|"I wish to share with other Credit and Financial professionals my very positive experience with CreditRiskMonitor (CRMZ). We use the CRMZ tool in ways that even CRMZ may not have envisioned.|
In certain cases we have been able to condense our Credit approval process from hours to minutes or even less using the Summary page. The key data points and one click to stock information makes reading through dozens of pages of financials unnecessary in some cases.
We use CRMZ to filter for both public and private companies to detect tax liens and suits that other reporting agencies miss. In several cases CRMZ reported significant tax liens that others failed to capture, that has altered our risk mitigation strategy. The new trade payment reports feature is also being worked into our daily process.
In addition to the public and private company benefits, we also have included municipalities into our portfolio. With the current elevated risks with California cities and in particular chartered cities we rely on the news gathering resources available to CRMZ for early detection of pending failure. CRMZ reported the potential for Stockton, CA to file BK as early as February 24, 2012 a full four (4) months prior to the actual filing. With this early warning we right sized our credit limits and communicated the elevated risk to the Sales organization. We have repeated the same process with the City of Compton, CA. CRMZ is the only tool that truly aids our efforts to look over the horizon at potential failures.
Our portfolio stands at over 650 accounts covering our public, large dollar private, and large dollar municipal customers covering tens of millions of dollars in annual revenue. The ability to view an industry at a strategic level gives us a specific metric to measure individual customers with their peers. The FRISKŪ score allows us to isolate and focus on companies with higher risk while not being bogged down in reviewing stronger players. I am very confident that we are better connected to our customers and therefore able to develop more effective risk mitigation strategies.
Finally, I have found CRMZ to be very receptive at all levels to questions and suggestions."