Allegacy Financial to tap Kobalt Labs agents

Risk and compliance platforms have historically been patchworked together, but with modern technology, credit unions can tap AI to bring their systems onto a singular platform. The $2.6 billion Allegacy Financial , a Winston-Salem, North Carolina-based credit union, is moving its siloed risk and compliance programs to AI-native compliance provider Kobalt Labs , Kobalt Labs Chief Executive Kalyani Ramadurgam told FinAi News . Before Kobalt, the credit union's risk and compliance processes were separate modules, requiring manual management, Timothy Moore , chief legal officer at Allegacy Financial, said in a Kobalt Labs’ Nov. 9 release. To keep up with scale, the credit union either needed to hire staff or look to technology. It opted to "introduce AI," Ramadurgam said. Allegacy is migrating these risk and compliance platforms to Kobalt: Third-party risk management; Enterprise risk management; Compliance management; Business continuity; and Contract management. Bringing these processes into one platform allows for unified reporting and a "bird's eye view," Ramadurgam said. "Executives can connect the dots between an issue with a vendor to an issue that came up with internal audits," for example, she said. “Kobalt stood out because it replaced the patchwork of modules we were managing and gave us a single place to handle vendor risk, regulatory tracking and policy oversight," Moore said. The credit union is migrating to Kobalt from governance, risk and compliance software provider Ncontracts , Ramadurgam said, noting that the fintech has completed many Ncontracts migrations for credit unions. "It's our most common migration," she said. The migration will start with third-party risk management, Ramadurgam said. That process should go live within five to six weeks. “That typically is what we can expect for every module, some will be slightly shorter if they’re less complicated.” Agent deployment With Kobalt, Allegacy has access to agents that can streamline traditionally manual processes. For example, legacy vendor management processes required subject matter experts to review hundreds of pages of documents, vendors had to fill out questionnaires manually, risk calculations had to be completed manually and more. With Kobalt, agents can do all of that due diligence in "a couple of minutes," Ramadurgam said. The agent can research, verify thousands of pages of documentation, draft reporting, draft risk assessment and more, sending it to the staff about 95% complete mark, allowing them to focus on the last 5% of the critical work, she said. Allegacy is the latest credit union to tap Kobalt Labs, joining InTouch Credit Union and Meriwest Credit Union , according to Kobalt. Kobalt, which participated as a demo company in the Emerging Technology Showcase at the 2026 FinAi Banking Summit, has raised $11 million in total funding, according to Crunchbase . Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

Allegacy Financial to tap Kobalt Labs agents

Credit union migrating its risk and compliance programs to Kobalt Labs

SoftBank denies problems meeting AI infrastructure payments

Related Posts

U.S. Bank launches Protect 360 to find, help remediate personal data risks

AI creating more risk, opportunity for sponsor banks

Podcast: Cyber scam industry launches ‘full-scale attack on consumers,’ expert says

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

Allegacy Financial to tap Kobalt Labs agents

Credit union migrating its risk and compliance programs to Kobalt Labs

SoftBank denies problems meeting AI infrastructure payments

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day