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Third-Party Risk Management For Financial Services

Now financial services firms can manage their third-party risk programs with confidence and support compliance in light of increased regulatory expectation.

Aravo for Financial Services is a cloud application that’s been mapped directly to regulatory guidance on best practice third-party risk management frameworks.

It’s designed for banks and other financial services institutions to help stand up a third-party risk management program rapidly and with the confidence that it has been aligned with industry regulatory requirements. It includes a comprehensive Financial Services Risk Assessment (FSRA) that has been derived and developed from OCC guidelines.

With a single system for all third-party information and powerful risk management workflow processes, Aravo helps you streamline the management of your third parties throughout the full life cycle of the relationship.

Automate every step of your TPRM program.

Third-Party Risk Management - GRC Software Features Screenshot
Centralize all your third parties and their engagements into a single inventory
  • Deliver a standardized process for registering new third-parties and initiating new engagements.
  • Gather relevant documents, certifications, policies, and data.
  • Provide visibility into third-party inherent and residual risk at the enterprise, vendor, and engagement levels.
Understand and manage the risk associated with third parties and their engagements
  • Automate inherent risk assessment to enforce a consistent process.
  • Segment third parties by criticality and inherent risk scores.
  • Be alerted to changes in risk and compliance posture for issue management, remedial action, or off-boarding.
Conduct third-party due diligence
  • Pre-configured questionnaire and workflow captures internal and external input to complete the assessment.
  • Screen and validate third-party information.
  • Automated, configurable ongoing monitoring for changes in risk profile to trigger remedial action.
Actively manage risk and performance
  • Identify and report issues.
  • Ensure SLAs and KPIs are monitored and met.
  • Initiate action plans for remediation.
  • Involve cross functional teams and the third party in the issue resolution process.
Report and monitor with complete visibility
  • Real-time reporting and analytics pre-configured for financial services.
  • Role-based dashboards for all three lines of defence – dynamically drill into any detail.
  • Full audit trail across the entire third-party risk management process designed to meet demands of internal and external examiners.
Integrate into your wider ecosystem
  • Integrate into your internal business systems including ERP, AP, GRC, and ERM systems.
  • Extend your Aravo solution with a broad range of content partners for additional validation, due-diligence, and continuous monitoring.
  • Consolidate additional third-party risk domains.

Market-Leading
Software from Aravo

Aravo has the market’s most comprehensive set of capabilities for managing third-party, vendor, and supplier risk and performance

A LEADER

Logo - The 2020 Gartner Magic Quadrant for IT Vendor Risk Management Tools

Aravo Named a Leader in the 2021 Gartner® Magic Quadrant™ for IT Vendor Risk Management Tools

A LEADER

Logo - The Forrester Wave™: Third-Party Risk Management Platforms, Q4 2020

The Forrester Wave™: Third-Party Risk Management Platforms, Q4 2020

A LEADER

Logo - The Forrester Wave™: Supplier Risk and Performance Management Platforms, Q3 2020

The Forrester Wave™: Supplier Risk and Performance Management Platforms, Q3 2020

A LEADER

Logo - Chartis RiskTech Quadrant® for Third-Party Risk Management Systems 2019

Chartis RiskTech Quadrant® for Third-Party Risk Management Systems 2021

Customer Insights

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Best practice for Fidelity International

“We selected Aravo Solutions for their proven track record in supporting global, enterprise clients who have complex vendor risk management programs. With Aravo, our supplier risk management program and processes will be standardized across the firm and the technology will enable consistent governance and oversight of supplier risk and performance across the enterprise.”

– Gary Lock, Head of Supplier Risk & Relationship Management,
Fidelity International

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Best fit for our requirements

“Best fit for our requirements, transparent and capability to handle greater volume of requests with ease. [The] Aravo technical team is very professional and supportive.”

– Process Lead,
Financial Services Firm

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Aravo’s technical team is very professional and supportive

“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

Financial Services Program Benefits

With Aravo, you get better strategic results from your program and your third-party relationships. Benefits include:

Faster time-to-value

Best practice capabilities to support the requirements of financial services programs are pre-configured in the application.

Deliver confidence in your program to senior management and regulators

Real-time reporting and complete auditability mean you can demonstrate compliance to the board, senior management, auditors, and examiners.

Single version of the truth

Centralize and standardize your third-party inventory and process controls with a single source of truth for all your third parties, critical third parties, and their subcontractors.

Future-proof solution

Easily extend and adapt as business conditions, policies, and regulations evolve.

Capabilities To
Support Third-Party Management

Capabilities - Risk Management Lifecycle
Intake and Scoping

Apply a standardized and defensible process for collecting, centralizing, and validating your third-party vendor information.

Due Diligence

Ensure an objective, risk-based approach to third-party due diligence.

Onboarding

Deliver a consistent, automated process complete with a fully accessible audit trail. All your vendor information and documentation is in one place.

Contracts Management

Create a centralized repository of all vendor contract information and automate contract monitoring, review, and management processes.

Continuous Monitoring

Continuously monitor vendor risk and performance and trigger review, escalation, issue management, and remediation activity.

Performance Management

Monitor third-party vendor performance, strengthen preferred supplier relationships, drive innovation, and eliminate poor performers.

Issue Management and Remediation

Enable a systemic and consistent approach to issue management and identify, track, and manage third-party vendor issues from initiation through to resolution.

Termination and Offboarding

Ensure that the separation process is handled appropriately, including return of property and system access, assurance of data destruction, and notification to finance to cease payments.

Guidance,
Regulations
and Standards

Today, there is a maze of regulations, laws, and standards that companies need to consider as part of their compliance programs and to support industry best practice operations and conduct.

Regulations
OCC Bulletin 2013-29
Sarbanes-Oxley Act
Payment Card Industry Data Security
Foreign Corrupt Practices Act of 1977
UK Bribery Act of 2010
ISO 37001:2016 Anti-bribery management systems
The California Transparency in Supply Chains Act
UK Modern Slavery Act
Clean Air Act of 1963
EU General Data Protection Regulation (GDPR)
The California Consumer Privacy Act of 2018 (CCPA)
UK Health & Safety at Work etc. Act of 1974
International Traffic in Arms Regulations (ITAR)
SYSC 13.9 Outsourcing
MAS – Guidelines On Outsourcing (issued 2016)
Guidance for Managing Third-Party Risk / FIL-22-2008
FFIEC IT Examination Handbook: Vendor and Third-Party Management
FED SR 13-19 / CA 13-21: Guidance on Managing Outsourcing Risk
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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.
Third-Party Risk and Performance Management Supplier Risk and Performance Management Vendor Risk Management Contractor Risk Management
Our Expertise
Expertise
Who We Help
Customers

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