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Solution found to drive measurable value, delivering better GRC efficiency, effectiveness and agility to complex Third Party Programs
Recognition for a job well done is always appreciated. It’s especially appreciated when the recognition is for a job well done for clients. The team here at Aravo were particularly honored and excited to receive the 2016 GRC Value Award for Third Party Management (TPM) from independent GRC analyst firm GRC20/20 for our TMP solution for Adobe Systems.
The annual GRC Value Awards recognize real-world implementations for Governance, Risk and Compliance programs and processes that have returned significant and measurable value to an organization. You can read the full Adobe Systems case study here.
There were two points that the study highlighted that we thought were of particular note:
1) “The efficiency, effectiveness and agility Aravo provides Adobe demonstrates the advantages of a dedicated third party management platform to meet the needs of a growing, complex and dynamic business environment.”
2) “Adobe have told GRC20/20 that Aravo has been easy to work with, responsive to questions and requests, and they have benefitted from the excellent support and professional services of Aravo as well as the core technology itself.”
Both these points underscore concepts that are central to our approach at Aravo.
The first point is that managing third party risk at an enterprise scale requires a dedicated, specialized third party management platform.
At Aravo, we find that companies are increasingly engaging us after embarking on well-intentioned but ultimately unsuccessful attempts to manage third party risk with products that simply weren’t designed to address the unique and complex requirements of global Third Party Management (TPM) and Third Party Risk Management (TPRM) programs. These companies have often made significant investments trying to leverage ERP systems, Generic GRC platforms or bespoke systems for third party management, only to discover that the systems failed to deliver to their objectives.
In contrast, companies like Adobe that migrate to the Aravo platform are succeeding, in part, because our technology platform was built with the express purpose of helping global enterprises manage the entire lifecycle of complex third party and supplier relationships. At Aravo, we’ve been focused on third party management for over 15 years. In that time, we have learned a great deal about TPM do’s and don’ts from our customers, who include some of the most respected brands in the world. And we have applied that real-world knowledge in building a world-class, highly scalable platform for managing third parties effectively.
The second point we wanted to highlight is that success in TPM depends on collaboration and shared expertise. Technology is essential, of course, but best-in-class implementations always involve knowing how best to apply technology to serve a company’s organizational structures, business practices, and strategic goals.
To sum up, then: true success in Third Party Management requires both a dedicated, scalable platform like Aravo Enterprise as well as collaboration and shared expertise between software vendors and clients. In the expert opinion of GRC 20/20, in our work with Adobe, we’ve achieved both.
We’re very grateful for the time and input that Adobe gave to GRC20/20 in their research for this case study. A big thank you to Aaron and the team there.