Sophisticated risk management systems offer business leaders the benefits of improved productivity and greater insight into key data through capabilities such as automated decisioning and retrospective analysis features. A new survey suggests many financial professionals would appreciate it if their business were to invest in such software, as it would improve their ability to perform critical analysis.
Hammerhouse, a recruitment firm for mortgage offices, surveyed "several hundred" loan officers at firms around the country for its "2012 Loan Officer Core Business Components Survey. The results were released this week, and according to the report, 32 percent of financial professionals believe their company lacks sophisticated technology.
Specifically, these professionals said their company's technology "needs an upgrade," "hurts my business" or is "inadequate."
"A primary take-away for lenders from this survey is that going forward, the ability to execute on business fundamentals including vision, strategy, communications, professional development and support, while also leveraging new technology, will separate the best origination firms from the also-rans," Drew Waterhouse, managing director and CEO of Hammerhouse, said in a press release.
Twenty percent of survey takers said technology help is unavailable at their firm, and while the majority seem satisfied with their company's ability to address technology concerns, it's apparent that some businesses need to consider if they are doing everything they can to arm their employees with the most important information.
A strong risk management framework is built upon access to historical data and sophisticated modeling tools, which can be leveraged to improve corporate decision making and assess the value of certain opportunities. Executives who feel they lack these abilities with their current technology should consider a discussion with a technology consultant who can introduce them to beneficial risk management software and credit application assessment solutions.