Vajare is a consulting and IT development company, which provides services in the field of corporate finance management. In parallel, Vajare is creating a tool for business risk management – Confidensys, a new start-up, that brings a smart solution of managing information flow in a simple and reliable way. Based on this information suppliers are ranked not only by price, but as well by reliability or riskiness. For this reason Vajare calls their service Confidensys – the system to provide confidence.
“We are joining BCCS Cluster with hopes to gather knowledge, experience as well as apply blockchain technology to our system, which can help develop and commercialize the current model of Confidensys. What is more, we are looking forward to working closely with the members of the cluster and helping each other grow and profit,” claimed Vaidas Repecka owner and director of Vajare
Confidensys offers businesses a tool for collecting essential information from suppliers by utilizing buying power, examining and rating it. The tool allows using pre-defined or custom-tailored risk assessment models, which express your business risk perception. Based on these models Confidensys can reach unlimited business partners and ask them for information needed to rank potential partners. When information is gathered, Confidensys helps quantify, sort and rate it. Then the customer can obtain two lists – one ranked by price, another one – by risk or reliability.
“Risk is the other side of trust – nothing is ever guaranteed but having the ability to choose from many options allows you to lower the risk. Today, risk analysis is mostly based on financial risk management. But numbers and finances are just one part – reputation, experience, supply network, company culture and so on makes the difference. What is important is that everyone’s criteria or risk perception is different” – explained Vaidas Repečka.
Vajare is joining BCCS Cluster with experience and knowledge on finance consulting, as well as an improved way of risk management with Confidensys, bringing expertise and trust into the value chain of the cluster.