Written by Admin | Oct 7, 2022 10:07:15 AM
The Client
A Regional U.S. Bank
Challenge
- Unable to meet the required quality threshold set by ‘Credit Risk Review’ (CRR) teams
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- Significant Category – 98%
- Moderate Category – 90%
- Minor Category – 75%
- Core underwriting team utilized for regular underwriting review to meet the thresholds
- Inability to perform quality audits of underwriting functions before the final CRR audit
Solution
- Identified gaps in existing process documentation and created a plan for enhancing the existing documentation
- Identified the need to provide actionable analytics from the QC’s completed by Coforge
- Engaged with the CRR team to understand objective of the audits
Execution
- Prepared an audit checklist
- Rigorous process training conducted for the team
- Standard Operating Procedures and process maps created
- Weekly and monthly analysis on the audits performed and actionable insights shared with the customer's underwriting team Enabled the Bank in meeting investor guidelines requirements and improving loan sale-ability
Value Delivered
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- Enabled the Bank in meeting investor guidelines requirements and improving loan sale-ability
- No errors reported in the ‘Significant Category’ by the bank’s third line of defense (CRR Reviews)
- Adhered to the error threshold set by the CRR team for Moderate & Minor error categories
- Eliminate the recurrence of errors
- Weekly analysis shared with the business unit to take appropriate preventive measures