Third Party Risk Management and Compliance Requirements for Retail Companies

For retailers, the most pressing third party risk and compliance issues involve Anti-Bribery and Anti-Corruption (ABAC), safe working conditions, environmental protection, responsible sourcing, and information security. Retailers must ensure that third parties comply with all applicable regulations, reduce risks, and maintain levels of quality that protect brands and reputations. Third parties must also comply with workplace safety regulations, including those from the EPA, NFPA, and OSHA.

The Aravo Risk and Compliance Solution for Retail Companies

Aravo helps leading retailers to comply with all applicable third party regulations. Key advantages of the Aravo solution include its highly flexible architecture, enabling changes to be made quickly and applied through entire areas of the platform, and foreign language support. Aravo enables retailers to achieve a “single version of the truth” regarding all their third parties, so they can take prompt action to keep workplaces safe and to protect their brands.

Aravo Risk & Compliance Solution Benefits for Retail 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 Retail industry

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 50001

Supports the use of Energy Management Systems (EnMS).

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.

UK Health & Safety at Work Act of 1974

Provides for securing the health, safety and welfare of persons at work.