It appears to be starting multiple instances of the program with different command line switches.
I have three instances running, and here's partial printout of relevant entries from registry key
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Run]
"RtHDVBg_Dolby"=""C:\Program Files\Realtek\Audio\HDA\RAVBg64.exe" /FORPCEE4"
"RtHDVBg_LENOVO_MICPKEY"=""C:\Program Files\Realtek\Audio\HDA\RAVBg64.exe" /LENOVO_MICPKEY"
"RtHDVBg_LENOVO_DOLBYDRAGON"=""C:\Program Files\Realtek\Audio\HDA\RAVBg64.exe" /LENOVO_DOLBYDRAGON"
BTW, to avoid confusion (because this was originally posted as a Windows 7 problem, this computer is Lenovo Yoga 2 Pro running Windows 10 Version 1511 Build 10586.14. So the multiple instance behavior of this driver program seems to have been similar for
a long time.
Hope this helps, Bob