Third Party Risk Management and Compliance Requirements for Technology Companies

Like the hardware and software products they build, technology companies depend on integration—integration with third parties ranging from subcontracted engineers to ad agencies to law firms. Operating in global markets, technology companies must comply with Anti-Bribery and Anti-Corruption (ABAC) regulations such as the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act. Additionally, they must ensure that their third parties comply with the strict standards and regulations for quality assurance, business continuity, and data security. To help companies excel in highly competitive markets, third party management must measure performance as well as compliance. Technology companies need a way for tracking the quarterly and annual performance of third parties using Key Performance Indicators (KPI).

The Aravo Risk and Compliance Solution for Technology Companies

One of the largest computer networking companies in the world uses Aravo to manage its third party compliance and performance. Aravo enables this company to ensure that its third parties comply with all applicable regulations and that third party business performance aligns with budget expenses. Ultimately, “spend management” depends on “performance management.” The Aravo solution makes it easy for even the largest global technology companies with tens or hundreds of thousands of third parties to maintain a clear vision of the compliance status and business performance of its extended enterprise.

Aravo Risk & Compliance Solution Benefits for Technology Companies

  • Streamline and harmonize data and processes across the third party and supply network for improved transparency, flexibility and agility
  • Eliminate risk silos and deliver a centralized ‘version of the truth’ for the extended enterprise
  • Increase third party transparency through Tier 1, 2 and beyond
  • Reduce complexity and third party administration costs
  • Expand third party networks and enter into new markets with confidence
  • Accelerate time to market
  • Reduce brand risk
  • Improve oversight with an always accessible audit trail
  • Expand to new use-cases as you harness the power of the flexible Aravo Enterprise platform

Regulations and Standards that impact the Technology companies

U.S. Foreign Corrupt Practices Act (FCPA)

Forbids bribing foreign officials and mandates transparent accounting practices.

UK Bribery Act

Covers British criminal laws related to bribery and establishes penalties including imprisonment, fines, and confiscation of property.

ISO 14001:2015

Sets out the criteria for an environmental management system applicable to any industry.

ISO 23001

Specifies what is required for Business Continuity.

ISO/IEC 27001

Specifies requirements for Information Security.

ISO 50001

Supports the use of Energy Management Systems (EnMS).

ISO 9001:2015

The international standard for quality management systems.