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To Be Ahead of the Curve: Banks Must Beef Up Technology

To Be Ahead of the Curve: Banks Must Beef Up Technology

Technology is critical. To improve efficiency, reduce costs, stay on the cutting edge over tailing rivals, fulfill customer requirements and initiate a proper risk management process, technology is an incredible tool to possess.

The abovementioned facts received momentum at the SAS Risk & Finance Analytics Roadshow in Lagos, during which it was inferred that the banks nowadays are adapting themselves to regulatory changes, thus reducing costs in no time.

In this context, Charles Nyamuzinga, Senior Business Solutions Manager, Pre-Sales Risk Practice, stated that banks in Africa need to confront with additional challenges, including risk analytics skills gaps, challenges associated with data management and integrating finance and risk management nuances across an organization.

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“But, on the positive side, they have started considering technology as a way of eliminating these challenges, and have access to new streams of data that are also helping to advance the financial inclusion mandate,” he noted.

In compliance with global financial norms, African banks should by now be compliant with the new IFRS9 Accounting Standard, which comes with some changes in the way expected credit losses used to be calculated.

“There is also need to start thinking about the new ‘Basel IV’ framework, which impacts on how banks calculate their risk weighted assets, and the amount of capital they need to offset those risks,” he added.

According to Charles, banks are feeling intense regulatory pressure nowadays, while tussling with daily requirements, challenges and questions associated with taking stress tests. The regulators have become severe on stress testing processes, and that may be for good! Besides, banks need to worry about the effect on reputation, capital shortfalls and negative influence on earnings, along with non-compliance penalties.

His concern was thoroughly evident in these statements, “There’s a good chance that banks in Africa could get this wrong if they use disparate and fragmented systems for data management, model building and implementation and reporting – which is often the case – or if they try to do the computations manually.

 

“The biggest causes of incorrect modeling are data management and quality issues and skills shortages. Banks have to obtain and analyze enormous amounts of detailed data, for example. And, to comply with IFRS 9, banks must look at millions of customers with hundreds of data points.”

In support of the above observations, SAS Sales Manager, West Africa, Babalola Oladokun raised concerns if a bank ends up miscalculating a customer’s credit score, it would result in giving a loan to someone, who for sure won’t be able to repay it. This can have serious implications for IFRS 9expected credit loss calculations. Furthermore, if a bank lacks in capital on hand to offset the loan deficiency, the case will go straightaway to Basel Capital requirements compliance issues.

“Data gathering and manipulation from disparate data sources wastes time and resources that banks could have used to develop new products and find more convenient ways to serve their customers – something their competitors in the FinTech space are very good at,” he noted.

As last thoughts, FinTechs use virgin data streams to draw instant conclusions and fuel decision-making processes for customers. For an example, they base their inferences about granting a loan to someone who doesn’t even have a bank account – surely, this is an innovative way to give non-banking population access into the world of finance.

If finance and big data interests you, we suggest you go through our credit risk management courses in Delhi. DexLab Analytics is not only a trailblazer in credit risk modelling courses, but also a robust platform for training young minds.

 

This article first appeared in – https://guardian.ng/business-services/technology-crucial-to-tackling-risks-skill-gaps-in-banks

 

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Developing a Big Data Culture is Crucial for Banks to be Customer Centric

Developing a Big Data Culture is Crucial for Banks to be Customer Centric

It is important for banks to be customer centric because a customer who is better engaged is easier to retain and do business with. In order to provide services that are valued by customers, banks need to exploit big data. When big data is combined with analytics it can result in big opportunities for banks. The volume of banking customers is on the rise, and so is their data. It is time for the banking sector to look beyond traditional approaches and adopt new technologies powered by big data, like natural language processing and text mining, which help convert large amount of unstructured information into meaningful data that can lead to valuable insights.

Switching to big data enable banks to get a 360-degree view of their customers and keep providing excellent services. Many banks, like the Bank of America and U.S. Bank, have implemented big data analytics and are reaping its benefits. Rabobank, which has adopted big data analytics to detect criminal activity in ATMs, is ranked among the top 10 safest banks in the world.

Big Data’s Advantages for the Banking Industry:

  • Streamline Work Process and Service Delivery:

Banks need to filter through gazillions of data sets in order to provide relevant information to a customer, when he/she enters account details into the system. Big data can speed up this process. It enables financial institutes of spot and correct problems, before they affect clients. Big data also helps in cost-cuttings, which in turn lead to higher revenues for banks.

