Emerging risks and their impact on operational resilience sharpen focus on better third-party risk management
(San Francisco) – January 14, 2021. Aravo Solutions, a leader in intelligent automation for third-party risk and performance management, today announced that they had seen record demand in 2020 for their technology solutions designed to improve approaches to third-party management.
The significant disruption to supply chains in the wake of COVID-19, together with a growing terrain of emerging risks, has become a catalyst for many organizations to reexamine how they manage third parties that provide goods and services critical to their operations.
Aravo has been a clear choice for many, as its solutions brings greater intelligence, automation and agility to how companies manage their third parties. Aravo clients have been able to quickly identify and manage risks that the pandemic exposed in their supplier ecosystem, delivering better resilience to their business operations in times of rapid change.
Aravo’s 2020 highlights include:
Michael Saracini, CEO Aravo Solutions, said: “One of our greatest achievements in 2020 was being in a place where we could help our clients manage the emerging hazards that the pandemic created, and ultimately make things easier for them during challenging times.” To help firms protect their business-critical operations, Aravo:
With increased market focus in this space, there is a growing body of analyst research focused on Third-Party Risk Management, Supplier Risk and Performance Management and IT Vendor Risk Management. Aravo has been positioned in all the following reports:
Said Kimberley Allan, CMO Aravo Solutions: “We believe it’s significant that Aravo was positioned across all these analyst reports. Only Aravo provides the advanced set of capabilities and domain expertise to support a holistic, cross-functional approach to managing all third-party risks in a smart and connected manner”.
Aravo recognized strong customer growth in 2020. Big-brand, global enterprises continued to join the Aravo customer community, and a growing number of medium enterprises also benefited from rapid time to value, pre-configured applications. While the company saw new business growth across all sectors, including financial services, high tech, defense, management consulting, telecoms, and global food and beverage corporations, it saw particular growth in the pharmaceutical, life sciences and insurance sectors.
Drivers for new customers, included:
Aravo delivers quarterly platform updates to its intelligent automation platform, together with quarterly application releases. Notable releases in 2020, included:
“Gartner, Magic Quadrant for IT Vendor Risk Management Tools,” Joanne Spencer, Edward Weinstein, August, 24, 2020.
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Aravo delivers the market’s smartest third-party risk and performance management solutions, powered by intelligent automation.
For more than 20 years now, Aravo’s combination of award-winning technology and unrivaled domain expertise has helped the world’s most respected brands accelerate and optimize their third-party management programs, delivering better business outcomes faster and ensuring the agility to adapt as programs evolve.
With solutions built on technology designed for usability, agility, and scale, even the most complex organizations can keep pace with the high velocity of regulatory change. As a centralized system of record for all data related to third-party risk, Aravo helps organizations achieve a complete view of their third-party ecosystem throughout the lifecycle of the relationship, from intake through off-boarding and all stages in between and across all risk domains.
Aravo is trusted by the world’s leading brands, helping them manage the risk and improve the performance of more than 5 million third parties, suppliers and vendors across the globe.
