July 18, 2014 posted by Allen Thompson
SAN FRANCISCO, Calif., July 18, 2014 – Aravo Solutions, Inc., the leading provider of cloud-based Third Party Management (TPM) Risk and Compliance solutions, announces the July 2014 release of its award-winning Aravo Enterprise™ solution suite. Aravo’s latest release introduces an innovative solution to the long-standing challenge of incorporating external content into the Third Party Management process. The July 2014 Release also offers an enhanced data formatting and validation solution, resulting in more complete and accurate collection of data and streamlined, accelerated collection.
Configurable Integration with External Content Providers
Effective Third Party Management programs require the collection, review, and analysis of counterparty information in order to make informed business decisions. Key functional areas include qualification, compliance, and risk management across distributed populations of third parties including suppliers, vendors, partners, consultant, agents, and distributors.
Best practices require information to be gathered from various external sources (IRS, VIES, LexisNexis, Accuity, etc) with automated validation and approval processes. Unfortunately, traditional solutions have not provided an easy nor consistent approach to incorporating these external sources into a seamless end user experience. Companies that have sought to solve this problem in the past relied on expensive and fragile custom integrations that required a high degree of technical proficiency and collaboration with content providers in order to maintain data integrity. Ultimately, these methods have proven to be unsustainable.
Aravo has solved this complex challenge through our new Dynamic URL integration framework. This new framework allows customers to quickly and easily configure their Aravo systems to interact with external content providers in order to present and store important external information within the Aravo environment. This model enables organizations to augment third party-provided content with canonical data (including company revenue, registration numbers, firmographic data, legal filings, negative news, financial risk, etc.) in order to improve the efficacy of their review and validation processes resulting, in dramatically improved data accuracy and compliance.
More information on the various certified external content providers and configuration protocols will be published and made available to Aravo customers on the Aravo Support Portal.
Improved Data Validation
A common challenge associated with effective Third Party Management is validating information that has been provided by the Third Party during their self-assessments or questionnaires. Aravo’s Dynamic URL integration significantly improves this process within Aravo. However, the upstream overlooked challenge of data completeness remains. Ensuring that Third Parties provide all of the information required of them in the correct or expected format represents an “Achilles Heel” of many enterprise Third Party Management programs.
With our latest release, Aravo customers now have access to a new data validation framework that dramatically streamlines set up, maintenance, and modifications over the life of the program. Simple format validations are now available for the following common functions: required fields, email address structure, matching expressions, maximum/minimum length, numeric representation (integers, floating point) and date restrictions (on or before, on or after).
In addition to the simple validations mentioned above, Aravo customers now have a robust framework for developing validations that can be designed to address more complex requirements for ensuring the accuracy and completeness of the responses provided by third parties within individual questionnaires. The full complement of available validation rules and syntax are available within the Release Notes and the Aravo Configuration User guide available via the Aravo Supplier Portal.
“Continuing on the data modeling extensibility advancements we’ve incorporated in our last several releases, Aravo now provides improved capabilities to augment and validate information being provided by Third Parties into the platform,” said David Rusher, Vice President of Product Strategy at Aravo. “The Aravo platform continues to offer unique capabilities and value to our customers, enabling them to address an even broader range of compliance-oriented initiatives within their organizations.”
Aravo provides the market’s leading third party risk management and regulatory compliance solution. Aravo launched its cloud-based platform in 2004 and continues to serve as the industry’s leading innovator today. Our market-leading third party risk and compliance solutions include Registration and Qualification, Anti-Bribery / Anti-Corruption, Responsible Sourcing, and Data Privacy / Data Security. The world’s best-run businesses utilize Aravo’s platform, including General Electric, Accenture, Salesforce.com, Cisco Systems, Unilever, and DuPont. Aravo currently supports a user base of over 36,000 buyers managing 2.4 million third parties in 38 languages and 112 countries. Aravo is headquartered in San Francisco with offices in Chicago, Dallas, Portland, Monterrey, Mexico and Ahmedabad, India. For more information regarding Aravo’s award-winning third party risk and compliance solutions please visit our website at https://www.aravo.com/.
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