San Francisco, Calif. March 28, 2018. Aravo Solutions, the leading provider of cloud-based third party governance, risk and performance solutions, and a leading global pharmaceutical company, today announced a multi-year agreement for Aravo to act as their technology partner for their global third party risk management program.
Following a competitive evaluation process, the pharmaceutical company selected Aravo. Aravo stood out due to its combination of domain expertise and best-in-class technology that supports a connected approach to third party governance across multiple risk domains. The flexibility and cost-effectiveness of Aravo’s cloud-based solution, together with its ability to scale and adapt to change quickly, also supported the company’s long-term requirements for success.
Aravo will help this client evaluate, monitor and control third party risk across ten risk domains: Anti-Bribery and Corruption, Promotional, Solvency, Data Privacy (including GDPR), Data Security & Integrity, Business Continuity Planning, Environment, Health and Safety, Labour/Human Rights, Corporate Social Responsibility, Pharmacovigilance & Regulatory. Advanced workflows will automate risk calculation, due-diligence and mitigation activity, and management will be supported by comprehensive enterprise real-time reporting and audit capabilities.
Dave Rusher, SVP Product Strategy & Alliances, Aravo Solutions said: “The client recognizes the important strategic and ethical advantages of a strong third party risk management program, and were seeking the best technology partner to help them achieve their vision of compliance excellence. Our team at Aravo demonstrated knowledge of the company’s requirements and commitment to supporting the client’s success. Aravo’s ability to integrate multiple risk domains into a centralized solution, will allow the client to effectively and efficiently manage, monitor and control third party risks to deliver enhanced oversight and governance.”
Anna Mazzone, Managing Director, International, Aravo Solutions said: “We are delighted to be working with this client, who joins our large and growing list of global pharmaceutical companies realizing the benefits of best practice third party risk management. We were impressed with the maturity of the program that the company is developing, particularly in recognizing the importance of a holistic approach that manages third party risk across multiple risk domains.
Pharmaceutical companies rely on third parties for nearly every phase of their business, from preclinical research, through to marketing and distribution, and face regulatory and other risks from a wide range of third parties. Taking a holistic approach to managing third party risk – that recognizes that risk comes in many forms and introduces the appropriate controls – is critical to the success of their programs.”
About Aravo Solutions
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 115,000 corporate users, managing more than 4 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.