News & Views
IT eases credit risk
Those finance directors dealing with the travel industry will be watching the sad demise of Thomas Cook. Not only has it a devastating impact on its former 22,000 employees, but also on its creditors.
Any organisation waiting on payment from Thomas Cook will now be deeply affected by this recent event.
But could these organizations have been better prepared by using technology to mitigate trading risks? Could they have managed their credit risk exposure with Thomas Cook better?
According to the largest independent provider of trading, risk and supply chain management software to the global commodity and energy markets, Brady PLC (www.bradyplc.com), the answer is a resounding ‘Yes’.
Tourism is highly vulnerable and exposed to a wide range of risks, such as weather, terrorism, political unrest as well as budget online operators moving into the traditional High street marketplace.
More than ever before, companies which deal with the sector need to support their robust credit risk policies with next generation credit risk management software (www.bradyplc.com/news/thomas-cook-credit-risk-exposure) that not only automates workflow and manages limits, but also scans for key market news and activity to alert on potential risks.
With airports impounding Thomas Cook aircraft due to non-payment of airport fees, the fight for debts to be paid has already begun.