May 25, 2011 posted by Allen Thompson
SAN FRANCISCO, Calif., May 25, 2011 – Aravo Solutions Inc., the leading provider of on–demand Supplier Lifecycle Management and B2B information and collaboration solutions, announced today that a Fortune 500 Top 5 Pharmaceutical company has selected Aravo Solutions to help drive supplier compliance with the Foreign Corrupt Practices Act (FCPA). The selection was the result of an exhaustive analysis of competing solutions during which the company evaluated offerings to help it reduce supply chain risk from supplier failures and supply disruptions, and ensure supplier data privacy and security throughout its operations. Using Aravo’s Credentials & Compliance Management and Enable solutions, the company will have a single source of truth for supplier information that every application, business unit, and region can access, improving supplier compliance and lowering operating costs.
The FCPA was enacted to prohibit companies from giving money, gifts or anything of value to obtain or retain international business. As a result, companies must keep accurate records and maintain clear and adequate controls for employees and trading partners (including suppliers, intermediaries and subsidiaries) to protect against improper payments or influence. With the FBI’s recent announcement that it is dedicating significant resources specifically to the enforcement of the FCPA, the risk of multi-million dollar fines and criminal prosecution has never been higher.
Using Aravo Credentials & Compliance Management, the company will automate and streamline ongoing FCPA oversight of employee, supplier, intermediary and subsidiary relationships. Aravo’s SaaS-based solution facilitates three key activities as part of an effective FCPA compliance initiative: compliance-based supplier selection, relationship management, and compliance monitoring/audit management. Leveraging Aravo, the company will establish a lower-cost, higher-quality supplier compliance process through a single system of record for supplier information, automated activity reporting related to supplier credentials, and a consistent and repeatable assessment process.
Supplier data accuracy, privacy and security are also critical elements of the company’s overall supplier information management strategy. With Aravo Enable, the company will be able to verify and onboard suppliers quickly and efficiently through a web-based supplier self-service portal in the local language. In addition, Aravo Enable will automate and manage the company’s workflows for approvals and integration of supplier information to all relevant downstream systems, keeping ahead of rapidly changing supply chain and general business demands.
“We are excited to add another Fortune 500 Top 5 Pharmaceutical company to our growing list of customers”, said Michael Saracini, CEO of Aravo. “Aravo’s industry-leading Supplier Lifecycle Management and B2B information and collaboration solutions, combined with our deep knowledge of industry regulatory issues like FCPA, allow our global customers to ensure regulatory compliance, reduce supply chain risk, and lower the cost of supplier administration.”
The world’s best-run businesses utilize Aravo’s Cloud-based Supplier Lifecycle Management solutions and Supplier Risk Services to find and manage trading partner relationships, reduce supply chain risk, ensure global regulatory compliance and lower the cost of managing suppliers by up to 72%. Aravo launched the market’s first SIM/SLM solution in 2004 and has been the leading innovator in the space ever since. Customers such as General Electric, Accenture, and Boston University rely on Aravo to manage information and processes for over 2 million global suppliers. Aravo is based in San Francisco, with offices in Chicago, Dallas, New York, Portland, Monterrey, Mexico and Ahmedabad, India, and is backed by over $50 million in investment from Cisco Systems, Big Sky Partners, and others. For more information regarding Aravo’s award-winning solutions please visit our website at http://www.aravo.com/.
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