Insurers, in addition to financial services, are held to strict standards. They are required to ensure that third parties comply with regulations at both the State and Federal levels, adding additional complexity.
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’s cloud-based third-party risk management and assessment software application is designed for insurance companies and other financial services firms to manage third-party relationships in accordance with increased and expansive regulatory expectations.
These tools and solutions for insurance automate your third-party intake and risk management processes and help 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.
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.
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.
“An excellent product and user-friendly UI (user interface), good functionality and highly efficient. Below are the key features: Super easy customization; Ability to integrate with other tools; Supplier data storage management; Transparent process for supplier registration with time lines is beautiful; Supplier registration and de-registration is easy. Easy to use tool and good visual appearance.”
– Assistant Manager,
Services Industry
“We have used Aravo for eight years now, and it has been a backbone of our supplier information and compliance processes. Aravo themselves are excellent to work with and have been highly supportive and understanding of our business goals.”
– Lead IT SME,
Program and Portfolio Management,
Manufacturing Company
“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
