Spring is in the air and Aravo is thrilled to announce our latest product release! To best meet our users’ needs for today and tomorrow, we have been planting, nurturing, and growing new products to innovate, expand, and enable the TPRM market, Aravo users, and customers.
Focused on delivering a more powerful, intelligent, and intuitive approach to TPRM, this release further empowers Aravo users with a comprehensive, advanced, and strategic risk management solution for their businesses.
Meeting our customers where they are and where they want to be, the updates, enhancements, and new capabilities in this release will continue to drive long-term TPRM program success. With best-in-class third-party lifecycle management, AI-defined assessment efficiencies, advanced configurability across risk evaluation processes and scoring, and efficient and effective InfoSec risk assessments, this release has something for everyone.
Each of the updates and new capabilities in this release further enables our customers to better assess and manage the third-party risks that matter to them while enabling them with enhanced processes, configurability, insights, data clarity, and actionability.
The four key elements within the Spring 2024 launch are explored further below.
There’s a lot of buzz around artificial intelligence (AI). While overuse of AI can be detrimental to TPRM programs and decision-making, when used in conjunction with human intervention it can provide needed efficiencies and data. Aravo’s Artificial Intelligence capabilities help users deliver on operational efficiency, limited liability, and revenue assurances.
Whether it’s through selecting target attributes to ensuring data security, these capabilities are highly configurable, helping you to reach your unique benchmarks and goals.
As businesses engage with ever more third parties and as these engagements become more strategic, integrated, and interconnected with the business, effective and accurate risk assessments and scoring are all the more important. Today, it is no longer sufficient to score a single risk or risk domain independent of other relevant risks to gain an accurate understanding of the risk a third party represents to your business. Additional evaluation and scoring of each third party and all relevant risks, as well as aggregate risk scoring, is best-practice TPRM.
Aravo’s Evaluate engine steps in to streamline and improve the accuracy of risk assessments across risk domains, generating highly visible, reportable, auditable risk scores adapted to your individual organizational risk profile, appetite, and tolerances.
Ultimately, you gain a highly customizable, individualized risk score for each third party and your entire program, across and within individual risk domains. Resulting holistic and individualized scores allow Aravo customers to make better-informed decisions and take the right actions to protect their businesses from third-party risks.
As third-party risk gains more attention from executives, boards, and regulators, an intelligent technology solution that deciphers complexities and delivers relevant insights will continue to rise in priority. We’re thrilled that Aravo’s Evaluate engine provides intelligent risk scoring that empowers organizations to efficiently manage their diverse range of third-party relationships.
Another area of improved functionality we’re excited to roll out is our enhanced survey experience for customers and their third parties. These new and improved features are designed to build on efficiency, clarity, and adapting while allowing users to gather and measure the data they need to make business decisions.
Enhanced functions and features built into the survey experience include:
There is likely nothing that makes businesses more attentive to third-party risks than information security and cyber security. Our updated, market-aligned Information Security application takes a best-practice approach, designed for businesses to execute efficient and effective third-party information security assessments and deliver the insights needed to best evaluate engagements.
Key features included in our launch are designed to streamline assessments, focus on critical concerns, and improve response rates, insights, and actionability.
With this improved functionality, users can define survey scope to focus on what’s important in the third-party relationship, enabling customers to dig deeper into key information security concerns and not rehash previously asked questions.
With less than 100 questions and mapped to ISO 27001, users can spend less time filling out surveys and instead focus on strategic tasks. This streamlined model dramatically improves survey response rates and drives informative insights and actions.
Tailored dashboards are designed to provide the needed visibility into your data. With improved scoring by control topics, and improved segmentation control, users can view and pull out the information they need, when they need it.
This new and improved functionality is only the latest in TPRM innovations that Aravo is working on delivering to our users. New features will continue to be rolled out on a continuous basis, and we are excited to continue to deliver on delivering assurances to our customers.
Interested in learning more about these functions, our TPRM platform, or supporting applications? Contact us today!
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