Adapting to Changing Environments
Explore the need for proactive changes in today's dynamic world. Understand the differences between reactive and proactive approaches. Discover the challenges faced by credit departments and the necessary changes for risk management. Embrace a risk-based approach, utilize technology and automation, incorporate third-party data, and enhance scoring processes to stay ahead in evolving times.
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Presentation Transcript
Todays world is changing are you changing with it? NACM Bob O Brien Dun & Bradstreet Kevin Gallagher Dun & Bradstreet 2020
Reactive | Definition of Reactive by Merriam-Webster https://www.merriam- webster.com/dictionary/reactive Define reactive: done in response to a problem or situation : reacting to problems when they occur instead of doing something 2
Proactive | Definition of Proactive by Merriam-Webster https://www.merriam- webster.com/dictionary/proactive Define proactive: controlling a situation by making things happen or by preparing for possible future problems 3
What is happening in Credit Departments today? 1. Not sure what Risk is in the Portfolio? 2. Analysts working from home no automation 3. Not able to look at Risk within all Accounts 4. Questions from CFO to understand potential losses are not be answered correctly 5. Not getting Alerts on new and existing customers as Risk is changing quickly 4 D&B Confidential & Proprietary Information
What changes need to start taking place now and moving forward? Risk Based Approach Utilize Technology - Automation 3rd Party Data brought into mix for existing customers (Portfolio Analytics) Utilize Scoring Change current processes 5 D&B Confidential & Proprietary Information
