Automation for Smarter Risk Management

Certificates of Insurance (COIs) are an essential tool for Public Entities when determining a third-party partner’s viability, but relying solely on COIs as your only form of risk mitigation can expose your organization to hidden risks. Businesses often fall into the trap of using generic, templated contracts that fail to account for the specific risks of a project, leading to unforeseen liabilities.

This session will guide you through the complexities of creating contracts that accurately transfer risk and highlight additional TPRM tactics.

In particular, we will dig into:

• Contractual Risk Transfer: The importance of crafting contracts that accurately capture and allocate risks to the right parties.
• Due Diligence Best Practices: Conducting comprehensive due diligence before and after contract creation, ensuring a continuous assessment of third-party risk throughout the business relationship.
• Strategic Budget Management: How best to optimize your budget for risk management to safeguard your agency’s financial health and operational success.