In case of erroneous clients, who tend to go back on their decisions, big data can help alter the process of  service delivery in such a manner that these clients are bound to stick to their commitments. It allows banks to track credit and loan limits, so that customers don’t exceed them.

Cloud based analytics packages sync in with big data systems to provide real-time evaluation. Banks can sift through tons of client information to track transactional behaviors in real time and provide relevant resources to clients. Real-time client contact is very useful in verifying suspicious transactions.

  • Customer Segmentation:

Big data help banks understand customer spending habits and determine their needs. For example, when we use our credit cards to purchase something, banks acquire information about what we purchase, how much we spend and use these information to provide relevant offers to us. Through big data, banks are able to trace all customer transactions and answer questions about a customer, like which services are commonly accessed, what are the preferred credit card expenditures and what his/her net worth is. The advantage of customer segmentation is that it enables banks to design marketing campaigns that cater to specific needs of a customer.  It can be used to deliver personalized schemes and plans. Analyzing the past and present expenses of a client helps bank create meaningful client relationships and improve response rates.

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  • Fraud detection:

According to Avivah Litan, a financial fraud expert at Gartner, big data supports behavioral authentication, which can help prevent fraud. Litan says, ‘’using big data to track such factors as how often a user typically accesses an account from a mobile device or PC, how quickly the user types in a username and password, and the geographic location from which the user most often accesses an account can substantially improve fraud detection.’’

Utah-based Zions Bank is largely dependent on big data to detect fraud. Big data can detect a complex problem like cross-channel fraud by aggregating fraud alerts from multiple disparate data sources and deriving meaningful insights from them. 

  • Risk Management:

Financial markets are becoming more and more interconnected, which increases their risk. Big data plays a pivotal role in risk management of financial sector as it provides more extensive risk coverage and faster responses. It helps create robust risk prediction models that evaluate credit repayment risks or determine the probability of default on loans for customers. It also aids in identifying risk associated with emergent financial technologies.

Hence, banks need to adopt a big data culture to improve customer satisfaction, keep up with global trends and generate higher revenues.

For credit risk management courses online, visit DexLab Analytics. It is a leading institute offering credit risk analytics training in Delhi.

 

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DexLab Analytics is Heading a Training Session on CRM Using SAS for Wells Fargo & Company, US

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We are happy to announce that we have struck gold! Oops, not gold literally, but we are conducting an exhaustive 3-month long training program for the skilled professionals from Wells Fargo & Company, US. It’s a huge opportunity for us, as they have chosen us, out of our tailing contemporaries and hope we do fulfill their expectations!

Wells Fargo & Company is a top notch US MNC in the field of financial service providers. Though headquartered in San Francisco, California and they have several branches throughout the country and abroad. They even have subsidiaries in India, which are functioning well alike. Currently, it is the second-largest bank in home mortgage servicing, deposits and debit cards in the US mainland. Their skilled professionals are adept enough to address complicated finance-induced issues, but they need to be well-trained on tackling Credit Risk Management challenges, as CRM is now the need of the hour.

Our consultants are focused on imparting much in-demand skills on Credit Risk Modeling using SAS to the professionals for the next three months. The total course duration is of 96 hours and the sessions are being conducted online.

 

 

 

 

In this context, the CEO of DexLab Analytics said, “This training session is another milestone for us. At DexLab Analytics, being associated with such a global brand name, Wells Fargo is a matter of great honor and pride, which I share with all my team members. Thanks to their hard work and dedication, we today possess the ability and opportunity to conduct exhaustive training program on Credit Risk Management using SAS for the consultants working at Wells Fargo & Company.”

“The training session starts from today, and will last for three-months. The total session will span over 96 hours. Reinforcing our competitive advantage in the process of development and condoning data analytics skills amongst the data-friendly communities across the globe, we are conducting the entire 3-month session online,” he further added.

Credit Risk Management is crucial to survive in this competitive world. Businesses seek this comprehensive tool to measure risk and formulate the best strategy to be executed in future. Under the umbrella term CRM, Credit Risk Modeling is a robust framework suitable to measure risk associated with traditional crediting products, like credit score, financial letters of credit and etc. Excessive numbers of bad loans are plaguing the economy far and large, and in such situations, Credit Risk Modelling using SAS is the most coveted financial tool to possess to survive in these competitive times.

