Parakeet is a compliance automation and risk management platform that integrates data from industrial IoT devices and external assessments to streamline regulatory reporting, risk assessments, and internal audits for businesses in manufacturing, logistics, and energy sectors. By providing real-time insights and automating certification processes, Parakeet helps organizations reduce third-party risks and maintain compliance with evolving regulations.
Funding
Funding not disclosed
BBFounders
Product
Problem
Goods-producing companies in manufacturing, logistics, and energy sectors face increasing complexity in managing supply chain risks and demonstrating compliance with evolving industry regulations. Traditional methods rely on manual data collection from disparate sources, leading to inefficiencies, potential errors, and increased exposure to third-party risks.
Solution
Parakeet offers a supply chain risk and compliance platform that consolidates data from industrial IoT devices, external assessments, and regulatory databases to streamline risk management and automate compliance reporting. The platform leverages an AI Risk and Compliance Analyst, Rosella, to automatically track relevant regulations, discover latent risks, and provide real-time alerts based on policies and regulatory updates. By automating certification processes and providing real-time insights into risk exposures, Parakeet enables organizations to reduce third-party risks, maintain compliance, and improve overall operational efficiency. The platform integrates with communication tools like WhatsApp, Microsoft Teams, and Slack to keep organizations informed.
Target Audience
Parakeet primarily serves goods-producing companies in manufacturing, oil & gas, logistics, energy, and utilities industries that need to manage supply chain risks and comply with industry regulations.
Features
- Real-time alerts based on policies and regulatory updates
- AI-powered risk analysis to discover latent risks
- Automated tracking of regulations from major federal agencies (FDA, USDA, DOT, DOD, etc.)
- Credential validation for contractors, suppliers, and customers
- Risk register for quantifying risks and creating action plans
- Policy tracking to understand coverage in real-time
- Bond insights to understand bond exposures
- Analytics dashboards for COI, policies, loss runs, and payment risk
- Certification automation for ISO 9001, 14001, 45001 and 50001