Vendor Compliance
The Compliance section in a vendor's profile, provides users with a detailed view of each compliance verification performed by VIVE. The columns in this section are organized as follows:
Column 1 - Item: The specific item under review, such as "General Liability - Policy Per Occurrence Limit."
Column 2 - Finding: Displays the information listed on the vendor’s certificate of insurance. For example, the finding for "Policy Per Occurrence Limit" is $500,000 in figure 5.3 below.
Column 3 - Requirement: Shows the minimum requirement needed to meet compliance, as set by the management company. In the case of figure 5.3 the "Policy Per Occurrence Limit," requirement is set to $1,000,000.
Column 4 - Result: Indicates the compliance outcome. For example, the result for the above scenario would return a "Fail."
The possible compliance results are:
- Pass: The information provided by the vendor meets all requirements set by the management company.
- Missing: The vendor has not yet submitted the necessary information for evaluation. Vendors receive weekly emails from VIVE detailing any missing information.
- Fail: The information provided by the vendor does not meet the minimum requirements set by the management company. Vendors who fail any compliance area are automatically notified of the issue through weekly emails from VIVE.
- Expired: The insurance policy has expired, and an updated certificate of insurance has not been received. Vendors and their insurance agents receive weekly notices of policy expirations from VIVE.
Compliance results are accessible to both the vendor and the management company.
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Figure 5.3 Compliance Results
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