Resilinc, CreditRiskMonitor Announce Partnership to Drive Supply Chain Resiliency
MILPITAS, CALIF. & VALLEY COTTAGE, N.Y. - July 29, 2020 - 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.
For more information on Resilinc and its solutions, visit resilinc.com. Follow Resilinc on LinkedIn and on Twitter: @Resilinc. The company also maintains a blog highlighting innovations and customer feedback at blog.resilinc.com.
For more information about the expanding roster of CreditRiskMonitor® partners, click here.
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CreditRiskMonitor® (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. The products help corporate credit and procurement professionals stay ahead of and manage financial risk more quickly, accurately, and cost-effectively.
The Company’s newest platform, SupplyChainMonitor™, leverages its financial risk analytics expertise to create a risk management solution built specifically for procurement, supply chain, sourcing, and finance personnel involved in the supplier lifecycle, risk assessment, and ongoing risk monitoring. Users can assess counterparty risks at the aggregate and granular levels under a variety of categories including geography and industry, as well as customized, customer-specific configurations. The platform features mapping capabilities with real-time weather/natural disaster event overlays as well as customizable news notifications, reports, and charts.
Our subscribers, including nearly 40% of the Fortune 1000 and well over a thousand other large corporations worldwide, use the Company's timely news alerts, research, and reports on public and private companies to make important risk decisions. The Company's comprehensive commercial credit reports covering both public and private companies worldwide are published through its web-based platform and feature detailed analyses of financial statements, including ratio analysis and trend reports, peer analysis, corporate issuer ratings from key Nationally Recognized Statistical Rating Organizations ("NRSROs"), as well as the Company's proprietary bankruptcy analytics: the FRISK® and PAYCE® scores. One of the FRISK® scoring model's exclusive input features is the aggregate risk sentiment of our subscribers based on their crowdsourced usage behaviors resulting in the improved classification of bankruptcy risk for the riskiest corporations and boosting overall accuracy.
The Company, through its Trade Contributor Program, receives confidential accounts receivables data from hundreds of subscribers and non-subscribers every month. This trade receivable data is parsed, processed, aggregated, and finally reported to summarize the invoice payment behavior of B2B counterparties, without disclosing the specific contributors of this information. The Trade Contributor Program's current trade credit file exceeds $2.5 trillion of transaction data annually.
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. 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. We disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise.
Mike Flum, CEO & President