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TRMA highlights risk management/customer service dilemma

June 28, 2011 by Greg Carmean

Striking a healthy balance between risk management and customer service can be a challenging proposition, especially when dealing with small business accounts. This was a common theme voiced at today’s TRMA Summer Conference Small Business Roundtable here in rainy San Francisco. Small business accounts represent significantly higher exposure than consumer accounts, so it’s understandable that risk managers would want to adopt more aggressive policies to ferret out small business risk. However, conference attendees reported that adopting a more painstaking approach had not only reduced credit and fraud losses, but had resulted in lost sales too. To stay competitive and avoid being labeled as the "sales prevention department", it’s critical to adopt policies and leverage tools that provide risk mitigation while building strong customer relationships. I’ll be presenting some of these tools at the conference tomorrow. Based on our conversations today, it should be a very timely session.

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