Vendor Screening Program
CRS provides companies and organizations with an innovative approach for the screening and compliance management of new and existing vendors, suppliers and independent contractors. The CRS Vendor Screening Program
includes domestic and international due diligence and risk mitigation services to ensure that your company has the knowledge you need to make informed business decisions and substantially reduce risk.
In today's high risk business environment and turbulent economy, it is more important than ever for companies to know the background and financial stability of the vendors with whom they conduct business. Establishing a contract with a vendor without verifying credentials and licensing or uncovering any unfavorable financial or criminal background can have significant legal and financial ramifications. Even existing vendors may have changes in the stability of their company or may allow licensing and certifications to lapse.
In addition, companies are exposed to the risk of substantial fines and loss of reputation anytime they conduct business with vendors that may be listed on any one of the international government watch lists including the U.S. federal government watch lists such as OFAC, Patriot Act or Executive Order 13224.
Risk management in today's global business environment is increasingly complex and costly. The management of the licensing, credentials and stability of vendors as well as staying current with the myriad of ever-changing federal compliance regulations internally requires resources that can be allocated more efficiently to increase profitability. CRS' Vendor Screening program provides companies with the most comprehensive screening resource to effectively manage and reduce risk while conducting business with vendors.
Benefits of the CRS Vendor Screening Program include:
- No cost to your company
Your external vendors pay the cost of screening services.
- Domestic screening services within 1 to 3 business days on average
Screening services can be performed quickly and efficiently so you can continue to conduct your business.
- Comprehensive program with customizable screening criteria
CRS provides your company with a customizable Vendor Compliance Management Program that is based upon your company's specific risk management criteria and guidelines which are applied consistently across your entire vendor base.
- State of the art web-based program with remote access 24/7
CRS’ proprietary web-based software and secure servers provide remote online access to monitor, manage and track all documents and view recommendations of Pass, Fail or Incomplete. The software program incorporates insurance certificate management technology, Optical Character Recognition technology and automated electronic real time status updates.
- On-going Insurance Certificate Management
CRS tracks the anniversary dates of vendor's enrollment and expiration dates of insurance certificates. Your company is automatically notified of potentially fraudulent documents, changes in coverage amounts, expirations or cancellations.
- W-9 Tax Form Verification and Management
Collection and verification that the number on W-9 tax forms matches the name of the company. Image of the tax form is securely stored online and is accessible 24/7.
- Cost Savings
CRS assumes the responsibility of your ongoing vendor compliance management which will allow the reallocation or reduction of man hours saving your company time and money.
- Global compliance with government watch lists including the U.S. Government's federally mandated Anti-Terrorism, Executive Order 13224 and Patriot Act regulations
CRS screens your vendors against any of the international government watch lists including the U.S. Office of Foreign Assets Control databases, FBI Most Wanted lists and fugitive databases.
- Protection from the risk of doing business with convicted felons
CRS performs a nationwide criminal and registered sex offender background checks for your organization.
- No software to be purchased
CRS’ web-based services require no software to be purchased or installed by your company or vendors.
- Custom international screening
Screening services can be performed for international vendors and can be customized for your company’s needs.
- Business entity and owner screening
Services include screenings of both the business entity and the owner of domestic and international vendors.
- Green technology utilization
CRS' web-based services minimize the amount of paper and printing waste used in your business operations allowing your company operations to be more cost effective and environmentally responsible.
Discover CRS’ profit improvement and risk management solutions for your company.
Contact Us for a complimentary consultation.