A cost-effective, cloud-based solution that embeds data privacy risk assessments directly into the third party and supplier pre-contract due diligence and onboarding process, and allows firms to continually monitor their risk and compliance posture throughout the life cycle of the relationship.
In today’s digital world, personal information is collected, harvested, processed and shared more than ever before. In this digital ecosystem, personal information is an asset that can be subject to misuse, theft, and fraud. This makes data privacy and the appropriate use of data critically important. When companies use personal data and information that is entrusted to them, the data should be used according to the agreed purposes and it should have the appropriate security controls in place to protect it from unauthorized access or breach. This extends to outsourcing your data processing activities to third parties and vendors, which means you need to ensure that they have the correct controls for data management, processing, security and breach reporting in place. Privacy regulations, including GDPR, Gramm Leach Bliley Act, The Health Information Portability Act, The Federal Trade Commission Act, The Fair Credit Reporting Act, California Consumer Privacy Act, among others, all address the use of personal data, and come with heavy enforcement penalties for non-compliance.
Aravo for Data Privacy allows you to apply a consistent and objective data privacy risk management and compliance program for all your third parties and vendors that process, touch or store your data. Best practice assessments and workflows enable organizations to rapidly implement a control framework that mitigates risk, and protects your data assets and your reputation.
Dramatically reduce the time required for the assessment and due diligence of third parties. By eliminating multiple inventories and manual processes that rely on unreliable email and spreadsheets, you save time, gain productivity and deliver consistent and scalable programs.
Rapid time to value.
Stand up a third party data privacy management program that is aligned best practice control frameworks.
Understand risk exposure, segment and manage high-risk and critical third parties, and be alerted to changes in risk and compliance posture for issue management and remedial action.
Reduce operational burden with automated processes, saving time and resource.
Trust but verify.
Triangulate data from relationship managers, self-assessments and cyber-security ratings providers.
Single version of the truth.
Cuts through data and business silos and improves reporting and governance.
Better strategic performance.
Enterprise reporting and insight to make more informed decisions and drive better third party outcomes.
Better governance and oversight.
Demonstrate compliance to senior management, legal, internal audit and regulators.
Built on technology that supports the scale, complexity and change dynamics associated with third party risk programs.