In the wake of this, DexLab Analytics is all geared up to train the Wells Fargo professionals in the in-demand skill of CRM using SAS to better manage financial and risk related challenges.

To read our Press Release, click:

DexLab Analytics is organizing a Training Program on CRM Using SAS for Wells Fargo Professionals

 

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How Credit Risk Modeling Is Used to Assess Credit Quality

Given the uproar on cyber crimes today, the issue of credit risk modeling is inevitable. Over the last few years, a wide number of globally recognized banks have initiated sophisticated systems to fabricate credit risk arising out of significant corporate details and disclosures. These adroit models are created with a sole intention to aid banks in determining, gauging, amassing and managing risk across encompassing business and product lines.

 

How Credit Risk Modeling Is Used to Assess Credit Quality

 

The more an institute’s portfolio expands better evaluation of individual credits is to be expected. Effective risk identification becomes the key factor to determine company growth. As a result, credit risk modeling backed by statistically-driven models and databases to support large volumes of data needs tends to be the need of the hour. It is defined as the analytical prudence that banks exhibit in order to assess the risk aspect of borrowers. The risk in question is dynamic, due to which the models need to assess the ability of a potential borrower if he can repay the loan along with taking a look at non-financial considerations, like environmental conditions, personality traits, management capabilities and more.

Continue reading “How Credit Risk Modeling Is Used to Assess Credit Quality”

Analyze the Risk of a Borrower with These Sure-fire Credit Risk Analytics Techniques

It’s a hard but true fact – no more do businesses survive without leverages. In a quest for success and expansion, they need to resort to debt, because equity alone fails to ensure survival. Be it funding a new project, fulfilling working capital requirement or expanding business operations, an organization needs funding for various corporate activities.

 

Analyze the Risk of a Borrower with These Sure-fire Credit Risk Analytics Techniques

 

Talking of India, the credit market scenario in here is not so matured in comparison to other developed countries; hence there exists an excessive dependency level on conventional banking structure. Nevertheless, raising finance from issuance of bonds by companies is also not so rare – majority of companies in need of capital raise money from bonds and shares and this practice is widely prevalent throughout the nation.

Continue reading “Analyze the Risk of a Borrower with These Sure-fire Credit Risk Analytics Techniques”

Credit Risk Modelling: How Indian Fintech Startups Are Hitting a Home Run

Credit Risk Modelling: How Indian Fintech Startups Are Hitting a Home Run

After scoring high with top notch conglomerates, Indian economy is heating up more than ever – because of flourishing Indian fintech establishments that are popping up here and now.

In this blog, we will take a deeper look down into the mechanism how startups are doing well for themselves in this competitive world from a credit risk perspective. For that, we will dig deep into the personal account of an employee working in one of the notable startups in India, which deals with data analytics product for the financial services industry – what experiences he gathered while working in a startup sector, what advices he would like share and things like that will help us crack this industry better.

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DexLab Analytics offer the best credit risk analysis course.

Pointed things to learn from a fintech startup in India:

Product is king, so is its timing – Never ever compromise with a good product. Similarly, make sure the timing is right too – may be, because you waited too long, you missed the best product. It happens.

Hit the customers right away – Don’t vouch for any product, unless 10 people have validated the product. Allow at least 10 customers to use that product and then sit with them to grab some feedback. Startups work like this, so do you!

Economics is the essence, so do proper homework – Risk and Finance go hand in hand, but are distinct in nature. Get a grip on well-structured financial models – they will help you understand the credit exchange stuffs better. Streaming costs, revenues and growth in a single line will obviously put you in a better position in predicting the impact of credit risk. FYI, credit risk’s impact is endured on not only losses, but on costs too – which is surely a matter of concern.

Teamwork is the best work – Building a potent team is an art. Creating something of your own requires a substantial amount of risk, both personal and professional. Most seasoned consultants coming under a single roof to offer something unique is in itself an exciting idea – startups in India boast of an average age of 25 or 28 years in a particular company. Nevertheless, some companies also excel with a core team whose average experience is that of 10 years – across domains like tech, product, risk, operations, sales and marketing. The figures are interesting, ain’t they?

