It’s All About the RIGHT Data

Successfully managing risk can’t be done without an effective data management approach. So where do you start, and what will be most effective for your organization? It’s important not only to evaluate and access the best available data, but also to test credit data to ensure that it is driving the best possible decisions.

Let’s start with the data. Alternative data sources are widely talked about in every industry and a topic that has continued to grow over the past several years. But how do you start to think about the vast number of data sources out there, much less develop an approach to learn more about them? Many questions come into play before you can move forward, including:

  • What data sources have the specific data elements that I’m looking for?
  • Many sources have the type of information I need, but who has the most and the best?
  • How do I approach this from a contractual and legal standpoint?

In discussions our team has had with lenders, we have found that looking at alternative data sources is often a non-starter. It can be difficult to embark on evaluations of data source vendors when each individual vendor must be approved through legal and procurement departments. It can be nearly impossible to spin up that type of project because you, as the lender, must have a direct relationship with each data source you are evaluating. Based on the outcome of the evaluation, ultimately you may end up not even needing or wanting these vendor relationships.

A New Way to Drive Evaluations

To help clients that face this dilemma, DMS launched a unique program called TEST/DRIVE™. Essentially it allows you to test the data source before you drive away with it. It addresses all the legal aspects associated with evaluating the data sources and allows you to select from a broad selection of vendors and easily assess them. Instead of establishing relationships with each vendor, lenders and insurers simply work directly with DMS. PII concerns, secure data transmission, and data source evaluation are all addressed as part of this program. With a more efficient evaluation process, you can ultimately gain access to essential data sooner.

Whether you’re exploring new data sources to help strengthen your risk management strategy or testing credit policies in support of decisions, having the right data makes all the difference.

Digital Matrix Systems is a Proud Sponsor of the RMA Annual Conference

We are pleased to be a Silver Sponsor of the RMA Annual Conference again this year. Be sure to look for our team at the Welcome Center/Registration desk when you check in and stop by our booth during the conference. We are committed to helping companies with data and risk management and would love to learn more about the challenges you’re facing in case we can help. Enjoy the conference and your time in New Orleans!

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