How Re-Engineering the Commercial Lending Process is Affecting the Current Credit Crisis
Join BearingPoint senior manager Kevin McClafferty to understand the importance of re-engineering the commercial lending process and how it can impact your organization. When you re-engineer the current process, you open your organization up to the benefits of efficiency, effectiveness, transparency and flexibility. In light of the recent credit crisis, it is essential to find ways to make an impact on the current system.
With all of the negative symptoms affecting both the consumer and credit lenders, we have reached a point where there isn’t a lot of capital left for lending. This has led to many mergers, but not a grasp on how to re-structure the current processes. Organizations are being pressured to reduce costs and manage risk. When you re-engineer the current process, you are basically consolidating all the processes into one solution. This solution must encompass the right technology and the right control. Most organizations do not have the capacity to handle this type of project on their own. They need assistance in determining what went wrong in the past and how they can rectify the current situation.
In order for a company to even consider making changes to their current systems, there are a few items that need to be addressed. An organization must develop a strategy for this change and ensure that everyone involved is on board. They must make a business case to rally support and they must educate their employees of all possible scenarios. A company must be ready for implementation and not underestimate the importance of change management. Only then will they be able to implement a new structure that will allow them to streamline their processes and welcome new products to market.