Oliver Wyman partners with Corridor Platforms on credit risk solution
Global management consultancy Oliver Wyman announced a strategic collaboration with Corridor Platforms, a provider of credit risk technology solutions. Together, the pair will deliver solutions to financial institutions which help modernize and digitize credit extension, payments, and end-to-end risk management.
Hyper-digitalization has driven rapid change in the lending arena, with real-time credit decisioning regarding loan amount and terms becoming the norm. Lenders need to rethink their current risk process, upgrading to a more agile process – while maintaining adequate risk discipline and compliance, of course.
New Jersey–based Corridor Platforms provides a cloud-based risk management platform which enables end-to-end credit modeling, loan valuation, and real-time policy execution.
The strategic collaboration with Oliver Wyman adds the global consultancy's deep expertise in risk management, including next-gen risk analytics, models, and data management.
“Financial institutions universally see the potential of big data and digitization to transform their business, but frequently face practical challenges to achieve this value,” Michael Zeltkevic, Oliver Wyman managing partner and head of financial services for the Americas, said. “The Corridor leadership have taken a wealth of first-hand experience and created a unique integrated solution which enables institutions to make a step change toward the state-of-the-art analytics in risk and beyond, to truly compete in the digital banking era.”
Though many solutions take in new data sources and feed them through machine learning-based models, the Corridor solution focuses on integrating these into existing systems so financial institutions can revamp their risk process faster while ensuring compliance and credit quality. The centralized and modular platform, as such, allows clients to fully leverage their current capabilities while integrating evolving open source technologies.
“Oliver Wyman is the clear industry leader in risk analytics,” Manish Gupta, CEO of Corridor Platforms, said. “Building on decades of experience at the forefront of innovative model development, they are propelling their clients toward the pragmatic adoption of advanced techniques and technology. We could not have chosen a better firm to help clients leverage Corridor Platforms solutions and create rapid and sustainable financial impact.”