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Fintech is more finance and less technology – As compared to other industries, fintechs’ operational mode is very different.  Though credit risk and cost management are the founding pillars of a robust fintech business setup, none of them can make up for below-standard quality products. Offering high quality product is of supreme importance for the success of any Fintech, and if you look at fintech companies in the US and Europe you will understand why we are focusing our attention on the quality part.

While we are on the closure, there is still a lot of learning to be done – but we surely believe India is on its way to success and our fintech sector is witnessing a plethora of amazing ideas. Just keep your fingers crossed, and hope our teams pull it off in a snap.

Get credit risk modelling certification from DexLab Analytics today! Their credit risk management courses are intensive, well-researched and are written down, while keeping students’ grasping skills in mind. Go give it a shot!

 


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Credit Risk Modelling: A Basic Overview

Credit Risk Modelling: A Basic Overview

HISTORICAL BACKGROUND

The root cause for the Financial Crisis which stormed the globe in 2008 was the Sub-prime crisis which appeared in USA during late 2006. A sub-prime lending practice started in USA during 2003-2006. During the later parts of 2003, the housing sector started expanding and housing prices also increased. It has been shown that the housing prices were growing exponentially at that time. As a result, the housing prices followed a super-exponential or hyperbolic growth path. Such super-exponential paths for asset prices are termed as ‘bubbles’ So USA was riding a Housing price bubble. Now the bankers, started giving loans to the sub-prime segments. This segment comprised of customers who hardly had the eligibility to pay back the loans. However, since the loans were backed by mortgages bankers believed that with housing price increases the they could not only recover the loans but earn profits by selling off the houses. The expectations made by the bankers that asset prices always would ride the rising curve was erroneous. Hence, when the housing prices crashed the loans were not recoverable. Many banks sold off these loans to the investment banks who converted the loans into asset based securities. These assets based securities were disbursed all over the globe by the investments banks, the largest being done by Lehmann Brothers. When the underlying assets went valueless and the investors lost their investments, many of the investment banks collapsed. This caused the Financial Crisis and a huge loss of investors and tax-payers wealth. The involvement of Systematically Important Financial Institutions (SIFIs) and Globally Systematically Important Financial Institutions (G-SIFIs) into the frivolous lending process had amplified the intensity and the exposure of the crisis.

Understanding Credit Risk Management With Modelling and Validation – @Dexlabanalytics.

SYSTEMATICALLY IMPORTANT FINANCIAL INSTITUTIONS AND THEIR ROLE IN SYSTEMIC STABILITY

A Systematically Important Financial Institution (SIFI) is a bank, insurance company, or other financial institutions whose failure might trigger a financial crisis.

If a SIFI has the capacity to bring in a recession across the globe then it is known as a Globally Systematically Important Financial Institution (G-SIFI). The Basel Committee follows an indicator based approach for assessing the systematic importance of the G-SIFIs. The basic tenets of this approach are:

  1. The BASEL committee is of the view that the global systemic importance should be measured in terms of the impact that a failure of a bank can have on the global financial system and wider economy rather than the risk that the failure can occur. So, the concept is more of a global, system wide, loss given default (LGD) concept rather than a probability of default (PD) problem.
  2. The indicators reflect the following metrics: size of banks, their interconnectedness, the lack of availability of substitutable or financial institution infrastructure for provided services, their global activity, their complexity etc. Each of these are defined as:

(i) Cross-Jurisdiction: The indicator captures the global footprints of the banks. This indicator is divided into two activities: Cross Jurisdictional claims and Cross Jurisdictional liabilities. These two indicators measure the banks activities outside its home relative to overall activity of other banks’ in the sample. The greater the global reach of the bank, the more difficult is it to coordinate its resolution and the more widespread the spill over effects from its failure.

(ii) Size: Size of a bank is measured using the total exposure that it has globally. This is the exposure measure used to calculate Leverage ratio. BASEL III paragraph 157 uses a particular definition of exposure for this purpose. The score of each bank for this criterion is calculated as its amount of total exposure divided by the sum of total exposures of all banks in the sample.

(iii) Interconnectedness: Financial distress at one institution can materially raise the likelihood of distress at other institutions given the contractual obligations in which the firms operate. Interconnectedness is defined in terms of the following parameters: (a) Inter-financial system assets (b) Inter-financial system liabilities (c) The degree to which a bank funds itself from the other financial systems.

