Third-Party Risk Management Software for Financial Services

Products
- Aravo for
  - Third-Party Risk Management
    A third-party management solution to match your program maturity
  - ABAC Compliance
    Combat third-party bribery and corruption risk and comply with international regulations
  - Environmental, Social & Governance (ESG)
    Hold your suppliers to a standard of integrity that reflects your organization’s ESG policies
  - German Supply Chain Due Diligence Act (LkSG)
    Automate your supply chain program to meet the obligations of the LkSG
  - Data Privacy & GDPR
    Ensure vendors are compliant with data privacy regulations and standards, including the CCPA, GDPR and more
  - Financial Services
    Conduct a comprehensive Financial Services Risk Assessment directly aligned to OCC guidance
  - Information Security
    Protect digital assets by assessing risks from vendors that access your data and/or networks
  - Supply Chain Resilience
    Prevent, defend, respond, and recover from hazards that put continuity of supply at risk
  - Customer Defined Assessments
    Quickly implement an assessment configured to your unique specifications without custom coding
  - Risk Intelligence Connectors
    Augment Aravo assessments, continuous monitoring, and other due diligence with specialized data providers
  - Integration Framework
    Break down organizational silos with streamlined integration to virtually any enterprise system
  - Performance Management
    Understand, monitor, and manage the performance standards of your third-party suppliers
- What’s New — Aravo for ESG Learn how to build sustainable and ethical supply chains across your extended enterprise
Capabilities
- Capabilities
  - Strategic Alignment Framework™ for TPRM
    An adaptive framework aligning your TPRM goals, plan, and delivery program for your organization.
  - Risk Management Lifecycle
    Apply an effective risk management process throughout the life cycle of the third-party relationship
  - Vendor Intake and Scoping
    Collect, centralize, and validate your third-party vendor information
  - Vendor Due Diligence
    Conduct inherent risk and enhanced due diligence assessments across all risk domains
  - Vendor Onboarding
    Collect and validate vendor and engagement information for streamlined transactional enablement
  - Continuous Monitoring
    Monitor vendor risk and performance and trigger review, issue management, and remediation activity
  - Vendor Contracts Management
    Create a centralized repository of all vendor contract information and monitor performance against terms
  - Vendor Performance Management
    Monitor third-party vendor performance, strengthen preferred relationships and eliminate poor performers
  - Issue Management and Remediation
    Identify, track, and manage third-party vendor issues from initiation through to resolution
  - Vendor Termination and Offboarding
    Ensure the separation process is handled appropriately, data privacy is in compliance and payments are ceased
  - Machine Learning and Artificial Intelligence
    Apply AI for a range of use cases including automation, intelligence and prediction
  - GRC Software
    Leverage intelligent automation for broader GRC use cases and managed services offerings
- Strategic Alignment Framework^TM
  
  Learn about how to optimize your organization’s TPRM program
Resources
- Resources
  A library of whitepapers, datasheets, webinars, and more to help you grow
  - Third-Party Risk and Compliance Blog
    Aravo’s blog for expert third-party risk and compliance content
  - Events and Webinars
    Explore Aravo’s events and webinars to get the latest in TPRM and compliance trends from leading experts.
  - Navigating the TPRM Solution Voyage
    Explore how to choose the right TPRM software for your business
  - TPRM Maturity Calculator
    How mature is your third-party risk management program? Calculate your score
  - Third Party Risk Glossary, Terms and Definitions
    The ABCs of TPRM. Here you will find business terms risk professionals use on a daily basis
  - TPRM Guidance and Regulations
    An overview of the vast range of regulations and guidance that encompass TPRM
- Featured Resource
  
  Get your need-to-know guide on the future of supply chain regulations
Customers
- Customers
  The world’s most respected and forward-thinking brands work with Aravo
  - Customer Tools
    The Aravo Academy will help get you up and running with Aravo’s technology.
  - Industries
    Supporting successful programs across virtually every sector, we understand your business
  - Financial Services
  - Insurance
  - Pharmaceutical & Life Sciences
  - High Tech
  - Consumer Goods
  - Manufacturing
  - View more Industries
- Featured Resource
  
  Learn more about Aravo and how we can help organizations like yours
About Us
- About Aravo
  Find out more about Aravo, our purpose, and why leading brands trust our technology solutions
  - Aravo News Room
    Get the latest information on Aravo, including company and product updates
  - TPRM Expertise
    Market leaders for 20 years, our services professionals have the expertise to work as an extension of your team
  - Aravo’s Leadership Team
    Our management team. Commited to supporting “Better Business”, delivering the best experience for our customers
  - Aravo Partners
    Learn more about our partner ecosystem
  - Aravo Careers
    Explore career opportunities globally and learn more about Aravo culture
- Latest Analyst Report
  
  Learn why Aravo is a third-time category leader for TPRM
Request Demo
Contact

Automate every step of your TPM program to manage and mitigate risks in the financial sector.

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

Launch specialized Aravo products for anti-bribery/corruption, infosec, data privacy, and financial services risk assessments.
Incorporate your own surveys with a Customer Defined Assessment.
Integrate third-party data intelligence from Aravo partners or virtually any other vendor.

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 caused by missed documentation or lack of coordination.

Manage the complete lifecycle of the third-party relationship

Assess and report on risks associated with specific engagements to ensure third parties meet expectations.
Track issues, corrective actions, and controls 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 lifecycle and provide a transparent, process-driven audit trail to regulators. Benefits include:

Achieve a single version of the truth

Delivers a standardized and centralized process and controls 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.

Provide a clear audit trail to regulators

Real-time reporting, role-based dashboards, and complete auditability of the entire process to demonstrate compliance to management, board, and regulators.

Deliver confidence in your transparency and compliance

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

Customer Insights

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

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
Third-Party Risk Management.
Fidelity International

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

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.

AD HOC

There is no refined third-party risk management methodology or roles.

FRAGMENTED

Third-party risk management processes are manual and they lack standardization, making it hard to measure effectiveness.

DEFINED

Individual departments have standardized, technology-enabled processes, but they operate in silos.

INTEGRATED

The organization has adopted departmental methodologies, templates, and processes, and third-party governance silos are being broken down.

AGILE

Third-party risk management is federated for the entire organization with integrated information and technology environments (including other business systems), automation and reporting, and accountability monitoring.

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.

Third-Party Risk Management Software for Financial Services

Work with an award-winning third-party risk management software

Talk to a Team Member Who Knows Your Industry Challenges and Goals

Automate every step of your TPM program to manage and mitigate risks in the financial sector.

Your Program