Kobalt Labs has joined the NayaOne Tech Marketplace. This partnership brings innovative third-party due diligence solutions to our platform and streamlines compliance and risk management for financial institutions and fintechs.

We are excited to partner with NayaOne to help financial institutions bring their due diligence to the cutting edge. This collaboration combines Kobalt’s expertise in risk management and AI with NayaOne’s deep, trusted network where NayaOne users can easily audit and verify that Kobalt is a good fit for their use cases. As a team, we strongly believe in the resilience of technology in financial services and the mission to continuously invest in innovation. – Kalyani Ramadurgam CEO, Kobalt Labs

“We welcome Kobalt Labs to the NayaOne Technology Marketplace. At a time when regulatory scrutiny of third-party relationships has increased significantly, Kobalt Labs offers a much-needed solution to streamline compliance processes and reduce the operational burden on financial institutions.” – Varun Resh Marketplace Manager, NayaOne

Benefits and key features that Kobalt Labs offers financial institutions:

Over the past six months, every major regulator has announced significantly increased scrutiny of banks’ and financial institutions’ relationships with third parties. Whether it’s back-to-back consent orders on incomplete fintech audits of partner banks or repeated cross-agency guidance for regional banks and credit unions to invest in TPRM, financial institutions are struggling to rise to the occasion without significantly increasing their headcount because their processes are unstable and manual.

Kobalt Labs provides compliance and risk teams with superpowers to help them adapt to regulatory expectations and streamline operations to save time and money. This can also enable financial institutions to be strategic when working with outside consulting firms, as outsourcing can become opaque and expensive.

The technology provider dramatically reduces these costs and minimizes the effort required to keep up with changing regulations in multiple regions.

Important product features

• Regulatory framework support: Automatically synchronize with all relevant regulatory frameworks, including BSA/AML obligations and CFPB, OCC, NCUA and FDIC regulations.
• Automated Analysis: Uses advanced AI algorithms to efficiently analyze non-disclosure agreements, contracts, policies, and other documents. It performs gap analysis, identifies missing or inadequate language, and assesses compliance with selected regulations or internal policies and procedures.
• Automated Research: Automatically generates third-party research by searching the Internet for information on beneficial ownership, negative news, complaints, and company financing and history.
• Customization: The fintech understands that every company has unique compliance requirements. Kobalt allows defining specific document checks and synchronizing with internal policies and procedures for customized analytics.
• Supplier and Fintech Management: Provides a central hub for supplier and fintech management, allowing you to track previous analytics and securely store confidential documents. When you add a new company, Kobalt searches the web and creates a work summary so your team doesn’t have to.
• Infosec Automation: Infosec Center ingests SOC 2 and other security reports from vendors and partners and outputs the extracted controls and an actionable summary that security teams can use to streamline audits. Kobalt supports numerous security standards, so compliance with standards such as ISO/PCI/NIST can be automatically extracted and confirmed.
• Templates: Upload a template or choose from our standard template library. Kobalt creates a first draft from internet sources and internal documents. This is one of our biggest time savers.

Case study

For a bank with $8 billion in assets under management, Kobalt was able to uncover and prevent an issue with a vendor that led to a consent decree for another institution shortly thereafter. A large BaaS provider originally planned to double headcount to support increased fintech volumes, and with Kobalt they were able to reduce their additional compliance headcount target by 60%.

partnership

This partnership enables financial institutions to discover, evaluate and test Kobalt Labs’ third-party diligence solutions through NayaOne’s Sandbox-as-a-Service platform. It supports NayaOne’s mission to enable and facilitate partnerships between banks and fintechs by helping them find, evaluate and onboard new technology vendors in a closed, secure testing environment, eliminating the need to guide vendors through their procurement and TPRM process. Organizations have access to synthetic datasets, a technology marketplace and a digital sandbox, enabling them to scale third-party technologies to production and build functional proof-of-concepts in 6-9 weeks instead of 9-12 months without bringing the fintech on board.