RiskExec, Inc. a subsidiary of Asurity Technologies, LLC, announced that SoFi – the digital personal finance company – will rely on RiskExec’s software for compliance and reporting purposes.
RiskExec is a leading SaaS compliance and reporting platform designed for managing regulatory compliance for banks, mortgage lenders, credit unions, auto lenders, and digital lenders. The best-in-class solution quickly geocodes, runs edit checks, and with clean data, creates analyses to determine lending dispositions, compares to peers by market, and tracks performance towards achieving internally defined goals.
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Angie Smedley, CRA Officer at SoFi, commented, “RiskExec’s enhanced geocoding functionality, customization options, and excellent customer support have allowed us to optimize efficiencies within our consumer loan review process, enabling us to continue improving the experience for both prospective and existing members.”
SoFi also uses RiskExec’s CRA module to track and report on the bank’s small business and Community Development loans.
SoFi is a digital-first personal finance company on a mission to help people achieve financial independence to realize their ambitions. SoFi’s mission and core values are consistent with the CRA regulation, and the company is committed to providing a robust CRA program that’s inclusive of lending, investment, and services, with a focus on meeting the credit needs of the communities within the Bank’s proposed assessment areas, including low- and moderate-income individuals and neighborhoods.
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“We are pleased to have SoFi on our list of RiskExec users, and to see RiskExec successfully implemented and enhancing their CRA program. With a stringent, ever evolving regulatory environment, RiskExec prepares banks for regulatory examinations by analyzing trends and performance against internal goals, percentages inside versus outside assessment areas and more,” said Dr. Anurag Agarwal, PhD, President, RiskExec. “We look forward to continuing to provide SoFi with the most accurate, up to date analytics as possible to meet their CRA goals.”
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