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Third-Party Risk Management and Compliance for the Insurance Industry

Like other financial services, insurers and their third-party ecosystems are subject to review by OIG, OCC, FFIEC, and CFPB. In addition, they must meet reporting and auditing from various state regulators and, in some cases, HIPAA, which are also taking a closer look at data security, privacy, and other threats posed by third parties.

Despite the overhead this creates, a 2018 EY study found that 83% of insurers reported that they manually update their third-party inventories, which is as much as two-thirds higher than other categories of financial services firms.

Aravo Third-Party Risk Management for Financial Services

Aravo’s cloud-based application is designed to help insurance and other financial services firms manage third-party relationships in accordance with increased and expansive regulatory expectations.

It automates your third-party intake and risk management processes, and helps you understand, manage, and mitigate the risks posed by your third-party vendors and their engagements throughout the lifecycle of the relationship.

Because it comes with pre-configured best-practice capabilities, you can confidently stand up a best-practice program in as little as two weeks.

Customer Success

Aravo powers the programs of leading banks, financial institutions, and insurance firms across the globe.

With the compliance deadline for New York state’s 23 NYCRR 500 cybersecurity regulation looming, a US P&C insurance carrier realized they wouldn’t be able to meet the due diligence and periodic assessment requirements with existing manual processes. Aravo helped the insurer rapidly implement a system that eliminated manual processing when assessing third-party data and privacy risks.

Powering the Financial Services Community

Aravo is also the technology behind one of the world’s first and largest financial services third-party qualification communities, the Financial Services Qualification System (FSQS), managed by our partner Hellios. It is designed to standardize and manage requests for compliance and assurance data for community members. Eighteen banks, building societies and insurance companies and thousands of suppliers form part of this community.

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What We Do

Aravo delivers award-winning, market-leading cloud-based solutions for managing third-party governance, risk, compliance, and performance.
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