Aravo, a provider of third-party risk management and resilience technology, has launched a software took designed to help organizations assess and monitor how their vendors and other third parties develop, deploy, and govern artificial intelligence.
The tool, Aravo for Responsible AI, is built around the National Institute of Standards and Technology’s (NIST) AI Risk Management Framework (AI RMF), and seeks to bring AI-related due diligence into the workflows and oversight of an organization's broader third-party risk program.
“As AI becomes part of more products and services across third-party ecosystems, organizations face questions about data integrity, privacy, security, bias, transparency and oversight,” Aravo said in an October 21 press release. “These concerns continue to evolve as AI capabilities and expectations change. Risk teams need a consistent way to understand how a third party uses AI, evaluate the controls in place, and direct follow-up where human review is needed.”
Using Aravo for Responsible AI, teams can evaluate governance practices, oversight, testing, security and monitoring; assess inherent risk and control effectiveness; route findings through existing decision and remediation workflows; and track changes through ongoing monitoring, renewals, dashboards, and reporting.
