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Solution also offers the industry’s greatest ‘completeness of offering’
San Francisco, CA, May 2, 2017 — Aravo Solutions, today announced that it had been recognized by Chartis Research, the leading provider of research and analysis on the global market for risk technology, as a category leader in its RiskTech Quadrant® for Third Party Risk Management Systems 2017.
According to Chartis, “Category leaders are considered to be risk technology vendors that have the necessary depth and breadth of functionality, technology, and content, combined with the organizational characteristics to capture significant market share by volume and value.”
The RiskTech Quadrant® also confirmed Aravo as having the best ‘completeness of offering’ of any provider in the third party risk management space. Completeness of offering was assessed on depth and breadth of functionality across third party validation and verification; data collection and management (including management of internal and external data); third party coverage; third-party risk assessment (including risk scoring); significant event monitoring and notification (including real-time/daily monitoring/notification); and audit trail documentation.
Third party risk management is high on the agenda of regulators and boards today as third parties are often a key area of weakness in corporate compliance programs, and their failures can lead to significant reputational and financial exposure. With more than 90% of FCPA enforcement actions and 63% of data breaches attributed to the actions of third parties,enterprises are recognizing that they need a more coordinated and holistic approach to their management.
PeymanMestchian, managing partner at Chartis, said: “Aravo Solution’s position as Category Leader with the greatest completeness of offering for third party risk solutions demonstrates the advantages associated with a dedicated third party risk management provider. Aravo’s client base, which represents organizations with complex supply and third party ecosystems, reflects their ability to deliver comprehensive, enterprise third party risk management solutions at scale. Aravo has also been involved in building utility third party risk applications which positions them well for future success.”
“Aravo Solutions is honored to be recognized a category leader in the Chartis Research RiskTech Quadrant® for Third Party Risk Management Systems 2017,” said Michael Saracini, Chief Executive Officer, Aravo Solutions. “This is another industry achievement that endorses the clear differentiation in Aravo’s track record of successful client delivery, domain expertise and technical innovation. By helping our clients effectively manage third party risk, in an environment of scale, complexity and change – we also help them become more resilient”.
Dave Rusher, SVP Product Strategy and Alliances, Aravo Solutions said: “The ability to adapt to change is increasingly important in third party risk management – and this is supported by our flexible, extensible and configurable workflow technology. New regulations such as the EU’s General Data Protection Regulation (GDPR) – which is extraterritorial in scope and aggressive in financial penalties for third part non-compliance – require companies to have agile technology platforms in place to ensure compliance within an evolving regulatory landscape and evidence it quickly.”
In Chartis’s assessment, Aravo was also noted for its: track record of delivering successful third party risk management solutions; post-sales implementation and support capabilities; strategy for and investment in research and development related to third party risk management; domain knowledge and thought leadership regarding third party risk management; and scalability of business model.
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This report includes the RiskTech Quadrant® for Third Party Risk Management Systems 2017, leading practices from Aravo and Third Party Risk Management market context.
Chartis is the leading provider of research and analysis on the global market for risk technology and is part of Incisive Media, which has market leading brands such as Risk and Waters Technology. Chartis’ goal is to support enterprises as they drive business performance through better risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
RiskTech Quadrant®, RiskTech100® and FinTech Quadrant™ are registered trademarks of Chartis Research (https://www.chartis-research.com).
Aravo (www.aravo.com) 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 16 years of delivering successful implementations to global companies with the most complex supply and third party networks in the world.
Adobe, 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 94,000 corporate users, managing 3.9 million third party users in 33 languages and 154 countries. Aravo is headquartered in San Francisco, with offices and partners across the US, Europe and Asia.