Aravo Solutions

Third-party risk management in the cloud

Cloud software that manages risk, compliance and performance for suppliers, vendors and other third parties comes from Aravo Solutions. It has operated since 2000 and works with large enterprises that need to manage the risks that come with the organisations they depend on. The company says its platform is used by many of the world's largest enterprises and that it supports more than nine million third-party users, suppliers and vendors globally.

An Intelligence First platform

Aravo's platform is built around what it calls an Intelligence First approach, with artificial intelligence embedded directly into third-party risk workflows. The company says the AI draws on structured data, workflow orchestration and domain expertise to speed up onboarding, due diligence and ongoing monitoring. Low-risk actions can be automated while higher-risk decisions are guided for a person to review, and the company describes the output as transparent, governed and defensible.

Programmes for specific risks

Beyond the core platform, Aravo offers ready-made applications for specific programmes. These cover anti-bribery and corruption, responsible sourcing, data privacy, information security, the General Data Protection Regulation and financial services regulatory compliance. The company says it supports more than 50 risk and compliance domains, so that a client can adapt its programme as risk and regulation change without rebuilding the system.

Supplier governance and monitoring

The software helps a company keep its supplier relationships aligned with its policies from the first onboarding through to continuous monitoring. Clients can see which suppliers present which risks and act on them in a single system. Aravo says it can also model a three-year return on investment for a client's programme, based on the client's own volumes, workflows and vendor base.

Services and analyst recognition

Alongside the software, Aravo provides premium support and expert services to help clients run their programmes. The company says analysts including Gartner, Chartis and Forrester have recognised it, and that Gartner placed it in a Leader position in its Magic Quadrant for third-party risk management tools. Its clients range from technology and pharmaceutical companies to financial services firms and consumer goods businesses.

Large enterprises with big supplier networks

Aravo's customers are large enterprises that run large supplier and vendor networks. The company describes its products as meant to help those teams make better decisions faster and to reduce the risk that a third party causes harm to the organisation. It also says its work contributes to eradicating corruption and social injustice from supply chains.