed through weekly automated email from VIVE as to the fail point.
• Expired: The insurance policy has expired and an updated certificate of insurance has not been received.

 Compliance results are available to the vendor and management company.