Aravo Receives GRC 20/20 Award for Value in Third Party Management
Monday, November 14th, 2016
Solution found to drive measurable value, delivering better GRC efficiency, effectiveness and agility to complex Third Party Programs
SAN FRANCISCO, Calif., November 14, 2016 – Aravo Solutions, the leading provider of SaaS based solutions to support the complex third party risk and compliance demands of the Global 2000, announced today that it had been honored with a 2016 GRC Value Award for Third Party Management from independent GRC analyst firm GRC 20/20.
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.
Aravo was recognized for its work with a multinational computer software company headquartered in San Jose, with 13,500 employees globally and more than $4.7 billion in revenue. The study found that: “the efficiency, effectiveness and agility Aravo provides the client demonstrates the advantages of a dedicated third party management platform to meet the needs of a growing, complex and dynamic business environment.”
According to the GRC Value Award case study, by using Aravo Solutions to automate their Third Party Management processes, the client was able to achieve both quantitative and qualitative measures of value associated with human and financial efficiencies. The study highlighted a number of business benefits as an outcome of the implementation that delivered value for the client. These included:
- Employee time needed to onboard third parties has dropped significantly, as has the overall time it takes to onboard a third party. In conjunction the client has experienced considerable uplift in internal and third party response times and standards, and greater accuracy and thoroughness in the information provided by third parties.
- Increased visibility and ongoing management of third parties throughout the lifecycle of the relationship.
- Ability to manage third parties in a dynamic risk, regulatory and business environment and to adapt to changes when they occur, including the capability to categorize vendors according to high and low risk across a range of risk areas.
- Agility to quickly identify high-risk relationships and activities as situations arise to monitor and contain impact.
- Capability for the client to self-manage the solution and adapt it to a changing business environment as the client can build workflow and processes itself to meet its specific and evolving needs.
“GRC 20/20 has evaluated and verified the implementation of Aravo at the client organization and confirms that this implementation has achieved measurable value across the elements of GRC efficiency, effectiveness, and agility,” said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally recognized expert. “The client benefits from increased efficiency of its employees and stakeholder time while having a solution that is flexible to adapt and mold to the client’s changing and expanding needs. The client has 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.”
“We are pleased to be recognized by GRC 20/20 for delivering value in Third Party Management”, said Michael Saracini, CEO Aravo Solutions. “The study confirms that the work that we do with this industry leader, together with many other clients across the Global 2000, not only delivers significant business value, but also that we are a trusted partner, working in close collaboration with our clients to ensure that their programs are successful.”
Mr. Saracini also noted that the study highlights the advantages associated with a dedicated third party management platform, especially when considering the requirements of a growing, complex and dynamic business environment.
“This is an important point that the study calls out – legacy ERP systems, generic GRC platforms and bespoke or manual systems simply cannot scale to support the unique and complex third party management requirements of the Global 2000. Our technology is specifically designed to manage these challenges, and our depth and breadth of experience in successful implementations in this space is what sets us apart.”
Read the case study.
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 and follow on Twitter at @GRCPundit.
Aravo delivers market-leading SaaS solutions for managing third party risk and compliance at scale. We help Global 2000 companies protect their business value and reputation by managing the risks associated with third parties and suppliers, and to build business value by ensuring that their third party relationships are optimized.
Aravo has assembled unique domain expertise and best practice approaches from more than 15 years of delivering successful implementations to global companies with the most complex supply and third party networks in the world. Accenture, Cisco, GE, Unilever and Visa, among others, count on Aravo for end-to-end enterprise third party risk management together with specialist applications to support anti-bribery and anti-corruption, data privacy and security, responsible sourcing, and registration and qualification/know your supplier programs.
Providing unrivalled regulatory agility and ease-of-use together with actionable executive reporting, Aravo supports a user base of 88,000 corporate users managing 3.1 million third parties in 33 languages and 154 countries. Aravo is headquartered in San Francisco, with offices and partners across the US, Europe and Asia.