Methodology Based on Industry Best Practices Aligns Cross-Functional Teams and Delivers a Program Charter and Playbook
SAN FRANCISCO – April 18, 2023 – Aravo, the leading provider of third-party risk and resilience solutions, today announced its Strategic Alignment Framework™, a methodology built from proven best practices that helps empower procurement, supply chain, sustainability, compliance, IT and other internal teams to ensure they develop, implement and measure their third-party risk management (TPRM) program.
A TPRM program is a journey that goes through various maturity levels as organizations continue to work with their extended enterprise to uncover hidden risks and avoid liabilities. Increasingly, enterprises are being held responsible and liable for unethical or unsustainable business practices of their third parties including anti-bribery and corruption, data privacy, cyber security and ESG. While risk management was initially fragmented, mature TPRM requires a cohesive approach involving multiple teams, processes and technologies to be successful. If done in a silo, the program can lose visibility of critical risk areas exposing the organization to costly and damaging financial, regulatory and brand liabilities.
“Aravo believes in a ‘think big, start small, grow fast’ approach to managing third-party risk. We understand organizations are at different stages in their TPRM program,” said Dean Alms, chief product officer at Aravo. “Aravo has incorporated 22 years of industry best practices into the Strategic Alignment Framework to help our customers align their internal teams with their third-parties and provide recommendations to achieve their business objectives.”
The Strategic Alignment Framework is part of Aravo’s customer success program. The output is a customer’s unique TPRM Program Charter which includes the following:
“To ensure success, it is crucial for organizations to start with the business objective that it is trying to achieve with their third-parties,” said Michael Rasmussen, GRC pundit and analyst, GRC 20/20 Research. “Combined with Aravo’s solution, using the Strategic Alignment Framework will help customers prioritize their risks and develop a streamlined plan with comprehensive insight into their third-party risk management program.”
The TPRM Program Charter is created during sales discovery, expanded upon during implementation and updated overtime during quarterly business reviews as customers’ goals and objectives evolve with the regulatory environment and sustainability expectations. The Program Charter includes Aravo and dozens of software and service providers that make up the TPRM ecosystem.
Aravo is sponsoring and exhibiting at Third Party Risk Association’s annual TPRM conference to be held April 24-26, 2023 in Nashville, Tenn. Alms will present a session on Tuesday, April 25, 2023 at 2:50 p.m. where he will discuss the six steps to get teams aligned and ready to effectively rule the TPRM program arena.
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About Aravo
Aravo delivers the smartest third-party risk and resilience solutions, powered by intelligent automation. As a centralized system of record for all third-party data, Aravo provides organizations with a complete view of their third-party ecosystem throughout the lifecycle of the relationship and across multiple risk domains including ABAC, ESG, GDPR, InfoSec, financial, ethics, supply chain resilience, and business continuity. For more than 20 years, Aravo’s award-winning technology and unrivaled domain expertise has helped the world’s most respected brands accelerate and optimize their third-party management programs, delivering better business outcomes faster and ensuring the agility to adapt as programs evolve. Learn more at aravo.com.