(iv) Complexity: The systemic impact of a bank’s distress or failure is expected to be positively related to its overall complexity. Complexity includes: business, structural and operational complexity. The more complex the bank is the greater are the costs and time needed to resolve the banks.

Given these characteristics, it was important to apply different restrictions to keep the lending practices of the banks under control. Frivolous lending done by such SIFIs had resulted in the financial crisis 2008-09. Post the crisis, regulators became more vigilant about maintaining appropriate reserves for banks to survive macroeconomic stress scenarios. Three major sources of risks to which banks are exposed to are: 1. Credit Risk 2. Market Risk 3. Operational Risk. Several regulations

have been imposed on banks to ensure that they are adequately capitalised. The major regulatory requirements to which banks need to be compliant with are:

  1. BASEL 2. Dodd Frank Act Stress Testing 3. Comprehensive Capital Adequacy Review.

Before looking into the Regulatory frameworks and their impact on the Credit Risk modelling, let us form an understanding of the framework of the Bank Capital.

Risk Management in a Commercial Lending Portfolio with Time Series and Small Datasets – @Dexlabanalytics.

CAPITAL STRUCTURE OF BANKS

The bank’s capital structure is comprised of two main components: 1. Equity Capital of Banks 2. Supplementary capital of banks. The Equity capital of banks are the purest form of banking capital. This is true or the actual capital that a bank has and it has been raised from the shareholders. The supplementary capital of banks comprises of estimated capital such as allowances, provisions etc. This portion of the capital can easily be tampered by the management to meet undue shareholders expectations or unnecessarily over reserve capital. Thus, there are strong capital norms and regulations around the supplementary capital. The two tiers of capital are: Tier1 and Tier2 capital. Tier1 capital is also decomposed into two parts: Tier1 Common capital and Tier1 capital.

 

Tier1 common capital = Common shareholder’s equity-goodwill-Intangibles. Goodwill and intangibles are no physical capital. In scenarios, where the goodwill and intangible assets are stressed, the capital in the banks would deteriorate. Therefore, they cannot be added to the company’s tier1 capital. Only the core or the physical amount of capital present in the bank account is the capital.

Tier1 Capital = Total Shareholders’ equity (Common + Preffered stocks) -goodwill -intangibles + Hybrid securities.

Tier 1 is the core equity capital for the bank. The components of Tier1 capital are common across all geographies for the banking system. Equity capital includes issued and fully paid equities. This is the purest form of capital that the bank has.

Tier2 Capital: tier 2 capital comprises of estimated reserves and provisions. This is the part of capital which is used to cushion against expected losses. Tier 2 capital has the following composition:Tier 2 = Subordinated debts +Allowances for Loans and lease losses + Provisions for bad debts -> This portion of the capital is reserved out of profits. Hence,

managers always try to under report these parameters to meet shareholder’s expectations. However, under reserving often poses the chances of bankruptcies or regulatory penalties. Total Capital of a Bank = Tier 1 capital + Tier 2 Capital

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CALCULATION OF CAPITAL RATIOS

Every bank faces three main types of risks: 1. Credit risk 2. Market Risk 3. Operational risk. Credit Risk is the risk that arises from lending out funds to borrowers, given their chances of defaulting on loans. Market Risk is the risk that the bank faces due to market fluctuations like stock price changes, interest rate risk and price level fluctuation etc. Operational risk occurs as a failure of the operational processes. The exposure of the banks to these risks differ from bank to bank. So the capital that they to set aside would differ based on the exposure to risk. Therefore, regulators have defined a metric called Risk Weighted Assets (RWA) to identify the exposure of the bank’s assets to risk. Every bank must keep aside their capital relative to the exposure of their asset to risk. The biggest advantage of RWAs is that they not only include On-balance sheet items but off-balance sheet items as well. Banks need to maintain their Tier1 common capital, tier1 capital and tier2 capital relative to their RWAs. Thus, arises the Capital ratios.

