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.