Genesis Global has launched a new solution to automate banking processes to offset credit risk in lending and financing transactions.
The Genesis Credit Insurance Application (CIA) helps lenders build and manage global portfolios of credit insurance and risk sharing arrangements. It applies to a range of commercial, investment and transaction banking activities, including commercial lines of credit, term loans, trade finance, project finance, letters of credit and bank guarantees.
CIA replaces a series of manual processes typically managed in spreadsheets with an integrated solution that consolidates global insurance portfolio data and enables an efficient risk allocation workflow. It enables banks to modernize the way they reduce credit risk while mitigating operational and financial risk. Risk distribution channels such as credit insurance influence the way banks calculate risk-weighted assets and meet regulatory capital requirements.
“Allocating credit risk requires a complex, data-intensive process that requires a technology solution that helps the lender work efficiently in building and monitoring insurance and MRPA portfolios,” said Will Brown, sales engineer at Genesis Global. “Our application replaces an ecosystem of spreadsheet processes with an integrated solution that helps banks scale commercial and investment banking operations while reducing operational risk and costs.”
The Genesis application platform provides CIA’s system connectivity, workflow, analytics, monitoring tools and rich user interfaces. The solution’s core features include:
* End-to-end workflow for insurance inquiries, pricing, approvals, policy commitment and claims
* Integrations with industry-leading loan booking platforms (e.g. LoanIQ, ACBS, Murex) and lenders’ internal systems for counterparty risk limits and reference data
* Dashboard and notifications to manage premium plans, insurance events, risk tracking and counterparty limits
* Monitoring and analyzing the risk distribution portfolio
* Customizable reports and user configurations
“Developing scalable, auditable applications to replace spreadsheets in critical business processes is an important way we help financial organizations transform their technology and operations,” said Tej Sidhu, chief technology officer at Genesis Global. “CIA demonstrates how technical and business components of the Genesis Platform provide the integrations, specialized workflows, analytics, visualization and controls that increase performance and efficiency.”