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Risk Management Lifecycle

An effective third-party risk management process follows a continuous lifecycle for all relationships.

It’s made up of the following stages: Planning, Due Diligence, Negotiations and Contracting, Ongoing Monitoring, Risk and Issue Management, and Renewal or Termination.

Aravo for the Enterprise has capabilities that map to and support each of these stages, so you can take a holistic, best-practice approach to manage your third-party ecosystem.

 

The Industry's Most Advanced Set
of Third-Party Risk Management Capabilities

Auditability

Aravo delivers unrivaled 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.

Extensible data model

Aravo’s flexible, extensible data model means you can create relationships between different data and content objects, including: regulations, policies, controls, risks, assets, processes, business units, employees, contractors, vendors, and other objects.

Dynamic questionnaires

Aravo’s dynamic online questionnaires 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.

Automated business process workflows

Aravo’s intelligent, logic-based conditional workflow capabilities mean you can automate any number of complex business processes and rules. 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.

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. Multiple format types are supported.

Risk scoring engine

Aravo’s powerful multi-dimensional scoring engine allows you to assign scoring rules to data. Understand 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.

Issues & Corrective Action Management

Aravo’s issues and corrective action management capabilities allow you to apply appropriate controls, implement corrective action/preventative action plans (CAPA), and monitor issue remediation and treatment in a single system. Track issues from initiation through to resolution.

Reporting, dynamic dashboards, and visualization

Measure status and support intelligent decision making with Aravo’s powerful visualization capabilities which allow you to see an enterprise view of risk and drill down into any level of detail. Benefit from on-demand, best practice reports together with ad-hoc reporting capabilities.

Enterprise integration

Aravo’s flexible integration framework means that the system can integrate with any number of business systems, including: Enterprise Resource Planning (ERP), Procure to Pay (P2P), Accounts Payable (AP), Governance, Risk and Compliance (GRC), Enterprise Risk Management (ERM), and in-house built systems.

Third-party intelligence content integration

To further power your third-party risk programs, Aravo integrates with a range of third-party risk intelligence providers, including: Refinitiv, Dow Jones, RapidRatings, SecurityScorecard, BitSight, and more. The data from these providers can validate existing data, contribute to scoring, and also trigger an action if certain risk conditions are flagged.

Role-based 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.

Configurability

Aravo offers the industry’s most robust and agile graphical configuration capabilities. Configuration changes are drag-and-drop and are cascaded through the workflows of the system. Aravo configurability allows even the most complex of business processes and rules to be automated. Even complex configuration is achieved through clicks, not code.

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 your website’s look and feel.

Security

Information security and data privacy are of paramount importance to Aravo, our customers and their third parties. Aravo implements industry best practices for protecting data privacy, including: access controls based on user, role, and location.

Pre-built applications

Aravo had distilled our domain expertise and technology capabilities into applications that come with pre-defined data models, workflows, and assessments, to help organizations stand up best practice programs quickly. These include Aravo for Third-Party Risk Management, Aravo for GDPR Compliance, Aravo for Financial Services, Aravo for ABAC Compliance, Aravo for Information Security, and Aravo for Customer Defined Assessments.

Market Leading
Software from Aravo

Aravo has the market’s most comprehensive set of capabilities for managing third-party, vendor, and supplier risk and performance
Our expertise
Expertise
Who we help
Customers
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