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Heightened Risk Management Trends Fuel Increased Demand for CreditQuest® Solution

With regulators driving current trends toward heightened credit risk management practices, more financial institutions are implementing the CreditQuest® risk management solution to efficiently manage their end-to-end commercial credit risk management process. Harland Financial Solutions reported increased sales and continued momentum of the CreditQuest solution this year with 32 contracts signed in 2012 to date.

Over the past three years, many financial institutions’ risk management structures have changed numerous times, and areas identified as weaknesses before the 2008 financial crisis are now being rectified. Across the board, more attention is being given to risk management factors, from establishing a risk-focused culture to developing risk management processes and appropriate lending policies.

Many clients assert this was a significant motivator when they decided to purchase the CreditQuest solution. For example, Midland States Bank had grown through acquisitions and needed to upgrade its credit risk management solution to streamline and automate its process, while reducing data silos.

“For us, risk management is key. With CreditQuest, we can apply lending policies for consistent decision making. Through tracking, we can better monitor and manage exceptions,” said Willie Wierman, manager of retail and small business underwriting for Midland States Bank of Effingham, IL.

“CreditQuest allows us to create a complete and seamless credit presentation, while enabling us to compile reports from the data. This flexibility appeases the auditors and regulator, and gives our bank executives the important information they need,” said Edward Oder, AVP and CreditQuest administrator for Union Savings Bank of Danbury, CT.

CreditQuest is a solution suite that provides integrated and easy-to-use products built around the unique needs of commercial credit origination and risk management. It brings financial analysis, portfolio management, executive reporting, rating model administration and workflow management together in one system. The solution improves efficiency throughout the entire credit lifecycle, centralizes data from many sources, automates routine tasks and contributes to overall credit risk management.

“It is evident that financial institutions are seeking ways to improve their credit risk management capabilities and implement sound lending practices,” said Scott Hansen, executive vice president of business development, Harland Financial Solutions. “In that pursuit, institutions are acquiring software to help them accomplish this task, and CreditQuest is the best choice for a complete commercial lending solution. It promotes regulatory compliance within financial institutions by allowing them to set and enforce commercial lending policies, while tracking exceptions effectively.”