The ever-present business challenges are significant:
Collateral is dynamic and can change quickly
No other form of business lending gives such scope for the borrower to mislead the lender, from fresh air invoicing, banking debtor payments to falsifying returns (e.g. ageing reports and financial statements)
Business fraud detection is not easy
If you have experienced problems with a client and lost money, then it is likely that, with hindsight, the warning signs were there. Unfortunately, the warning signs cannot always be identified soon enough because:
- Information systems do not sufficiently highlight the issues.
- The information is not timely or reported frequently enough.
- The information is not sufficiently visible to the relevant people.
- The information is not acted upon.
EQ Riskfactor gives you comprehensive information and clarity in real time.
Prevention is better than cure
Even more so in the present economic climate, finance companies need to be constantly on alert and ensure that the right people, processes and information systems are in place to meet the daily risk management challenges.
Managing exposure with monthly system reports and a collection of spreadsheets is not reliable enough – robust, integrated and proven information systems are required.