Timing is everything as they say and with consumer credit thawing and housing finance trending toward post crisis ‘normalization,’ our industry is placing necessary rigor and emphasis on risk management and compliance. And rightly so given the complex regulatory environment that has become today’s status-quo.
Achieving consistent outcomes is especially important as quality control and audit functions are prioritized in both pre- and post-credit decision functions. With human capital resources at a premium, risk management executives from Concentrance Consulting have designed an innovative software solution called IntelliMime® that automates review processes by utilizing unique business rules and workflows gathered from experts by experts.
IntelliMime® uses interview techniques to mimic the thought processes of the most experienced and accurate evaluator(s) to guide the thought process of other – and often junior – evaluators. The software includes seamless escalation triggers to direct complex tasks to senior staff or supervisors.
To understand the tenets of IntelliMime®, we start with key definitions. Miming is the process of extracting and documenting the step by step reasoning used to decision; and a Mime is the software that deploys the inductive and deductive reasoning of experts to the broader organization for decisioning or directing workflow.
This introduction to IntelliMime® is the first of four installments laying out the business case for how we envision moving the industry #forward with software that codifies expert thinking to lower labor costs, reduce error rates and increase productivity.
Concentrance Consulting looks forward to sharing IntelliMime® with housing finance executives and other financial services leaders October 23-26 in Boston at the MBA Annual Convention and Expo.
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