Remove Assessments Remove Risk Mitigation Remove Underwriting
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SMB Loan Underwriting Prepares For Turbulent Times

PYMNTS

But after years of finding SMBs too unprofitable to finance, lenders have to play catch-up to develop better underwriting processes for greater accuracy and efficiency. “But at the same time, they have all lacked a credible tool to conduct an assessment of these [SMBs] in an independent way.”

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Resilience Launches New Cyber Risk Tools to Empower Clients to Improve Their Risk Mitigation

The Fintech Times

Not only are Resilience’s clients more effective at avoiding loss, but they also are more proactive about assessing and mitigating that risk. NetDiligence, the cyber risk firm, revealed that both average ransom demands and average incident costs have skyrocketed since 2018, in its latest Cyber Claims Study.

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The Role of Digital Payouts In Mitigating The Insurance Industry’s Business Continuity Risks

PYMNTS

The insurance industry is all about risk mitigation, and not only when it comes to underwriting policies. Averse to the risk of change, the property and casualty (P&C) insurance arena has been resistant to embrace electronic payments when disbursing funds to claimants.

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CapX Taps Moody’s For SMB Loan Underwriting

PYMNTS

Equipment finance company CapX Partners has announced an integration of Moody’s Analytics technology to strengthen its underwriting and risk mitigation capabilities. “Assessing the creditworthiness of small businesses in a cost-effective manner is one of a lender’s most challenging tasks,” he said.

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How Opening Bank Data Can Transform SMB Lending

PYMNTS

But lenders themselves, even industry incumbents, are also quickly recognizing the potential that unlocking data has not only on improving the SMB borrowing experience, but on significantly improving their own internal operations, particularly when it comes to risk mitigation.

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Big Lenders Need Help With Big Data, Too

PYMNTS

He offered the example of banks using analysis of financial statements to assess risk in the loan origination process. “This disconnect of all the different teams involved in the underwriting process is not just with the physical handoffs, but it also includes the data and analytics separations as well,” he stated.

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Understanding Risk Management Strategies as a PayFac

Stax

Several US legislations (like the Patriot Act, anti money laundering laws , or FinCEN regulations) require PayFacs to know the identities of the business owner(s) they plan to facilitate payments for, during the underwriting stage. This requires sound underwriting policies and procedures. This means PayFacs always need to be vigilant.