Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

TINUBU & ICM RESEARCH REVEALS THAT ‘UK PLC’ IS STILL RELYING ON REDUCING ‘DAYS SALES OUTSTANDING’ TO MINIMISE FINANCIAL RISK

TINUBU & ICM RESEARCH REVEALS THAT ‘UK PLC’ Is Still Relying On Reducing ‘Days Sales Outstanding’ To Minimise FINANCIAL Risk

…despite improving economy, UK businesses are not maximising available tools to improve financial management …

Tinubu Square, a leading source of credit risk solutions for trade credit insurers and businesses, has announced the findings of new research it has conducted with the Institute of Credit Management (ICM) into risk management operations across UK businesses. The findings reveal that despite the huge efforts made by UK businesses in the years following the financial crisis “reducing day’s sales outstanding” was still considered the area with the greatest need for improvement in their risk management operations at 24.3%.

TINUBU & ICM RESEARCH REVEALS THAT ‘UK PLC’ Is Still Relying On Reducing ‘Days Sales Outstanding’ To Minimise FINANCIAL Risk

TINUBU & ICM RESEARCH REVEALS THAT ‘UK PLC’ Is Still Relying On Reducing ‘Days Sales Outstanding’ To Minimise FINANCIAL Risk

Nearly two-thirds of credit managers, 64.3%, also stated that “reviewing existing processes” was one of the top two actions they were taking, or planning to take, to make improvements to their risk management operations. In second place was “improving cash-flow forecasting” at 24%.

The findings come as the ICM announces its ICM UK Credit Managers’ Index for Q4 2013, sponsored by Tinubu Square, with a headline ‘confidence index’ figure of 58.3. This is a rise of 1.3 points on the previous quarter and shows increased confidence amongst credit managers in the economic recovery that the UK is seeing. This optimism is reflected by UK GDP figures which saw a corresponding 0.7% rise during the same period.

Mike Feldwick, Head of UK & Ireland at Tinubu Square, said: “Credit managers are continuing to make the best use of the means at their disposal to control risk exposure and maximise profitable sales. Trade credit may well become more widely available in 2014, but it will still be crucial for businesses to exercise robust financial management and not to overstretch limits due to an improving market. Real-time information is an essential part of making financial management a success, you need data that reflects the real-world, in terms of your own financial position and those you trade with, to make decisions you can trust.”

In the survey, Tinubu Square asked credit managers from across the Institute of Credit Management two simple questions, the summarised responses to which can be seen below:

Where do you see the greatest need for improvement in your risk management operations?

  • Connecting back office financial to front-line systems – 11.3%
  • Gaining detailed intelligence on the credit worthiness of customers – 14.4%
  • Minimising your exposure to risk – 23.3%
  • Streamlining & simplifying credit management procedures – 13.2%
  • Improving your value with a credit insurer or bank – 2%
  • Having access to real-time data – 11.1%
  • Reducing ‘days sales outstanding’ – 24.3%

What are the top two actions your organisation has taken, or plans to take in order to make these improvements?

  • Provide real time access to financial data – 20%
  • Improve cash flow forecasting – 24%
  • Invest in a risk management platform – 9.2%
  • Seek buy-in from the board – 7.6%
  • Invest in technology to benchmark and track performance – 20.7%
  • Review existing processes – 64%

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post