An effective third-party risk management process is made up of the following stages: Planning, Due Diligence, Negotiations and Contracting, Ongoing Monitoring, Risk and Issue Management, and Renewal or Termination.
Aravo has capabilities that map to and support each of these stages, so you can take a holistic, best-practice approach to manage your third-party ecosystem.
Auditability
Aravo delivers unrivaled auditability. Every action in Aravo is time and role stamped with visualized audit trails across all workflows and full reporting capabilities. This is vital for defensibility and demonstrating compliance to auditors, management, and examiners.
AI & Machine Learning
The Aravo machine learning engine allows customers to identify groups of data and associated statuses or classifications and deploy customized machine learning engines to be trained on those data. This is designed for customers with more mature programs seeking AI-assisted decision-making support and automation.
Extensible data model
Aravo’s flexible, extensible data model means you can create relationships between different data and content objects, including: regulations, policies, controls, risks, assets, processes, business units, employees, contractors, vendors, and other objects.
Dynamic Assessments
Aravo’s dynamic online questionnaires are automatically scoped and harmonized across relevant regulatory and risk domains. Conditional logic means that vendors are only asked relevant questions, increasing adoption and reducing survey fatigue.
Dynamic questionnaires
Questionnaires can be used to gather qualitative and quantitative information that complements the more formal processes that are part of the third-party governance framework. They are useful for performance management, RFP/RFI/Sourcing activity and for third-party feedback.
Automated business process workflows
Aravo’s intelligent, logic-based conditional workflow capabilities mean you can automate any number of complex business processes and rules. Automate the simplest to the most complex of processes with notifications, communications, and escalations. It’s easy to change and create new workflows with simple, visual drag-and-drop configuration.
Document collection and management
Dynamic content management capabilities streamline the collection and management of content across a variety of formats and types – including: contracts, due diligence reports, forms, risk assessment data, transaction information, training, and regulatory data. Multiple format types are supported.
Risk scoring engine
Aravo’s powerful multi-dimensional scoring engine allows you to assign scoring rules to data. Understand third-party risk at the domain, entity, engagement, and enterprise levels. Risk scoring is not only used for analysis but also act as inputs to Aravo workflows in accordance with internal mitigation and escalation policies.
Issues & Corrective Action Management
Aravo’s issues and corrective action management capabilities allow you to apply appropriate controls, implement corrective action/preventative action plans (CAPA), and monitor issue remediation and treatment in a single system. Track issues from initiation through to resolution.
Reporting, dynamic dashboards, and visualization
Measure status and support intelligent decision making with Aravo’s powerful visualization capabilities which allow you to see an enterprise view of risk and drill down into any level of detail. Benefit from on-demand, best practice reports together with ad-hoc reporting capabilities.
Enterprise integration
Aravo’s flexible integration framework means that the system can integrate with any number of business systems, including: Enterprise Resource Planning (ERP), Procure to Pay (P2P), Accounts Payable (AP), Governance, Risk and Compliance (GRC), Enterprise Risk Management (ERM), and in-house built systems.
Third-party intelligence content integration
To further power your third-party risk programs, Aravo integrates with a range of third-party risk intelligence providers, including: Refinitiv, Dow Jones, RapidRatings, SecurityScorecard, BitSight, and more. The data from these providers can validate existing data, contribute to scoring, and also trigger an action if certain risk conditions are flagged.
Role-based approvals
Aravo customers are able to create roles and associated permissions that make sense for their business. Typical roles include: Relationship Manager, First Line of Defense Risk Expert, Assessment Risk Expert, Management Executive, Super User, Third party, Second Line of Defense Risk Expert, and Third Line of Defense.
Configurability
Aravo offers the industry’s most robust and agile graphical configuration capabilities. Configuration changes are drag-and-drop and are cascaded through the workflows of the system. Aravo configurability allows even the most complex of business processes and rules to be automated. Even complex configuration is achieved through clicks, not code.
Third-Party Portal
Aravo’s collaborative, secure online portal allows third parties to update their information in a self-service fashion. Data collection is smart, structured, and consistent with conditional workflow triggering additional information collection and validation requirements throughout the relationship lifecycle. The portal can be branded with your website’s look and feel.
Transactional Enablement
The system allows clients to collect and validate the appropriate information and documentation for payment processing and onboarding.
Security
Information security and data privacy are of paramount importance to Aravo, our customers and their third parties. Aravo implements industry best practices for protecting data privacy, including: access controls based on user, role, and location.
Pre-built applications
Aravo had distilled our domain expertise and technology capabilities into applications that come with pre-defined data models, workflows, and assessments, to help organizations stand up best practice programs quickly. These include Aravo for Third-Party Risk Management, Aravo for GDPR Compliance, Aravo for Financial Services, Aravo for ABAC Compliance, Aravo for Information Security, and Aravo for Customer Defined Assessments.
Aravo has the market’s most comprehensive set of capabilities for managing third-party, vendor, and supplier risk and performance
“Aravo is an excellent tool for managing end to end processes, with tailored workflows, emails and chase cycles built in to the automated system capability. Aravo’s strength for me lies in its traceability and high level of automation. Aravo is a highly customizable and versatile system. ”
Social Accountability Manager, Global Manufacturing Firm
“Aravo provides GE with a globally accessible application for the management of critical information around our supply base and allows us to syndicate the information to our various purchasing, payables and other systems so that we can have one coordinated view of all supplier activity and commitments. We are confident that the ROI is not just positive, but it’s massively positive.”
Corporate Initiatives Group, GE Global Procurement
“Implementation took no time and integration is good. Overall happy with the service. Excellent features & great support from the solution experts to deliver our needs. Robust functionality.”
– Sourcing and Vendor Relationships, Services Industry
“Excellent features and highly professional team with great care of customers.”
– Assistant Manager, Services Industry
“Best fit for our requirements, transparent and capability to handle greater volume of requests with ease. Aravo technical team is very professional and supportive.”
– Process Lead, Financial Services Firm
Aravo Named a Leader in the 2021 Gartner® Magic Quadrant™ for IT Vendor Risk Management Tools
Building a Third Party Risk Management Powerhouse
Your Wake-up Call to Better Third-Party Risk Management: Exploring the Results of Deloitte’s Global TPRM Survey
Aravo is Third-Time Category Leader for Third-Party Risk Management
