dancerace launches revolutionary r3 RiskOps system for invoice finance providers
Launched after four years of collaboration with banks and lenders worldwide, dancerace’s r3 RiskOps system enables risk and operational teams to better manage client risk and work more efficiently, every day. The system comes to market having already been deployed by Skipton Business Finance in the UK and ScotPac in Australia.
Efficiency, integrated
r3 RiskOps solves key weaknesses within lenders’ risk management systems and workflows.
In most invoice finance businesses, teams monitor their risk and manage their portfolio in separate systems. Teams spend time and effort moving risk data between systems. Processing is slow, mistakes are made and accountability is poor.
With r3 RiskOps, banks and lenders monitor and manage their lending risk in a single platform.
r3 RiskOps is integrated into dancerace’s complete, connected software lending OS, alongside the provider’s award-winning backoffice control, and client onboarding and client access systems.
Credit risk teams configure their unique risk model and monitor their portfolio in r3 RiskOps. When a client breaches the business’ risk parameters, the system triggers workflows for operational users to act within the system and the wider dancerace OS.
r3 RiskOps displays lenders’ highest-risk clients at any time, to enable operational teams to prioritise reviews, audits and credit control activity on these accounts. Lower-risk clients can be managed with a lighter touch, to save time and effort.
Users monitor and manage their lending risk via flexible, intuitive tools, including Kanban boards, calendars and tasks.
This focus on usability and accessibility marks a major step forward for IF risk technology, says dancerace CEO Elliot Avison: “r3 RiskOps puts client risk data into the hands of users across lending businesses – not just the credit risk team – so that client, sales, operational and finance teams can all spot opportunities and drive more value from the information in their systems. Equally importantly, we’re committed to offering r3 RiskOps at a price all lenders can afford, to help them to take on more clients and grow.”
Ready for action
Early adopters to the r3 RiskOps system include ScotPac in Australia and Skipton Business Finance in the UK.
“With r3 RiskOps, we were looking for an integrated risk module within our DF core that would alleviate the need for integration between systems, enhance our operating model and was more commercially attractive than other systems,” says Neale Kant, CTO at ScotPac.
“We chose r3 for the rich roadmap of future releases, intuitive UX and feature-rich dashboards. So far, the graphical representation of trending analytics, the ease with which portfolios are created and viewed and the ability to sync notes across dancerace systems have been most valuable to us.”
Skipton Business Finance is also using the system for live funding, as described by Operations Director Andrew Hill: “r3 RiskOps takes the data in our client portfolio and makes it meaningful, enabling us to see, at a glance, our highest-risk and highest-funded clients, and more. The system tells us when and why a client is ‘code-red’ for risk, which allows us to judge whether we’re comfortable to continue funding or need to investigate.”
“Over time, r3 RiskOps will become the central point of truth for our lending business and be used by everybody in our operational teams, including our relationship managers, credit controllers and backoffice staff. We see the system evolving over coming years and were keen to provide feedback and help make the system the best it can be without overcomplicating it. Because that’s the best thing about r3 RiskOps: it’s so simple.”
