Managing Third Party Risk In Financial Services

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.

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Third Party Risk Management Regulation In Financial Services

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.

Deliver A Third Party Risk Management Program Mapped To Regulatory Expectation

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.

Save Time And Drive Consistency And Efficiency

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.

Aravo Third Party Risk Management for Financial Services is built on Aravo’s third party risk management application. It comes with the application’s pre-defined data model, dynamic online questionnaire, automated workflows, risk scoring, performance scoring, issues and corrective action capabilities, reports and dashboards and integration capabilities. It includes a best-practice Financial Services Risk Assessment (FSRA) that is mapped to OCC guidance. It can be complemented with services to configure and integrate to your individual program requirements.