GARDEN GROVE, CA--(Marketwire - July 21, 2009) - Vengroff, Williams and Associates, Inc.,
the leading global provider of order to cash and business process
outsourcing solutions, today announced a series of BPO solutions designed
to assist mid-market companies directly affected by CIT Group Inc. and
related industry woes, specifically in the areas of credit risk management,
working capital infrastructure and outsourcing of commercial third party
collections.
CIT and other credit insurers and factors provide some of the nation's
largest financing of receivables programs to small and midsize businesses.
Recent announcements from CIT late last week indicated that it was seeking
a last-minute infusion of private equity in excess of $3-$6 billion before
taking drastic measures leading to a possible bankruptcy filing. The
biggest areas of concern, should CIT stumble, are for the insurers that
hold a large amount of CIT debt and retailers, who rely heavily on the type
of short-term lending that CIT provides.
"We are extremely focused on the role that we can play in the evolution of
credit risk management solutions to automate and standardize the process of
accurately predicting and monitoring credit risk," said Robert Sherman,
president of Vengroff, Williams and Associates, Inc. "For more than 46
years, VWA has been assisting mid-market organizations to realize
significant cost-reductions and process improvements, while still ensuring
maximum visibility across the financial services operations. We offer
alternative solutions to factoring by allowing for full control of risk and
the automation of business processes for sales-oriented tasks. If CIT's
financing option were to be shut down, hundreds of midsize companies will
need VWA's services to manage customers, credit risk and collections to
offset the collateral damage incurred by the probable lack of working
capital infrastructure."
Vengroff, Williams and Associates, Inc. (VWA) has long been dedicated to
providing robust credit risk evaluation and analysis software solutions for
private and public firms. The goal of credit risk management is to
maximize a vendor or supplier's risk-adjusted rate of return by maintaining
credit risk exposure within acceptable parameters. Companies need to manage
the credit risk inherent in their accounts receivable, as well as the risk
in individual credits or transactions. The effective management of credit
risk is a critical component of a comprehensive approach to risk management
and essential to the long-term success of any organization.
According to Vengroff, Williams and Associates, Inc., financial executives
must continuously balance the cost of doing business with the risk of doing
business. Each time a dollar of revenue is produced -- all costs of
generating that dollar have been thoroughly analyzed in an effort to
maximize the profit margin, including costs associated with accounts
receivable management. If CIT should declare bankruptcy, the hundreds of
billions of dollars in losses associated with bad debt charge-offs would
bring brought new attention to managing trade receivables from a risk
perspective.
By providing the innovative solutions needed for mid-market companies to
control and monitor the risk of credit, VWA provides:
-- Credit Risk Management software to automate and standardize the
process of accurately predicting and monitoring credit risk
-- SOX complaint policies and processes for credit risk management
tailored to clients' needs & risk strategies
-- Credit Risk Analysis Resource
-- Credit Bureau Reporting
-- ERP reporting and monitoring processes to validate compliance
-- Consulting Services dedicated to: credit policy, process and
technology to minimize risk and maximize sales
-- Outsourcing of third party collections
-- Source MPO - Automation of business processes for A/R departments
across all vertical markets
VWA brings extensive domain and technology expertise to global
organizations with the goal of solving working capital infrastructure
problems through its award-winning ability to provide global BPO solutions.
VWA's vertical channels of focus are specifically: Technology, CPG, Retail,
Manufacturing and Healthcare. With the company's American delivery sites in
New York, California and Florida, and with a European presence based in
London with branch offices throughout the EMEA (Paris, Munich, Milan,
Amsterdam, Madrid, Frankfurt and Stockholm). VWA has recently opened a
facility in China as expansion to meet the needs of its growing 3,000+
global clients.
About Vengroff, Williams and Associates, Inc.
Founded in 1963, and with over $23 billion dollars under its management,
Vengroff, Williams & Associates, Inc. is a leading provider of order to
cash and business process outsourcing (BPO) solutions for Fortune 1000
companies such as Ford Motor Company, Federal Express, Kodak, Microsoft,
Oracle, Cisco, PPG, Yamaha and others.
Applying state-of-the-art proprietary information systems, best practices
technology, work flow and talent management to realize cost reductions,
operating efficiencies, and improved process design, Vengroff, Williams and
Associates' approach enables clients to easily insource or outsource all or
part of the quote-to-cash function. Solutions are customized to each
client's requirements or expanded to incorporate specialized tools and SAS
70 compliant processes and procedures.
Services include full order to cash processing, third party collections,
EIPP systems, deduction management, dispute management, auto cash
solutions, front-end risk mitigation, and tax resolution. To learn more
about the award-winning Vengroff, Williams and Associates, please visit
www.vwainc.com or telephone (866) 393-4892.
Contact Information: MEDIA CONTACT:
Beth Trier
Trier and Company
415.285.6147
beth@triercompany.com