Third-Party Risk Management:
An audit trail is a source of records that provides evidence of the sequence of activities that have affected a specific operation, procedure, or event. Audit trails are necessary in every industry as they ensure that activities and transactions were performed in accordance with integrity and legislative requirements.
Audit trails are important in third-party risk management to provide evidence of the activities taken in the assessment, due diligence, monitoring, and management of third parties. Audit trails help companies recognize performance issues, security violations and other flaws in their third-party management, as well as demonstrate compliance to management, auditors, and examiners.
Aravo’s TPRM solutions are designed to provide transparency and documentation into all of your vendor activities and management processes. Every action in Aravo is time and role stamped with visualized audit trails across all workflows and supported by full reporting capabilities. Point-in-time status is also available in audit trails (for time-travel). This is vital for defensibility and demonstrating compliance to auditors, management, and examiners
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