Assurance Screening Introduction
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Assurance Screening provides subcontractor screening and risk management services to identify compliance issues and fraud risks. They conduct due diligence screening based on customized criteria to flag any subcontractors that do not meet requirements. The process involves Assurance working with clients to set criteria, subcontractors submitting documentation online, and Assurance screening and notifying clients of any issues. The service is meant to help clients avoid issues like subcontractor defaults, insurance fraud, and noncompliance with programs.
Assurance Screening Introduction
- 1. Assurance Screening, LLC 15400 Knoll Trail Drive Suite 220 Dallas, TX 75248 www.assurancescreening.com SUBCONTRACTOR/VENDOR SCREENING AND RISK MANAGEMENT Program Introduction and Demonstration Assurance Screening is HUB certified with the State of Texas ©2012 Assurance Screening, LLC
- 2. Why Due Diligence is a MUST • Subcontractor Default - March 2012, “The default and temporary shutdown just before New Year’s Day of ASI Ltd., a principal subcontractor on the $825-million Barclays Center in Brooklyn, N.Y., has delayed completion of the arena’s enclosure and forced extra effort by the project’s prime contractor, Hunt Construction Group, to keep on track for scheduled completion later this year.” • Federal Investigation Targets Chicago M/WBE Program – March 2012, “Attempting to crack down on a decades-old scam in which front companies perform subcontracts under minority/women-owned business enterprise, or M/WBE, contracting programs, the city of Chicago says it will spend $11 million for improved programs with better oversight. The push follows a federal probe into a company accused by prosecutors of operating as a “sham pass-through” subcontractor on some of the city’s biggest public works.” • Subcontractor fired for lacking workers’ comp insurance – October 2011, “Everything gets run through the general contractor, and from what we understand is that Brait Builders was never informed from their insurance carrier that Atlantic no longer had their insurance,” Billings said. • Subcontractor Accused of Insurance Fraud - September 2011, “Department of Insurance criminal investigators accuse Stone of submitting a fraudulent Certificate of Insurance to O.L. Thompson Construction Company in order to obtain employment as a subcontractor.” ©2012 Assurance Screening, LLC
- 3. Subcontractor Screening & Continued Evaluations Assurance Screening specialize in due diligence screening, credentialing and the collection and verification of required or requested documents of the subcontractors and trade partners of our clients. • All screenings based on client’s Unique Screening Criteria (USC) - tailored to follow client risk management guidelines and parameters. USC’s are based on client subcontractor qualification parameters and document submission criteria. • Upon screening and verification of the subcontractor or vendor, any information that creates a positive hit, or does not meet the requirements of client USC receives a flag on the system, and if necessary, additional communication to the client.* • All aspects of the process handled by the Assurance Screening notification and collection system. • The process is web-based = No software installation required by client or subcontractor. Findings and documentation delivered via secure website and through weekly and monthly email reports. *This is pre-determined when final screening criteria are implemented. ©2012 Assurance Screening, LLC
- 4. Implementation Process Client Process • Client & Assurance work together to establish required USC, or Unique Screening Criteria • Client distributes program introduction letter to subcontractors - template provided by Assurance • Client approves initial enrollment email Assurance sends to subcontractors provided from template • Client reviews and distributes internal memo to client staff, announcing program commencement • Enforce program with subcontractors. Subcontractor Process • Click the enrollment link in notification email • Verify information on the Assurance Screening website and pay fee (if applicable) • Provide required documentation via secured link, email or fax. Assurance Screening Process • Assurance contacts and screen the subcontractors based on client USC • Assurance provides client training on navigation of Assurance Screening website • If applicable – contact subcontractors and vendors to assist in becoming compliant with required client guidelines. ©2012 Assurance Screening, LLC