Oracle Audit Vault allows monitoring of auditing information from multiple databases in a single centralized location. The key steps to implement Oracle Audit Vault are: 1. Download the Audit Vault software and install it on a server. 2. Register databases as hosts and deploy agents to these databases to capture and send audit records. 3. Configure audit settings in the databases to define what activities to audit. 4. Access the Audit Vault console to view reports, alerts, and retrieve audit records from registered databases.