In this whitepaper, we demonstrate the best approach to automation. Firstly, we illustrate what the ideal credit risk management automation system looks like. This will give you a clear target to work towards. Next, we provide three steps to assist you in establishing this process. Finally, we offer a practical example, as theory is interesting, but understanding how it works in practice is even more crucial.
The perfect automation flow
A good credit risk automation flow is fed by different data sources, keeps updating itself and considers your company's risk appetite. This flow hinges on how good your data management (aka Master Data Management) is.
Three steps to automation
While we know that every company is different, and there is no "one size fits all," there are roughly three steps that every company must go through to build a good risk automation flow. Consider data cleansing, and tools that can help you automate.
Use case
Theory sounds nice, but practice, of course, is much more useful. In this section, SEW-EURODRIVE talks all about their credit challenge, the entire process, and the gains they were able to make from it.
