New York, NY, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Allegacy Financial, one of North Carolina’s largest credit unions with approximately $2.6 billion in assets and more than 188,000 members, has selected Kobalt Labs to replace its legacy risk and compliance system. Allegacy is migrating third-party risk management (TPRM), enterprise risk management (ERM), compliance management, business continuity, contract management, and related functions to Kobalt’s AI-native platform.
Kobalt Labs and Allegacy Financial announce new partnership
The full migration brings Allegacy’s risk and compliance program into a single platform, with AI agents driving work across those functions. After evaluating several solutions, the credit union selected Kobalt to reduce manual reviews, coordination between subject matter experts, and the administrative burden of maintaining separate modules.
“We needed a platform that could do more with the team we have, not one that created more work managing it,” said Timothy Moore, Chief Legal Officer at Allegacy Financial. “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.”
Kobalt’s AI agents perform document reviews, assess controls, identify policy gaps, track regulatory changes, and generate risk assessments and issues. Teams review findings, make decisions, and manage remediation in the same platform, with source citations and audit trails supporting the work.
“Risk and compliance teams have spent years working across disconnected systems that create more administrative work than they eliminate,” said Kalyani Ramadurgam, CEO of Kobalt Labs. “That is the problem Kobalt solves, and Allegacy’s decision demonstrates the value of bringing these critical workflows together on one platform.”
Allegacy joins ORNL Federal Credit Union, InTouch Credit Union, and Meriwest Credit Union among the credit unions using Kobalt to strengthen risk oversight and modernize compliance operations.
About Allegacy Financial
Allegacy Financial® makes growth personal. Rooted in North Carolina since 1967, we’re a comprehensive banking and financial partner offering personal, small business, commercial, and wealth management services – all connected by real relationships and the expertise and ease to move ahead. We guide our members with solutions for every goal and stage, with the shared purpose of helping North Carolinians thrive. Learn more at allegacy.org.
About Kobalt Labs
Kobalt Labs is the AI-native TPRM and compliance platform built for financial institutions. Kobalt eliminates the manual steps from third-party reviews of vendors and fintech partners by extracting critical evidence, identifying control gaps, and generating defensible risk analyses within minutes. Always synchronized with evolving federal and state regulations, Kobalt helps financial institutions improve consistency, accelerate review cycles, and strengthen risk management across ERM, compliance, information security, and third-party oversight. Learn more at https://www.kobaltlabs.com.
Press Inquiries
Ashi Agrawal
ashi [at] kobaltlabs.com
https://www.kobaltlabs.com
