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New Avetta One Platform Provides Unified View of Supply Chain Risk for Companies and their Suppliers

Submitted by l.faulkner on Wed, 01/19/2022 - 08:14
Avetta One offers a single-source solution for managing operational, reputational and regulatory compliance risks; simplifies contractor and supplier management while significantly driving down administrative costs

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avetta one

OREM, Utah— Jan. 19, 2022—Avetta®, the leading provider of supply chain risk management (SCRM) software, today announced the Avetta One™ Platform, a single-source solution for managing operational, reputational and regulatory compliance risks. The platform reduces safety, liability, sustainability, workforce, cybersecurity and financial risks for corporations, suppliers, contractors and their workers.

“Business is shifting from a digital transformation to a societal one, as markets demand corporate accountability regarding safety, security, sustainability & ESG, ethics and social initiatives,” said Arshad Matin, president and CEO of Avetta. “Avetta One provides organizations analytical insights into how they measure up to their risks and goals across the entire supply chain.”

Avetta One delivers a global platform that manages critical risk areas in supply chains, creating the industry’s largest and most comprehensive supply chain risk management platform.

  • For clients, provides a unified platform that manages risk across safety, liability, workforce qualifications, sustainability & ESG, diversity, financial health and cybersecurity programs.
  • For suppliers, reduces time and cost by demonstrating their superior business qualifications across many clients from a single system.
  • For workers, offers a central workforce portal to digitally store their required job roles, trainings, competencies and certifications.
  • For partners, creates an open marketplace and community to provide services on the world’s largest SCRM platform.

 

Avetta One will give Avetta clients an unprecedented view of their supply chain risk programs through multi-risk analytics, supplier risk trends and supplier performance benchmarking. The platform uses almost two decades of data from millions of collected data points to provide real-time views on risks and delivers alerts on deviations from baseline measures. The analytics software includes customizable, interactive dashboards to gain insights that help build supply chain confidence.

Members on the network outperform industry standards and improve 7-8% per year on safety measures after joining, reducing administrative expenses on average by 75%. An international e-commerce company saves $12 million annually in accident avoidance, program management and software development costs. A major food provider reduced its incident rate by 34%; its suppliers outperformed the U.S. health and safety industry rate by 52%.

“Most organizations have the means to focus only on top-spend supplier risks, causing them to miss significant risks in other areas of the supply chain,” said Matin. “Those risks can be costly at $47,000 per accident, $1 million per day/environmental violation and $4.2 million per cyber incident. Avetta One helps companies focus on leading indicators that help companies proactively manage risks through a holistic view of the entire supply chain.”

On top of the Avetta One platform, the company provides trusted expert services to help with verification of insurance, certifications and licensing. Compliance is verified by skilled audit professionals who are full-time staff trained in each regulatory area. Avetta also offers remote/onsite assessments, which uncover hidden risks through both lagging and leading indicators. Advisory services provide insights into risk areas ranging from quick essentials to deep dive quantitative evaluations to reveal current vulnerabilities and actionable insights. Avetta’s training services offer courses, training, certification requirements and compliance tasks for workers.

“Over the course of the pandemic, the definition of what constitutes a business risk has evolved dramatically,” said Nick Heinzmann, analyst team lead at Spend Matters. “Procurement and supply chain groups are increasingly being pushed by their management, investors and end consumers to tackle large-scale, society-level problems, to include carbon emissions reduction, supplier diversity and equity improvement, and the prevention of cybersecurity failures that could lead to the disruption of critical infrastructure. Yet they must also continue to manage and improve upon core supply chain risks such as EHS standards and liability coverage.

“This is what makes the release of Avetta One so timely. Instead of piecing together third-party profile, compliance and sustainability risk data across multiple solutions, organizations can use Avetta to centrally manage their risk management efforts, integrating this essential process into their current third-party management workflows. The result is an offering sorely needed in the world of 2022: a central platform and network in which customers and suppliers can manage the evolving scope of risks affecting their businesses.”

Suppliers save time and costs by using one system to demonstrate compliance across all risks. They can also find new jobs within the Avetta Network and receive workforce training and third-party certification. Experts are available to guide suppliers on reducing business risks and qualifying for client contracts.

