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increase in acknowledgement of responsible contractor code of conduct & ethics
increase in vendors with current certificates of insurance
QuadReal partnered with Avetta to improve contractor compliance and visibility, boosting code-of-conduct acknowledgement by 52% and ensuring that 26% more vendors had current insurance coverage.
QuadReal faced a fair amount of inconsistency in their contractor compliance processes and their approach to approvals in the Canadian regions. Relying on a combination of stretched internal resources and a custom-developed web application, compliance reviews often did not benefit from sufficient attention, knowledge or experience to perform the reviews adequately. This led to a lack of consistency across compliance reports.
Additionally, QuadReal suffered from limited compliance reporting capability due to the basic nature of their pre-existing vendor management platform. The platform could identify whether vendors were compliant or not – with average non-compliance levels standing at about 75% to 80%.
There was also a significant lack of insight into why such a large percentage of non-compliant vendors was the case. Without further investment in development, the platform was unable to provide greater details on contractors, such as output quality or even insurance certification. This lack of visibility hampered the clients’ operational efficiency, given the resulting data gaps, as administrative staff could not be diverted to address the reporting and data limitations.
After partnering with QuadReal in early 2021, Avetta sought to address the key concerns that were listed. First and foremost, Avetta deployed a standard build for its Avetta Connect application to help the client gain a better understanding of their contractors. This would replace the pre-existing platform entirely, providing a wide array of marked improvements that would help the client manage its network of contractors effectively.
Additionally, Avetta leveraged its new Supplier Classification Process to further help the client identify key insights for their suppliers. The client was the first company to implement this new process on a trial basis, which would prove to be a beneficial experience for both parties.
To summarise, some of the solutions that Avetta provided included: Contractor pre-qualification, which ensured that all compliance and regulatory requirements were being met. Comprehensive documentation of contractors’ skills and credentials.
Thorough insight generation and visibility about key contractor statistics, including safety data, insurance status and service offerings via high-quality reporting. A single-source insurance monitoring system that provided a full-scale view of the various insurance types that suppliers were using, as well as the levels of coverage they had. This insurance coverage was also to be verified automatically every year.
By partnering with Avetta, the client was able to achieve a simple yet incredibly effective supplier management system that helped support their business processes. This would ensure that the business was future-proofed and that the supplier data could be carried over to any further business dealings in the event of an acquisition.
Some of the marked benefits that the client experienced from this partnership included:
“Avetta has been a very solid and attentive partner to us and with us. While working through our implementation process, we worked very closely to configure it in a way that would make sense. When we had situations where things turned out differently than expected, the Avetta team was quick to address the situation. They were always ready to collaborate and find the best solution to move forward – for us and for our suppliers.”
– Nada Sutic, Vice President, Programs & Policy, QuadReal Property Group
QuadReal Property Group is a global real estate investment, operating and development company with $61.2 billion worth of assets under management. Since being founded in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities to invest in equity and debt in both the public and private markets. Its debt investment portfolio is focused on fixed-term, construction or mezzanine borrowers with assets or developments in Canada and the United States. Additionally, the company has in-house mortgage servicing experience and capabilities.
Confident contractor pre-qualification starts with Avetta.
Avetta centralises supplier data, automates compliance workflows, and delivers real-time insights, so you can mitigate risk and drive governance with confidence.
