Financial technology solutions provider D+H has launched Barometer today, a software-as-a-service assessment and training solution for lenders, in partnership with the Royal Bank of Canada, which is one of the largest financial institutions in the country. Both companies are based in Toronto.

“Barometer is a lending simulation, the first of its kind, to allow lenders to access the capability of their back-end underwriters in order to improve the quality of the lender,” said Duncan Hannay, president, global lending solutions, for D+H.

Built on Microsoft’s Azure cloud platform, Barometer can help financial institutions more effectively train employees on risk culture and shifting financial regulations, which are changing more and more rapidly especially in the lending space, and can also help these institutions better evaluate the decision-making skills of their employees.

The service also provides more security than other solutions, Hannay said, as it is built on the Azure cloud, which grants more flexibility and scalability to the financial institution.

Bankers can log into the service to access a multitude of real-world scenarios, kept consistently updated by D+H, and the service can be configured by the financial institution so that the training is focused on the relevant areas.

“[Barometer] is an assessment tool that allows [financial institutions] to monitor in real-time how their decision-making employees are performing,” says Mike Dobbins, executive vice president, personal finance, Canada and head of U.S. Banking for the Royal Bank of Canada. “This ensures the quality and consistency of the lender.”

Managers and compliance officers can also view results and analytics on the service, which can lead to better understanding of an employee’s decision-making and thus, better strategies to reduce risk.

The risk and compliance standard for lenders shift quite frequently, according to Hannay, making proper training—especially when it comes to a lender’s internal policies or controls—critical to maintaining one’s status as a quality lender.

Barometer is currently available within the U.S. and Canada.