Lenvi gives Close Brothers deeper understanding of their clients
Close Brothers Invoice Finance is part of Close Brothers Group plc, a leading UK commercial lender. Lenvi has supported Close Brothers for over 15 years and provides vital risk management software. Lenvi's software is the main source of risk management information used by Close Brothers’ invoice finance business and there are over 65 client managers and risk specialists using the software.
Lenvi's software is a crucial tool in their fight against financial crime and every morning client managers routinely log on to check on the status of their accounts.
Lenvi's risk management software helps Close Brothers detect changes in client profiles and quickly shows client managers where the problem areas are within their portfolio.
Identify potential fraud indicators
Client managers utilise the alarm capability, particularly where potential fraud indicators have been raised, ensuring the risk team targets these specific cases for further investigation. Close Brothers are also using Lenvi Riskfactor's Extended Risk Analysis (ERA) ‘risk flags’ pro-actively, in a monthly merge with other in-house ‘cashflow’ information, to enable the placement of all clients in order of their ‘likelihood to commit fraud’. This then directs debt verification efforts where they are needed the most.
In-depth management data
Close Brothers rely on Lenvi's risk management software to generate essential management reports and give the leadership team of the Invoice Finance & Rentals business, plus the Close Brothers Group, a vital view of risk across the whole portfolio. It also helps streamline the Annual Client Review process as much of the data is already populated within the reports.
Extended Risk Analysis – tracking trends over time
Close Brothers also use the Extended Risk Analysis module to track further trends across their whole portfolio. The ERA module enables Close Brothers to assess the ‘benchmark’ performance of each client over a longer period of time. Consistent deviations away from this ‘benchmark’ performance of a client are flagged and investigated.
The use of ERA helps Close Brothers understand and react to any negative reasons for these deviations, further enhancing their risk management procedures and pro-active potential fraud monitoring.
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