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At Aravo, it’s no secret we’re continually innovating, refining, iterating, and evolving the technology that drives our solutions.
The latest example of this continual innovation – the recently released upgrade to our Evaluate Engine – opens new doors to customers looking for greater control over their risk scoring and analysis. Configurable scoring ranges, customer-defined color schemes, and highly adaptable risk tiering allow each customer to set their Evaluate Engine to a variety of custom scoring methodologies that match their unique risk environments and align to their existing internal policies. (When we say we tailor our solutions to our customers’ needs, we mean it.)
The new capabilities in this release create opportunities for risk professionals to advance their risk scoring methodologies and mature their TPRM programs to more accurately calculate and adapt to a rapidly changing risk ecosystem.
Like virtually all standard risk management solutions, the Aravo Evaluate Engine has been based on a traditional 1 to 10 risk scale, with pre-defined tiers aligned to red/yellow/green risk indicators. And truthfully, in simpler days with more isolated risks and fewer stakeholders requiring deeper insights, a 1 to 10 scale could often suffice.
Yet, in today’s environment, additional detail is needed to empower risk professionals to more accurately and fairly calculate risks, define appropriate activities to mitigate or optimize those risks, and protect their organizations.
The enhanced Evaluate Engine – with expansive scoring ranges, customized colors, and flexible tiering – allows businesses to better identify, mitigate, and manage their third-party risks. It does so by delivering:
Configurable ranges – a feature of the optimized Evaluate Engine –– allows businesses to combine or disaggregate risk scores across risk categories and interact with data and dashboards. They can then drill into or expand data as needed to capture insights and actionability, to create reporting for comparative analysis, or to identify and surface high risk events or third parties that demand attention.
Numerical identifiers only tell part of the story, which is why custom, adjustable colors can complement or tell it differently. Aravo’s Evaluate Engine allows for configurable coloring, conforming with organizations’ existing programs while also providing obvious visual indicators of outliers and risk.
With third-party roll-ups and assessment drilldowns, a powerful benefit of the Evaluate Engine is its ability to roll up and drill down within a third-party’s risk profile. Over the life of a third-party engagement, detailed and voluminous risk data, histories, and content may be collected and captured within the Evaluate Engine. Companies can recall relevant risks from across engagements and timelines to better identify historical risks and apply additional due diligence where relevant risks may not have been immediately apparent in an evaluation.
Through scoring relevant risks, particularly when a business may reengage with a third party – either after a period of dormancy or expanding an existing relationship in a different division or location – they can configure the risk evaluation process to score risks based on historical records, a limited timeline, or an adjacent engagement. For example, an Aravo customer can access a third-party record in the Evaluate dashboard, identify five different engagements over time with that third party, isolate scores to relevant services, or where scores are/were higher, and integrate that evaluation into its current assessment.
With vibrant, visual indicators, the Evaluate tool helps organizations sift through large data sets and variable information with simple, attractive visual indicators that inform across multiple topics. This includes “overall risk,” which provides a comprehensive risk score that reflects the total risk associated with the full engagement; “change in risk over time,” which presents as a trendline that displays the full history of a third party’s risk scores; or “quantity of engagements,” which shows the number of times that trendline has changed based upon new or changed engagements.
The types of risks facing TPRM professionals today are manifold and increasingly complex. While external and internal pressures mount, where risk-based decisions impact organizational strategies, and the technologies teams use to best manage third party risks really do matter, the Aravo Evaluate Engine has been built to be adaptable to a rapidly changing and demanding world. This solution – along with our robust range of professional services – positions organizations to manage existing and new risk management challenges more effectively and efficiently than ever before.
Want to learn more about identifying hidden risks and raising your risk IQ with the Aravo Evaluate Engine? Join our upcoming webinar here.
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