Ahmed Amin and Andrea Tanner from Lenvi Riskfactor discuss their roles and the company's history and services in an interview with Douglas Mackenzie at FF News.
During recording Ahmed and Andra discuss the transformative potential of risk management software tailored for the receivables finance industry. The conversation sheds light on the critical role of technology in combating fraud, enhancing operational efficiency, and enabling sustainable growth in an increasingly complex financial landscape.
The evolution of risk management and Lenvi’s Riskfactor
We kick off discussions with a brief history of Riskfactor. Developed in 1995, Riskfactor is a software solution rooted in decades of industry experience. Borne out of first-hand experience, Riskfactor was developed in response to the need for a more sophisticated approach to detecting and managing risk within the receivables finance sector. Today, the platform leverages vast amounts of data and decades of expertise to empower lenders in proactively identifying potential risks, such as fraudulent activities or bad debts.
The evolution of Riskfactor reflects broader changes in the financial industry, where the integration of advanced technology is a principle priority. As the lending environment evolves, regulation increases and fraudulent behaviour becomes more sophisticated, the need for robust, data-driven solutions has never been more critical.
The Future of Receivables Finance
Looking ahead, risk management is of growing importance in the face of economic uncertainty. As fraud tends to spike during economic downturns, lenders are increasingly focused on strengthening their risk controls. Additionally, there is rising demand for automation and improved internal processes as financial institutions seek to scale their operations without proportionally increasing headcount.
Riskfactor is well-positioned to meet these challenges, offering an enhanced user interface and new data functionalities tailored to the needs of European clients. Our innovation focus is on ensuring Riskfactor remains at the forefront of the industry, providing lenders with the tools they need to navigate the complexities of the modern financial landscape.
About Riskfactor
Riskfactor is designed to manage risk, reduce fraud, and maximise operational efficiency for invoice finance and asset-based lending (ABL) globally. By extracting data from the core operating platform, Riskfactor applies sophisticated risk measures and algorithms, honed over years of industry experience. These tools enable users to monitor behavioural changes and identify unusual activities that may indicate potential risks.
One of the key benefits of Riskfactor is its ability to streamline operations by reducing reliance on manual systems and spreadsheets. This not only enhances efficiency but also allows users to focus on customer-centric activities, ultimately improving service quality. Riskfactor provides a single, cohesive view of risk, enabling institutions to take timely and informed actions.
Our strategic partnerships with third-party software provides play a crucial role in supporting Riskfactor’s ability to offer a comprehensive solution to our clients. Our partnerships enable seamless integration with core platforms, reducing deployment time and ensuring a more cost-effective solution to clients.
Lenvi is heavily focused on expanding Riskfactor’s presence in new territories, particularly in Europe. With a strong foothold in the UK, where it boasts a 95% market penetration across the receivable finance sector, we are now looking to replicate this success across other regions. The recent partnership with BNP Paribas, one of Europe’s largest banks, marks a significant milestone in our expansion journey.
Conclusion
Lenvi’s Riskfactor is shaping the future of receivables finance. As the industry continues to evolve, the need for advanced, data-driven risk management solutions will only grow. With our deep industry roots, commitment to innovation, and strategic partnerships, we are poised to lead the way in helping financial institutions manage risk, combat fraud, and achieve sustainable growth.