Avetta One focuses on seven types of risk:

  • Health & Safety. Supplier pre-qualification ensures safe and compliant suppliers among all industries and geographies.
  • Workforce Management. Determine competencies required for each role and worker delivering services. Verify worker training, certifications and qualifications so only qualified workers are allowed on-site.
  • Sustainability & ESG. Provides sustainability ratings and maturity scores based on the company’s specific ESG standards and goals. A scorecard shows status and progress toward improvement.
  • Diversity & Inclusion. Locate and connect with suppliers committed to diversity and inclusion by applying 25 included diversity filters.
  • Liability. Ensure adequate insurance coverage is achieved for suppliers and contractors.
  • Financial Viability. Supplier financial health is measured through financial filings, business liens, bankruptcy filings and general financial health ratings.
  • Cybersecurity. Evaluate vendor adherence to critical security controls and ensure suppliers have been trained to use sensitive information and protect it with appropriate tools.

 

The Avetta One solution is now generally available. To learn more about Avetta One, visit https://www.avetta.com/avetta-one.

 

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About 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, nearly 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 500+ enterprise companies and 125,000+ suppliers across 120+ countries.

Visit https://www.avetta.com/ for more information.

PR Contact:
SnappConner PR
Mark Fredrickson, +1 801-806-0161

[email protected]

Avetta
Scott Nelson, +1 801-850-3363

[email protected]

7 minutes
Avetta Marketing

Understanding the Contractor Safety Management Procedure

Submitted by c.higgins on Tue, 01/04/2022 - 15:19

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Understanding the Contractor Safety Management Procedure

Supply chains utilize third-party contractors and suppliers across every area of business, so it’s important to ensure their safety—neglecting to do so can lead to damaging repercussions. One way to prioritize your workers’ safety is by developing a contractor safety management procedure.  

Contractor safety management procedures protect the safety and health of your workers, your third-party contractors and suppliers, and your reputation. Due to the unpredictable nature of the global supply chain, assessing contractor safety is of increasing importance to employers

Third-party contractors sometimes face financial pressures and impending deadlines, potentially leading to cut corners or unsafe behaviors. Through third-parties, employers may also be at risk of working with contractors who may be undertrained and underqualified. All of these factors can jeopardize the safety of your workers. 

There are many challenges and approaches to contractor management, but developing a contractor safety management procedure can normally be done in three easy steps: 

  1. Set safety specifications and pre-job qualifications for contractors 

Every employer should establish safety rules and specifications and clearly communicate those expectations to all employees. These rules can be listed out throughout worksites or offices and in employee documents and handbooks. In these documents, it’s also important to clearly define roles and responsibilities between the employer and contractor.  

Once you’ve laid out the rules and specifications for contractors, you’ll need to determine how to properly vet them. Software like Avetta ConnectTM can help guide your pre-job safety qualification process. Confirming contractors’ certification and previous claims or records can help you better prepare in keeping worksites safe. 

  1. Provide consistent trainings for contractors 

Before projects begin, employers should ensure that all contractors and workers receive safety trainings. Trainings should be ongoing throughout a worker’s employment and should outline safety procedures in a way that’s tangible. When creating training schedules, employers should also develop a system where they can track and record safety trainings their contractors attend and when their next session is due.  

Orientation meetings can also be held to introduce third parties to a company’s safety goals and requirements. Giving an introduction can allow new employees a chance to get acquainted with what protective equipment they should use for their tasks, understand how to report hazards and incidents, and see where they fit within the scheme of things. 

Trainings are also a good way to involve third-party contractors in discussions with full-time employees, ask questions for management, and provide their thoughts and feedback on the safety procedures you have in place. Involving them in the process can go a long way towards building a strong safety culture. 

  1. Track and evaluate performance 

Now that you have procedures and trainings in place, you’ll want to conduct periodic safety assessments to ensure the established safety rules are being followed and are working. This can easily be accomplished through routine inspections and worksite walk-throughs. To improve your contractor safety management program, use the feedback and results collected to help you make strategic choices of what to continue doing, what you should start doing, or what you need to stop. 

A program that allows employers to confidentially report any avoidance of safety procedures or near misses can also be implemented. This way, it is not just the duty of management to report hazards and will give employees across all areas a level of accountability.  

