Adding to its industry-leading Wiz SaaS product suite, Wolters Kluwer Compliance Solutions now offers Fair Lending Wiz SaaS® to help lenders optimize their fair lending analytics and practices within a single SaaS platform. Fair Lending Wiz SaaS is a cloud-based solution that uses the flexibility of a modular system that facilitates an intuitive compliance workflow to reduce the complexity of managing fair lending risk.
“With the increased regulatory scrutiny seen in today’s banking environment, together with a growing set of data collection requirements, fair lending analytics are more important than ever for lenders to get right,” said Simon Moir, Vice President & Segment Leader of Banking Compliance Solutions. “Fair Lending Wiz SaaS allows lenders to easily access over 25 years of market-leading Wiz intelligence in a way that does not require constant installs and updates.”
Fair Lending Wiz SaaS allows for more users within financial institutions to access compliance insights, giving those institutions the ability to bring more people into compliance activities. Additionally, users of other Wiz offerings can benefit from cloud-enabled data integration of these products in a single platform, providing them a more holistic overview of their lending portfolio profile and the impact of their risk mitigation efforts. Small Biz Wiz®, for example, has been developed on the SaaS platform, making it even easier for lenders to prepare for and meet small business lending data collection, reporting, and analysis requirements of Section 1071 of the Dodd-Frank Act.
“The enhanced software allows lenders to stay consistently on top of fair lending analytics and provides the agility to pivot when needed. Wiz services and solutions can even be combined into a fully customizable compliance program, helping institutions grow as they expand their lending footprint into new states and regions,” said Moir.
Wolters Kluwer also has dedicated consultants who can work with financial institutions to help them fully understand what the analytics generated from Fair Lending Wiz mean and how to use the output to address potential concerns.