Utah’s Avetta launches tool to help companies determine financial risks with suppliers
Orem— Avetta®, the leading provider of supply chain risk management, launched Avetta Financial Risk™, a tool for evaluating and monitoring the financial health of your supply chain, providing detailed financial metrics and ratings for accurate supplier evaluation. Using these scores, organizations can build compliance standards to manage potential risks better.
Integrated with the global information services company Experian®, Avetta Financial Risk™ provides a supplier risk rating using these Experian-generated metrics: Intelliscore PlusSM and Financial Stability Risk ScoreSM. These tools can provide insight into a company’s overall financial health so businesses can effectively evaluate business risk for using specific suppliers on projects. Financial insights can be displayed in the customized Avetta dashboard so customers can view their supply chain’s financial stability at a glance.
“In order to build a more resilient supply chain, our customers can now determine contractor and supplier reliability,” said Taylor Allis, chief product officer of Avetta. “Assessing financial stability — locally or globally — is critical in evaluating project risk. With Avetta Financial Risk™, companies can better ensure continual operations by intelligently managing the safety, sustainability, and financial health of their supply chain network.”
Intelliscore Plus is Experian’s premier business credit score model, providing an easy-to-use 1 to 100 risk score. The score considers more than 800 variables, resulting in an unparalleled view of a supplier’s financial status. Using the score, companies can assess risk quickly and reduce slow-pay and write-offs. The Financial Stability Risk Score also uses a risk rating of 1–100 to indicate a supplier’s potential likelihood of going bankrupt or defaulting on its financial obligations.
“Experian is committed to continuing to help businesses manage risk and navigate their financial health amid the impact of the COVID-19 pandemic,” said Hiq Lee, President of Experian’s Business Information Services. “Through our innovative tools and advanced analytics delivered through the Avetta Connect™ Platform, businesses can better evaluate risk and make better decisions for their supply chains in real time.”
When there are questions about supplier stability, the Avetta Platform offers more detailed credit reports through Experian’s Business IQ portal. Companies can place certain suppliers on watchlists to monitor financial activities more closely. Financial numbers can also be compared to industry standards.
To learn more about Avetta Financial Risk™, visit https://www.avetta.com/solutions/financial-risk. Client companies can add the tool to their client account by contacting their Avetta representative.
Avetta Connect™ helps companies build resilience and continuity in their supply chains — from increasing visibility within the network and ensuring safety to managing risk and improving sustainability. Companies can easily customize the platform to track specific compliance requirements, financial stability, safety ratings and records.
Avetta leads the world in connecting leading global organizations across several industries including oil/gas, telecom, construction materials, facilities management and many others, with qualified and vetted suppliers, contractors and vendors. The company brings unmatched access and visibility to its clients’ supply chain risk management process through its innovative and configurable technology, coupled with highly experienced human knowledge and insight. We contribute to the advancement of our clients’ sustainable growth by protecting supply chains from a wide range of potential risks through trusted contractor prequalification, safety training and monitoring, regulatory compliance, insurance/financial stability and other areas of risk. Avetta currently serves more than 450 enterprise companies and 95K suppliers across 100+ countries. Visit www.avetta.com for more information.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,800 people operating across 45 countries and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.