Creditinfo Academy in Guyana – working together to improve risk management in the new era of credit bureau
Attendees were shown case studies of the impact in other countries across the world where access to finance had grown considerably and especially for SMEs who are often seen as a motor for growth. Furthermore, banks have more efficient procedures and control on bad debts which leads to a more stable banking environment.
In the second session, attendees were given a real insight of how they can use credit reports to change the decisions of every loan application. Individuals and business applicants will be judged objectively on the real evidence of their historical payments removing much of the subjective element. Working in teams, the attendees were able to discuss the practical issues while on-line to Creditinfo Guyana’s system and credit reports. Together they shared experiences with their peers from different institutions.
On day two, the focus turned to credit scoring, a technique widely used across the globe for credit assessment, and already in use in a few financial institutions and retail lenders in Guyana. A detailed overview of credit scoring processes was explained and some of the myths surrounding the techniques were debunked. The participants were shown how scoring will be delivered as one of the key components of the credit bureau and what types of factors will be behind it.
The subject of the final session was how to integrate credit bureau and credit scoring into an organisation’s process, as these vital tools support the decision making in financial institutions, telcos and other credit lending organisations. In the workshop session, teams worked to established business rules for credit decisions based on the risk of payment and non payment.
At the review session, participants reflected upon what they had learnt and highlighted their understanding of the importance played by banks executives and other lenders in accelerating the progress of the data transfer to the credit bureau in order to benefit the economy of Guyana, for the success of the financial services sector and ultimately, for the people of Guyana. Furthermore, the participants felt that they personally were much better informed to support this process armed with the knowledge they had gained from the Creditinfo Academy training workshops.
Mr Paul Randall (pictured top) and Mr Radek Bittner (pictured bottom) two of the Creditinfo Academy trainers delivering the workshop in Guyana, were pleased to have such positive feedback from this event.
For more information about these events and future planned workshops, please go to: