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Avetta has launched Business Risk! Click here



New!

Avetta has launched Business Risk! Click here

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BREADCRUMB

 1. Home
 2. Financial Viability, Liability and Cybersecurity


MITIGATING FINANCIAL, LIABILITY AND CYBERSECURITY RISKS WITH AVETTA ONE

Track and manage the Financial and Cyber health of your Suppliers while
monitoring Liability Risks in your supply chain

DOWNLOAD FINANCIAL VIABILITY DATA SHEET
Wistia Video


Extended supplier networks can be susceptible to several types of risks in the
form of financial viability, liability and cybersecurity. Managing and tracking
the hidden liability risks and financial health of every supplier
in complex supply chains that extend across borders can be a difficult target to
achieve. And, when it comes to suppliers’ financial failure, a single
instance is one too many. This makes tracking and managing liability risks and
supplier financial health a priority for modern enterprises today.

  Similarly, the indispensability of cyber resilience in modern, complex supply
chains also cannot be overstated. Without proper cybersecurity measures and
information protection controls in place, companies risk millions of dollars’
worth of intellectual data and confidential company information.

THE IMPORTANCE OF CONSTANTLY MONITORING LIABILITY RISKS, SUPPLIER FINANCIAL
VIABILITY AND CYBER RESILIENCE

Slider with Content

55% of organizations feel that supplier insolvency is one of the leading
financial risk originating from the supply chain.

Supplier financial risk represents nearly 48% of all the risk events recorded in
2020.

In 2020, supplier financial risk caused product release delays to increase by a
whopping 302%.

The global average cost of a data breach by country or region is a staggering
$3.86 million.

Data breaches now cost companies $4.24 million per incident on an average.

An estimated two-thirds of supply chain data breaches are a result of supplier
or third-party vulnerabilities.

With 40% companies lacking complete visibility of their extended supply chain,
the risks associated with insurance liability gaps in the supplier network can
be a major disruptive factor.

Disruptions within supply chain can lead to a 3% or more drop in your financial
performance.

‹›



AVETTA ONE


AN END-TO-END SOLUTION FOR MITIGATING FINANCIAL VIABILITY, VIABILITY AND
CYBERSECURITY RISKS


At Avetta, we understand that every supply chain is unique and comes with a
diverse range of risk factors. This makes creating a holistic compliance
framework a necessity for businesses. This is where Avetta One provides answers.
Avetta One is the industry’s largest Supply Chain Risk Management (SCRM)
platform which comes embedded with industry-leading capabilities to help
companies track suppliers’ insurance in real-time through automated alerts. This
ensures that you are always covered from all liability risks involved. The
platform also allows companies to conduct financial health checks for each
supplier in real time. In addition, the platform comes with distinct features
that can help companies bolster their supply chain cyber resilience.

 * FINANCIAL RISK MITIGATION

 * LIABILITY RISK MITIGATION

 * CYBERSECURITY RISK MITIGATION


Financial Risk Mitigation


MULTI-RISK MONITORING

Avetta helps you monitor critical risks including financial health, sanctions
violations, legal proceedings, negative media reports, and more. Evaluate your
suppliers based on more than 45 financial metrics from over 200 global data
sources. 


CONFIGURABLE COMPLIANCE

With the data at your fingers, it’s easy to include supplier financial health
into the qualification process. Keep your standards high and your risks low by
building appropriate compliance rules based on your specific financial
concerns. 


GLOBAL AND LOCAL RISK MANAGEMENT

With a 94% match rate, clients can see financial and business risk factors for
their entire supply chain worldwide. As part of Avetta One, organizations can
manage all of the risks of their extended network in one location.


REAL-TIME INSIGHTS

While a quick snapshot is nice, we understand the need-to-know critical risk
factors in real-time. Avetta’s business risk solution, powered by CreditSafe,
actively monitors these risks and flags non-compliance as they occur.

Request Demo



Liability Risk Mitigation


END-TO-END COVERAGE

Proactively manage risk by ensuring your company is covered and suppliers have
sufficient insurance coverage.


COMPLETE SUPPORT

Avetta does the heavy lifting of collecting, verifying, and monitoring supplier
insurance for an efficient risk management process.  


GRANULAR VISIBILITY

Expose the insurance gaps that exist within your supply chain and take the
necessary actions to protect your company from unnecessary liability risks.

Request Demo



Cybersecurity Risk Mitigation


STRINGENT SECURITY CONTROLS

Leverage our supplier risk assessment off¬ering that evaluates vendor adherence
to critical security controls like the use of communications protocols (email,
FTP), data management, and IT system management.


CYBERSECURITY RISK ASSESSMENT

Schedule cyber assessments at customized intervals and flag any cyber risks to
trigger notifications and risk workflows. Take a proactive approach towards
cybersecurity, by provisioning for cybersecurity audits through trusted partners
to create a safe and secure environment for the growth of your business.

 


IDENTIFY THREAT VECTORS

Assess your suppliers’ digital security and risk management practices to
identify vendors that do not have adequate security measures.


TRAINING

Ensure that your suppliers have been trained to use sensitive information and
protect it with appropriate tools.

