The increasingly sophisticated regional business environment has created a huge demand for risk management professionals with banking and financial knowledge, analytical skills. Although local universities provide education in accounting, banking and finance, the programs do not cover risk management and issues related to trade credit granting and collection management.
IRmc’s Dr. Stanki Yuen, CEO of International Risk Management Consultants based in Hong Kong commented recently that only a handful of corporations with large volumes of credit transactions can afford to maintain their own internal credit management departments. Companies have a tendency to subordinate credit management to the accounting function, however accountants rarely completely comprehend the finer points of credit management.
In light of this, companies now seek external support to manage credit risk assessment and accounts receivables. Not only is there an apparent bright future for credit management professionals but also for credit management outsourcing companies.
Source: Money Moves Interview of Dr. Stanki Yuen iRmc Hong Kong