Vertikal RMS Unveils Hawk-I: AI Revolutionizes COI Tracking & Risk Management

In the complex landscape of third-party risk management, organizations have long struggled with the laborious and error-prone process of managing Certificates of Insurance (COIs). Vertikal Risk Management Solutions (RMS), a leader in this domain, is proud to announce a groundbreaking advancement: the launch of Hawk-I.

This proprietary artificial intelligence tool is seamlessly integrated into Vertikal’s flagship COI tracking platform, CertFocus, marking a significant leap forward in automating and streamlining COI verification and compliance tracking. Hawk-I is set to transform how businesses proactively manage risk, ensure compliance, and safeguard their operations from potential liabilities.

• Addressing the Challenges of Traditional COI Management
  • Manual Process Limitations: For decades, organizations have faced difficulties with manually reviewing and tracking COIs from vendors, contractors, and suppliers.
  • Common Issues: This traditional process is frequently plagued by:
    • Delays.
    • Human error.
    • Inconsistencies.
  • Hawk-I’s Solution: Directly confronts these challenges by leveraging advanced AI technologies.
• Leveraging Advanced AI for Real-Time Compliance
  • Core AI Technologies: Hawk-I employs cutting-edge AI, including:
    • Natural Language Processing (NLP).
    • Machine Learning.
  • Data Extraction and Analysis: Extracts and analyzes insurance data from both structured and unstructured sections of ACORD Certificates of Insurance.
  • Dramatic Reduction in Turnaround Time: Enables real-time compliance assessments, drastically cutting down turnaround times from days to mere seconds.
  • Proactive Risk Management: Robert Rodriguez, Chief Operating Officer of Vertikal RMS, emphasizes that Hawk-I empowers organizations to proactively manage risk and ensure compliance.
• Key Features and Benefits of Hawk-I
  • Instant COI Data Extraction:
    • Accurately captures policy information from Certificates of Insurance.
    • Minimizes errors and reduces manual data entry.
  • Real-Time Compliance Status:
    • Provides immediate feedback on compliance.
    • Enables swift action to address any identified issues.
  • Cost Efficiency:
    • Reduces administrative burdens.
    • Lowers associated costs by automating labor-intensive processes.
  • Enhanced Collaboration:
    • Facilitates improved communication among compliance officers, procurement teams, and vendors.
    • Promotes transparent and responsive processes.
• Versatility Beyond COI Management
  • Adaptable Capabilities: Hawk-I’s adaptability extends beyond just COI management.
  • Broader Document Interpretation: Possesses the capability to interpret other business documents and compliance records.
  • Cross-Departmental Asset: Makes it a versatile asset valuable across various departments and industries.
• Vertikal’s Commitment to Innovation and Future Outlook
  • Underscoring Innovation: This launch reinforces Vertikal’s dedication to innovation and excellence in risk management solutions.
  • Cutting-Edge Tools: By integrating Hawk-I into CertFocus, Vertikal continues to provide clients with advanced tools.
  • Navigating Complexity: Helps clients navigate the complexities of third-party risk and compliance effectively.

Vertikal RMS’s launch of Hawk-I represents a pivotal moment in third-party risk management within the FinTech landscape. By integrating advanced AI into the CertFocus platform, Vertikal has effectively automated and streamlined the previously cumbersome process of COI verification and compliance.

Hawk-I’s ability to provide instant data extraction, real-time compliance feedback, and significant cost efficiencies empowers organizations to move from reactive to proactive risk management. This innovative tool, with its versatile capabilities extending beyond COI management, not only enhances collaboration but also solidifies Vertikal’s commitment to delivering cutting-edge solutions that protect operations and ensure regulatory adherence in an increasingly interconnected business world.

Subscribe to Global FinTech Edge today and unlock exclusive insights, in-depth analyses, and the latest trends shaping the future of finance. Don’t just keep up – lead the way.