The team here at Aravo are particularly honored and excited to receive the 2017 GRC Innovation Award for Third Party Management from independent GRC analyst firm GRC20/20 for our Third Party GDPR Compliance Application, Aravo for GDPR.
This is the second year running that Aravo Solutions has been recognized by GRC 20/20. In 2016 Aravo won the GRC 20/20 Award for Value in Third Party Management, where Aravo’s Enterprise Third Party Risk Management solution was found to drive measurable value, delivering better GRC efficiency, effectiveness and agility to complex third party programs.
The recognition for Aravo for GDPR is especially timely, given that while the General Data Protection Regulation (GDPR) becomes enforceable on May 25 this year, many organizations are still struggling with how they will manage third party (or Processor) compliance.
After researching the technology as part of GRC 20/20’s Annual Award program, Michael Rasmussen, GRC Pundit for GRC 20/20, said: “Aravo for GDPR makes GDPR compliance in third party relationships more efficient, effective, and agile. The solution delivers significant business value and brings a contextual understanding of GDPR compliance and control across an organization’s distributed business environment.”
GRC 20/20 found “The key value to organizations using Aravo for GDPR is their integrated and structured solution content and process for GDPR compliance in third party relationships. This is in a solution that can be implemented rapidly without a long project, consultation, and extended deployment time-frames. By providing pre-defined GDPR best practice questionnaires, templates and workflows designed to support third party compliance, Aravo has taken the hard work out of program design, and packaged it up in a way that supports rapid adoption – critical in a time-sensitive regulation such as GDPR.”
The Aravo for GDPR application allows companies to:
- Centralize third parties into a single inventory
- Identify third parties (and their subcontractors) in scope
- Identify all engagements in scope
- Collect GDPR assessments and artifacts
- Validate third party information
- Assess and act on GDPR risk – including workflow provisions for reporting breaches to the DPA within the appropriate timeframes and approved communication processes
- Monitor and report on GDPR risk and compliance
You can see a full copy of the GRC 20/20 Research Report on Aravo for GDPR here.
You may also be interested in the work we have been doing on GDPR with our partners, Deloitte – you can access the on-demand webinar here.