Automatically populate Moody's Riskcalc with private & public company financial data using RAGE LiveSpread™. Cut operations costs by 70%
WESTWOOD, Mass., Jan. 9, 2014 /PRNewswire/ -- RAGE Frameworks, a provider of technology enabled solutions and services, released a white paper describing how it applied patented technology to automate the Financial Statement Spreading operations at a global Financial Services firm cutting costs by 75% and dramatically improving quality and compliance in a previously manual, non-scalable and error-prone process.
RAGE LiveSpread™ automatically aggregates and extracts data from financial statements from any source, tax returns [K-1, 1040, etc] in any form and format [including paper statements], normalizing the extracted data to a Bank's specific normalization formats. Where desired, the solution also automatically populates the data into spreading and risk management applications including Moody's Riskcalc or Baker Hill.
The following outcomes were realized within 45 days:
| Before |
After |
|
| Cost |
Very high and FTE based. |
Over 75% cost reduction. Transaction based pricing. |
| Speed
|
Best case turn-around was multiple hours. |
80% of financial statements are instantly processed. |
| Compliance |
Manual compliance controls. Roll out of compliance changes complex. |
Automated controls. Regulatory changes rapidly implemented. Click-back to exact extraction location in source documents. |
| Flexibility |
Roll out of changes required extensive training, monitoring and new controls. No insulation from changes to input sources and data. |
Major changes are rolled out in hours with minimal to no training. Complete insulation from frequently changing source file formats. |
| Scalability |
Scalability was a function of adding people, associated overhead and additional controls. |
Fully scalable operations. Doubling the volume at any point can be done instantly. |
| Quality |
Potential for inconsistent treatment of statement items across analysts |
Consistency and institutionalization of the process. Implement bank specific normalization rules, country specific GAAP treatments, easily and rapidly without any programming |
| Operating model |
Typical challenges of a high volume manual operation. |
No peak staffing, attrition, training, quality and inconsistency challenges. |
SVP of RAGE's Business Banking business, Aashish Mehta, said "The critical step of gathering and normalizing financial data in the commercial underwriting and risk management process is almost universally an onerous, error prone and time consuming process today. RAGE LiveSpread™ uses patented technology to automatically and intelligently extract data from Financial Statements, Tax forms, regardless of form, format and language. Extracted data is normalized preserving the bank's rules and automatically entered into internal spreading and risk management systems. The power of straight through processing is finally here for this underserved area, bringing with it unprecedented advantages in cost, quality and compliance."
Read the RAGE White Paper at: http://www.rageframeworks.com/livecredit/docs/wp_automated_financial_statement_spreading.pdf
About RAGE Frameworks, Inc.
RAGE Frameworks Inc. provides Business Process Automation and Semantic Intelligence solutions and products with the mission of bringing unprecedented Speed, Flexibility and Insight in solving the most complex and mission critical enterprise business problems. To learn more about RAGE, visit www.rageframeworks.com.
SOURCE RAGE Frameworks
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