• World-leading provider of corporate information available in Singapore

Reliable Corporate and Business Credit Risk Management Solutions

Corporate Risk management is a vastly important function that impacts the growth of any business in every economic cycle. The importance of Risk management in Singapore assumes even more significance since companies here are highly exposed to global trade.

The risk management process begins with sound business risk assessment leading to establishing reliable risk management controls. Risk mitigation strategies typically cover the following key considerations:

Credit Risk Management

Credit Risk Management in the digital age is a complex affair. Managing Credit Risks requires careful consideration of various factors, multi-disciplinary skills and comprehensive information such as:

  • Reliable data on the basic 5 Cs of corporate credit risk assessment - Character, Capacity, Capital, Collateral and Conditions of a company
  • Macroeconomic outlook
  • Country risks covering dynamic economics policies and political development
  • Market/Industry situation

Technology advancement with AI, Blockchain, Fintech movement and other innovative business models and the vast array of data and sources adds to the challenges in effective Risks Management. Acquiring and effective use of quality data and information is critical to derive insights to survive and thrive in the volatile, uncertain, complex and ambiguous global business environment.

Key Challenges of Credit Risk Management

Inefficient data management

Inability to access quality data when it is needed reduces competitive edge and affects customer satisfaction.

Legacy system and low automation

Human errors, disparate data sources and manual processes can create a disconnect with the customers’ needs.

Technology Mismatch

Information in traditional form prevents the efficient adoption of technology-driven credit risk management solutions and analytics, especially for Fintech disruptors.

Increasing complexity in fraudulent business practices

Fraudsters are increasingly skilled and technology-enabled. Historical data and inability to monitor changes is the weak link to fraud prevention.

Managing Credit Risk

Verifying your customer

There is still no substitute to knowing your customer. This is a fundamental best practice as it provides a strong basis for all subsequent actions in the credit risk management process. To get the best results you need relevant, precise, and well-timed information.

Analyse financial performance

General practice is a 3 to 5 years financial assessment of the company to understand any financial stress or business growth opportunities.

Analyze non-financial risks

Often the most neglected area in Credit Risk Management is the domain of non-financial risks. It is essential to develop skills to evaluate those risks, with reliable data, in the following four broad areas :

  • Industry
  • Business
  • Management
  • Supplier
How Can BizInsights Help You ?

At BizInsights

We offer very user-friendly database solutions covering all Singapore Registered companies and information from global official data sources. Our customers use these reports and customise data services for Business Verification, Credit Assessment, and Business Performance Evaluation.

Information is the most critical factor in managing Corporate Credit Risks. Excellent breadth and depth of information allows you to derive actionable insights for effective decision making. Even in a situation where data is insufficient, any available data or information can be used to mitigate credit risks if used effectively.

BizInsights Advantages :

  • Full coverage of all companies registered in Singapore.
  • This official and complete information source is updated daily and accessible 24/7.
  • Changes can be monitored and users can be alerted via change notifications.
  • Information via API can feed data directly into your risk management system to reduce manual work and reduce errors.
  • Corporate linkage capabilities for credit risk assessment of all accounts under the same group. Assessment of immediate owners, other related entities or group creditworthiness.

Supplier Risk Management

You Need a Sound Supplier and Vendor Risk Management Strategy

For any business, procurement and risk management are closely linked. A sound Supply Chain risk assessment directly impacts the success of your manufacturing and operations activities and business growth

A judicious third-party vendor risk management strategy is important for the following reasons:

  • High quality and reliability of your suppliers and vendors can contribute to the success and profitability of your business
  • A vendor risk management process with up to date information is key to this strategy and to make sure that your suppliers meet their contractual obligations and become your long-standing business partners
  • You need data to safeguard your business reputation from supplier and vendors with dubious links, and avoid any conflict of business interest.
What Are Best Practices In Supplier And Vendor Risk Management?

Over the years the following best practices of MNCs and large organizations that manage a large pool of vendors and suppliers are being adopted by smaller business to manage cost and increase supplier reliability.

  • Build an up-to-date database of suppliers with a detailed supplier assessment and enrolment process.
  • Get a reliable and unbiased external source of data that can be integrated into your supplier management system.
  • Monitor supplier’s information and be alerted to changes so that major long-term projects are not jeopardised.
  • Understand personal and company linkages to track conflict of interest issues.
  • Build intelligence on suppliers to optimise purchasing power and reduce costs.
How Can BizInsights Help You ?

At BizInsights

We offer very user-friendly database solutions covering all Singapore Registered companies and information from global official data sources. Our customers use our reports and customise data services for Business Verification, Credit Assessment, and Business Performance Evaluation.

Supplier Risks management is growing importance, especially as part of compliance policies. Checks on suppliers should be carried out during Vendor registration, verification and onboarding.

BizInsights Advantages :

  • Official and updated information on customers and vendors with monitoring capabilities to alert you to important business changes.
  • Information via API can feed data directly into your risk management, CRM or vendor management system to reduce manual work and reduce errors.
  • You can optimise sales opportunities, purchasing spent or conflict of interest by identifying related entities through corporate linkages, that you may be dealing separately with.