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Why Is Credit Risk Management Important

Our role in evaluating businesses' creditworthiness is not just crucial but has a direct impact on the company's success. It helps identify growth potential, lower credit risk, and, most importantly, mitigate default and losses, ensuring the company's financial stability.

Understanding and analysing critical data points, including credit scores, income estimation, current account turnover, employment history, cash flow, profitability, and economic forecasts, is crucial for assessing the risk involved in providing credit and ensuring the profitability of your lending portfolio.

Credit Risk Management involves:

  • Offering credit to consumers.
  • Setting up payment terms and conditions enables suppliers to make timely and complete payments.
  • Collecting payments.
  • Ensuring that customers adhere to your company's credit policy.

By implementing effective credit risk management strategies, businesses can optimise their cash flow and ensure long-term success. Don't wait until it's too late - take proactive steps to safeguard your business against financial risks.

Late payments and defaults are common. Minimising them is critical for financial health. A commercial credit management system is crucial for avoiding survival risks.

Our Small Business Credit Management Solutions

Depending on your challenges and priorities, we can assist with the following credit management resource solutions:

  • Help resolve short-term receivables collection and credit issues
  • Risk-rating your customer portfolio and recommending credit limits
  • Comprehensive data reviews on specific companies across multiple sources
  • Automation and Digitalisation advice
  • Credit policy and department audit completions
  • Designing credit policies and processes
  • Developing KPIs and SLAs
  • Advising on organisational capability and transformation
  • Supporting and advising on outsourcing projects, such as debt recovery
  • Involvement in automation projects and advising on credit-specific solutions (EG: digital documentation, automated credit management, collections of cash allocation)
  • Advising on and developing credit insurance programmes
  • Challenging credit insurers to improve and optimise insured limits
  • Provide team training and mentoring
  • Being the CFO’s sounding board and eyes and ears, virtual senior credit manager or director

By employing effective credit risk management procedures, you can help your business bring in the revenue it’s entitled to and ensure long-term business continuity.

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Panel Of Credit Resource Experts

Credit control and debt management are crucial for your small business, as 20% of bankruptcies are due to customers not paying invoices, which can harm creditworthiness. It ensures that the company deals with the correct customers on the appropriate terms and collects payments on time to operate.

CoCredo can connect you with a team of experienced credit resource experts who can help you manage and improve your commercial credit risk management. Our partners have worked with UK and international companies - from start-ups to Fortune 500 firms across different industries - and have experience offering in-house assistance or as an outsourced option.

They can help you design tailored solutions for your short- and long-term challenges and provide support throughout their implementation. 

Additionally, you have the option of a virtual credit director arrangement.

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Implementing credit risk management solutions can boost profits by eliminating late payments, enhancing cash flow, and decreasing Days Sales Outstanding (DSO).

It also provides access to more liquidity, allowing for intelligent business investments and acquisitions while creating a more professional corporate image. If we cannot offer a credit resource solution directly, our network of partners can assist you.

Contact us at 01494 790600 or send us an email to learn more.

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