To learn more about managing your supply chain visit our website, call 844-633-3801, or email [email protected]

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4 minutes
Avetta Marketing

Pegasus to manage workforce safety compliance at Barangaroo Station

Submitted by c.higgins on Sun, 10/31/2021 - 22:46

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Pegasus to manage workforce safety compliance at Barangaroo Station

Newcastle, NSW — Nov. 2, 2021 —  Pegasus, an Avetta company and leader in worker competency management software and services, has been engaged by multi-disciplinary construction company BESIX Watpac to manage workplace safety standards and workforce compliance on the Sydney Metro Barangaroo Station project.

Barangaroo Station is part of the Sydney Metro City & Southwest project. BESIX Watpac will deliver the underground station platforms and full fit-out, station entrance, a variety of pedestrian and cycling facilities, surrounding roads, and the public domain works, including footpaths, tree planting, lighting and street furniture.

“Safety is always the top priority, and we will ensure BESIX Watpac’s workforce and plant adhere to the highest standards,” said Adam Boyle, SVP Avetta APAC & Managing Director at Pegasus. “Pegasus will use its experience in other rapid transit projects to help manage contractor compliance on the Barangaroo Station.”

Pegasus provides customised and in-depth worker and diversity reporting to meet BESIX Watpac’s reporting obligations. The Pegasus solution manages training and inductions—along with individual worker competency and qualifications—maintains compliance and pre-qualification documentation, provides tools for audit, investigation and inspection of businesses and workers, and tracks performance over the contract term.

In July, regulators approved the acquisition of Pegasus with Avetta®, the leading provider of supply chain risk management software. The combination creates the largest provider of supply chain risk management and compliance solutions with 125,000+ suppliers and more than 1.5 million managed workers.

Avetta’s technology platform, Avetta Connect™, helps companies worldwide manage risk and build resilience in their supply chains—from increasing visibility within the network to ensuring safety and sustainability.

About Pegasus, an Avetta company

Pegasus is a powerful online platform that connects industries, organisations and workforces for safe sites and seamless operations. With origins in the Hunter Valley mining industry in Australia, the team at Pegasus knows safety and how to manage risk. From our beginnings in 1987, we've developed our unique software to answer industry challenges about the skills, competence, training, and safety of their workforce. In 2021, Pegasus was acquired by Avetta, creating the largest global provider of supply chain risk and worker management solutions. We are now a valuable workforce management partner across industries and in workplaces worldwide. We won't stop until every worker, on every worksite, is safe on the job.

Visit pegasus.net.au for more information.

About 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, more than one-third 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 125,000 suppliers across 120+ countries. 

Visit https://www.avetta.com/ for more information.

PR Contact:
SnappConner PR
Mark Fredrickson, +1 801-806-0161
[email protected]

Pegasus/Avetta
Amy Johnson, +61 427 712 617
[email protected]

4 minutes
Avetta Marketing

What are the main risks facing a supply chain?

Submitted by c.higgins on Fri, 10/29/2021 - 13:38

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What are the main risks facing a supply chain?

Today, risk management is becoming a vital component to supply chains worldwide. Risks are defined as a situation involving exposure to danger—in global supply chains, there are many risks that could occur. All risks can have damaging effects to a business, greatly impacting millions, sometimes hundreds of millions, in sales or liabilities.  

Risks can be either internal or external. Internal risks are ones under you can control or influence. Examples include cost estimates, staff assignments, schedule delays, and product design. External risks are ones out of your control. Examples of external risks include governmental or regulatory actions or a change in currency rates that could affect the value of an international trade. 

The main risks facing supply chains normally fall in the following categories: 

Financial  

Financial risks can include several things. External factors like an unfavorable change in exchange rates can have a deep impact on trade and funding across country lines. Another often overlooked financial risk is the cost of supplier instability or contractor bankruptcy. Internal factors such as budget overruns, finding the limitation, constructive changes, and missed milestones requiring additional funding can most times be prevented.  

Scheduling 

There are many risks that threaten a project timeline. Poor project management and poor wording or changes of scope of work are primary risks that threaten the timeline and can also have serious cost implications. Other factors like natural disasters—hurricanes, fires, floods—could greatly impact the project timeline as well. 

