How The Evident Network Benefits Clients: A Closer Look
November 10, 2023
In an era where economic fluctuations and escalating costs have a profound impact on businesses, reevaluating your contractual requirements has become more crucial than ever.
The widening gap between what your insurance covers and the potential out-of-pocket expenses poses a considerable risk to your financial security.
These challenges, ranging from regulatory complexities to macroeconomic uncertainties, demand innovative solutions and proactive risk management.
Let’s explore how The Evident Network directly addresses these problems and offers a lifeline to risk professionals who are striving to navigate the complexities of their roles.
Problem 1: Keeping Pace with Regulatory and Economic Changes
Risk professionals are facing a constant struggle to keep up with rapidly changing regulatory and economic environments.
According to a PwC survey, 75% of risk professionals express concerns about staying abreast of regulatory changes and managing compliance effectively.
The implications of failing to do so can be costly, both financially and in terms of reputation.
Solution: Data-Backed Insights for Regulatory Compliance
The Evident Network recognizes the urgency of regulatory compliance and the burden it places on risk professionals.
By harnessing AI technology and benchmark data, we provide risk professionals with the tools they need to stay informed and agile in the face of evolving regulations.
Our data-backed insights offer real-time updates and analysis, allowing risk professionals to make decisions with confidence.
Problem 2: Managing Risks Associated with Third-Party Vendors
Managing risks associated with third-party vendors is a crucial aspect of a risk professional’s role.
According to a survey by Deloitte, 87% of organizations have experienced disruptive incidents with third parties in the past three years, underscoring the need for robust risk management.
Solution: Streamlined Vendor Verification
The Evident Network goes beyond traditional vendor verification. We offer a comprehensive solution to help risk professionals manage third-party risks effectively.
By automating and streamlining the credentialing process, we enhance risk mitigation efforts and reduce exposure to potential threats.
Problem 3: Protecting the Company’s Reputation
Protecting the company’s reputation is a critical concern for risk professionals.
According to a Deloitte survey, 87% of executives rate reputation risk as more important or much more important than other strategic risks. A damaged reputation can lead to a loss of trust, customers, and revenue.
Solution: Proactive Risk Mitigation
The Evident Network is designed to help risk professionals proactively manage reputation risks.
By providing insights into potential risks and vulnerabilities, we empower risk professionals to take preventative measures before these risks escalate into reputation-damaging incidents.
Problem 4: Data-Driven Decision-Making
Analyzing and making data-driven decisions in a timely manner is a challenge for risk professionals.
According to an EY survey, 59% of risk professionals consider data and analytics to be an area in which they are least prepared to deal with risk.
This limitation can impede a risk professional’s ability to make informed choices.
Solution: Data-Backed Insights for Informed Decisions
The Evident Network leverages data and analytics to equip risk professionals with the means to make timely, data-driven decisions.
Our AI technology processes vast amounts of data to provide risk professionals with actionable insights, ensuring they can respond promptly to potential risks.
Problem 5: Limited Budgets for Risk Mitigation
Managing risk mitigation efforts with limited budgets is a common issue for risk professionals.
According to a Gartner survey, 59% of risk professionals expect budget constraints to be a significant challenge in the coming years. This can restrict the resources available for risk management.
Solution: Cost-Effective Risk Management
The Evident Network offers cost-effective risk management solutions.
By reducing compliance admin overhead by 85% and increasing compliance ratings by 20%, we help risk professionals make the most of their budgets and allocate resources more efficiently.
Results of Working With The Evident Network
Clients who have embraced our innovative approach have witnessed remarkable results:
- 85% Reduction in Compliance Admin: By automating and streamlining the credentialing process, we reduce the administrative burden significantly, allowing your team to allocate their time more efficiently.
- 20% Increase in Compliance Ratings: Our data-driven insights enable you to enhance your compliance ratings, demonstrating a proactive commitment to risk management.
- 5x Reduction in 3rd Party Risk: Our technology helps you identify and mitigate third-party risks more effectively, reducing exposure to potential threats.
Empowering Clients with Data-Driven Insights
At The Evident Network, we believe in empowering our clients with data-driven insights. Our platform provides access to benchmarks that showcase your risk gaps compared to your peers, enabling you to make faster and more accurate risk decisions.
With access to over 4 million members, you gain a comprehensive perspective on the risk landscape, equipping you with the tools you need to navigate it with confidence.
Join us on the journey to a more secure, prosperous future, and make The Evident Network your trusted partner in business decision-making.