The success of a business depends on three factors: governance, risk, and compliance (GRC). Together, they form a third-party ecosystem that determines an enterprise’s financial results, performance, and resilience. Aravo Solutions understands the importance of third-party management. As a GRC solution provider, Aravo aims to optimize third-party vendor connections through quick, scalable, and adaptable solutions.
Using world-class technology, Aravo simplifies complex challenges companies face, such as rapidly changing regulatory compliance, risks (legal, financial, cyber), and poor governance. Aravo’s contribution to the GRC landscape is empowering a company’s third-party ecosystem using a GRC automation platform comprising a relational data model, document and content management, automated workflow management, and interactive reporting and visualization.
The Aravo cloud-based platform provides a centralized location for all GRC solutions. The award-winning technology lets enterprises adapt to changing market conditions per their requirements, build new applications, and merge internal business systems with third-party content providers safely and efficiently. This platform automates complex workflows, integrates multiple systems, and accommodates infinite risk domains and appetites, allowing large, established organizations to manage their operations comfortably.
Aravo’s platform comes with pre-defined best practice applications designed to help enterprises implement user-friendly and easy-to-administer applications quickly, confidently, and cost-effectively. It also simplifies an application’s configuration by incorporating practical features like drag-and-drop changes, enabling risk and compliance experts to modify the application per their needs without IT support.
Built on a common SaaS platform, this cloud-based medium gives businesses the agility to thrive in today’s fiercely competitive, rapidly changing, and regulatory environment. It ensures companies always have access to the latest discoveries and technological innovations and can adapt and scale as processes and programs evolve.
Whether an organization needs a best practice, pre-configured application for faster program implementation or solutions to its unique third-party governance system, Aravo designs flexible and creative solutions catering to every enterprise’s goals, size, and budget. Aravo does not believe in universal solutions but in creating customized solutions for universal problems.
Aravo Solutions transforms third-party management. It assists companies in maintaining a single inventory of all third-party connections, entrepreneurial data, and respective risks. The company studies an organization’s business model to design a unique system that automates processes that would otherwise depend on manual spreadsheets and emails.
Companies can take a great deal of confidence that, by working with Aravo, they are bringing the definitive combination of technology and best-practice expertise into their supplier and third-party risk and performance management programs. — Michael Saracini, CEO
With its anti-bribery and anti-corruption (ABAC) compliance software, Aravo has solidified its position as a force to be reckoned with against third-party network corruption. Aravo’s ABAC compliance software includes a proprietary best practice questionnaire built on FCPA, UK Bribery Act, the Organisation for Economic Co-operation and Development (OECD), and ISO 37001 guidelines.
Aravo also tackles data privacy concerns with precision and tact. Regulators worldwide have cited data privacy as a looming and recurring issue affecting their business. Many companies with third-party vendors complain about tampered enterprise, client, or employee records. Aravo combines its data privacy knowledge and expertise with client-defined assessments for local requirements to help companies identify and eliminate third-party factors that could violate regulations. Aravo’s data privacy software allows companies to control data management, processing, security, and breaches.
The California-based company offers financial services solutions for banks and other monetary institutions to help them establish a flawless third-party risk management program. Aravo’s solution aligns with industry-mandated regulatory requirements and includes a comprehensive Financial Services Risk Assessment (FSRA) derived and developed from OCC guidelines. With a single location for all third-party information and risk management workflow processes, Aravo streamlines an enterprise’s third-party management throughout the contract’s lifecycle.
Companies need a platform to understand, track, and manage the performance levels of their third-party suppliers—Aravo Solutions’ Supplier Performance Management cloud-based platform solves this problem. It collects, monitors, and controls third-party suppliers’ quantitative and qualitative performance metrics to understand the strategic benefits of efficient, cost-effective, innovative, and high-quality engagements an organization needs.
Aravo protects its clients’ brand reputation and minimizes the time, money, and resources required to increase IT security. Aravo’s dynamic workflow automation platform analyses information security assessments to scope, share, track, and score online reviews to create a centralized report of vendors, assessments, risks, and mitigations.
Environmental, Social, and Governance (ESG) is a framework used by organizations to understand the needs of stakeholders and, accordingly, design a system to generate value. Aravo’s ESG initiatives allow companies to create an ethical supply chain, abide by global regulatory compliances, mitigate risk exposure, and agree with environmental, social, and governance requirements. The company offers a fully-integrated, cloud-based platform that uses intelligent automation to assess, manage, and monitor the entire company’s ESG practices.
Aravo’s supply chain resilience notifies companies of potential threats, automates supplier business impact assessments, and manages various responses, from mitigation to identifying alternative suppliers. This solution allows organizations to send quick, informed responses and avoid issues that could derail or halt business operations.
In addition to standardized assessments, Aravo also provides customer-defined risk assessments. Aravo understands the need for individual propriety assessments that align with their business objectives and have the approval of regulatory compliance authorities and senior management. With its cloud-based third-party risk management application, Aravo brings agility to business operations, enabling companies to incorporate their own proprietary risk assessments and supporting workflows.
Aravo’s state-of-the-art integration framework enables data exchange through web services APIs in various formats like XML and JSON using SOAP and REST-based protocols to enable continuous monitoring. The integration framework breaks organizational silos using streamlined integration, allowing the system to merge with many business processes.
With over twenty years of expertise, Aravo Solutions has built an impressive portfolio highlighting how its GRC solutions have helped enterprises worldwide. A leading multinational computer software company implemented Aravo’s third-party management solution to optimize its business and user experience.
The company’s third-party employee onboarding time reduced significantly after using Aravo’s solutions. The computer software firm also gained visibility and increased ongoing third-party management, adapted to regulatory and business changes, and quickly identified high-risk relationships.