Legal 

Legal and contractual risks are often due to disputes or differences in contractual obligations or what is written in the terms and conditions. Other incidents such as use or misuse of intellectual property can also be considered as a legal risk, especially when patent infringement is a possibility. 

Environmental 

Sustainability is a huge priority for businesses. It’s critical to evaluate the risk to the environment created by your business practices or by third-party suppliers. Environmental risks include the organization’s negative impact on water, air, and soil because of improper discharge or release of emissions and other forms of waste. 

Sociopolitical 

The regulatory landscape can change in an instant—most times due to a new government or to increasing awareness of inequitable social conditions. Many companies experience difficulty in adapting to these changes and are forced to reevaluate sourcing efforts. 

Human Behavior 

Employee behavior risks are the most difficult to assess. Risks can occur when you don’t have the right people with the right knowledge to do the job. Sometimes the project or activity may be put in danger due to an illness or injury of key personnel.  

Risks can differ from industry to industry, but here are our top risks to look out for in 2022: 

  • COVID-19—the pandemic has disrupted supply chains on a global level, forcing production to halt or companies to adjust to unprecedented circumstances. It will take months or maybe years for supply chain to recuperative from losses.  

  • Natural Disasters—climate change is proving to have a major impact to supply chains. From hurricanes to wildfires, employees and manufacturing can be put at risk of injury or damage.  

  • Reputational Damage—reputational damage will continue to be as important than it has been in the past, and customers will increasingly expect transparency as to how and where their products are made. Modern slavery and child labor will continue to be issues, and more and more companies will be forced to be held accountable. 

  • Regulatory—trade laws and exchange rates are not set in stone. And as countries continue to discuss their trade agreements with one another, there’s a possibility for significant changes.  

  • Digital—the digital age is advancing, and the pandemic helped. As more businesses go virtual and processes become computerized there’s always a risk of cyber security breaches, hackings, and other risks associated with computerization.   

Understanding supply risk management can encourage companies to take effective action in response to these risks and should be an integral part of any business plan. 

To learn more about effective risk management for your business visit our website, call 844-633-3801, or email [email protected]

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4 minutes
Avetta Marketing

NEXT Insurance: Common Questions

Submitted by c.higgins on Wed, 10/27/2021 - 21:55

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Get NEXT Insurance
  1. Who is NEXT Insurance?
    • NEXT is a leading provider of business insurance for small businesses.  NEXT has helped 250,000+ business in the United States (US) find affordable insurance.
    • NEXT is dedicated 100% to small business offering tailored business insurance with zero hassle, and big savings. They have several insurance products across 2,500+ business categories.
  2. I already have insurance. Why should I look into NEXT? How are they different?
    • NEXT specializes in serving small businesses such as general contractors, electricians, commercial cleaners, and many others.
    • Avetta suppliers have diverse insurance needs that vary over time as they sign up new clients or take on new projects. Suppliers can get an instant online quote in less than 10 minutes using this link and without having to speak with a call center agent.
  3. How is Avetta working with NEXT Insurance?
    • Avetta is not a broker/agent of NEXT insurance
    • Avetta is partnering with NEXT to offer insurance to its US-based suppliers working outside of the telecommunication industry (i.e., Suppliers).
    • Avetta launched the offering on September 13th, 2021. And, many Suppliers have already taken advantage of this opportunity to generate quotes. Avetta Suppliers can instantly see the full range of insurance products made available through NEXT’s online platform.
  4. Can I continue working with my insurance agent/broker to purchase from NEXT?
    • Yes. Suppliers can continue to purchase business insurance through their agent by asking the agent to contact NEXT and assist with a quote.
    • In addition, Suppliers can use NEXT’s innovative online tools to generate a quote, purchase insurance, and instantly download their Certificate of Insurance (COI)
  5. What happens when I have to submit a claim?
    • Whether you are purchasing a new policy, need proof of insurance after office hours or want to file a claim on the weekend, NEXT available anytime, anywhere, 365 days of the year. They are 100% online.
    • NEXT makes sure claims are investigated as soon as possible, with many being decisioned within 48 hours.
    • NEXT is rated “A- Excellent” by AM Best, the industry standard for rating insurance companies. Their policies are backed by MunichRe and are issued by either NEXT Insurance US company or State National Insurance Company, Inc., depending on the state and type of coverage.
  6. My insurance needs are unique, can NEXT fulfill them?
    • NEXT provides insurance coverages to meet your unique needs. The most common include:
    1. General Liability Insurance
    2. Workers' Compensation Insurance
    3. Professional Liability Insurance
    4. Errors and Omissions (E&O) Insurance
    5. Commercial Auto Insurance
    6. Commercial Property Insurance
    7. Business Owner's Policy (BOP)
    8. Hired & Non-Owned Auto Insurance
    9. Tools & Equipment Insurance
    10. Business Insurance
  7. Where can I go for more information about NEXT?
    • All Avetta suppliers can access NEXT products for quotes using this link.
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The 7 Steps of a Risk Management Process

