Export Development Canada (EDC)
Export Development Canada With over 2,500 employees, Export Development Canada (EDC), Canada's Export Credit Agency is managing investment projects worth hundreds of millions of dollars to support Canada's economic activity.
The Structured and Project Finance (SPF) group, responsible to underwrite EDC’s largest and most complex transactions is employing 40 resources located in Ottawa, Toronto and Singapore.
With a significant business growth of the Canadian export transactions, SPF was running above full capacity on a semi-consistent basis. Also, recent changes required business process adjustment increasing transaction touch time.
Approval process relied on many scattered documents and ad hoc processes. Management was looking to free up team’s capacity by an optimization of its end-to-end processes with a better regulation of the approval process for funding projects and a more efficiently/effectively processing of the loan transactions.
Having considered the available resources, critical timeline to business value and overall project risk, EDC decided to entrust Direct Impact Solutions with the mandate to implement a solution with FileMaker as a technological base, even though it was not an organizational standard.
A brand-new software application was developed by Direct Impact Solutions in FileMaker and deployed in 6 months.
The app is guiding the risk assess and documentation process respectively for the specific characteristic of their sector, which is following a rigorous due diligence protocol.
The FileMaker app functions help SPF’s team in:
- Consolidating unstructured data access in single location/source.
- Recycling data throughout end to end process.
- Providing a standardized approach recognizing asset class specificities.
- Offering a real-time “Glass pipeline” and multi user collaboration.
- Ensuring process completeness with imbedded quality assurance controls.
- Providing real-time data exchange with Standard and Poor’s (S&P) Risk Rating Model.
- Supporting analysis with contextual guidance instruction.
- Offering automatic data feed from EDC’s official system of record.
- Allowing the highest residual risk identification and maintaining audit traceability.
- Generating email and PDF attachments.
- Allowing platform configuration without additional software development.
- Allowing real-time configurable standardized catalogue (SPF Knowledge Base) in support of sector’s specific or generic underrating risk analysis.
Direct Impact Solutions custom app was able to provide reduction for:
- Overall touch time by 30% on the underwriting activities without compromising quality of the analysis, allowing team members to achieve work-life balance and meeting EDC growth objectives.
- Training period by 25% for new team members with on-line contextual guidance.
- Rework by 30% with the single data consolidation.
- Data entry by 20 % with the integration of S&P’s risk rating model and other EDC’s official system of records.
- Email production by 15% with SPF Credit Papers attached in PDF format.