PwC’s Innovative Solution Enabling Businesses to Perform Sophisticated Risk Assessment on Extended Vendor Networks Relies on Koverse’s Scalable, Secure and High-performing Technology
Koverse, Inc. today announced its intelligent solutions platform is being used as a foundation of PwC’s “Know Your Vendor” solution. PwC’s persistent monitoring solution provides transparency into vendor networks worldwide, helping companies mitigate brand, supply chain, financial and reputational risks and strengthen compliance. Koverse’s technology, used by PwC to rapidly develop its innovative solution, delivers unlimited scalability, cell-level data security and unprecedented performance.
PwC’s Know Your Vendor solution is a monitoring solution created by fusing PwC’s proprietary experience, algorithms and advanced analytics with Koverse’s unique capabilities to handle structured and unstructured data from many sources at scale with unprecedented performance. The solution performs persistent monitoring on a company’s extended supplier networks, quantifies the risk surrounding vendors, and reveals areas of risk for mitigation measures. Organizations that adopt this analytics-focused approach to managing vendor-associated supply chain risk are able to alleviate costly reputational and regulatory risk; reduce their exposure to fraud and corporate social responsibility issues; and achieve cost savings through persistent, full-population monitoring of third-party relationships.
“PwC is using data to solve a real-world problem, and we’re excited to support their game-changing solution,” said Jon Matsuo, Koverse President and CEO. “Koverse’s rapid solutions development environment enabled PwC to get to market in a fraction of the time it would have required otherwise. The old methods of vetting and monitoring suppliers only scratched the surface of the problem facing companies. Using Koverse’s technology and sophisticated data science expertise, PwC applied their own domain expertise and developed an elegant and powerful way for companies to easily understand what’s happening throughout their entire supply networks, including visibility into a company’s vendors’ vendors. PwC’s use of Koverse is a perfect application of our scalable, secure and high-performing technology.”
“As global supply chains increase in complexity, so does an organization’s exposure to risk,” said Jeff Hunter, a Principal with PwC’s Risk Assurance group in the U.S. “Multiple entities can become involved in the provision of a single service, and organizations are increasingly being held responsible for understanding these downstream relationships. Many companies perform due diligence on their direct vendors, but there is an ever-important need to extend this oversight to their full supply chains. With Koverse’s technology as a foundation, we were able to add PwC’s exclusive and propriety expertise to offer a monitoring and management solution that conducts link analysis on large sets of disparate data, and turns that data into valuable information using sophisticated algorithms and advanced analytic processes. It allows business leaders to detect and quantify risk and make decisions with confidence.”
Koverse technology is designed to help companies leverage their unique domain expertise and data to quickly build scalable, secure and high-performing data-driven solutions. Any application or solution built with Koverse is fully scalable regardless of the number of users or the amount of data in the system. Koverse’s cell-level data security allows definition of explicit access controls, and supports easy implementation of complex governance policies. Koverse’s patent-pending indexing technology takes concurrency to a whole new level, supporting thousands of concurrent users and sub-second search.
Koverse technology enables organizations to create new revenue opportunities and mission impact by improving how they use data. It’s the best way to achieve real digital transformation and durable competitive advantages. Many of the world’s largest and most innovative organizations use Koverse to accelerate bringing new solutions to market and accelerate development of internal solutions. The Koverse platform seamlessly integrates all the necessary pieces of modern and scalable data architecture, allowing teams to focus on work that delivers the most value. Koverse’s founders were among the first modern data scientists at the U.S. National Security Agency (NSA), building the data infrastructure to handle the most complex challenges with unprecedented scale, security and performance. Koverse’s founders also created Apache Accumulo, the scalable and secure data store system widely-used in the most demanding environments. More information about the company and technology is available at www.Koverse.com.