Spring Release 2024

Aravo continues to deliver for our customers and market, developing advanced third-party risk management solutions that reinforce the core flexibility, scalability, and innovation of the Aravo platform and application.

From our inception nearly 25 years ago, Aravo has worked closely with customers across industries to deliver TPRM solutions that address simple to sophisticated, small scale to exceptionally diverse, and highly regulated and monitored third party engagements. Our spring 2024 product update continues this track record of enabling customers to address new and emerging risks, expanding assessments, insights, and risk-driven actionability.

Artificial Intelligence in the Aravo Platform

Aravo has had integrated AI in our product for five years, helping streamline critical assessment processes and delivering operational efficiencies, limiting liabilities, and assuring third party related revenue streams. As exemplified below, our AI solution applies customer data, processes, and patterns within a closed data system to recommend actions within defined confidence levels. In this example, assessment reviewers can quickly and easily refer to their existing practices to expedite approval decisions – while maintaining control of critical evaluations, calculations, and judgements.

New Information Security Application

Among the biggest TPRM concerns across Aravo customers is information security practices at third parties. Particularly as so much of business is digitized, data-based, and shared across networks, ensuring third parties are aligned to your information security expectations is critical. Yet, the common questionnaire model for assessing third party information security risks is cumbersome (with >1000 questions!), clumsy, and rapidly aging, leading to slow, incomplete, or no response from third parties. It has become a business blocker, which is why Aravo has created a new, highly adaptable, shorter (<100 relevant questions) and easier to complete information security assessment approach.

The new Aravo InfoSec Application is designed to allow customers to focus on the InfoSec and cyber security risks that matter to them, reduce survey fatigue and increase response rates, improve scoring accuracy, and enable informed decision making.

An Improved Aravo Evaluate Tool

Evaluate is central to how Aravo customers apply distinct scoring to individual third-party risks. With an ability to set weighted scoring percentages across delineated risk criteria within defined categories, Evaluate enables customers to add dimensions of precision to risk assessments and resulting engagement decisions. Particularly pertinent to customers with high volumes of third parties and relevant, ever-changing risks, Evaluate and its new adaptable, highly visual interface conveys critical insights for intelligent TPRM.

Enhanced Survey Experiences

When survey response rates are reducing across the industry, it’s important to work with third parties to improve survey performance, adaptability, and response rates. The newly redesigned and functional Aravo third party surveys are designed to streamline survey completion, capture the information that matters, and adapt as responses are completed. Survey users have an all-new interface that tracks progress, auto-saves, and validates data in real-time, applying conditional logic and business rules to deliver relevant branched-out and follow up questions as needed. Third party and Aravo customer users share the right information and make better decisions with redesigned and enhanced survey experiences.

Interested in Giving Input?

In an effort to always deliver to the needs and satisfaction of our customers, we would like to schedule a few virtual roundtable sessions with some of our users to get their input. If you would be willing to participate in one of these roundtables please click the link below to request to be added to our volunteer list by email.

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