Consistently monitoring your customers for increasing credit risk and adverse events is critical to protecting the cash flow of your business. Thankfully, CreditorWatch’s 24/7 Monitoring and Alerts tool eliminates the prospect of any red flag slipping through the cracks. You can rest assured that as soon as critical information is updated, we will automatically notify you via email. Monitoring and alerts are fundamental to a reliable credit risk management strategy.
How do I monitor a business with CreditorWatch?
Monitoring your clients for red flags and deteriorating creditworthiness with CreditorWatch can be accomplished with three simple steps:
- Search for an entity within your CreditorWatch dashboard using its ABN or ACN
- Add them to your ‘monitor for changes’ list
- Ensure your contact details are correct to allow alerts to successfully reach you
The system then automatically monitors that entity on your behalf, 24 hours a day, seven days a week. There’s no need for you to log in manually and check if their status has changed either, as our system will automatically notify you via email as soon as any critical information changes, and that updated data passes through to us. When weighing how best to assess credit risk of a company, especially a core trading partner, the safetynet this monitoring provides can be invaluable.
What kind of business data does CreditorWatch monitor?
The business information monitored by CreditorWatch is extensive – covering a wide range of variables that may potentially increase the risk exposure to your business if left unchecked. The different categories of data covered include:
- Entity status changes such as deregistrations, administrations, liquidations, and strike-off actions
- ASIC and ABR changes such as director, shareholder, address and business name changes
- Adverse events and high-risk indicators including customers involved in court actions, payment defaults, mercantile enquiries or insolvency notices
- Adverse cross-directorships and bankruptcies
As experts in assisting our clients avoid credit risk and defaulting customers, we know that any change to the above information could alter the nature of a trading relationship instantly. If left unactioned for too long, they may ultimately threaten your business with insolvency or a higher probability of default. With the CreditorWatch 24/7 monitoring and alerts system at your disposal, you’ll avoid leaving the capture of these red flags to chance.
Are CreditorWatch email alerts instant?
CreditorWatch monitors data from a variety of public and private data sources in order to paint a comprehensive picture of an entity’s risk profile. Some of these third-party data sources are slower to update changes to their information than others.
As soon as the updated information passes through to our CreditorWatch system, an email alert will be on its way to you. No matter what, this will occur within 24 hours of the change to the original data source.
What if I receive an alert on a customer I’m monitoring?
If you receive an email detailing a change to your customer’s information, there are some corresponding actions that we recommend considering:
- Log into your CreditorWatch dashboard and review the reason/s for the alert in greater detail, along with any previous alerts on that entity’s file. For example, if the email alert notifies you of court actions – clicking through on the dashboard will display additional relevant information in a timeline view for easy readability.
- Review the customer’s RiskScore to see whether or not its creditworthiness has deteriorated due to the changing information. While you may have previously assessed the credit risk for that entity, the alert email might incentivise the team to re-conduct that exercise in order to ensure you remain protected from risk of default or non-payment.
- Adjust the nature of the trading relationship accordingly, especially if there are signs of heightened threat in the RiskScore customer credit risk analysis. If a client’s credit risk profile is increasing, it may be worthwhile utilising the letter templates and collection tools available from CreditorWatch. These will assist in prioritising the recovery of any outstanding money owed.
Where can I find more information about 24/7 monitoring and alerts for my business?
Our customer service team is on hand to answer any and all questions that you may have regarding the best implementation of our 24/7 monitoring and alerts. We understand that every business is unique, and our expert support personnel can help guide you towards the set up that best suits your needs.
Get started with CreditorWatch today
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