Rochdale and Sway AI Partner to Elevate Vendor Risk Management with Generative AI
Partnership brings AI automation to vendor risk management for credit unions.
BOSTON, October 29, 2024 /PRNewswire/— Sway AI, an innovator in no-code AI for business teams, and Rochdale, a leader in strategy and risk management for credit unions, have partnered to streamline document management and vendor onboarding using Generative AI. The collaboration will integrate Sway AI into Rochdale’s apogee iQ™ risk software, automating manual processes and boosting efficiency for their credit union clients.
Credit unions often rely on manual processes like paper applications and document handling, which lead to inefficiencies, errors, and compliance challenges. Through their partnership, Rochdale Paragon and Sway AI are addressing these issues by using generative AI to automate document processing, starting with vendor onboarding to enhance accuracy and compliance. The solution will expand to key areas like assisting with vendor risk assessments and classifications, processing risk responses, controls, and regulatory findings, and applying predictive analytics to improve risk management and decision-making across credit union operations.
“We are thrilled to announce our partnership with Sway AI to launch an innovative AI-powered suite of risk management solutions,” said Tony Ferris, CEO and co-founder of Rochdale. “This Generative AI solution will be integrated across our entire suite, starting with vendor management. By simplifying the onboarding and management of vendors and virtually eliminating administrative burdens, we will provide financial institutions with the robust capabilities they require. This technology will give our clients a competitive edge through enhanced accuracy, compliance, and insights. We are confident that this partnership will significantly improve our ability to deliver exceptional value to our clients.”
As part of their partnership, Rochdale and Sway AI will integrate their products to bring cutting-edge automation to credit unions. Rochdale will embed Sway AI’s Generative AI capabilities into their existing products, automating data extraction from contracts and documents to streamline vendor onboarding and compliance. The integration will utilize API endpoints for seamless data between systems, enhancing speed and efficiency for customers to use this new functionality. Additionally, the partners plan to introduce usage tracking and reporting capabilities, enabling credit unions to measure automation efficiency and operational improvements over time.
“We are excited to collaborate with Rochdale, a company that shares our vision of using AI to unlock value for customers,” said Hassan Ahmed, CEO at Sway AI. “By automating Rochdale’s vendor onboarding and document management processes with generative AI models, Sway AI will streamline critical workflows and enable Rochdale’s customers to achieve new levels of efficiency and operational effectiveness and value through cutting-edge AI technology.”
The partnership represents a significant step forward in using AI to automate traditionally manual processes, and both Sway AI and Rochdale are committed to a long-term collaboration that delivers measurable results.
For more information on Sway AI’s platform and capabilities, please visit www.sway-ai.com. For more information about Rochdale’s platform and services, please visit reimaginerisk.com
About Sway AI
Sway AI is a pioneering company in the no-code AI space, dedicated to making AI accessible and usable for all organizations, regardless of their technical expertise. By providing a secure, user-friendly environment, Sway AI enables businesses to harness the power of artificial intelligence to drive growth and innovation.
About Rochdale
Rochdale is an industry-leading Risk Management and software and services firm that operates at the intersection of risk, opportunity, and strategy. A CUSO, they have served Credit Unions for nearly 20 years. Their vendor management product provides solutions that streamline the onboarding, monitoring, and ongoing management of vendor relationships. Rochdale’s mission is to drive improved decision-making and operational efficiencies, providing a seamless experience for clients across the financial services industry.
Media Contact Sway AI
Dan Darnell, VP of Marketing, Sway AI
dan.darnell@sway-ai.com
Media Contact Rochdale
Tony Ferris, CEO, Rochdale
TFerris@rochdaleparagon.com