Record Demand for Third-Party Risk Management and Supply Chain Resilience Technology
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:
Equipping clients for resilience amidst the pandemic
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:
- Introduced a free COVID-19 Impact Assessment for clients to help them rapidly assess business resilience risks in the face of potential supply chain disruptions resulting from the pandemic.
- Released a subscription-free COVID-19 Impact Assessment application for organizations who were not Aravo clients to take advantage of, to help serve the wider business community.
- Built and released a Supply Chain Resilience application, which prepackaged best-practice workflows and assessments, together with hazard tracking data from partner, DisasterAWARE.
- One banking client, recently commented: “When the Covid-19 pandemic hit…we were able to utilize Aravo to send a Covid-19 impact questionnaire to all of our critical suppliers. Having all of that information in one system – who our critical suppliers were, who the contacts at those companies were – and being able to quickly deploy that using Aravo proved instrumental. That was a big help for us.”
Continued Analyst Recognition
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:
- Regulatory compliance – especially in the areas of anti-bribery and corruption (ABAC), data privacy and cybersecurity.
- Information security and cybersecurity – and the requirement to understand and manage risks at the 3rd, 4th and nth party levels.
- Operational resilience – including supply chain resilience and business continuity associated with third-parties.
- Efficiency – the desire for a holistic approach, supported by better workflow automation and AI capabilities, and the ability to integrate with business systems and third-party risk intelligence providers.
Product updates and releases
Aravo delivers quarterly platform updates to its intelligent automation platform, together with quarterly application releases. Notable releases in 2020, included:
- Tiered pre-configured applications aligned to a program maturity model. Aravo released TPM Express, Standard and Advanced applications, each of which are aligned to relative program maturity stages. This approach provides best-practice templates and streamlines deployment, providing clients rapid-time-to value and the ability to address their third-party risk and performance management challenges progressively.
- Supply Chain Resilience. This pre-configured application intelligently combines a supplier-oriented view of hazards and emerging risks that could impact clients’ supply chains, with the business process automation needed to respond quickly.
- Aravo AI. A native machine learning/natural language processing tool that leverages neural networks to “learn” underlying business rules. It can be applied to practically any activity in Aravo where a user must make a decision based on a given set of data, and supports intelligent decision making, prediction and advanced automation use-cases.
“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.