Government makes a seismic shift in policy around Financial Viability Risk Assessments (FVRA) in March 2024
In a huge shift in direction, the UK Government announced in March 2024 a change to the requirements for the economic and financial standing (EFS) assessment.
For the first time in many years procurement teams can select their own assessment methodology, a move welcomed by RiskTrace the UK’s only EFS compliant way to automate your supplier risk assessment.
Why does this matter?
Using Risk Trace to automate your EFS Checks is
Quicker – 60 Seconds to perform an EFS Check instead of 6 hours using the Financial Viability Risk Assessment tool provided by Cabinet Office
Better Value – Risk Trace is at least 80% cheaper than performing an EFS Check using a manual tool
Resource light – EFS checks can be performed by an administrative resource in seconds rather than tying up an expensive Commercial Finance Manager for hours
More responsive – EFS Checks and financial risk assessment of your Supply Chain can be done immediately rather than hours or even days delay between request and output
How can RiskTrace help?
The RiskTrace platform uses the assessment algorithms specified in the EFS Guidance, the same as a full FVRA, but is fully automated, no longer needing supplier input and producing results in seconds rather than days.
Get in touch with us to find out how we can help you.
Owen Davies & The RiskTrace Team.