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San Francisco, Calif. December 3, 2018. Aravo Solutions and Fidelity International (FIL), a global investment and retirement savings business, today announced a multi-year agreement for Aravo to act as the 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.”