A web-based Risk Assessment & Eligibility Engine was created with the following key features:
- Master Data Setup: Admins can establish definition types (e.g., Finance Type, Employment, Country) with predefined values (e.g., Home Loan, Vehicle Loan) to build a structured data foundation.
- Finance Configuration: Admins can set up finance configuration types (e.g., Loan Amount) with predefined acceptance criteria against finance variables (e.g., Minimum and Maximum Loan Amount).
- Risk Category: Admins can link risk categories to finance types, implementing logic for overall score valuation, thus identifying risk levels like High Risk based on defined thresholds.
- Risk Assessment Criteria & Rules: Admins can define risk assessment criteria (e.g., Age) against finance types and set scoring rules (e.g., Age < 30 gets a score of 150).
- Risk Assessment Form: Users can generate risk assessment forms based on finance types, criteria, and predefined variables. The system computes eligibility and scores based on user inputs.
Tools Used:
- OutSystems: We harnessed the power of the OutSystems platform to facilitate rapid and efficient application development, ensuring seamless user experiences.
- SQL Database: To ensure data integrity and effective management, we employed an SQL database to store and retrieve various configurations, criteria, and assessment results.
Benefits:
- Efficiency: Automation streamlines risk assessment, reducing manual errors and inconsistencies.
- Precision: The engine evaluates credit risk and eligibility with predefined rules and criteria, ensuring accuracy.
- Configurability: The back-office setup empowers banks to adapt the system to their specific needs, ensuring compliance and relevancy.
- Time-to-Market: Leveraging OutSystems, development was expedited, allowing the bank to implement the engine quickly.
- Scalability: The modular architecture ensures the solution can be scaled as the bank's customer base grows.
Outcome:The Risk Assessment & Eligibility Engine significantly improved risk assessment and eligibility determination for the bank's customers. The automation and configurability of the system enhanced decision-making processes, leading to more accurate and consistent outcomes. The solution's flexibility allowed the bank to adapt to changing regulations and market conditions swiftly.
