New pre-configured application will help organizations mitigate the bribery and corruption risks associated with their third parties and suppliers.
(SAN FRANCISCO) – January 8, 2019 – Aravo Solutions, a leading provider of SaaS solutions for third-party risk and performance management, today announced the release of Aravo for ABAC Compliance, a pre-configured third-party bribery and corruption risk management application that accelerates the deployment of best practice anti-bribery anti-corruption (ABAC) compliance programs.
Corruption is one of the key barriers to economic, political, and social development in the world today. With an estimated $1.5 trillion paid in bribes each year, the World Economic Forum estimates that the cost of corruption to the global economy is more than 5% of global GDP or US$2.6 trillion. To combat corruption, regulators across the globe are enforcing strict ABAC regulations, including the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and Sapin II. Companies that do not comply with these regulations face significant financial sanctions and reputational damage. In FCPA sanctions alone, over US$11 billion in fines have been levied in the past 3 years.
Yet many organizations don’t have an accurate view of their biggest ABAC risks because they come from outside threats. Around 90% of FCPA enforcement actions involve the actions of third parties, such as vendors, suppliers, contractors, affiliates, service providers, and indirect sales associates.
Aravo for ABAC Compliance maps directly to guidance from the World Economic Forum, FCPA, UK Bribery Act, and ISO 37001 and helps firms identify, monitor, and manage the ABAC risk associated with their third-party ecosystem. Aravo’s deep domain experience of implementing successful ABAC solutions for some of the world’s largest and most respected brands, has ensured that best-practice approaches are embedded in the application.
“We’re seeing greater emphasis on enforcing business integrity from organizations in virtually all industries,” says David Rusher, SVP of Product Strategy and Alliances at Aravo. “Our clients not only recognize the impact of corruption on financial outcomes, but also on the ethical standards that affect the business community and society as a whole. Aravo for ABAC Compliance is designed to help organizations quickly deploy a built-for-purpose solution to drive corruption out of their business relationships with the benefit of leveraging a common third-party risk management platform that they can expand to additional risk domains as required.”
With Aravo for ABAC Compliance, organizations can face internal and regulatory audits with confidence, increase visibility into inherent and residual risk, and enforce enterprise ABAC policies and procedures. Third parties that pass an initial screening complete a proprietary ABAC assessment and workflow mapped to best practice guidance. Inherent and residual risk is continuously monitored and presented through role-based, preconfigured ABAC dashboards and reports.
“The multi-faceted compliance challenge of anti-bribery and corruption is coming at organizations from all angles: US FCPA, UK Bribery Act, Sapin II, and more,” observes Michael Rasmussen of GRC 20/20. “To be compliant today requires a defensible record of due diligence and monitoring of third-party relationships. To do this in manual processes encumbered by documents, spreadsheets, and emails is ineffective, inefficient, and certainly not agile. It also lacks a robust audit trail and system of record to defend the organization. Organizations today need a strong system of record of ongoing/continuous anti-bribery and corruption activities that can be found in a third-party management platform.”
To learn more about Aravo for ABAC Compliance or request a demo.
About Aravo
Aravo Solutions delivers market-leading cloud-based solutions for managing third-party governance, risk, and performance. We help 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.
Since 2000, leading global brands across a diverse range of industries have counted on Aravo for their end-to-end enterprise supplier and third-party risk management. Aravo has also distilled this experience and best-in-class technology into rapid time-to-value applications that help companies manage a wide range of programs, including: anti-bribery and anti-corruption, responsible sourcing, data privacy, information security, GDPR, financial services regulatory compliance, and know your third-party programs.
Providing unrivaled regulatory agility and ease-of-use, together with actionable executive reporting, Aravo supports a user base of 136,000 corporate users, managing more than 4.5 million third-party users in 36 languages and 154 countries. Aravo is headquartered in San Francisco, with offices and partners across the US, Europe, and Asia.
Aravo has been recognized with GRC 20/20’s Value Award for Third Party Management for providing measurable value in GRC efficiency, effectiveness and agility, and with the GRC 20/20 Innovation Award for Aravo for GDPR. Aravo was named as a Category Leader with the highest “Completeness of Offering” of any provider in the Chartis RiskTech Quadrant® for Third-Party Risk Management Solutions 2017 and was named a Challenger in the 2017 Gartner® Magic Quadrant for IT Vendor Risk Management.