Request Demo


On



OUR APPROACH




 * FINANCIAL VIABILITY RISK MITIGATION

 * LIABILITY RISK MITIGATION

Financial Viability Risk Mitigation

The Avetta One solution pulls from 200+ worldwide data sources to provide a
complete picture of supplier financial and business risks. The results are
loaded onto the client dashboard for easy viewing.

Suppliers are given a business risk score based on country-specific factors and
regional concerns. Suppliers are also given a letter grade that represents a
standardized score regardless of country or region.

Set your own unique compliance standards and metrics so you can flag, in real
time, suppliers that might be adding unnecessary risk to your organization.

Need more in-depth information about a particular supplier’s business risks?
With the business risk solution you can request a full report that goes into
specific details and areas of concern. 

‹›




TESTIMONIAL

The greatest benefit of the Avetta API is simple: Automated Risk Mitigation. We
are able to prevent continued use of suppliers that are non-compliant with our
business rules, based on the daily feeds from the Avetta platform.

-Sean Murphy
Director of Strategic Sourcing, BlueStream

Liability Risk Mitigation

As Certificates of Insurance are uploaded to our online platform, Avetta uses a
blend of technology as well as insurance specialists to validate insurance
types, limits, and any specific verbiage per your request.

Avetta’s Professional Services team can assist clients to benchmark their
requirements against common industry best practices. Avetta’s experts have
knowledge on insurance lines, limits and what is statutory and common globally
and can provide a consultative approach in how the insurance requirements are
set up.

Email alerts are automatically sent to suppliers before and after their
insurance policies expire, giving them the opportunity to make timely updates
and remain compliant.

Any change in supplier coverage is monitored and communicated directly to you.
Cancellations, reductions in coverage, as well as changes to verbiage are
visible to you.

Get a complete picture of your supply chain’s insurance coverage. Quickly
identify gaps and make changes to proactively mitigate risk. Clients can access
this information through Analytics dashboard and reports and can filter and
slice the data in many ways to evaluate and determine where there could be
potential risks as well as areas of non-compliance.

‹›




TESTIMONIAL

Supplier Prequalification is flexible and configurable. We can define our own
compliance criteria and quickly see which contractors are qualified, which are
not, and why.

-Nick Wilkerson
Safety Director, SBA Communications



MANAGE RISK FOR ANY SUPPLIER


Built with complex supply chains in mind, Avetta organizes and keeps all of your
supplier documentation up to date, accurate, and available at any time.




Learn More

Learn More About Avetta Connect
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Manage your supplier relationships, evaluate compliance status and ensure worker
safety, all in one application.


WITH AVETTA ONE, YOU GET THE OPPORTUNITY TO LEVERAGE A SINGLE UNIFIED PLATFORM
FOR ALL SUPPLIER EVALUATIONS SPANNING HEALTH & SAFETY, FINANCIAL VIABILITY,
SUSTAINABILITY & ESG, DIVERSITY & INCLUSION, CYBERSECURITY, WORKFORCE RISK AND
LIABILITY.

Request Demo
Learn More

WHY AVETTA?

THE AVETTA SAAS PLATFORM HELPS CLIENTS MANAGE SUPPLY CHAIN RISK, AND THEIR
SUPPLIERS, TO BECOME MORE QUALIFIED FOR JOBS. FOR THE HIRING CLIENTS IN OUR
NETWORK, WE OFFER THE WORLD’S LARGEST SUPPLY CHAIN RISK MANAGEMENT NETWORK TO
MANAGE SUPPLIER SAFETY, SUSTAINABILITY, WORKER COMPETENCY AND PERFORMANCE. WE
PERFORM CONTRACTOR PREQUALIFICATION AND WORKER COMPETENCY MANAGEMENT ACROSS
MAJOR INDUSTRIES, ALL OVER THE GLOBE, INCLUDING CONSTRUCTION, ENERGY,
FACILITIES, HIGH TECH, MANUFACTURING, MINING AND TELECOM.

FOR SUPPLIERS IN OUR NETWORK, OUR AUDIT AND VERIFICATION SERVICES HELP LOWER
THEIR SAFETY INCIDENTS RATE BY 29%. AS A RESULT, ABOUT 50% OF MEMBERS FIND
ADDITIONAL JOB OPPORTUNITIES WITHIN THE FIRST YEAR OF JOINING. IN ADDITION, OUR
SUPPLIERS RECEIVE PRIVILEGED ACCESS TO THE AVETTA MARKETPLACE, WHERE DOZENS OF
PARTNERS OFFER SPECIAL DISCOUNTS FOR BUSINESS SERVICES LIKE INSURANCE AND WORK
GEAR. AVETTA SERVES MORE THAN 500 ENTERPRISE COMPANIES AND OVER 125,000
SUPPLIERS ACROSS 120+ COUNTRIES.


DISCOVER BEST PRACTICES, SUCCESS STORIES, INDUSTRY TRENDS AND INSIGHTS ON SUPPLY
CHAIN HEALTH AND SAFETY MANAGEMENT.

View More Resources
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