Aravo for Third Party Risk Management (TPRM) in Financial Services is a cloud-application designed to help financial services firms accelerate their third party risk programs with confidence, and support compliance with increased regulatory expectations.
Financial services regulators around the globe are placing increased focus on third party risk. Regulators including the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB), The Federal Reserve, The Federal Financial Institutions Examination Council (FFIEC) and the Financial Conduct Authority (FCA), among others, have all made it clear that how firms manage the risks associated with third parties and their subcontractors is an area of increased focus for them. It’s an expectation that goes right to the Board, with senior management responsibility for oversight and outcomes.
Aravo for Financial Services is a cloud-application that’s been mapped directly to regulatory guidance on best practice third party risk management frameworks. With Aravo you can manage all your third party relationships in a single inventory, determine the quantity of strategic, operational and compliance risk associated with each relationship and provide enhanced oversight for third parties performing critical activities. With a single system for third party information and powerful risk management workflow processes, Aravo helps you streamline the management of your third parties throughout the full life cycle of the relationship, including on-boarding, risk assessment and due diligence, contracting, monitoring, performance, risk and issue management and termination. Advanced reporting capabilities and dashboard visualizations deliver a complete view of risk, providing greater governance and ensuring your program stands up to regulatory expectation.
By eliminating multiple inventories and manual processes that rely on unreliable email and spreadsheets, you save time, gain productivity and deliver a consistent and scalable program.
Rapid time to value.
Stand up a third party risk management program that is aligned to regulatory guidance, quickly and confidently
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.
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.
Powerful reporting and complete auditability demonstrate compliance to senior management, internal audit and examiners.
Built on technology that supports the scale, complexity and change dynamics associated with third party risk programs.