Aravo Evaluate Engine manages and optimizes third-party risks

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.

The enhancements come at a critical time as third-party risks and regulatory scrutiny continue to rise. Fifty-five percent of supply chain professionals experienced supplier disruptions in the past six months, and 68% expect them to escalate throughout the year.

The Aravo Evaluate Engine helps customers address these challenges by enabling them to raise their risk IQ to more accurately identify, mitigate, and manage hidden risks, and elevate their third-party risk management (TPRM) programs to protect their brand, drive operational resilience, and mitigate the financial impacts of third-party risk.

“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,” said Dean Alms, CPO 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 features of the enhanced Evaluate Engine capabilities include:

• Risk visibility: Combining 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: Comparing 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: Going beyond industry norms (the standard 1 to 10 scoring model), the Evaluate Engine offers a configurable 1 to 5000 scale – and anything in between – enabling greater depth, scalability, and precision in risk scoring.
• Centralized risk intelligence: Giving cross-functional teams a single source of truth to quantify, prioritize, and act on risk evaluations.
• Efficiency gains: Saving 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, cutting through the noise and reducing manual efforts. Serving as a centralized hub for all third-party data, the Intelligence First platform offers visibility across the entire vendor lifecycle through the following features: AI-powered third-party screening and monitoring, trusted data source integrations (eliminating reliance on traditional questionnaires), custom workflows, and comprehensive TPRM dashboards and reporting.