Avetta 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.