 

Total RWA = RWA for Credit Risk + RWA for Market Risk + RWA for Operational Risk

Tier1 Common Capital Ratio = tier1 common capital / RWA (CR + MR + OR)

Tier1 Capital Ratio = Tier1 Capital / RWA (CR+MR+OR)

Total Capital Ratio = Total capital/ RWA(CR+MR+OR)

Leverage Ratio = Tier1 Capital / Firms consolidated assets

Regulators require some critical cut-offs for each of these ratios:

Tier1 Common Capital Ratio > = 2% all times

Tier1 Ratio >= 4% all times

Tier 2 capital cannot exceed Tier1 capital

Leverage ratio > = 3% of all times.

 

In the next blog we explore how the credit risk models help in ensuring the capital adequacy of the banks and in the business risk management.

 

Looking for credit risk analysis course online? Drop by DexLab Analytics – it offers excellent credit risk analysis course at affordable rates.

 

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Banks Merged With Fintech Startups to Perform Better Digitally

Axis Bank has acquired FreeCharge, a mobile wallet company opening doors to many such deals in the future. As a consequence, do you think banks and fintech startups have started working towards a common goal?

 
Banks Merged With Fintech Startups to Perform Better Digitally
 

On some day in the early 2016, Rajiv Anand, the Executive Director of Retail Banking at Axis Bank, asked his team who were hard at work, “Do present-day customers know how a bank would look in the future?”

Continue reading “Banks Merged With Fintech Startups to Perform Better Digitally”

Regulatory Credit Risk Management: Improve Your Business with Efficient CRM

Regulatory Credit Risk Management: Improve Your Business with Efficient CRM

In the aftermath of the Great Recession and the credit crunch that followed, the financial institutions across the globe are facing an increasing amount of regulatory scrutiny, and for good reasons. Regulatory efforts necessitate new, in-depth analysis, reports, templates and assessments from financial institutions in the form of call reports and loan loss summaries, all of which ensures better accountability, thus helping business initiatives.

Help yourself with credit risk analysis course online at DexLab Analytics.

Also, regulators have started asking for more transparency. Their main objective is to know that a bank possesses thorough knowledge about its customers and their related credit risk. Moreover, new Basel III regulations entail an even bigger regulatory burden for the banks.

What are the challenges faced by CRM Managers?

  • Sloppy data management – Unable to access the data when it’s needed the most, due to inefficient data management issues.
  • No group-wide risk modeling framework – Banks need strong, meaningful risk measures to get a larger picture of the problem. Without these frameworks, it becomes really difficult to get to the tip of the problem.
  • Too much duplication of effort – As analysts cannot alter model parameters they face too much duplication of work, which results in constant rework. This may negatively affect a bank’s efficiency ratio.
  • Inefficient risk toolsBanks need to have a potent risk solution, otherwise how can they identify portfolio concentrations or re-grade portfolios to mitigate upcoming risks!
  • Long, unwieldy reporting processManual spreadsheet based reporting is simply horrible, overburdening the IT analysts and researchers.

What are the Best Practices to fight the Challenges Noted Above?

For the most effective credit risk management solution, one needs to gain in-depth understanding of a bank’s overall credit risk. View individual, customer and portfolio risk levels.

While banks give immense importance for a structured understanding of their risk profiles, a lot of information is found strewn across among various business units. For all this and more, intensive risk assessment is needed, otherwise bank can never know if capital reserves precisely reveal risks or if loan loss reserves sufficiently cover prospective short-term credit losses. Banks that are not in such good shape are mostly taken under for close scrutiny by investors and regulators, as they may lead to draining losses in the future.

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Adopt a well-integrated, comprehensive credit risk solution. It helps in curbing loan losses, while ensuring capital reserves that strictly reflect the risk profile. Owing to this solution, banks buckle up and run quickly to coordinate with simple portfolio measures. Fortunately, it will also lead to a more sophisticated credit risk management solution, which will include:

  • Improved model management, stretching over the whole modeling life cycle
  • Real-time scoring and limits monitoring
  • Powerful stress-testing capabilities
  • Data visualization capabilities and robust BI tools that helps in transporting crucial information to anyone who needs them

In summary, if your credit risk is controlled properly, the rest of the things are taken care by themselves. To manage credit risk perfectly, rest your trust on credit risk professionals – they understand the pressing needs of decreasing default rates and improving the veracity with which credit is issued, and for that, they need to devise newer ways and start applying data analytics to Big Data.

Get more insights on credit risk management including articles, research and other hot topics, follow us at DexLab Analytics. We offer excellent credit risk management courses in Delhi. For further queries, call us today!

 


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