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Third-Party Risk Management Application

Aravo for Third-Party Risk Management is a software-as-a-service application that allows you to understand, manage, and mitigate the risks posed by your third-party vendors and their engagements. With Aravo’s base Third-Party Risk Management Application, you can maintain a single inventory of all your third-party relationships and automate inherent risk assessments, scoring,due diligence, continuous monitoring, issue management, and corrective action processes.

Key features include:

  • Standard data model for third parties, contacts, engagements, issues, and corrective actions
  • Standard questionnaires, templates and workflow for initial third party registration and pre-qualification, initiating new engagement, and off-boarding/termination
  • Standard workflows for issues and corrective actions, escalations, alerts, ongoing monitoring, renewals.
  • Standard roles for relationship manager, LOD 1 (business), LOD 2 (controls), LOD 3 (audit), third party, exec management, BOD, amd administrator
  • Inherent risk scoring for compliance, operational, and strategic risks
  • Integrated Financial Risk Scoring based on Altman-Z Score
  • Workflows process visualization, including drag-and-drop change management and full audit trail
  • 13 standard reports
  • 11 standard dashboards

Explore product capabilities and key benefits in this datasheet.

 

Aravo Data Sheet - TPRM Application

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