Like finding a needle in haystacks all over the world, Avetta®, the leading provider of supply chain risk management (SCRM) software, is helping companies uncover and mitigate hidden financial and business risks in their global supply chains. New Avetta Business Risk in the Avetta One platform goes beyond checking a credit score or financial report; it closely monitors suppliers’ credit strength, financial health, legal proceedings, adverse media, political sanctions and more—all in real-time.
Nearly 48% of all risk events started from supplier financial risk, making it the highest risk factor for the fourth year in a row.
Avetta Business Risk is more than a credit score or a single financial measure in one country. It pulls financial information from 200 data and 30,000 media sources globally, providing information on financial health, payment history, liens, bankruptcies, legal proceedings, media reports of criminal activity/investigations and sanctions data. The data is monitored and updated in real-time.
The system alerts companies when a risk factor changes with a current supplier and provides the most comprehensive way to evaluate a potential supplier’s business and financial risks during the procurement process. The Avetta platform also enables organizations to source new suppliers with lower risks to ensure business continuity and supply chain resilience.
The Avetta One™ Platform is a single-source solution for managing operational, reputational and regulatory compliance risks. The platform reduces risks in safety, liability, sustainability, workforce, cybersecurity and financial areas for corporations, suppliers, contractors and their workers.
“Supply chain risk is at an all-time high while risk tolerance is at an all-time low, particularly as many anticipate an economic downturn,” said Taylor Allis, chief product officer at Avetta. “The addition of Business Risk, along with other recent updates around ESG, worksite safety and subcontractor management, makes Avetta One the industry’s only comprehensive, enterprise risk supply chain management solution.”
Avetta One delivers an unprecedented view of risks through multi-risk analytics, supplier risk trends and supplier performance benchmarking. The platform uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures. The analytics software includes customizable, interactive dashboards to gain insights that help build supply chain confidence.
Global approach to financial risk
Avetta Business Risk is powered by Creditsafe, combining global financial data from thousands of resources around 46 risk factors with Avetta’s comprehensive risk profiling system. It provides both a business specific risk score and a global business risk grade. Clients can drill down on any specific risk factor to receive more information when making procurement and supplier decisions.
Avetta Business Risk provides key credit and financial information on nearly 400 million companies in 165 countries with global, real-time data monitoring and alerts to immediately make educated procurement decisions for different contractors or vendors.
To learn more about the Avetta Business Risk and Supply Chain Management Multi-Risk Platform, visit Avetta’s website to view the Supply Chain Survival Toolkit.
Addressing other hidden risks
As part of the Avetta One Platform, Avetta has also bolstered companies’ abilities to view and manage hidden risks in safety, liability, sustainability, workforce and cybersecurity over recent months with major enhancements to its platform. These improvements ensure companies have a resilient and safe supply chain in all areas.
The recent additions include:
- A powerful Environmental, Social and Governance (ESG) risk mitigation solution that allows companies to reach their sustainability goals faster and with more confidence. The new solution provides a holistic view of ESG status across the entire supply chain. Avetta is the only supply chain company to provide an innovative ESG scoring system that considers individual company goals and global standards in 20 industry trades.
- Workforce Management, the most comprehensive solution to onboard, profile, verify, train and manage site access for supply chain workers.
- Achieving four major ISO standards and the SOC 2 Type II certifications
- Integration with Coupa’s Business Spend Management System. With the Coupa integration, clients can see Avetta compliance status alongside other supplier information within the Coupa Risk Aware module, allowing companies to create custom workflows, such as declining purchase orders from non-compliant suppliers.
- Subcontractor Management, giving clients visibility into their connected suppliers’ subcontractors – both high-spend and low-spend contractors – that may pose additional costly risks when coming onto a client’s site.