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Wayne Roberts, CEOAustin-based Abrigo is on a mission to ‘make big things happen,’ helping the CFIs cope with the ever-changing regulatory requirements with top-notch software solutions. “You don’t have to be the biggest to make big things happen. You just need the right partner. Our family of customers has grown significantly over the last few years. We believe Abrigo positions us to better communicate our enhanced platform capabilities and our focus on helping our customers not only survive, but thrive,” says Wayne Roberts, CEO of Abrigo.
Abrigo offers CFIs a signature bank secrecy act (BSA) and anti-money laundering (AML) solution, BAM+, to counter money laundering and terrorist financing threats by eliminating information silos within their infrastructures. To remain a step ahead of criminals and their sophisticated strategies, BAM+ leverages three forms of artificial intelligence (AI) that collects financial data to help CFIs efficiently filter through suspicious transactions and fraud alerts. “Our BSA & AML software can be customized according to CFIs’ unique risk profiles, allowing them to adjust their parameters and scenarios to detect truly suspicious activity at their institution,” states Roberts. Abrigo also offers a fraud prevention solution with BAM+ Fraud Scenarios.
Abrigo further assists CFIs with a credit risk solution that automates the life of loans to ensure CFIs book the appropriate loans at the right price. This solution provides the users with robust identification and monitoring capabilities to detect and mitigate the risks and frauds involved with the loans. It helps CFIs book loans faster with reliable lending and loan recognition software that guides them through the lending processes for improved loan revenues and digital workflows. This software automates the basic loan booking tasks, which allows CFIs to make faster loan decisions, and focus on building customer relationships. “We transfer the manual loan origination systems into a digital atmosphere to reduce manual errors, inconsistencies, and deliver optimal customer experience,” Roberts says.
Abrigo goes the extra mile with a robust current expected credit loss (CECL) solution set endorsed by the American Bankers Association to empower CFIs with possibility analysis. Abrigo’s CECL solution set comprises MST Loan Loss Analyzer and Sageworks ALLL solution that gives CFIs the flexibility to optimize their portfolios, and manage credit loss while maintaining CECL compliance.
Abrigo houses an experience-rich advisory team that delivers world-class support for CFIs looking to maintain BSA compliance, better prevent fraud and manage portfolio risk and CECL. From constructing CECL blueprints and data segmentation to stress testing, suspicious activity monitoring to BSA exam preparation, Abrigo covers it all. “We perform a gap analysis to detect the missing ingredients in the client’s CECL transition process, and then recommend appropriate adjustments to improve overall loan portfolio performance, and mitigate risks,” adds Roberts. The company further assists CFIs in alert triage, validating transaction data, and optimizing banking systems and suspicious activity program for mitigating false positives.
Abrigo recently acquired Farin Financial Risk Management, adding asset liability management and loan and deposit pricing to their growing product and advisory services portfolio.
