Aravo Solutions Selected to Power Fidelity International's (FIL) Global Third-Party Risk and Performance Program
SAN FRANCISCO, Dec. 3, 2018 /PRNewswire-iReach/ -- Aravo Solutions and Fidelity International (FIL), a global investment and retirement savings business, today announced a multi-year agreement for Aravo to act as technology partner for Fidelity International's global third-party supplier risk and performance management program.
Fidelity International selected Aravo Solutions following a competitive evaluation process. Aravo's technology empowers risk management and will support Fidelity International in maintaining a single inventory of all their third-party risk information, helping to identify and segment critical and high-risk suppliers. Powerful workflow automation will streamline the end-to-end third-party risk and performance management processes across the enterprise.
Management will be supported by advanced reporting capabilities and dashboard visualizations which deliver a complete view of risk and performance, providing greater governance and ensuring programs stand up to regulatory scrutiny, and good business practice.
The flexibility and cost-effectiveness of Aravo's cloud-based solution, together with its ability to scale and adapt to change quickly, also supports Fidelity International's long-term requirements for success.
Gary Lock, Head of Supplier Risk & Relationship Management, Fidelity International, said: "Fidelity International is committed to ensuring that our suppliers are managed in line with regulatory requirements and industry best practice. We selected Aravo Solutions for their proven track record in supporting global, enterprise clients who have complex vendor risk management programs. With Aravo, our supplier risk management program and processes will be standardized across the firm and the technology will enable consistent governance and oversight of supplier risk and performance across the enterprise."
Michael Saracini, CEO, Aravo Solutions, said: "We are delighted to be working with the team at Fidelity International. Regulators expect firms like Fidelity to have a comprehensive third-party risk management program in place, and Aravo has mapped our capabilities and risk assessments to directly support these requirements. Further, Fidelity International will save time, gain productivity and deliver a consistent and scalable program."
Notes to editors:
About Fidelity International
Fidelity International offers world class investment solutions and retirement expertise. As a privately owned, independent company, investment is our only business. We are driven by the needs of our clients, not by shareholders. Our vision is to deliver innovative client solutions for a better future. We invest €265.8bn globally on behalf of clients in 25 countries across Asia-Pacific, Europe, the Middle East, and South America. Our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals. In addition to asset management, we offer investment administration and guidance for employer benefit schemes, advisers and individuals in several countries. We are responsible for €82.4bn in assets under administration. Data as at 30 June 2017.
About Aravo Solutions
Aravo Solutions delivers market-leading cloud-based solutions for managing third party governance, risk and performance. We help companies protect their business value and reputation by managing the risks associated with third parties and suppliers, and to build business value by ensuring that their third party relationships are optimized.
Since 2000, leading global brands across a diverse range of industries have counted on Aravo for their end-to-end enterprise supplier and third party risk management. Aravo has also distilled this experience and best-in-class technology into rapid time-to-value applications that help companies manage a wide range of programs including: anti-bribery and anti-corruption, responsible sourcing, data privacy, information security, GDPR, financial services regulatory compliance and know your third party programs.
Providing unrivaled regulatory agility and ease-of-use, together with actionable executive reporting, Aravo supports a user base of 136,000 corporate users, managing more than 4.5 million third party users in 36 languages and 154 countries. Aravo is headquartered in San Francisco, with offices and partners across the US, Europe and Asia.
Aravo has been recognized with GRC 20/20's Value Award for Third Party Management for providing measurable value in GRC efficiency, effectiveness and agility, and with the GRC 20/20 Innovation Award for Aravo for GDPR. Aravo was named as a Category Leader with the highest "Completeness of Offering" of any provider in the Chartis RiskTech Quadrant® for Third Party Risk Management Solutions 2017, and was named a Challenger in the 2017 Gartner® Magic Quadrant for IT Vendor Risk Management.
Media Contact: Aravo PR, Aravo Solutions, 4158357600, [email protected]
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