Risk Solutions

With an evolving risk landscape and growth in technological innovation, it’s vital to stay informed. 

Equifax Risk Solutions provides the insights businesses need to make highly informed decisions helping to identify, measure and mitigate risk.

Access our articles and free resources for insights into the power of data and analytics in helping you make better risk decisions.  Shift your perspective.

How Data Analytics Helps Retailers
22nd Jan 2024

Data analytics to retailers is like a microscope to a scientist – revealing details and patterns in consumer behaviour that otherwise remain unseen. For online retailers, data analytics can mean the difference between guesswork and precise knowledge about what works. Between maintaining the status quo and adapting to dynamic market changes. Between losing revenue to fraudsters and safeguarding profits.

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Treasurer Frydenberg’s announcement on 25 September is about simplifying Australia’s credit framework.  As part of the proposed changes, APRA becomes the key regulator for home and personal lending with the intent of removing duplication by two regulators and freeing up the flow of credit, to help kick-start economic recovery.

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Daniel owes money to a financier. Over two weeks he receives six phone calls asking him to make arrangements for repayment. For five of the calls, he’s been too busy to answer. Only once has he been contacted after midday, which is when he’s free and more likely to pick up the phone.

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COVID-19 has fast-tracked existing shifts in Australian consumer retail behaviour, promising to change the marketing, distribution and selling of automobiles forever.

Auto retailers need to adapt now to a new reality because businesses waiting for stabilisation are taking a considerable risk, said KPMG National Leader of Motor Industry Services, Steven Bragg. Speaking at the recent Equifax Automotive Finance Forum, Mr Bragg said the auto industry was in crisis and in need of transformation before the pandemic even came along.

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It’s a well-known fact that registering on the Personal Property Securities Register (PPSR) boosts your rights when faced with customer insolvency. It’s a lesser-known fact that it’s equally useful when a customer wants to sell their business.

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If one of your customers goes bust and you’re not a secured creditor, expect to lose out. There’s a world of difference between registering on the Personal Property Securities Register (PPSR) to become a secured creditor or remaining unsecured by not registering.

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When a business goes into insolvency, there’s an order by which creditors are paid. Secured creditors take precedent, along with the insolvency practitioner, who receives a fee for managing the process. To be a secured creditor, you must have successfully registered your security interests in equipment and goods (‘personal property’) that you’ve sold on terms or leased to the customer. This registration happens on a national online noticeboard known as the Personal Property Securities Register (PPSR).

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Few can predict what the economic fallout of the COVID-19 crisis will look like long-term, but even before this pandemic, there was a growing need for lenders to get better at predicting credit risk.  With a greater influx of data and rapid changes in consumer behaviour, traditional risk scoring models like linear regression, are often not up to the task of predicting default risk for complex applications involving multiple data sources and relationships.

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Without the right attributes in place, businesses will lose access to vital intelligence behind the ever-expanding data landscape.

“The information consumers generate will grow from 33 zettabytes in 2018 to 175 zettabytes by 2025 across the globe,” predicts market intelligence firm IDC. Along with an average growth of 27% per year from 2018 to 2025, IDC estimates that by 2025, “every connected person in the world on average will have a digital engagement over 4,900 times per day – that’s about one digital interaction every eighteen seconds.”

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The arrival of open banking and the growing value of data processing and analysis makes data collaboration within and among businesses more crucial than ever. Meaningful collaboration requires teams and industry partners to work together in real-time, sharing ideas, criticisms and understandings of the data they are all using.

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COVID-19 has pushed into the limelight the issue of large firms paying their small business suppliers late. But long before this pandemic, habitual late payment practices have challenged the cash flow of many a small business.

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