Aravo to Provide FCPA Compliance Management and an Automated Single Source of Truth for all Supplier Information and Processes
SAN FRANCISCO, CA, May 21, 2013 — Aravo Solutions, Inc., the leading provider of cloud-based Supplier Lifecycle Management (SLM) solutions and supplier risk services, announced today that a diversified global healthcare leader has selected Aravo Enterprise™ to power its Foreign Corrupt Practices Act (FCPA) compliance program, as well as to automate its supplier lifecycle management business processes. With Aravo’s industry-leading SLM technology, the customer will dramatically improve third party intermediary compliance visibility and tracking, while driving down the cost of managing supplier relationships through process automation and industry best practices.
FCPA compliance presents unique challenges to the pharmaceutical and healthcare industry due to the breadth and complexity of the market interactions involved. With a broad range of third party intermediary relationships, this customer realized that they needed a proven compliance solution to implement and track their FCPA initiative. Compounding these compliance challenges was a supplier management approach that relied upon costly manual processes offering limited visibility into supplier profile, credentials and performance information. With accelerating growth, management realized it must address these issues with a single, integrated third party compliance and supplier lifecycle management solution
“Like others in our industry, we are faced with a large FCPA compliance challenge that is compounded by ineffective third party and supplier management systems,” said a company executive. “With its strong track record helping pharma and healthcare customers, we believe that Aravo will enable us to effectively address increasing compliance requirements like FCPA, as well as streamline and lower the cost of our supplier management processes across the enterprise.”
Aravo Qualifications & Compliance™, will allow the customer to deploy an FCPA program that tracks third party intermediary compliance activities and provides due diligence reporting to meet federal program auditing requirements. The benefits will include significantly reduced exposure to FCPA enforcement actions and penalties, as well as greatly lowered cost of compliance.
Using Aravo Enterprise™, the customer will automate supplier enablement, vetting and managing business processes with a single source of truth for all supplier profile and compliance data. Users will have easy-to-use role-based dashboards with end to end supply chain visibility to help them quickly identify supplier performance, risk and compliance issues/opportunities. As a result, the procurement team will be able to spend less effort on manual on-boarding and supplier management tasks, and more time focusing on strategic supplier relationships.
“We are pleased to welcome this global industry leader as our newest pharma and healthcare industry customer”, said Michael Saracini, CEO of Aravo. “Aravo’s deep industry experience and best practice examples will help them realize fast time to value, lower their exposure to potential SEC and DOJ FCPA actions, and drive quantifiable savings to the bottom line across all supplier relationships.”
The world’s best-run businesses utilize Aravo’s Cloud-based Supplier Lifecycle Management solutions and Supplier Risk Services to find and manage trading partner relationships, reduce supply chain risk, ensure global regulatory compliance and lower the cost of managing suppliers by up to 72%. Aravo launched the market’s first SIM/SLM solution in 2004 and has been the leading innovator in the space ever since. Customers such as General Electric, Accenture, and Boston University rely on Aravo to manage information and processes for over 2 million global suppliers. Aravo is based in San Francisco, with offices in Chicago, Dallas, New York, Portland, Monterrey, Mexico and Ahmedabad, India, and is backed by over $50 million in investment from Cisco Systems, Big Sky Partners, and others. For more information regarding Aravo’s award-winning solutions please visit our website at https://aravo.com.