Global Consumer Health Products & Pharmaceutical Leader Goes Live with Aravo FCPA Solution
SAN FRANCISCO, Calif., July 12, 2011 – Aravo Solutions, Inc., the leading provider of on-demand Supplier Lifecycle Management and B2B information and collaboration solutions, announced that one of their Fortune 100 consumer health products and pharmaceuticals customers has gone live with Aravo’s best practices solution for FCPA (Foreign Corrupt Practices Act) compliance at its first international business unit. The company’s health care compliance team will use Aravo to perform FCPA due diligence on third party intermediaries and their sub-intermediaries.
“We couldn’t be happier with how well the project went”, said the project sponsor. “FCPA compliance is a global initiative for us, and Aravo will help us drive down the cost of compliance while avoiding potentially expensive fines and prosecution. Based upon this success, we plan to roll Aravo out to the rest of the region by the end of the year.”
FCPA compliance continues to be a critical issue for global enterprises. In the U.S., the Department of Justice, FBI, and the Securities and Exchange Commission have begun a rigorous anti-corruption campaign, and the prosecution of non-compliant global businesses under the FCPA is on the rise. The FCPA applies to not only a company’s employees but also to its agents, contractors, investors and suppliers. As such, compliance, supply chain and procurement executives of multi-national corporations face distinct risks and business challenges.
“Companies must develop policies, procedures and systems to identify potential problems, as well as a corporate commitment that misconduct will not be tolerated”, said William Barry, Partner at Richards, Kibbe & Orbe, LLP. “Effective FCPA compliance programs should include clear communication and training of all employees; a systematic, transparent method for maintaining books and records in a manner that can be audited; and periodic, risk-basedreviews and audits of systems and controls.”
Aravo’s industry-leading compliance solution enables customers to automate and streamline ongoing FCPA oversight of employee, supplier, intermediary and subsidiary relationships. Using industry best practices, Aravo delivers a cloud-based, automated, auditable process to determine the required level of partner due diligence; collect, analyze and report on compliance status; manage information request renewals; and drive integration with other enterprise systems.
“At Aravo, we have taken a close look at FCPA compliance to determine how we can help our customers implement Aravo products and services to ensure that they can manage their FCPA programs across their business units and third party relationships”, said Sig Lackner, VP – Global Services at Aravo. “Our services organization worked closely with this customer’s health care compliance team to deliver rapid time to compliance at the lowest possible cost.”
About Aravo
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.
