Ensure an objective, risk-based approach to third-party due diligence.
Aravo allows you to embed best practice principles for the due diligence process into your program. This includes scoping third parties (understanding your universe of third parties and which ones should be subject to due diligence), third-party assessments (assessing the level of risk associated with third parties and their engagements across multiple domains), conducting risk-based due diligence, managing the approval process, and mitigating identified risks.
Automate processes to collect essential information from internal stakeholders and your third parties, as well as information pulled from external content sources like Refinitiv, Dow Jones, RapidRatings, SecurityScorecard, BitSight, and more.
Segment third parties according to their engagement type, inherent risk, and criticality. Business rules establish the level of due diligence required, and assessments are automatically scoped and harmonized across relevant regulatory and risk domains.
Vendors are sent dynamic, online self-assessment questionnaires. Conditional logic means they are only asked relevant questions, increasing adoption and reducing survey fatigue.
Business workflows automate the assignment of risk response and review to the third party’s users, as well as your internal risk managers.
The workflow is seamlessly integrated with Aravo’s risk scoring engine which dynamically scores risk throughout the process. These automatically calculated scores provide users with a multi-dimensional view of risk.
Risk scores drive workflows – automatically triggering the correct review, escalation, and mitigation activity when thresholds are met.
Information from completed profiles and due diligence can be used to drive the contract controls required to ensure the engagement is within an acceptable risk threshold for the organization.
Ongoing due diligence is automated according to level, type of risk, and changes in risk profiles.
Assess risk across all your third parties and conduct due diligence commensurate with the level and types of risk they present.
Ensure compliance across the enterprise.
Automated processes reduce operational burden with automated processes, saving time and resources.
A full audit trail of every action is captured, visualized, and available to report on.
