The demand for credit risk positions such as Risk Managers and Credit Analysts has increased throughout the years, with employment rates for both roles projected to grow by 8% from 2022 to 2032, exceeding the majority of occupations in the credit control industry.
🤔With such a significant shift in the credit space, are you confident in understanding what credit risk is and what credit risk professionals do?
Credit Risk professionals analyse credit data and financial statements of firms and individuals to determine the degree of risk involved in lending or extending money.
📉Credit Risk Analysts heavily focus on evaluating the ‘creditworthiness’ of a business and in essence, will weigh up how risky it would be doing business with them, in the simplest terms, do you believe that they can afford, and will, pay their invoices.
📈Credit Risk Managers implement a credit risk strategy that maintains the commerciality of the business. The role plays a crucial part in the overall safeguarding of the financial health of their institutions by proactively managing the risks associated with lending activities and ensuring the company remains compliant with regulatory requirements.
With the global supply chain disruptions and high levels of insolvencies, it is unsurprising that our recent survey data showed 56% reporting an increase in accounts on their ledger as this is a strategy used by businesses to diversify their resources and suppliers to diffuse credit risk.
🪄If your business requires a Credit Risk professional, our specialist consultants have the expertise on both credit risk & credit control & can support your hiring process today; register your vacancy today: https://lnkd.in/eurajAcs
Stay tuned to find out more about the difference between hiring a Credit Controller versus Credit Risk professionals in our next post.
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