AUSTIN, Texas, October 4, 2021 / PRNewswire / – Abrigo, the Leader in Compliance, Credit Risk and Lending Solutions for Financial Institutions, Launches Automated Loan Review Workflow Software to Help Financial Institutions Better Understand and Identify Risks within their portfolio. Abrigo Loan Review is the latest enhancement to the Sageworks credit risk solution.
Abrigo Loan Review helps financial institutions better understand and identify the risks within their portfolio.
An effective loan review is vital to a financial institution’s ability to meet safety and soundness standards, although it is usually a manual and time-consuming process. In a recent Abrigo survey60% of respondents from banks and credit unions identified staffing issues or obtaining the data needed for loan review as their biggest challenge in the loan review process. With Abrigo Loan Review, financial institutions can overcome these challenges by streamlining the entire loan review workflow. By automating the credit risk review process, banks and credit unions become more efficient and eliminate labor-intensive tasks. Automating the loan review process has become a priority for financial institutions in recent years. More than half of financial institutions said their institution plans to automate or has automated their loan review process in the Abrigo survey.
The software also gives management greater visibility into the health of the portfolio. With Abrigo Loan Review, financial institutions can easily monitor portfolio health with actionable reports and uncover problem loans earlier. All documents are securely stored in the same system as the entire lending process, and data is centralized and aggregated to help banks and credit unions identify and track where loans are in the process. review. Abrigo Loan Review is configurable to meet the unique standards and risk appetite of each financial institution.
âRigorous loan review is not only important for examiners, it is also good for the business of financial institutions,â said Jay blandford, president at Abrigo. “We are thrilled with the launch of Abrigo Loan Review as it gives financial institutions the tools they need to maximize the efficiency and transparency of the loan review process and respond more quickly to any red flags in the bank. wallet. “
Abrigo empowers U.S. financial institutions to support their communities with technology that fights financial crime, increases loans and deposits, and optimizes risk. Abrigo’s platform centralizes institutional data, creates a digital user experience, ensures compliance, and delivers efficiency for large-scale, profitable growth. Visit www.abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.