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San Francisco, Calif. February 8, 2018. Aravo Solutions, the leading provider of cloud-based third party governance, risk, compliance and performance solutions, today announced that a leading bank had signed a multi-year agreement for Aravo to power its third party risk and compliance program.
The bank which is among the 25 largest U.S. commercial banks, has a mature vision of what its third party risk management program should encompass, and required a technology partner that could recognize and align with this vision.
Following a competitive evaluation process, the bank selected Aravo. Aravo stood out due to its combination of domain expertise and capabilities that allow clients to successfully deploy programs aligned to their own corporate policies and governance frameworks. The flexibility and cost-effectiveness of Aravo’s SaaS based platform, together with its ability to scale and adapt to change quickly, also supported the bank’s long term requirements for success.
David Rusher, SVP Product Strategy & Alliances, Aravo Solutions said: “The team at Aravo were able to demonstrate their knowledge of the bank’s business and their commitment to support the client in their success. The bank values technology as a key sustainable competitive advantage, and we were clearly able to demonstrate our technology’s ability to map to their business processes and requirements, and to support the vision and best practice approach that they have. Aravo’s workflow automation will deliver significant efficiencies for the bank, which in turn means they can focus on the strategic performance of third party relationships and enhanced oversight and governance.”
The bank will use Aravo to manage a full inventory of all its third parties and monitor, manage and understand risk and performance across the full lifecycle of the relationship. Advanced work flows will power risk calculation and mitigation activity, driving efficiency for the bank while supporting greater governance and oversight.
“We are delighted to be working with this leading bank, who has demonstrated such a mature and considered vision for their third party program. Their quest for excellence has extended to their technology selection process and we look forward to supporting their continued success,” said Mr. Rusher.
Regulators around the world are placing increased focus on how financial institutions manage third party risk, and have made it clear that they expect board-level engagement, and risk management throughout the full life-cycle of the third party relationship.
Anna Mazzone, Global Head of Financial Services, Aravo Solutions said: “Aravo is designed to help financial services firms manage third party relationships in accordance with increased and expansive regulatory expectation, offering a single solution for assessing multiple categories of risk, conducting initial and ongoing due diligence, managing and monitoring contractual compliance and performance, and transitioning or off-boarding third parties.”
About Aravo Solutions
Aravo Solutions delivers market-leading cloud-based solutions for managing third party governance, risk, compliance 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 124,000 corporate users, managing more than 4.3 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.