✓
Trusted by 40% of Fortune 1000
VALLEY COTTAGE, NY – Resilinc Corporation, the world’s leading supply chain monitoring, mapping, and resiliency solution and CreditRiskMonitor (OTCQX:CRMZ), a web-based publisher of financial information, have announced a partnership to integrate CreditRiskMonitor’s FRISK® score and related financial risk assessment capabilities with Resilinc’s supply chain resiliency and risk management platform. The integrated solution will enable Fortune 1000 organizations to achieve greater visibility when it comes to gauging the financial health of suppliers and overall supply chain risk.
“Given current economic challenges, brought on by a global pandemic and other outside events, supply chains have been highly disrupted and companies are facing unprecedented levels of risk when it comes to suppliers,” said Bindiya Vakil, CEO of Resilinc. “Incorporating financial risk visibility into a comprehensive supply chain risk program is a must in today’s climate. The combined capabilities of Resilinc and CreditRiskMonitor will enable our customers to accomplish that.”
Resilinc’s AI-powered monitoring service maps the supply chain multiple tiers deep, giving Fortune 1000 organizations visibility into potential supply chain disruption down to the supplier, part, and site levels. CreditRiskMonitor, meanwhile, delivers its aforementioned proprietary FRISK® score: a 96%-accurate daily read on bankruptcy risk hidden within more than 57,000 public corporations worldwide as well as alternative options for assessing the financial risk of private suppliers.
“As we continue to expand our business into the world of procurement, a partnership with a leader like Resilinc is a boon for our company,” said Jerry Flum, CreditRiskMonitor CEO. “The fact that we can bring our own data-driven solutions like our FRISK® score to the table with Resilinc gives their clients a no-doubt competitive advantage.”
“The COVID-19 Crisis has the potential to exacerbate the current non-financial corporate debt bubble we’ve been building over the last 11 years. With worldwide non-financial corporate debt at record levels, both in absolute and relative terms, and a potential working capital crisis looming, public company bankruptcies could deal crippling blows to supply chain functions,” Flum added.
Overview
CreditRiskMonitor.com, Inc. (creditriskmonitor.com) sells a suite of web-based, SaaS subscription products providing access to comprehensive commercial credit reports, bankruptcy risk analytics, financial and payment information, and curated news on public and private companies worldwide. Our primary SaaS subscription products for analyzing commercial financial risk are CreditRiskMonitor® and SupplyChainMonitor™. These products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively. Our subscribers include nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide.
To help subscribers prioritize and monitor counterparty financial risk, our SaaS platforms offer the proprietary FRISK® and PAYCE® Scores as well as the FAST Rating, the well-known Altman Z”-Score, agency ratings from key Nationally Recognized Statistical Rating Organizations (“NRSROs”), curated news, and detailed financial spreads & ratios. Our FRISK® and PAYCE® Scores are financial distress classification models that measure a business’s probability of bankruptcy within a year. The FRISK® score also includes a risk signal based on the aggregate research behaviors of our subscribers, who control counterparty access to trade credit at some of the most sophisticated companies in the world. The inclusion of this risk signal boosts the overall accuracy of this bankruptcy analytic by lowering the false positive rate for the riskiest corporations.
Through its Trade Contributor Program, the Company receives monthly confidential accounts receivables data from hundreds of subscribers and non-subscribers, which it parses, processes, aggregates, and reports to summarize the invoice payment behavior of B2B counterparties without disclosing the specific contributors of this information. The size of the Trade Contributor Program’s current annualized trade credit transaction data is approximately $3 trillion.
Safe Harbor Statement
Certain statements in this press release, including statements prefaced by the words “anticipates”, “estimates”, “believes”, “expects” or words of similar meaning, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include details of the accounting restatement, the expected impact of the accounting restatement and the remediation of the related material weakness in internal control over financial reporting. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as “risk factors” or otherwise in the Company’s Registration Statements or Securities and Exchange Commission Reports. There can be no assurance that (i) the consequences of the Company’s restated results will be as anticipated above and (ii) the Company will be able to promptly and efficiently implement the appropriate remediation steps into its financial reporting. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Contact
CreditRiskMonitor.com, Inc.
Mike Flum, Chief Executive Officer
(845) 230-3037
ir@creditriskmonitor.com
