Genesis Global has launched a solution to automate bank processes for offsetting credit risk in lending and financing.

The Genesis Credit Insurance Application (CIA) aids lenders in building and managing global portfolios of credit insurance and risk participation agreements.

In addition, it is applicable to a range of commercial, investment and transaction banking processes.

CIA also replaces a series of manual processes with an integrated solution that merges global insurance portfolio data and facilitates efficient workflow for distributing risk.

Furthermore, it allows banks to modernise how they reduce credit exposure while mitigating operational and financial risk at the same time.

Features of CIA include:

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  • End-to-end workflow covering insurance RFQs, pricing, approvals, policy binding and claims;
  • Integrations with industry leading loan booking platforms;
  • Alerts to manage premium schedules, policy events, expoure tracking and counterparty limits;
  • Risk distribution monitoring, and
  • Customisable user configurations.

“Distributing credit risk involves a complex, data intensive process that demands a technology solution to help the lender operate efficiently in building and monitoring insurance and MRPA portfolios,” said Will Brown, Sales Engineer at Genesis Global. “Our application replaces an ecosystem of spreadsheet processes with an integrated solution that helps banks scale commercial and investment banking businesses while lowering operational risk and cost.”

“Developing scalable, auditable applications to replace spreadsheets in critical business processes is a key way we help financial firms transform their technology and operations,” said Tej Sidhu, Chief Technology Officer at Genesis Global. “CIA shows how technical and business components in the Genesis platform deliver the integrations, specialized workflow, analytics, visualization and controls that drive performance and efficiency.”