Alviere's compliance team now runs one program for every third party it works with: technology vendors, bank partners, and prospective clients. The program went live in about 30 days, and the existing team runs it without new hires.
Spreadsheets, hours, and bodies
When Jorgen Osio Norgaard joined Alviere as Global Head of Compliance, the company was managing technology vendors, bank partners, and clients the way most growing fintechs do.
We were basically controlling everything with a spreadsheet and throwing human bodies at it. Hours and bodies.
He saw the same pattern from the other side, too. Even the largest companies doing diligence on Alviere sent 180-question spreadsheets and shared folders.
Hiring more people to run a manual process wasn't an answer he wanted. When he saw how Coverbase applied AI to third-party risk, he saw another path.
I don’t need to hire more people to do a lot of the legwork.
“If we hadn’t found Coverbase, I had it in my budget to hire three more people, just to do what we’re doing with Coverbase.”
Live in about 30 days
Implementation started with Alviere's existing vendor spreadsheet. Within about a month the program was running, with single sign-on in place. “Implementation was also so easy.”
The headcount impact was immediate and concrete. Instead of hiring, the existing team, led by Alviere's risk manager, runs the program. “We are getting so much more done.”
From vendor assessments to every third party
Alviere started with vendor assessments. Today it uses Coverbase across the third-party lifecycle:
- Radar continuously monitors third parties for emerging issues.
- Contracts surfaces obligations for legal, and contract values and renewal dates for finance.
- Zero Touch screens prospective clients for red flags before the relationship advances.
- RFPs runs vendor selection inside the same system.
Any partner that comes to Alviere goes to Coverbase now.
Risk the whole business can see
At Alviere, each function owns its relationships and can see their status. Legal no longer fields every contract question, and renewals no longer arrive as surprises. Teams start preparing 60 to 90 days ahead.
Continuous monitoring means the team sees issues as they emerge and decides how much they matter based on how critical the relationship is.
You get transparency. Number one, you get control.
Automation regulators can follow
For a regulated fintech, automation can't come at the cost of explainability. When Alviere walks state examiners through its program, Coverbase's audit trail shows how each conclusion was reached.
AI recommends, and Alviere's team decides. Reviewers can add reasoning, rerun an analysis, or change a classification.
Coverbase really allows me to maintain a human in the loop to make determinations.
What's next
Norgaard estimates Alviere uses about half of what the platform can do today, and the program keeps expanding.
It’s becoming more and more holistic. You’re looking at the journey from intake of a future vendor, or whatever third party, through the whole monitoring.
“It starts like a vendor management tool, but truly, it’s third-party risk.”
