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Third-Party Risk Management: Taking a Maturity-Aligned Approach

Third-party risk management software isn’t one-size fits all, but your program is likely to grow and mature. How can you know that a product can make you successful by meeting you where you’re at today and adapt to whatever challenges you’ll face tomorrow?

Transcript:

0:00 When you’re responsible for third party management, you’re responsible for protecting the integrity of the business from risks like security breaches, non-compliance, unethical behavior, and supply chain disruption that can result in lost revenue, customers, and reputation and maybe even legal action.

0:19 You hold the keys to the data your organization needs to make strategic decisions.

0:26 But if that due diligence slows down the business, you’re also responsible for the lost opportunity costs caused by delays in onboarding the vendors that add value to your business, which doesn’t make you very popular with your stakeholders.

0:40 Without the right tools to centralize due diligence data about your third parties, intelligently automate processes, and confidently deliver insights to the business, executives, auditors, and regulators, you can’t do your job.

0:54 And spreadsheets, manual processes, and disparate systems are not the right tools.

1:00 With so much riding on making the right choice, finding the best third party management solution for your organization can feel like a perilous task, especially if you don’t account for your program maturity, which is different even from other organizations that seem similar to yours

1:17 In your search for third party management solutions, you’ll encounter vendors offering solutions that are too basic and rigid for a mature third-party management program, and less mature programs will outgrow them as they inevitably face increasingly complex expectations of stakeholders and regulators.

1:34 If you end your search there, you’ll likely face expensive, time-consuming, hard-to-maintain custom coding down the line. Before long, you might even find yourself (or your successor) going through the whole selection and implementation process again when you outgrow the solution.

1:51 Other vendors will offer you rich capabilities that will require extensive resources, time, and expertise, which will quickly overwhelm even a moderately mature third-party management program.

2:02 You and your stakeholders may get bogged down in prolonged deployment and battle painful change management, while the perception of the team is impacted by frustration and delayed ROI.

2:13 What you’re looking for is a third-party management solution that will always be just right for your program maturity. One that has everything you need today.

2:22 and will be able to do whatever you get tasked with tomorrow as your program matures.

2:26 Along with the best-practice experience to guide you on your journey so you can protect the business without slowing down business.

2:33 Whether you’re juggling spreadsheets and need guidance in launching a third-party management program, you’re one of the fortunate few at the height of program maturity with an agile enterprise-wide program, or fall somewhere in the middle, you can find an Aravo for Third Party Management solution that is just right for you, from ready-to-use applications that will help you get off spreadsheets in a matter of days to personalized configurations that align to your unique risk control framework.

2:58 All built on the same proven platform and best practices trusted by the world’s largest brands to manage their complex, global third-party ecosystems.

3:07 Not sure how to benchmark your program maturity? Check out the Aravo Maturity Calculator and get your customized report to understand where your program is today and how you can move to the next stage in your maturity journey.

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