Credit, Collections & Insolvency News
Analytics software specialist Fico has announced a partnership with risk analytics consultants 4most Europe. The aim of the partnership is to help European financial institutions comply with banking regulations. 4most, a leading European firm in regulatory risk analytics and programme management.
Under European regulations, it is increasingly important for financial institutions to document the decisions they make on customers, the factors that drove those decisions, and the performance of the analytic models used to make decisions. With FICO Decision Central, financial institutions can monitor and manage the evolution of every component that goes into making a decision. This gives visibility and control over an entire decision strategy, including data quality, predictive models, optimization models, machine learning algorithms, strategy trees and rule flows.
The frameworks that can be deployed within Decision Central help lenders comply with the Capital Requirements Regulation (CRR), Internal Ratings-Based (IRB) Basel approach and the European’s Central Bank’s Target Review of Internal Models (TRIM). These frameworks can cut the time needed to achieve compliance by up to six months.
Damien Burke, Partner at 4most said “We have first-hand experience of regulatory projects where Decision Central would help define and deploy complaint processes more efficiently. The FICO software also makes ongoing compliance and interactions with auditors and regulators more effective, as all model governance information is centrally held and easily accessible.”
Steve Hadaway, General Manager for FICO in EMEA said “4most’s insight and experience have helped us tailor Decision Central to new regulatory demands, making it easier than ever for customers to deploy. Our software and embedded frameworks can dramatically reduce the time and effort required to become compliant and demonstrate compliance.”