Hidden global supply chain risks are easier to find with Avetta One

The innovative Avetta One platform goes beyond verifying financial reports and credit score to assess financial and business risk across any global supply chain.

The main supplier of Supply Chain Risk Management (SCRM) SoftwareAvetta gives its customers the ability to closely monitor supplier creditworthiness, financial health, legal proceedings, adverse media, political sanctions and more, all in real time, through Avetta One software.

Nearly 48% of all risk events started from supplier financial riskmaking it the highest risk factor for the fourth consecutive year in 2022.

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 globally, 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.

Providing use to the mining and processing industry, Avetta One enables companies to engage with companies that will deliver services safely and reliably.

The system alerts businesses when a risk factor changes with a current supplier and provides the most comprehensive way 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.

TheAvetta One The platform is a one-stop solution for operational and regulatory compliance risk management.

The platform reduces risks in the areas of safety, liability, sustainability, labour, cybersecurity and finance for companies, suppliers, contractors and their employees , as explained by Avetta Chief Product Officer Taylor Allis.

“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,” Allis said.

“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. ‘supply sector enterprise risk.’

Avetta One provides an unprecedented view of risk through multi-risk analysis, vendor risk trends, and vendor 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 metrics.

Analytics software includes customizable interactive dashboards for insights that help build trust in the supply chain.

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 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 immediately make informed purchasing decisions for different contractors or suppliers.

To learn more about Avetta Business Risk and Supply Chain Management Multi-Risk Platform, visit the Avetta website to view the Supply Chain Survival Toolkit.

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:

  • A powerful 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 only supply chain company to provide an innovative ESG rating system that takes into account individual company goals and global standards across 20 industry occupations.
  • Workforce Management, the most comprehensive 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 – whether high-spend or low-spend contractors – who may pose additional costly risks when visiting at a customer’s site.

About Avetta

Avetta also performs contractor prequalification and worker skills management in major industries, worldwide, including construction, energy, facilities, high tech, manufacturing, mining and telecommunications.

For Avetta network vendors, auditing and verification services reduce enterprise security incident rates by 29%.

Avetta serves more than 500 companies and more than 125,000 suppliers in more than 120 countries.

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