Algorithmics to add administration capabilities to credit risk tool

The system will improve the quality and consistency of information, and aid decision-making, said Richard Tschemernjak, a managing director at Algorithmics in Vienna. “[It will] shorten the credit approval process, improve operational efficiency, manage operational risk and ensure compliance,” he added.

Algo Credit Process Manager handles credit initiation, credit approval and exception handling. Users can input credit applications into the system and track the various stages from the proposal through to the approval, thereby increasing transparency. The service manages administration of credit risk mitigants such as collateral and guarantees.

The risk management software specialist unveiled the forthcoming release of the tool at its annual user conference in Boston. The application was born out of a project where Algorithmics integrated a client bank’s proprietary pre-deal credit approval workflow application with Algo Credit – a credit risk management tool for measuring, controlling and managing credit exposures.

The new tool will be released as an additional component to Algo Credit in September.