Artificial intelligence-powered risk decisioning software provider Provenir has obtained an ISO/IEC 27001 accredited certification for data security.
ISO/IEC 27001 is a globally recognised information security standard that requires compliance across all aspects of information security and operations. By obtaining this certification, a company can prove to its consumers, investors, and other interested parties that it is managing information security according to international best practices. In the company press release, Provenir officials have emphasised the importance of ISO/IEC and reinforced their commitment to protecting both customer and company data.
Provenir offers an AI-Powered Decisioning Platform that allows fintechs and financial services organisations to improve their access to important data by combining on-demand access to data with simplified AI and automated, real-time decisioning.
By leveraging Provenir’s services, financial institutions can automate complicated decisions that drive customer experiences, addressing identity, credit, and fraud for faster onboarding and servicing. Provenir’s offering was designed to give organisations the ability to power decisioning innovation across the complete customer lifecycle while improving customer experience and facilitating access to financial services.
According to Provenir, the company works with financial services organisations in more than 50 countries and processes more than 3 billion transactions each year.
In January 2023, Turkey-based consumer finance company Quick Finans has chosen Provenir’s AI-powered data decisioning platform to approve and onboard new customers. Quick Finans, a wholly-owned subsidiary of Quick Insurance, which operates under Maher Holding, provides solutions for consumer finance loans (GPL), auto financing, mortgages, agricultural financing, and small business lending.
Officials from Quick Finans stated that after evaluating several options, they determined that Provenir met their requirements and could support their growth strategies. The platform provides the flexibility they need to power their business now and in following years. Another important aspect was the ability to easily access and integrate new data sources to help them gain a more holistic view of their applicants and customers.
According to itgovernance.co.uk, in order to obtain this certification, an organisation must first develop and implement an ISMS that meets all the requirements of the Standard. Once the ISMS is in place, the organisation can then register for certification with an accredited certification body.
Afterwards, the certification body will carry out an audit of the ISMS to ensure it meets the requirements of ISO 27001. If the ISMS is found to be compliant, the certification body will issue an ISO 27001 certificate.
The preparation process to obtain this certification varies from company to company, but it generally includes several stages such as performing a gap analysis to identify any areas where the organisation does not meet the requirements of the Standard, as well as developing an implementation plan that outlines how the company can close the gaps identified in the analysis.
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