Isn't that what Dependabot is? Github will already scan known package managers for CVEs for reporting purposes, and if you have the right kind of testing, you can allow Dependabot to manage the toil here.
I worked at an i-bank that had their own version of Dependabot and it was great: New version(s) come out and once a week I get a PR to approve that shows that my code still passes tests after the update.