SAN FRANCISCO, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Aravo, the leading provider of third-party risk and resilience solutions, today announced key milestones, strong global demand, and continued momentum validating that its comprehensive approach to third-party risk management (TPRM) is a competitive advantage.
According to Gartner®,1 “the need for third-party risk management solutions is resulting in significant growth in the market, with one report suggesting an 18.6% compound annual growth rate from 2021 through 2027.”
“Aravo has been leading the third-party risk management market through more than 22 years of unmatched domain expertise built into our technology and solutions,” said Michael Saracini, CEO at Aravo. “The pandemic, semiconductor crisis, persistent cyber-attacks, and increasing ESG mandates have broadened the focus for third-party risk programs across most industries as organizations try to be more resilient in an increasingly extended enterprise. Customers have a lot of choices and they continue to select Aravo because of our best practice experience in building mature third-party programs, visibility across the widest range of risk use cases, and helping them achieve faster ROI and quicker time to value.”
Aravo achieved a number of major milestones in 2022 including:
- The release of Aravo for ESG, a ready-to-use application suite that enables organizations and their extended enterprise to build resilient supply chains by managing and continuously monitoring their third parties’ ESG practices. As ESG mandates like the Paris Climate Accord, German Supply Chain Act, SEC guidelines, and more continue to emerge and evolve, global brands are demanding that their third parties act with integrity. With Aravo for ESG, organizations can manage multiple ESG risks with a unified experience and cross-program visibility.
- Four new platform releases to meet the growing number of requirements for a highly scalable platform, unified visibility, automated workflows, artificial intelligence, risk algorithms, integration technology and operational intelligence.
- Continued platform investment with enhanced Aravo user interface, updated navigation and user menus. New universal search capability delivers a richer, user-friendly experience, optimizing the way users engage with Aravo to manage the lifecycle of third parties.
- Category-defining expansion of risk intelligence partnerships to innovate third-party onboarding, due diligence and continuous monitoring. Aravo released 25 standardized integrations with risk intelligence vendors such as Black Kite, DarkOwl, Dun & Bradstreet, Orpheus, RapidRatings, Refinitiv, Bankers Almanac, Supply Wisdom, and SEDEX.
- Strong customer adoption by large, global enterprises particularly in vertical markets such as pharmaceutical, high tech, business services, financial services and consumer goods. Aravo supports more than 440,000 corporate users in 39 languages across 177 countries, 36 risk domains and 16 ESG risk sub-domains. 10.5 million third parties and suppliers are currently being managed in Aravo, a 61% year-over-year growth indicating expansion and maturity of existing customer TPRM programs into broader risk use cases.
- The delivery of a new preview environment that allows customers to pre-validate their Aravo implementation against the new release. Customers can preview and test new features and functionality as well as enhance change management procedures.
Aravo serves as a strategic partner providing customers with:
- Embedded best practices which includes the Aravo Strategic Alignment Framework™ that facilitates a collaborative program roadmap, organization and maturity models as well as solution blueprints for multiple verticals and risk domains.
- Unified visibility of their third-party ecosystem throughout the lifecycle of the relationship which includes integrated risk intelligence and supplier performance measurements.
- Operational agility at a global scale to mature and extend risk programs within the speed of regulatory changes and operational intelligence for program insights and improvements.
As Aravo starts the new year, the company is continuing to invest in thought leadership and lead discussions across the globe on topics such as ESG. On March 13-14, 2023, Aravo is a gold sponsor of EcoVadis’ Sustain 2023 global event in Paris and will host a roundtable discussion about “Overcoming Supplier Fatigue: An Intelligence-First Approach to Sustainability.”
Additional Resources
- Blog: ESG: Exploring Frameworks, Responsibilities and Upcoming Software Solutions
- Infographic: The German Supply Chain Due Diligence Act
About Aravo
Aravo delivers the smartest third-party risk and resilience solutions, powered by intelligent automation. As a centralized system of record for all third-party data, Aravo provides organizations with a complete view of their third-party ecosystem throughout the lifecycle of the relationship and across multiple risk domains including ABAC, ESG, GDPR, InfoSec, financial, ethics, supply chain resilience, and business continuity. For more than 22 years, Aravo’s 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. Learn more at www.aravo.com.
Media Contact
Liza Goldberg, pr@aravo.com, 415.835.7622
1 Gartner, Market Guide for Third-Party Risk Management Solutions, Dec. 19, 2022. GARTNER is the registered trademark and service mark of Gartner Inc. and/or its affiliates in the U.S. and/or internationally and has been used herein with permission. All rights reserved.
