Why we started Choir

TL : DR

• We started Choir to help risk leaders have an easier time doing their job
• We know how hard and thankless the role can be, and we want to be of help
• Our first step is to help you get risk analytics insights into your business performance
• Want to learn more? Contact us, we'd love to chat.

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Being a risk leader

We know that leading a credit, fraud, or compliance function is a challenging role. We also know that at its heart your job is to make very well informed decisions and recommendations for your company. To get there, to be able to provide your company with the highest quality of decisions and recommendations, you need to develop a team, scale your capabilities, foster strong collaborative relationships, and you need to maintain a high level of expertise in a very wide range of topics. It is a hard job, that often comes with insufficient budgets and appreciation. We are starting Choir to help you, risk function leaders in fintech and financial institutions, be able to do much more with your existing time and resources.

We have combined over 20 years of experience leading a wide variety of fintech risk functions spanning credit, fraud, compliance, operations, analytics, and product. We have experienced first hand how difficult it is to build, scale, and lead risk functions. We have spent years learning from our own mistakes and others experience. We’ve ran repeatedly into walls that we could have easily side-stepped. We have developed out of necessity methods, capabilities, and best practices. We were fortunate enough to have great leaders, peers, and team members to learn from.

During all this time, we kept having the same conversation with each other - this should be easier. Every time we built a new dashboard, created a report from scratch, or wrote new training materials for our team, we would talk about how these should be things we can just buy from a vendor. Every research project or policy document we would complete would leave us thinking about how weird it is we have to reinvent the wheel each time.

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Starting Choir

For the past year we have been diving deeper into this topic. We’ve been asking ourselves, and many other risk leaders in fintech and financial institutions, the questions we think matter most - “What are the most difficult part of your job leading a risk function?”, “If you were to do it all over again, but knowing what you know now, what would you have done differently?”, and most importantly “How can we be of help?”

We have put a lot of thought and research into what would make a risk leader’s job that much easier. In our conversations with leaders from over 100 fintech and financial institutions we’ve learned that there are two main gaps that closing could help you, risk leaders in fintech and financial institutions, immensely. Things that you either don’t have a way to get, or are forced to put a lot of your time and effort into.

The first is the ability to be constantly data-informed about your own company and business. Tracking business and operation results and trends, researching the reasons for them, and staying up-to-date on industry-level metrics are all very time consuming tasks that are critical to doing your job well.

The second is all of the time you have to spend on generating materials that are critical to keep everything running and growing to scale, but are not at the core of your role. Creating job descriptions, training manuals, policy documents, project roadmaps, internal presentations, and many more materials are a large portion of what risk leaders spend their time on, but are a constant distraction from what matters most to you - identifying the highest quality decisions and recommendations for the company.

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Being of help

That is where we come in. Our vision is to provide risk leaders with tools and capabilities to significantly lower the amount of time and effort you need to spend to reach the highest possible quality of decisions and recommendations. We want to help close these gaps and allow you to focus much more of your time and resources on the core part of your job.

We are starting with building the analytical capabilities that will allow risk leaders to track and optimize business performance, and to do so very easily, quickly, and well within your budget. We have found that over 70% of fintech and financial institutions are making their strategic business decisions without having mature analytical capabilities, and it is costing each of them millions of dollars in revenues. While intuition and partially informed decisions can take a company very far, sustainable growth and scale can only come from making well-informed data-based decisions.

However this is just our starting point, and our focus is to be of help where we can so that you can focus on managing risks.

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Want to hear more about what we are building? See how we might be able to be of help to you? Just chat about what you are going through? contact us.

We’d love to chat. We’d love to be of help.

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