Governance, Risk, and Compliance (GRC) is not a check-the-box exercise. It is a strategic necessity for any organization and critical to its long-term success. There are several factors that play into this:
Yet, with a vendor landscape that is very crowded, it can be difficult for organizations to choose the right provider to meet their needs. Chartis’ RiskTech Quadrant for Integrated GRC Solutions, 2024 evaluates risk technology vendors to analyze suitability for buyers related to completeness of offering and market potential. The RiskTech Quadrant measures segments such as GRC Analytics Solutions, Third-Party Risk Solutions, Internal Audit Solutions, and other risk-related vendor categories.
Aravo’s exclusive focus and commitment to TPRM allows us to deliver solutions that enable customers across industries and around the world better than anyone in the business. We are proud to be Category Leaders in the Chartis GRC Analytics Solutions and Third-Party Risk Solutions Quadrants!
Within the Governance, Risk, and Compliance (GRC) space, we have seen expansion of suite solutions and entry and departure of companies, shifting the landscape. Yet, Aravo has remained steadfast, delivering solutions that push innovation, drive customer value, and lead the market.
Our system and data model scales and adapts as our customers’ needs diversify, delivering analysis and insight clarity unique to the market. Chartis’ analysis of GRC Analytics Solutions noted in the Spotlight states, “A key consideration in our analysis, therefore, is the data foundation: the tools and mechanisms used to ingest data and convert it into information that can be processed and explored by analytical and visualization frameworks.” Our ability to meet and exceed the most demanding requirements for completeness of offering and market potential, leading to our placement as Category Leader within this quadrant.
Aravo is thrilled to be listed as a Category Leader in multiple quadrants, including Third-Party Risk Solutions, a space where Aravo thrives.
The areas of note leading to our placement in the leader’s quadrant include our competitiveness, partnerships, and capabilities around risk analytics and ease of use.
While Chartis highlighted several capabilities that led to Aravo’s Category Leader status for GRC Analytics Solutions and Third-Party Risk Solutions, specifics about our approach to the market and its challenges showcase some of our unique capabilities.
Chartis’ Vendor Spotlight on Aravo states, “Aravo’s competitiveness in the overarching GRC category can be traced to meeting the necessary requirements for completeness of offering and market potential… Aravo distinguishes itself in the TPR category with best-in-class process management, and industry leading capabilities with its risk analytics and ease of use.”
Special areas of note include:
Chartis notes Aravo’s capability to assess a large range of risk domains, including ESG, inherent risks, IT and cyber, financial, geopolitical, climate, and others. Our platform provides centralized program clarity across all third parties, processes, and teams, as well as downstream providers such as fourth and nth parties. According to the Spotlight, “Aravo integrates advanced AI and predictive analytics, enhancing its ability to provide real-time metrics and insights that inform decision-making.”
Aravo’s data integration was also highlighted due to its ability to provide seamless governance across datasets, full visibility across risk domains, integration into a cohesive framework, and helps organizations take a holistic view of third-party risks. The platform is noted for its flexibility, responsiveness, API integrations, and ability to provide real-time updates.
Aravo received 4 stars for our risk analytics capabilities for enhanced TPRM. According to the Vendor Spotlight, “Aravo excels in providing a comprehensive risk analytics framework that integrates various elements of the supply chain process, fostering high-quality risk and control monitoring. The platform effectively quantifies risks, which is crucial for accurate and actionable risk assessments.”
Aravo’s capabilities for process management were awarded 5 stars for being best-in-class, where functionalities are fully aligned in the supplier risk management lifecycle and the processes TPRM professionals need, not just onboarding and monitoring. The integration of third-party risk processes into supply chain workflows, inventory management, controls assessments, contract management, remediation management, etc. offer a truly holistic and defensible approach for effective and efficient TPRM.
In addition, our use of generative AI and advanced process automation technologies contributed to our Category Leader title, as they reduce the need for manual intervention, increase accuracy, and accelerate risk assessments, allowing organizations to use fewer resources while improving program performance.
Finally, Chartis also highlighted Aravo’s ease of use and packaging, which offers customers a user-friendly experience that is customized to the organization’s needs. Key capabilities for this include:
If you are interested in learning more about Aravo’s best-in-class capabilities for TPRM Solutions and GRC Analytics Solutions, we invite you to explore Chartis’ Vendor Spotlight. You can also speak with our experts to discuss how to build a best practice TPRM program and build on TPRM maturity.
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