At Equiniti Riskfactor, we provide risk management solutions to 90% of the invoice finance market in the UK. Our clients are telling us they are seeing deteriorating trends and a rise in fraud events – so what is going wrong?
Generally, our reviews have identified common themes such as the lender not acting on warning signs fast enough or not using the tools at their disposal effectively.
We have seen examples where individuals – or whole teams - are perhaps not confident enough in using EQ Riskfactor to appreciate what the metrics are saying. Plus, we recognise the importance of training employees new to the industry and we are increasing our consultancy capabilities to work with clients to spot process weaknesses and training gaps.
When used effectively, EQ Riskfactor brings enormous risk management benefits, however where knowledge is lost or not fully embedded in the first place then the risk of fraud loss can increase.