Third consecutive appearance as a Category Leader validates completeness of Aravo offering and market potential
(San Francisco) – August 11, 2021. Aravo, the leading provider of intelligent automation for third-party risk and performance management, today announced that, for the third time in a row, Chartis Research has named the company a Category Leader in its RiskTech Quadrant for Third-Party Risk Management (3PRM) Solutions. Category Leaders combine depth and breadth of functionality, technology, and content with the required organizational characteristics to capture significant share in their market.
According to the report, “3PRM is a rapidly growing segment of GRC, with varied technology and data requirements. As a general trend, elements of other risk management processes are being integrated into 3PRM – a logical move, considering that 3PRM covers exposure to a variety of risks (such as cyber risk, money laundering, etc.) that also affect a firm itself, as well as its third parties.”
“We’re proud that Chartis continues to recognize Aravo’s leadership in the 3PRM market,” said Michael Saracini, CEO at Aravo. “3PRM has always been a dynamic market, but the pandemic has really challenged organizations to better understand the resilience of their third parties and the impact on their business. Aravo has responded by making resilience one of the areas of innovation we’re focusing on in addition to market-leading 3PRM solutions.”
Soon after COVID-19 began to affect operations worldwide, Aravo released a ready-to-use application for supply chain resilience that helps organizations respond proactively when resilience risks are detected (e.g. weather, political unrest, biohazards, etc.) in their third party portfolios. Aravo for Supply Chain Resilience helps manage and mitigate risks and identify alternate suppliers when needed.
Another recent innovation is the introduction of a native artificial intelligence/machine learning (AI/ML) engine that organizations can use to automate processes, support decision making, and predict potential risks according to their risk appetites. Earlier this year, Aravo added out-of-the-box AI/ML decision support to its ready-to-use applications for third-party management, information security, anti-bribery/corruption, GDPR, financial services risk, and engagement risk.
“If there’s one thing that COVID-19 has taught us, it’s that organizations must be aware of the resilience of their vendors, since these firms often fill vital functions that are impossible to substitute quickly,” said John MacDonagh, Research Specialist at Chartis Research. “Aravo’s Category Leader placement reflects its best-in-class third-party risk management solution, which received high ratings across all criteria for completeness of offering—data management, workflow and automation, continuous monitoring, compliance capabilities, reporting and visualization, and controls framework.”
A complimentary copy of Chartis’ Vendor Analysis report for Aravo is available. This provides additional analysis of Aravo’s solution and quadrant placement.
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 their risk and improve the performance of more than 6 million third parties, suppliers and vendors across the globe.
Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. Chartis’ goal is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.
