Avetta helps companies uncover and mitigate hidden financial and business risks in their global supply chains.
The new Avetta business risk in the Avetta One platform goes beyond checking a credit score or financial report; it closely monitors vendor creditworthiness, financial health, lawsuits, adverse media, political sanctions, and more, all in real time.
Nearly 48% of all risk events originate from supplier financial risk, making it the highest risk factor for the fourth consecutive year.
Avetta Business Risk is more than a credit score or a simple financial measure in a country. It extracts financial information from 200 data and 30,000 media sources worldwide, providing information on financial health, payment history, liens, bankruptcies, legal proceedings, business media reports/ criminal investigation and punishment data. Data is monitored and updated in real time.
The system alerts businesses when a risk factor changes with a current supplier and provides the means to assess a potential supplier’s business and financial risks during the procurement process.
The Avetta platform also enables organizations to source new, lower-risk suppliers to ensure business continuity and supply chain resilience.
The Avetta One platform is a single-source solution for managing operational, reputational, and regulatory compliance risk.
The platform reduces risk in the areas of safety, liability, sustainability, labour, cybersecurity and finance for companies, suppliers, contractors and their employees .
“Supply chain risk is at an all-time high while risk tolerance is at an all-time low, especially as many anticipate an economic downturn,” said Taylor Allis, chief product officer at Avetta.
“The addition of Business Risk, along with other recent updates to ESG, construction site safety and contractor management, make Avetta One the only complete supply chain management solution. business risk supply sector,” Allis continued.
Avetta One provides a view of risk through multi-risk analysis, supplier risk trends and supplier performance benchmarking.
The platform uses nearly two decades of data from millions of collected data points to provide real-time views of risk and provides alerts on deviations from baseline measurements.
Analytics software includes customizable and interactive dashboards for insights that help build trust in the supply chain.
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 risk profiling system.
It provides both a company-specific risk score and an overall company risk score. Customers can explore any specific risk factor to receive more information when making sourcing and supplier decisions.
Avetta Business Risk provides key credit and financial insights from nearly 400 million businesses in 165 countries with real-time global data monitoring and alerts to make informed sourcing decisions for different contractors or suppliers.
Dealing with other hidden risks
As part of the Avetta One platform, Avetta has also enhanced companies’ ability to visualize and manage hidden safety, liability, sustainability, labor and cybersecurity risks over the months thanks to major improvements to its platform.
These improvements ensure businesses have a resilient and secure supply chain across the board.
Recent additions include:
- Environmental, Social and Governance (ESG) risk mitigation solution that enables companies to achieve 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 supply chain company that provides an ESG rating system that considers individual company goals and global standards across 20 industry occupations.
- Workforce Management, the solution to onboard, profile, verify, train and manage site access for supply chain workers.
- Achievement of four major ISO standards and SOC 2 Type II certifications
- Integration with Coupa’s trade spend management system. With Coupa integration, customers can view Avetta’s compliance status alongside other supplier information in the Coupa Risk Aware module, allowing companies to create custom workflows, such as denial purchase orders from non-compliant suppliers.
- Contractor management, giving customers visibility into their connected vendors’ contractors – both high-spend and low-spend contractors – who may pose additional costly risks when they arrive on site a customer.