Submitted by c.higgins on Tue, 10/26/2021 - 06:55

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The 7 Steps of a Risk Management Process

Risk management is the understanding and response to risk factors that may occur in your business. There are 7 steps in the risk management process. In the process, risk managers will evaluate possible risks by selecting either the alternative regulatory or the non-regulatory response to risk

The entire risk management process is an integrated method to avoid certain incidents, threats, or risks, and then to develop a comprehensive plan to ensure these risks do not progress or are handled appropriately. 

The 7-step risk management process is conducted in a very systematic way to ensure precise results and help in making the best decisions: 

  1. Establishing the Context  

This includes planning the process and mapping out the scope, the identity, and objectives of stakeholders, how risks will be evaluated, defining a framework for the process, and the agenda for identification and analysis of potential risks. 

  1. Identification of risks and threats  

The next step in the management process is to identify potential risks that when triggered will cause problems. Failure to identify risks or to have precise analyzation could cause major liabilities for business. 

Risk identification can begin by determining the primary source of the problems or the problem itself. It requires knowledge of the business, the industry’s market—including the legal, social, economic, political, and climatic environment—its financial strengths and weaknesses, its vulnerability to unplanned losses, the manufacturing processes, and the management systems used.  

  1. Assessment of risks 

After risks are identified, they need to be assessed on the basis of their potential severity of loss and on the number of times they have occurred in order to determine the probability of occurrence.

One of the challenges with risk management is that statistical information of the rate of occurrence from past incidents are usually unavailable and are more so guesses. The risk assessment should be able to produce this data so that it becomes easier to understand the primary risks. 

  1. Potential Risk Treatments 

Once risks are identified and assessed, all techniques to manage these risks fall into one or more of these four categories: 

  • Risk Transfer – the business at fault transfers whole or part of the losses consequential to risk exposure to another party for a cost, usually an insurance company. 

  • Risk Avoidance – avoid the risks or the circumstances which may lead to losses in another way but doing so can also prevent the possibility of earning the profits. 

  • Risk Retention – implies that the losses due to a risk shall be retained or assumed by the party or the organization.  

  • Risk Reduction – risks are reduced through preventative measures or through procedures set in place if an incident does occur. 

  1. Create the Plan 

Next, you’ll need to decide on the combination of methods to be used for each risk. Each risk management decision should be recorded precisely and approved by the appropriate level of management or project managers

The risk management plan should propose applicable and effective security controls for managing the risks. An effective risk management plan should propose and schedule security control implementations and list persons responsible for managing the risks. 

  1. Implementation of the Risk Management Plan 

Now that you have your plan in place, it’s important to follow all the planned methods for mitigating the effect of the risks and keep a record of your progress or where they may be gaps. It’s critical to train management and employees appropriately so they are aware of the plan and know what is needed to execute it.  

  1. Review and Evaluation of Plan 

Lastly, changes in the plan may be needed based on practices, losses, and experiences. Risk analysis and management plans should be updated regularly to: 

  • evaluate if the selected security controls are still applicable and effective 

  • evaluate the possible risk level changes in the business environment 

Initial risk management plans will never be perfect. To create the best risk management plan possible, processes updated consistently.  

To learn more about effective risk management for your business visit our website, call 844-633-3801, or email [email protected]

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Avetta Marketing
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