The current global economic impact of COVID-19 is creating significant disruption to borrowers and potentially their capacity to support debt obligations. This disruption, coupled with legislative stimulus and regulatory guidance focused on borrower relief is challenging the operating models and risk management frameworks for both consumer and commercial lenders. COVID-19 is forcing lenders to rapidly stand-up new processes in order to manage increased customer communication and large federally supported loan programs while also needing to respond to rapidly emerging credit risks. Lenders that take proactive steps in terms of customer outreach, risk assessment, and data management will be best positioned to mitigate the downstream operational challenges that will result from the current global situation.
Download this POV to learn how your credit organization can best be prepared to handle the downstream impacts of the current global situation.