Avetta®, the provider of workforce and supply chain risk management solutions, expanded its Avetta One™ Platform with a sustainability and Environmental, Social and Governance (ESG) risk mitigation solution to allow firms to reach their sustainability and ESG goals faster.
With the new capabilities, the solution provides a holistic view of ESG status across the entire supply chain. Avetta is the only supply chain company to provide an ESG scoring system that considers individual company goals and global standards in 20 industry trades.
“To become more accountable and responsible, companies are setting aggressive sustainability and ESG goals,” said Arshad Matin, president and Chief Executive Officer of Avetta.
“Now comes the hard part, delivering on these promises. With this solution, executives have a unified view across their companies and suppliers to manage risk and improve compliance.”
Avetta reduces risk while achieving compliance goals
For multinationals, up to 90% of their environmental footprint is in the supply chain. But most companies do not have the visibility into sustainability readiness and goals of each supplier.
This situation increases the risks of unknowingly taking on unethical work practices, using protected resources and contributing to global climate change, leading to potential regulatory penalties, civil and criminal liability, and brand and reputation damage.
Avetta’s sustainability and ESG solution solves this challenge by providing suppliers with analytics, sustainability ratings and maturity scores based on specific ESG standards.
Specific ESG standards or goals such as Value Reporting Foundation (VRF – formerly SASB), Global Reporting Initiative (GRI), and Sustainable Development Goals (SDG). These are the key features of the solution that help companies to simplify their ESG compliance include:
Avetta platform scores ESG maturity
Avetta calculates an ESG Index that characterises supplier levels of understanding by measuring compliance across a range of specific company standards in 20 industries.
Avetta provides analytics reports to help firms determine which suppliers apply to which ESG requirements, multiple standards and codes of conduct. Suppliers are then guided through the registration process and evaluation completion based on their maturity levels.
Avetta platform accurately measures and remediates ESG compliance
A scorecard shows the status and progress toward improvement. These capabilities enable companies to accurately measure and quickly remediate ESG compliance issues, reducing immediate risks while more quickly achieving long-term goals.
Clients can collaborate with suppliers to remediate gaps. The platform helps optimize resource allocation, stakeholder awareness and source new suppliers from the network.
Avetta platform enables data-driven decisions
Avetta leverages detailed analytics to target areas of concern, highlight achievements, and facilitate better corporate reporting and development of ESG and sustainability performance.
In upcoming months, partners in the Avetta Marketplace will be added to assist suppliers with increasing their ESG performance. Available in the first quarter, Avetta is adding Sustain.Life as an Avetta Marketplace Partner, offering suppliers an affordable and effective solution to swiftly improve their sustainability performance—no matter the level of their experience.
With Sustain.Life, companies can calculate and track their carbon emissions for free and utilize expert guidance and tools to reduce those emissions. Data analytics dashboards provide simple, succinct reports to identify gaps and make specific action plans.
Analytics reports give customers an unprecedented view of their supply chain through multi-risk analytics, supplier risk trends and supplier performance benchmarking.
The platform uses almost two decades of data 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 improve supply chain measures.
According to McKinsey & Company, organisations that fulfill ESG criteria see an overall cost reduction of up to 10%. In addition, ESG-focused management hedges against possible risk factors surrounding regulations and policy changes. Members on the Avetta One platform outperform industry standards and also reduce administrative expenses on average by 75%.
“Suppliers using Avetta One can showcase their maturity in the ESG space, making them reliable partners to work with, as well as discoverable and attractive to clients from a financial investment standpoint,” said Adam Boyle, Avetta SVP APAC and Workforce.
Avetta Platform handles varied areas of supply chain risk
The Avetta One is the industry’s most comprehensive supply chain risk management platform. It delivers a unified view of risks across safety and health, liability, workforce management, sustainability and ESG, diversity, financial viability and cybersecurity.
Avetta One also helps suppliers by quickly quantifying their compliance ratings and benefits workers by offering a central workforce portal to digitally store required job roles, training, competencies and certifications. To learn more visit, https://www.avetta.com/