Global management consulting firm Oliver Wyman and industry-leading risk management platform provider Corridor Platforms today announced a strategic collaboration to provide solutions to banks and non-bank financial institutions as they modernize and digitize credit extension, payments and end-to-end risk management. The collaboration will bring together two industry-leading capabilities: Corridor Platforms’ innovative, modular and cloud-based risk management platform which enables end-to-end credit modeling, loan valuation and real-time policy execution combined with Oliver Wyman’s distinct expertise in risk management, including next generation risk analytics, model development and data/process management.
Oliver Wyman Managing Partner and Head of Financial Services for the Americas, Michael Zeltkevic, said, “Financial institutions universally see the potential of big data and digitization to transform their business, but frequently face practical challenges to achieve this value. The Corridor leadership have taken a wealth of first-hand experience and created a unique integrated solution which enables institutions to make a step change toward the state-of-the-art analytics in risk and beyond, to truly compete in the digital banking era.”
Manish Gupta, CEO of Corridor Platforms said, “Oliver Wyman is the clear industry leader in risk analytics. Building on decades of experience at the forefront of innovative model development, they are propelling their clients toward the pragmatic adoption of advanced techniques and technology. We could not have chosen a better firm to help clients leverage Corridor Platforms solutions and create rapid and sustainable financial impact.”
While there are many point solutions that help ingest new data sources and allow for experimentation with machine learning based models, the Corridor Platforms solution focuses on how to integrate these with internal advancements in existing systems, so that financial institutions can implement new innovations into production quickly while ensuring compliance and credit quality are maintained at the highest standards. The solution seamlessly enhances the efficiency and effectiveness of decisioning across the customer lifecycle, enabling clients to unlock real business benefits from their investments in big data and advanced analytics.
The collaboration is expected to serve customers in a way that they can fully leverage their own assets and current capabilities and yet integrate with rapidly evolving open source technologies; while ensuring the control requirements of a regulated environment are held to the highest standards.
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.
About Corridor Platforms (www.corridorplatforms.com)
Corridor Platforms is a leading provider of proprietary risk management software. The company’s Credit Decisioning Platform was created by a team of highly seasoned credit professionals leveraging the most advanced analytics and big data capabilities. The core leadership team comprises of senior credit executives with decades of experience designing, underwriting, pricing and managing multi-billion dollar lending portfolios through multiple credit and recessionary cycles. Corridor Platforms Inc. is majority owned by Corridor Funds LLC with additional investment from EXL Service, a leading operations management and analytics company.