Latest version of Aravo for Third Party Management Application includes artificial intelligence and machine learning (AI/ML) for enhanced decision support in managing third-party risk.
(San Francisco) – May 3, 2021. Aravo Solutions, the leading vendor of intelligent automation for third-party risk and performance, announced that artificial intelligence and machine learning (AI/ML) are now included with Aravo for Third Party Management.[1] A ready-to-use solution, Aravo for Third Party Management is an end-to-end SaaS application for managing third-party risk across the entire relationship life cycle.
Aravo AI is a native AI/ML engine that is embedded in the Aravo Platform to help third-party risk professionals automate processes, make decisions, and predict risk exposure in accordance with their organizations’ risk appetites. Within the Aravo for Third Party Management application, AI/ML is used to support decision making related to adding, editing, re-onboarding, and reinstating third parties as well as adding, editing, and reinstating engagements.
“Agility is key for TPRM programs facing regulatory change and dynamic market conditions. Users can easily be overwhelmed by the volume of data,” says Aravo CTO Eric Hensley. “AI can analyze enormous amounts of data much faster than humans, identifying patterns and trends without the need to build explicit models. Incorporating this technology into a ready-to-use product like Aravo for Third Party Management further accelerates the time-to-value TPRM programs need to protect the business.”
Accord to Forrester Research, a leading analyst firm, “Aravo is ahead of its competitors in applying AI to streamline risk assessment and monitoring.”[2]
Aravo for Third Party Management reflects regulatory guidance, international standards, and Aravo’s 20+ years of experience, allowing organizations to quickly and confidently launch best-practice programs aligned to current program maturity. Because it is built on Aravo’s scalable, configurable intelligent automation platform, customers benefit from the additional flexibility to rapidly and easily adapt their programs as they mature.
“Every organization has a different risk appetite depending on the nature of their business,” says Mr. Hensley. “Aravo AI uses the actual decisions made by users in your organization to train the machine learning engine. This results in decision support recommendations that accurately reflect your organization’s unique approach to risk management.”
This approach differentiates Aravo from other products that use generic data sets aggregated from multiple organizations, which can generate results that don’t meet those unique requirements. Typically, organizations not only vary tremendously in risk appetite (based on regulatory guidance or other factors), but also in what information is collected as a part of the assessment process.
To learn more about AI technology in general and a practical approach for incorporating it into your TPRM program, download the whitepaper AI for Third Party Risk Management from the Aravo website.
Aravo’s approach not only instils the confidence that Aravo AI “learns from” risk data aligned to the client’s own risk appetite, the flexible platform gives clients the option to quickly expand the use of Aravo AI capabilities. The ready-to-use solution delivers intelligence by providing risk experts with recommendation for specific decisions, along with a percentage of confidence calculated by Aravo AI. With support from Aravo Professional Services, clients can apply Aravo AI to other intelligence use cases as well as:
• Automation – Aravo AI reduces manual steps by automating low-risk decisions when there is a high degree of accuracy, such as automatically approving a third party that Aravo AI has categorized as low risk or triggering enhanced due diligence for a third party categorized as high risk.
• Prediction – Based on past actions, Aravo AI can monitor changes that indicate a change in the risk profile and take action, such as re-classifying a third party as non-compliant and triggering an Issues & Corrective Actions Workflow based on a change in risk or compliance posture.
Aravo delivers the market’s smartest third-party risk and performance management solutions, powered by intelligent automation.
For more than 20 years now, Aravo’s combination of award-winning technology and unrivaled domain expertise has helped the world’s most respected brands accelerate and optimize their third-party management programs, delivering better business outcomes faster and ensuring the agility to adapt as programs evolve.
With solutions built on technology designed for usability, agility, and scale, even the most complex organizations can keep pace with the high velocity of regulatory change. As a centralized system of record for all data related to third-party risk, Aravo helps organizations achieve a complete view of their third-party ecosystem throughout the lifecycle of the relationship, from intake through off-boarding and all stages in between and across all risk domains.
Aravo is trusted by the world’s leading brands, helping them manage the risk and improve the performance of more than 5 million third parties, suppliers and vendors across the globe.
[1] Available in the Standard and Advanced tiers
[2] The Forrester Wave™: Supplier Risk And Performance Management Platforms, Q3 2020.
