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Automate your third-party risk management program with a custom-configured solution.

Often selected for large, complex, and international programs, Aravo for Third-Party Management Advanced is a premium option for organizations that have unique needs that require a custom data model. This option provides access to all of the functionality and capabilities of Aravo’s highly robust and configurable technology applications and platform deployed to your specifications.

Organizations that choose Aravo for Third Party Management Advanced work with an Aravo consultant to determine the scope of the project based on the unique requirements, goals, timeline, and budget. A dedicated Aravo Professional Services Team is engaged to work with you on an appropriate implementation plan to ensure your success.

Leverage a flexible technology platform to design your third-party risk management program

aravo_tprm
Request a new third-party relationship
  • 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 review by a risk expert(s)
  • 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 as needed
Streamline onboarding across functional areas
  • 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 ongoing relationship life cycle
  • 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 Advanced, you can tailor your Aravo solution to meet the requirements of your unique risk control framework

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.

Leading vendor risk management software from Aravo

Aravo is a recognized industry leader for supplier risk and performance software and third-party risk management software applications. We are noted for our domain expertise and record of innovation in this space. Our acknowledgements and awards include:

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.

Our Expertise
Expertise
Who We Help
Customers

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