Aon Trade Credit UK announced the launch of an international team to support global companies in managing their receivables more proactively to prevent bad debt.
“Liquidity was named one of the top ten risks for global companies in 2009,” according to Aon’s Global Risk Management Survey. Aon stressed that “tackling bad debt has now become a boardroom issue.”
The new team will assist companies in the following areas:
— Placing global credit insurance programs centrally to provide cover for bad debt due to customer insolvency. This will allow for consistency and efficiency, while ensuring the parent company keeps in line with corporate governance;
— providing daily advice on changing credit limits with input from the global team of 400, and
— supporting insurance cover with knowledge on the risk profile of customers, access to Aon Trade Link with ratings agencies’ data and credit management tools such as Aon Trade Manager.
Andrew Child, who has more than 20 years experience in credit insurance, will lead the new team. He commented: “Global CEOs and risk managers face the challenge of grasping not only how their company is operating in several countries but also the health of their customers. Bad debt could spiral from one country to hit the parent so international businesses need to adopt a more sophisticated way of monitoring cash flow. In response, our team has evolved to provide a global outlook with local contact.”
Aon noted that the “launch of international team forms part of Aon Trade Credit’s strategy to specialize in the SME, corporate and global sectors, with industry expertise in construction, paper, media, electronics, steel and food & drink.”
Source: Aon – www.aon.com
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