Aravo announced new innovations that add significant enhancements to its Evaluate Engine, enabling customers to extend the scale, scope, and range of their third-party risk scoring to meet their organizations risk appetite.
The Evaluate Engine is part of Aravo’s Intelligence First Platform, which is purpose-built to help organizations manage and optimize third-party risks.
“Smarter third-party risk scoring isn’t just a nice-to-have — it’s essential as regulatory scrutiny rises and third-party relationships become more complex,” says Dean Alms, chief product officer at Aravo. “Better, comprehensive, and adaptable risk scoring is how you move from reactive to resilient and resilience starts with getting the details right. When the smallest variables mean the difference between a contained issue and a crisis, or between risk and reward, your risk IQ becomes both a strategic advantage and a determinant of success.”
Key takeaways:
· The Aravo Evaluate Engine enables customers to raise their risk IQ to more accurately identify, mitigate, and manage hidden risks, and elevate their third-party risk management (TPRM) programs.
- Unmatched Risk Visibility combines multiple risk domain assessments into a single cross-category score or maintaining separate datasets, all can be visualized through highly interactive analytics, charts, and histograms.
- Granular Risk Analysis compares relative risk scores across various domains, third parties and engagement timeframes for more actionable insights and informed decision-making. New customizable coloring can also help demonstrate risk nuances in complex graphs at a glance.
- Flexible Scoring Ranges offers a configurable 1-5,000 scale – and anything in between - enabling greater depth, scalability, and precision in risk scoring.
- Centralized Risk Intelligence gives cross-functional teams a single-source-of-truth to quantify, prioritize, and act on risk evaluations.
- Efficiency Gains saves both time and resources through enhanced assessment accuracy, programmatic workflow triggers, streamlined due diligence, and optimized risk and engagement decisions.
- The Evaluate Engine and Aravo’s broader Intelligence First Platform help organizations more efficiently assess, monitor, and mitigate risks across 36 supplier risk domains.
