Extended supplier networks can be susceptible to several types of risks in the form of financial
viability, liability, and cybersecurity. Managing and tracking the hidden liability risks and
financial health of every supplier in complex supply chains that extend across borders can be a
difficult target to achieve. And, when it comes to suppliers’ financial failure, a single
instance is one too many. This makes tracking and managing liability risks and supplier financial
health a priority for modern enterprises today.
Similarly, the indispensability of cyber resilience in modern, complex supply chains also cannot
be overstated. Without proper cybersecurity measures and information protection controls in place,
companies risk millions of dollars’ worth of intellectual data and confidential company information.
XX% of organizations feel that supplier insolvency is one of the leading financial risks originating from the supply chain.
Supplier financial risk represents nearly XX% of all the risk events recorded in 2020.
In 2020, supplier financial risk caused product release delays to increase by a whopping XXX%.
The global average cost of a data breach by country or region is a staggering $X.XX million.
Data breaches now cost companies $X.XX million per incident on an average.
An estimated two-thirds of supply chain data breaches are a result of supplier or third-party vulnerabilities.
With XX% companies lacking complete visibility of their extended supply chain, the risks associated with insurance liability gaps in the supplier network can be a major disruptive factor.
Disruptions within supply chain can lead to a X% or more drop in your financial performance.
At Terra, we understand that every supply chain is unique and
comes with a diverse range of risk factors. This makes creating a holistic compliance framework
a necessity for businesses. This is where Terra One provides answers.
Terra One is the industry’s largest Supply Chain Risk Management (SCRM) platform, which comes
embedded with industry-leading capabilities to help companies track suppliers’ insurance in
real-time through automated alerts. This ensures that you are always covered from all liability
risks involved. The platform also allows companies to conduct financial health checks for each
supplier automatically through Experian integration. In addition, the platform comes with
distinct features that can help companies bolster their supply chain cyber resilience.
Whether you are concerned about one supplier or all of them, the Terra Experian integration makes analyzing your supplier base easy. During the process, each supplier receives specific ratings and key metrics unique to their business.
With the data at your fingertips, it’s easy to include supplier financial health into the qualification process. Keep your standards high and your risks low by building appropriate compliance rules into your supplier management plan.
The financial data collected by Experian is refreshed at regular intervals, to ensure that you receive an up-to-date look on all of the suppliers.
While a quick snapshot is nice, we understand the need to expand your visibility beyond just a few scores. Detailed reports are available on demand in case the summary scores do not provide the insights you are looking for.
Proactively manage risk by ensuring your company is covered and suppliers have sufficient insurance coverage.
Terra does the heavy lifting of collecting, verifying, and monitoring supplier insurance for an efficient risk management process.
Expose the insurance gaps that exist within your supply chain and take the necessary actions to protect your company from unnecessary liability risks.
Leverage our supplier risk assessment off¬ering that evaluates vendor adherence to critical security controls like the use of communications protocols (email, FTP), data management, and IT system management.
Schedule cyber assessments at customized intervals and flag any cyber risks to trigger notifications and risk workflows.
Take a proactive approach towards cybersecurity, by provisioning for cybersecurity audits through trusted partners to create a safe and secure environment for the growth of your business.
Assess your suppliers’ digital security and risk management practices to identify vendors that do not have adequate security measures.
Ensure that your suppliers have been trained to use sensitive information and protect it with appropriate tools.
The Experian integration captures supplier data in the system for analysis. Results are then sent back to the Connect Financial Risk Tab and Financial Health dashboard for your easy viewing.
Suppliers are given a Financial Stability Risk Score (1-100) that indicates their likelihood of defaulting on financial obligations or going bankrupt.
Suppliers also receive an Intelliscore Plus rating that identifies the suppliers who may be slow to pay but are likely to follow through on their financial commitments.
Any lien, judgment or bankruptcy from the supplier is also displayed on the Connect dashboard.
The greatest benefit of the Terra API is simple: Automated Risk Mitigation. We are able to prevent continued use of suppliers that are non-compliant with our business rules, based on the daily feeds from the Terra platform.
-John Doe
Director of Strategic Sourcing, Technology Company
Blend of Technology and Human Expertise
As Certificates of Insurance are uploaded to our online platform, Terra uses a blend of technology as well as insurance specialists to validate insurance types, limits, and any specific verbiage per your request.
Consultative Approach
Terra’s Professional Services team can assist clients to benchmark their requirements against common industry best practices. Terra’s experts have knowledge on insurance lines, limits and what is statutory and common globally and can provide a consultative approach in how the insurance requirements are set up.
Automated Alerts
Email alerts are automatically sent to suppliers before and after their insurance policies expire, giving them the opportunity to make timely updates and remain compliant.
Real-Time Monitoring
Any change in supplier coverage is monitored and communicated directly to you. Cancellations, reductions in coverage, as well as changes to verbiage are visible to you.
Seamless Reporting
Get a complete picture of your supply chain’s insurance coverage. Quickly identify gaps and make changes to proactively mitigate risk. Clients can access this information through Analytics dashboard and reports and can filter and slice the data in many ways to evaluate and determine where there could be potential risks as well as areas of non-compliance.
Supplier Prequalification is flexible and configurable. We can define our own compliance criteria and quickly see which contractors are qualified, which are not, and why.
-Ena Doe
Safety Director, Communications Company
The Terra 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 XX%. As a result, about XX% of members find additional job opportunities within the
first
year of joining. In addition, our suppliers receive privileged access to the Terra Marketplace,
where dozens of partners offer special discounts for business services like insurance and work
gear.
Terra serves more than XXX enterprise companies and over XXX,XXX suppliers across XXX+
countries.