A ‘Comprehensive Approach’ should focus on Data Integrity for multiple teams involved in legal case closure
CRisMac Integrated Legal Management System (ILMS) is a Data Management Software for Legal Cases arising from loan defaults. As an information portal to simplify collaboration it increases the efficiency of the legal efforts of lenders. An increasing number of Banks and NBFCs can adopt the solutions to digitize the extensive process of recoveries and legal proceedings. An effective legal solution allows Lenders to open and track the progress of each case. The system facilitates information-sharing between a Lender’s internal and external litigation teams and enhances regulatory compliance by storing information for further use. During lengthy litigation processes, timely information sharing helps increase recoveries from deteriorated assets. The solution saves costs by enabling the timely generation of notices, tracking of dates and schedules, and decreasing timelines to complete settlements. A Modern Outlook Bringing Agility to Litigation CRisMac Integrated Legal Management System (ILMS) is an advanced platform built to carry out different operations with a single solution. Overall, it boosts agility during litigation. With its cloud-based storage, the system initiates digital transformation for information management, important legal measures, and process-oriented credit recovery. By centralizing information, ILMS enables better communication between multiple banking departments, external legal firms, and clients. Furthermore, it helps control delinquent loan accounts and offers detailed overviews of the legal information of borrowers. Features of CRisMac ILMS for Enhanced Litigation Processes As technology has improved, litigation is being managed by end-to-end systems that are effective right from the time of loan default to the completion of a settlement or write-off. Some areas for bad loans that CRisMac ILMS improves are – Repository for Virtual Files: A single repository stores pending issues, actions, and more, and enables intimations through timely alerts and reminders. A virtual file is maintained for each suit filed containing copies of important documents and relevant details.
Web Application-based: Without installing any software on users’ PCs, Laptops or Mobiles, CRisMac ILMS helps you plan, initiate, assign and review all legal proceedings in courts in a few simple steps. It uses modern web software to provide hassle-free and easy-to-use dashboards that source data from highly-secure and scalable databases.
Checklist and Scheduler: CRisMac ILMS offers complete visibility about the status of defaults and helps you create a checklist for required documents to prepare cases for multiple court filings. Multiple teams can access documents through highly-secure log-ins for a centralized database and schedule the next action and its performer.
Empaneled Agencies Analytics: The solution offers easy accessibility to data for Advocates, Valuers, Detective Agencies, Recovery Agencies, Resolution Professionals, and investigation. It also tracks efforts by the members of these agencies and reports activities in real-time.
CBS-compliant System: The solution is built to source data from multiple internal and external systems including Core Banking Systems (CBS). With the capability to keep track of recovery and litigation efforts for every type of Non-Performing Asset (NPA) it continuously populates NPA datasets using an auto-syncing feature.
Simplified Fraud Reporting: Significantly reduce the time and costs associated with bank fraud by streamlining the opening, tracking and resolution of frauds. Moreover, CRisMac ILMS reduces the costs of regulatory compliance with an all-inclusive database of litigation details.
Where regulatory compliance is dependent on the ability to track defaulters’ activities, a Legal Case Management Solution helps lenders seamlessly track the progress of each and every case.
Get in touch with D2K Banking Fintech Consultancy Experts for more information on roadmaps for deploying technologies for comprehensive data analytics.