The strategy focuses on streamlining the underwriting process for TL (Term Loans) and CF (Commercial Financing) within the Loan Origination System (LOS). By integrating LOS systems, the plan aims to unify workflows, enabling underwriters to manage tasks more efficiently. For instance, assessments will identify integration points needed for system upgrades, and underwriters will receive training on the new processes.
Optimizing the productisation phase is critical for faster CAM (Credit Approval Memorandum) approvals. This involves mapping existing steps, identifying bottlenecks, and implementing automation to boost efficiency. Standardizing documentation and enhancing data analytics will ensure consistency and informed decision-making, while a dedicated role will oversee progress.
Enhancing stakeholder collaboration is vital; regular communication, workshops, and feedback loops will foster a cooperative environment. Coordination meetings and shared digital tools will maintain transparency and streamline progress across TL, CF, and LOS teams, ensuring alignment toward common goals.
The strategies
⛳️ Strategy 1: Integrate LOS systems for TL and CF
- Conduct an assessment of current LOS capabilities to identify integration points
- Develop a unified workflow for TL and CF underwriting processes in LOS
- Coordinate with IT to implement necessary system upgrades for integration
- Establish a testing environment to simulate the integrated workflow
- Train underwriters on the new integrated LOS system and processes
- Implement feedback collection mechanisms from users to refine the process
- Coordinate with external vendors if additional technology support is needed
- Schedule regular review meetings to assess integration progress
- Develop clear documentation outlining the new integrated LOS workflow
- Ensure compliance checks are integrated within the unified process
⛳️ Strategy 2: Optimise productisation for faster CAM approval
- Map current productisation steps and identify bottlenecks
- Streamline data collection processes for greater efficiency
- Implement automation tools to reduce manual steps in productisation
- Standardise documentation templates for consistency and speed
- Facilitate communication between underwriting and product teams
- Assess and enhance data analytics capabilities to support decision-making
- Compile lessons learnt from previous productisation processes
- Monitor key performance metrics to identify areas for improvement
- Establish a role or team dedicated to overseeing productisation progress
- Develop a continuous improvement plan with regular updates
⛳️ Strategy 3: Enhance stakeholder collaboration and communication
- Identify all stakeholders involved in the LOS and underwriting processes
- Create a communication plan detailing stakeholder responsibilities and timelines
- Establish regular coordination meetings between TL, CF, and LOS teams
- Use project management tools to track progress and updates in real-time
- Facilitate workshops to gather input on workflow improvements from all stakeholders
- Implement a feedback loop for continuous stakeholder input
- Develop shared goals and KPIs to ensure alignment among teams
- Create a conflict resolution plan to handle any disagreements effectively
- Organise a regular newsletter or update communication for stakeholders
- Set up a shared digital platform for all involved to access documents and information
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
