The Aftermath of the COVID-19 Crises: Establishing Resilience with Your Risk Assessment Decisions | July 16, 2020
The current global crises have made a significant impact on auto finance industry driving many auto lenders to rethink their risk assessment strategies. Approximately 26 million people are still unemployed in the United States, expecting to have an unsteady journey back to financial security. Numerous factors will define the speed and robustness of their recovery journey. In contrast, existing risk management tools are designed for scenarios addressing a more stable environment of economic exchange.
So, what do you do when you don’t have all the information you want, or the environment keeps changing? What is very clear today is the fact that auto lenders need to look at their customers with a second lens to assess whether they have been affected by COVID-19 economically and how that fact may have changed their borrowing and repayment behavior post the crises and what this means from the risk assessment perspective.
Join FICO for this webinar to understand how to strengthen certainty in your Probability of Default predictions and strategic risk assessment actions.
You will understand how to:
• Use high frequency data to broaden the lens into consumer behavior
• Augment your risk assessment tools with non-traditional data capturing changing customer behaviors
• Enable refinement of your probability of default (PD%) assessment
• Establish risk score model resilience