Managing vendor risk while hindered by a difficult-to-use solution

Ensuring safety and complying with protocols can be complex and time-intensive, especially for companies like Anschutz Exploration Corporation (AEC) that are reliant on scores of third-party vendors.

The company’s vendor risk management partner offered little help. They provided insufficient customer support and often failed to respond to AEC’s emails inquiring about vendor compliance, necessitating numerous follow-up phone calls. The resulting gap in risk management took a toll on AEC’s projects, as vendors could not go on-site without having their insurance coverage verified.

Additionally, the contractor management solution was cumbersome to use, requiring movement in and out of the platform to cross-check data with spreadsheets. The labor- intensive, administrative work prevented AEC from focusing on more important tasks, like the health and safety training of its workforce.

AEC’s vendor management challenges intensified when the company was forced to downsize in response to pressures brought on by COVID-19. It needed a partner with a more robust solution and greater level of service to help better manage vendor risk.

“We needed a reliable partner that could help us with contractor management, because contractors going on-site without us knowing their compliance status is a big problem that no company can afford”

-Karen Martin, Operations Technical Assistant

In 2020, AEC chose Veriforce for its intuitive platform, deep industry knowledge, and dedicated customer support.


A single platform to ensure operational efficiency, safety, and compliance

AEC partnered with Veriforce and quickly and seamlessly transitioned its 180 contractors to Veriforce’s contractor management platform. During the onboarding process, the Veriforce team met weekly with AEC teams to properly configure the solution to meet their current operational needs and provide training to streamline the onboarding process.

With Veriforce, AEC has total visibility into its contractors’ safety data and compliance requirements. The solution’s vendor dashboard gives AEC’s team real-time insight into vendors’ Certificates of Insurance and other compliance documentation and statuses.

“I could not be more impressed with Veriforce’s risk management solution. It’s very helpful to find all the information I need on our vendors in one, easy to access location,” says Martin.

AEC can quickly and easily confirm the qualifications and compliance of vendors, including those they deem to be high-risk. The visibility helps protect other workers on job sites and keeps drilling projects on track and free from delays.

“One of the advantages of partnering with Veriforce is the world-class communication they provide,” says Martin. “Our team at Veriforce typically responds to our emails within 24 hours and provides timely verification of the documents our contractors submit.”

To date, Veriforce has made more than 1,600 compliance calls on behalf of AEC.

Now, when vendors enter job sites, AEC’s teams have peace of mind knowing that each company has met the necessary requirements.


Time savings & increased ROI

Since implementing Veriforce, AEC spends 50% less time managing contractors thanks to Veriforce’s user-friendly, intuitive platform, configured dashboards, and responsive support team. AEC teams are reinvesting the time saved in safety best practice training for contractors.

Transitioning to Veriforce has also saved AEC an estimated $10,000 per year, which was especially helpful during cost-cutting throughout the pandemic.

“Veriforce rocks. I recommend them to any company that works with an extensive network of vendors in a highly-regulated industry like ours,” says Martin. “They have made vendor risk management so much easier and more effective, helping us improve safety while saving time and money. Switching to Veriforce is the best thing we have ever done.”

Veriforce helps hundreds of companies like Anschutz overcome risk and compliance challenges every day.

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