Apply a standardized and defensible process for collecting, centralizing, and validating your third-party vendor information.
The planning stage of the third-party relationship lifecycle is extremely important, as it sets the foundations of your success. This stage encompasses the full onboarding process that starts with your vendor intake and scoping.
With Aravo you can automate your intake processes and create a single inventory of all your third parties (including: vendors, agents, suppliers, outsourcers, distributors, affiliates, etc.) and their engagements.
Set the qualification criteria your third parties need to meet to do business with you and ensure that lines of business introduce third parties in accordance with policy.
Eliminate duplication and control vendor proliferation by screening for vendor overlap and identifying alternative pre-qualified vendors.
Scope vendors internally to gauge inherent risk. As new vendors are introduced, capture criticality (how material are they to the core functions of the business) and the inherent risk of the relationship (for instance, if they will have access to customer data). Automatic validation against third-party sources can be conducted in the process.
A secure third-party portal also provides a self-service option for third parties, automating and standardizing the registration process to ensure that all required documentation (such as policies, certificates of insurance, etc.), information, and attestations (e.g. compliance with your code of conduct) are gathered, verified, and kept up-to-date on an ongoing basis.
Only do business with third parties and suppliers that meet your qualification criteria.
Create a single inventory of all your third-party vendors and their engagements.
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.
