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Third-Party Management

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

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.

Automate every step of your TPM program.

Third-Party Risk Management - GRC Software Features Screenshot
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:

Achieve a single version of the truth

Delivers a standardized and centralized process for managing all your third parties that can cut through data and business silos.

Drive efficiency and reduce costs

Reduces operational burden with automated processes, saving time and resources.

Deliver confidence in your program

Real-time reporting, role-based dash-boards, and complete auditability to demonstrate compliance to management, board, and auditors.

Improve decision-making and compliance

Robust data management and business process workflow deliver visibility and adherence to policies.

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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A highly customizable and versatile system

“Aravo is an excellent tool for managing end to end processes, with tailored workflows, emails and chase cycles built in to the automated system capability. Aravo’s strength for me lies in its traceability and high level of automation. Aravo is a highly customizable and versatile system.”

– Social Accountability Manager, Global Manufacturing Firm

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Aravo are a great company with a great product which has served us well

“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

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Meets our complex, global needs for screening third parties for 3 risk areas

“The Aravo solution delivered meets our complex, global needs for screening third parties for 3 risk areas, collecting and validating supplier information required to support out procure to pay transactional processes and integrating that information with our SAP ERP system.”

– Financial Services & Solutions Associate Director,
Manufacturing Firm

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.

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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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