NEWCASTLE, Australia--(BUSINESS WIRE)--Pacific National, Australia’s largest private rail freight operator, has partnered with Avetta to support its Procurement and ESG strategy commitments. Pacific National is leveraging the global Avetta best practice approach to ESG to develop and implement a strategic, managed approach to its sustainability-led initiatives.
“We’re excited to partner with Avetta to build on our supplier commitments to support our three pillars of ESG: emphasising social responsibility in our communities, minimising our environmental impact and protecting the health and safety of our employees throughout our supply base,” said Zelda Pretorius-Kovacs, Pacific National Head of Procurement.
Reducing 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 and goals, such as Value Reporting Foundation (VRF – formerly SASB), Global Reporting Initiative (GRI), and Sustainable Development Goals (SDG).
Key features of the solution that help companies to simplify their ESG compliance include:
- Scoring ESG maturity: Avetta calculates an ESG Index that characterises supplier levels of awareness and understanding by measuring ESG compliance across a range of global and specific company standards in 20 industries. To create these measures, Avetta provides analytics reports to help organisations determine which suppliers apply to which ESG requirements, based on company goals, multiple standards and codes of conduct. Suppliers are then guided through the registration process and evaluation completion based on their maturity levels.
- Accurately measure and remediate 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 then collaborate with suppliers to remediate gaps. The platform helps them optimize resource allocation, enable stakeholder awareness and source new suppliers from the network.
- Enable data-driven decisions: Avetta’s platform leverages detailed analytics to target areas of concern, highlight achievements, and facilitate better corporate reporting and ongoing development of ESG and sustainability performance.
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 Managing Director.
Single Platform to Manage Multiple Areas of Supply Chain Risk
The Avetta One Platform is the industry’s largest and most comprehensive supply chain risk management platform. The platform delivers a unified view of supply chain risks across safety and health, liability, workforce management, sustainability and ESG, diversity and inclusion, 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/avetta-one.
Availability
The solution is available today for all Avetta One customers. To learn more, visit https://avetta.com/avetta-sustainability-esg.
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.
