Genesis Global has released a new solution for automating banking processes to hedge credit risk in corporate lending and financing.
The Genesis Credit Insurance Application (CIA) helps lenders build and manage global portfolios of credit insurance and risk sharing agreements. It applies to a range of commercial, investment and transaction banking activities, including trade lines, 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 facilitates an efficient risk allocation workflow. It enables banks to modernize the way they reduce their credit exposure, while mitigating operational and financial risk in the process. Risk distribution channels such as credit insurance affect how banks calculate asset-weighted assets and meet regulatory capital requirements.
“Credit risk distribution involves a complex, data-intensive process that requires a technology solution to help the lender operate efficiently in building and monitoring insurance portfolios and MRPAs,” said Will Brown, Sales Engineer at Genesis Global. “Our application replaces an ecosystem of spreadsheet processes with an end-to-end solution that helps banks scale their commercial and investment banking businesses while reducing operational risk and costs.”
The Genesis Application Platform provides the system connectivity, workflow, analytics, monitoring tools, and rich user interfaces seen in CIA. Core functionality in the solution includes:
- End-to-end workflow covering insurance RFQs, invoicing, approvals, contract commitments and claims
- Integrations with industry-leading loan booking platforms (eg LoanIQ, ACBS, Murex) and lenders’ internal systems for counterparty risk limits and reporting data
- Dashboard and alerts to manage premiums, policy events, exposure monitoring and policyholder limits
- Risk distribution portfolio monitoring and analysis
- Customizable reports and user configurations
“Developing scalable, controllable applications to replace spreadsheets in critical business processes is a key way to help financial firms transform their technology and operations,” said Tej Sidhu, Chief Technology Officer at Genesis Global. “CIA demonstrates how the technical and business components on the Genesis platform provide the integrations, specialized workflow, analytics, visualization and controls that increase performance and efficiency.”