Third Party Management

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Overview

Aravo delivers the market’s leading third-party risk and performance management solutions.

Our award-winning technology and unrivaled domain expertise helps the world’s most respected brands accelerate and optimize their third-party management programs, delivering better business outcomes faster and ensuring the agility to adapt as programs evolve.

Whether you are looking for a best practice, pre-configured application to stand up your program quickly and confidently or a solution mapped to your own defined third-party governance framework, Aravo has the right solution for your program maturity, size, and budget.

Key Features

Aravo delivers the industry’s most comprehensive set of capabilities

AI & Machine Learning

The Aravo machine learning engine allows customers to identify groups of data and associated statuses or classifications and deploy customized machine learning engines to be trained on those data. This is designed for customers with more mature programs seeking

AI-assisted decision-making support and automation.

Auditability

Every action in Aravo is time and role stamped with visualized audit trails across all workflows and full reporting capabilities. This is vital for defensibility and demonstrating compliance to auditors, management, and examiners.

Automated Business Process Workflows

Intelligent, logic-based conditional workflow capabilities allow for the automation of any number of complex business processes and rules. Clients can automate the simplest to the most complex of processes with notifications, communications, and escalations. It’s easy to change and create new workflows with simple, visual drag-and-drop configuration.

Configurability

Aravo offers extremely user-friendly and flexible graphical configuration capabilities. Configuration changes are ‘drag-and-drop’ and are cascaded through the workflows of the system. Even complex configuration is achieved through clicks, not code.

Document Collection and Management

Dynamic content management capabilities streamline the collection and management of content across a variety of formats and types – including contracts, due diligence reports, forms, risk assessment data, transaction information, training, and regulatory data.

Dynamic Assessments

Dynamic online assessments are automatically scoped and harmonized across relevant regulatory and risk domains. Conditional logic means that vendors are only asked relevant questions, increasing adoption and reducing survey fatigue.

Dynamic Questionnaires

Questionnaires can be used to gather qualitative and quantitative information that complements the more formal processes that are part of the

third-party governance framework. They are useful for performance management, RFP/RFI/Sourcing activity and for third-party feedback.

Enterprise Integration

A flexible integration framework means that the system can integrate with any number of business systems including ERP, P2P, AP, GRC, ERM, and in-house built systems.

Extensible Data Model

Aravo’s flexible, extensible data model means relationships can be created between different data and content objects including regulations, policies, controls, risks, assets, processes, business units, employees, contractors, vendors, and other objects. The model allows for the creation of multiple top-level objects and the association of sub-objects from one top-level object with other top-level objects.

Issues & Corrective Action Management

Clients can apply appropriate controls, implement corrective action/preventative action plans (CAPA), and monitor issue remediation and treatment in a single system. It provides the ability to track issues from initiation through to resolution.

MDM (Master Data Management)

Aravo’s extensible data model allows many-to-one relationships between Aravo and third-party records in other systems to be mapped. This allows for a single source of truth for third-party and supplier information, and enterprise visibility.

Project Management

Allows clients to manage third-party analysis and compliance work as formal projects against any regulation.

Risk Scoring Engine

Aravo’s powerful multi-dimensional scoring engine allows clients to assign scoring rules to data. It allows clients to determine third-party risk at the domain, entity, engagement, and enterprise levels. Risk scoring is not only used for analysis but also act as inputs to Aravo workflows in accordance with internal mitigation and escalation policies. Clients can also integrate their own, sophisticated proprietary models from Excel.

Reporting, Dynamic Dashboards, and Visualization

Aravo provides a variety of configurable reporting and analytics capabilities for visibility into all data stored in the system. These include interactive profiles, detailed third-party profiles, scorecards and ad-hoc reporting. Aravo’s powerful visualization capabilities which allow clients to see an enterprise view of risk and drill down into any level of detail.

Role-based Security and Approvals

Aravo customers are able to create roles and associated permissions that make sense for their business. Typical roles include: Relationship Manager, First Line of Defense Risk Expert, Assessment Risk Expert, Management Executive, Super User, Third-party, Second Line of Defense Risk Expert, and Third Line of Defense.

Third-party Intelligence Content Integration

Aravo integrates with a range of third-party risk intelligence providers including Refinitiv, Rapid Ratings, SecurityScorecard, BitSight, and more. The data from these providers can validate existing data, contribute to scoring, and also trigger action if certain risk conditions are flagged.

Third-party Portal

Aravo’s collaborative, secure online portal allows third parties to update their information in a self-service fashion. Data collection is smart, structured, and consistent with conditional workflow triggering additional information collection and validation requirements throughout the relationship lifecycle. The portal can be branded with the client’s website’s look and feel.

Transactional Enablement

The system allows clients to collect and validate the appropriate information and documentation for payment processing and onboarding.

Key Benefits

Benefits

  • Automate the complete third-party risk management lifecycle end-to-end
  • Achieve a single version of the truth to make better business decisions
  • Deliver better business processes that drive efficiency and reduce costs
  • Deliver confidence in your program to senior management and regulators
  • Gain rapid time-to-value, mature your program faster, and scale easily
  • Connect stakeholders across the business and your third parties in the one system
  • Deliver a risk-based approach to due diligence
  • Apply a risk-based approach to procurement
  • Take advantage of ready- defined best practice workflows and content

Product/Service details

SOLUTION OR SERVICE TYPE