PLAINVIEW, N.Y.: #COICompliance--Vertikal Risk Management Solutions (RMS), a leader in third-party risk management technology, proudly announces the launch of Hawk-I, its proprietary, groundbreaking artificial intelligence tool integrated into its flagship COI tracking platform, CertFocus. This innovation marks a significant advancement in automating and streamlining the traditionally manual and error-prone process of Certificate of Insurance (COI) verification and compliance tracking.

"Hawk-I represents a transformative leap forward in third-party risk management. By automating the COI review process, we're empowering organizations to proactively manage risk, ensure compliance, and protect their operations from potential liabilities.”

- Robert Rodriguez, Chief Operating Officer, Vertikal RMS

For decades, organizations have grappled with the challenges of manually reviewing and tracking COIs from vendors, contractors, and suppliers—a process often fraught with delays, human error, and inconsistencies. Hawk-I addresses these issues head-on by leveraging advanced AI technologies, including natural language processing (NLP) and machine learning, to extract and analyze insurance data from both structured and unstructured sections of ACORD Certificates of Insurance. This enables real-time compliance assessments, significantly reducing turnaround times from days to mere seconds.

Key Features and Benefits of Hawk-I:

• Instant COI Data Extraction: Accurately captures policy information from Certificates of Insurance, minimizing errors and manual data entry.
• Real-Time Compliance Status: Provides immediate feedback on compliance, enabling swift action to address any issues.
• Cost Efficiency: Reduces administrative burdens and associated costs by automating labor-intensive processes.
• Enhanced Collaboration: Facilitates better communication between compliance officers, procurement teams, and vendors through transparent and responsive processes.

Hawk-I's adaptability extends beyond COI management, with capabilities to interpret other business documents and compliance records, making it a versatile asset across various departments and industries.

This launch underscores Vertikal's commitment to innovation and excellence in risk management solutions. By integrating Hawk-I into CertFocus, Vertikal continues to provide clients with cutting-edge tools to navigate the complexities of third-party risk and compliance.

About Vertikal RMS

Vertikal RMS is a premier provider of risk management technology solutions, specializing in Certificate of Insurance tracking and vendor prequalification. With a focus on innovation and customer success, Vertikal delivers scalable, integrated, and customizable platforms designed to mitigate risk and enhance operational efficiency.

Fonte: Business Wire