Resource Management Inc (RMI), a human resources outsourcing provider, obtained certification in Worker’s Compensation Risk Management from the Certification Institute (CI). This certification places RMI in an elite group of PEO providers who have met rigorous requirements for best business practices. In an environment of nearly 800 PEO’s, fewer than 40 are certified as being “best-practices” PEOs. With their certification, RMI ranks within this top 5% of providers.
In 2002, the Certification Institute was founded to create the PEO Worker’s Compensation Risk Management Certification and establish industry best practices. The goal was to create a level of confidence among PEO-friendly carriers that certified PEOs represent a better risk, and improve carrier perception of the PEO industry.
Today, there are even fewer PEO-friendly carriers in today’s market then when the CI was established. This has produced an environment where the selection and acceptance of PEO risk has gone through a winnowing process. PEOs that are identified as employing risk management practices that are certified by an independent third party are viewed more favorably by carriers.
The CI certification adds value to a PEO by designating it as a desirable partner to potential carrier partners. PEO carriers understand the effort involved in achieving and maintain certification, and by taking this step, RMI has indicated that the currently have the business process and risk management practices in place that make them desirable to do business with.
“When we went through this process, it showed us that we were doing a lot of things right,” said Alex Lopez, Vice President, “Our clients and the carriers we are working with can rest easy knowing that when they come and work with us, they are going to get the best quality service. We are showing that we are able to be in compliance with the regulations that the carriers require of us.”
Well executed risk-management programs have not only resulted in cost savings, but in the case of PEOs it can generate a profit. CI’s best practices assist PROs in implementing risk management processes that lead to sustainable profitable outcomes.
In addition to getting the certification, there are periodic evaluations required in order to maintain the designation. RMI has successfully completed their first evaluation post-certification, and will be undergoing additional evaluations as CI deems necessary.
By completing the comprehensive CI certification process, RMI has indicated to the industry at large that they have met standards and practices that minimize risk and provide better and more profitable experiences for their clients, employees and carriers.