REQUEST DEMO
Main menu
Customers

Quickly stand up a best-practice third-party management application to centralize, understand, and manage the risks in your third-party ecosystem

With Aravo for Third Party Management, you can maintain a single inventory of all your third-party relationships, their firmographic data, and their risk profiles. Based on your organization’s needs, Aravo for Third Party Management can scale from a modest system for automating the processes that would otherwise be managed with spreadsheets and emails to a complex, highly customized end-to-end enterprise system for managing risk related to a virtually unlimited number of suppliers.

An off-the-shelf application, Aravo for Third Party Management distills the best practices derived from Aravo’s unparalleled experience in delivering third-party risk management solutions for some of the world’s largest brands. Our tiered approach allows organizations of virtually any level of program maturity to leverage Aravo’s robust workflow and data management to onboard third parties, conduct risk assessments and due diligence, and manage the entire life cycle of the third-party relationship.

Third-Party Risk Management Aligned to Your Program Maturity

Third Party Management Express Tier

Express

Ideal for organizations that are currently using manual processes (spreadsheets, emails, checklists) to manage, track, and report on third-party risk and those that are implementing a brand-new program with a modest team.

Third Party Management Standard Tier

Standard

Ideal for organizations that have an emerging or defined third-party risk framework and want to take a consistent, holistic approach to risk-based third-party due diligence by leveraging business process automation.

Third Party Management Advanced Tier

Advanced

Often selected for large, complex, and international programs, this level is suited for organizations that require a bespoke TPRM solution based on a custom data model that can include new entities and custom associations.

Unlike other solutions, Aravo for Third-Party Management can scale and evolve as your third-party risk management program does. All Aravo solutions are built on the same flexible and scalable technology platform, which means that you can seamlessly move to a higher tier, add specialized Aravo products for anti-bribery/corruption, infosec, data privacy, and financial services risk assessments, or incorporate your own surveys with a Customer Defined Assessment.

A detailed comparison of the capabilities in each tier is available in the product data sheet.

Not sure how mature your third-party risk management program is? Check out our Maturity Calculator, which will provide a detailed custom report to help you understand the implications of your current maturity stage and guide you on the next step in your maturity journey.

Automate every step of your TPM program

aravo_tprm
Complete the initial request/intake for a new vendor
  • Avoid duplicate or redundant vendors from being entered into the system
  • Identify whether the relationship manager or the third party will complete the dynamic online survey
  • Launch the automated process that streamlines assessment and onboarding
Automate inherent risk assessments
  • Score and tier your third parties based on responses to a dynamic, online survey
  • Reduce the burden on respondents with surveys that leverage business logic to avoid unnecessary questions
  • Screen for multiple risk types with pre-configured surveys that distill Aravo’s unmatched third-party risk expertise
Facilitate and document risk expert review of completed assessments
  • Support risk expert decision-making by presenting completed assessments along with risk scores and other data for medium/high risk third parties
  • Capture the risk expert’s decision, comments, attestation, and confirmation of code of conduct
  • Create a robust audit trail of adherence to appropriate risk controls
Conduct enhanced due diligence appropriate to the party’s inherent risk
Streamline onboarding across functions with Transactional Enablement
  • Gather third-party data needed to complete the overall onboarding process (e.g. banking data, insurance verification, certifications)
  • Centralize data collection for a smoother onboarding experience
  • Prevent onboarding delays cause by missed documentation or lack of coordination
Manage the complete life cycle of the third-party relationship
  • Assess and report on risks associated with specific engagements to ensure third parties meet expectations
  • Track issues and corrective actions to mitigate risk
  • Monitor, edit, and off-board third parties for ongoing data integrity within a system of record

Your Program Benefits

With Aravo for Third-Party Management, you can manage the end-to-end third-party life cycle. Benefits include:

Leading technology and domain expertise from Aravo

Aravo has successfully implemented ABAC solutions for global brands with some of the most complex third-party ecosystems in the world. Delivered with technology you can trust.

Optimize your Program and Reach Third-Party Management Agility

Program Maturity Calculator
Programs evolve, business conditions change, new risks emerge, and regulations change. Regardless of where you are in your third-party risk program maturity journey, our solutions and deep domain expertise will help you accelerate, optimize and become more agile. No matter how fast the world changes around you, you will be able to deliver better business outcomes faster and be able to adapt as your programs evolve.

Capabilities To
Support Third-Party Management

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.

What We Do

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

Third-Party Risk Management Supplier Risk and Performance Management Vendor Risk Management Contractor Risk Management
Our Expertise
Expertise
Who We Help
Customers

Ready to get started?

Find out more and schedule a demo
Contact us