Business Services

Third Party Risk Management and Compliance Requirements for Business Services

In addition to ensuring that third parties comply with Anti-Bribery Anti-Corruption (ABAC) regulations such as the Foreign Corrupt Practices Act (FCPA), business services organizations need to ensure that third parties meet required standards for:

  • Data security
  • Data privacy
  • Liability insurance
  • Background checks
  • Credit checks
  • Diversity
  • Workplace safety and health

The Aravo Risk and Compliance Solution for Business Services

The Aravo Enterprise platform enables enterprises to collect and assess certifications and qualifications for all their subcontractors. Business services organizations can create specific compliance questionnaires for different types of subcontractors and ensure that every third party provides all relevant attestations. In addition, the Aravo platform can track multiple insurance policies, alerting managers to upcoming expiration dates, and ensuring that the purchaser is identified as an additional insured party in all appropriate contracts. Enterprises can also use Aravo Enterprise to assess third parties for diversity based on the eight different diversity categories defined by the U.S. government.

Aravo Risk & Compliance Solution Benefits for Business Services

  • 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 sub-contractor 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 Business Services

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 9001:2015

The international standard for quality management systems.

OHFAS 18001

The international specification for occupational health and safety management systems.

SA 8000

The certification standard created by Social Accountability International (SAI) for decent workplaces, encompassing regulations about child labor, forced labor, and health and safety.

Trafficking Victims Protection Act (TVPA)

Authorizes protections for undocumented immigrants who are victims of severe forms of trafficking.