New Aravo innovations make managing third-party risks more flexible

Aravo, the leading provider of third-party risk and resilience solutions, today announced new platform and application innovations empowering organizations to manage their third-party risks with greater efficiency and agility. These innovations further underscore the flexibility of Aravo’s solutions in addressing sophisticated customer requirements.

Third-party risk management (TPRM) remains vital for all enterprises. Increasing reliance on third parties to support new business goals brings increased exposure to risks. The level of oversight for critical third parties has also increased, requiring more assessments and due diligence. As external risk rises, so does the complexity of TPRM activities.

Aravo’s latest release is designed to simplify and streamline TPRM for both users and third parties. Significant innovations include:

• AI for Operational Efficiency combines Aravo’s configurable AI model builder and data analytics allowing customers to proactively identify opportunities for automation using their own data, users, and third parties.

• Aravo InfoSec, a due diligence application mapped to the ISO 27001 framework. With less than 100 questions, the new InfoSec app eases survey fatigue and improves questionnaire response rates by enabling customers to define the assessment scope that is most important to a third-party relationship.

• Enhanced Aravo Evaluate Scoring Engine provides even more flexibility for building complex scoring models in accordance with an organization’s risk profile and appetite. Individual and aggregate risk scores based on weighted values for each third party and across multiple risk domains allow risk managers to make informed decisions.

• Improved Survey Experience empowers users to work with more efficiency and agility. New features include a progress bar that shows survey completion percentage, auto-saving, real-time validation of data and a built-in PDF generator which are all designed to provide a modern and simplified user experience.

“Aravo understands that organizations are at different stages in their TPRM maturity. We deliver our platform, applications, and services to meet wherever our customers are in their TPRM journey,” said Dean Alms, chief product officer at Aravo. “With Aravo, organizations have unified visibility into third-party risks, thereby avoiding financial liability and business disruptions. And more importantly, they can evolve their TPRM program into a strategic business advantage while promoting integrity by acting with transparency and ethics across its extended enterprise.”