Different level of amount approval for credit holds

Hello, seeking advice on sales order credit limit function. Currently we have setup customer credit limits for customers, and when the order goes into hold, finance reviews the outstanding status and then, performs the release (via P43070). It is just a password to be entered and then, the order will be released for further processing. Instead of this function, would it be possible to have an approval limit (similar with the purchasing approval routing) where we can set different amounts for different approvers? Just wondering if such a functionality exists in sales module, that would be helpful.