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The Future of Digital Solutions in Business Risks

Interview with Theodoros Krigou, CEO Infocredit Group, by Giorgos Beitis

What caused the implementation of digital transformation?

Digital transformation is the integration of digital technology into all areas of a business to drive fundamental change in products, processes and strategies. The rapid migration to digital technologies in response to the COVID-19 pandemic has completely changed, in just a few months’ time, the way companies do business. Companies have accelerated the digitization in their portfolios investing in the adoption of more advanced technologies, making a stronger commitment towards research and innovation. As the business environment continues to evolve and change, companies are facing new challenges and risks. Digital transformation is the way forward for the survival and growth of businesses.

Is the impact of digital transformation shown to be beneficial to the companies and the overall economic environment as a whole?

All industries can benefit from digital transformation. It reshapes business structures and models, can be used to improve risk management and is beneficial to the overall economic environment and society. Stronger resource management, efficiency, resiliency, increase in productivity, enhance company culture, are some of the digital transformation benefits for companies fighting to remain sustainable, competitive, profitable and efficiently deliver customer satisfaction. Digital transformation is imperative for all businesses: it's a survival issue! In order to adapt quickly to supply chain disruptions, market pressures, rapidly changing customer expectations and needs, exploit new opportunities and at the same time minimise risks, businesses employ digital technology to redefine how they plan, produce, deliver, and extract value.

What are the risks arising from employing digital solutions?

In a world driven by digital solutions, businesses face new challenges and risks associated with emerging technologies that they haven't encountered before. There are a number of risks arising with digital transformation, including compliance, automation, data breaches, cyber-attacks, and system failures. To mitigate these risks, businesses must adopt agile approaches to risk management, be proactive in identifying potential risks and quickly address them before they even occur.

Which solutions does your company provide in order to mitigate risks?

Infocredit Group is keeping the finger on the pulse of the market and constantly evolves providing integrated services and solutions that satisfy modern business needs and challenges. We offer high-quality innovative, flexible solutions, ranging from Credit Risk Management to Regulatory Compliance, Debt Recovery, and ESG (Environmental, social, and corporate governance) Services. The company’s initial commitment to do more has grown into a global ambition to champion innovation, integrity, and sustainability. Our latest initiative towards transparency and risk mitigation is eCheck360, a Pan-European Open Banking Platform, which provides a comprehensive 360° view of consumers' financial behaviour by leveraging, aggregating, and interpreting transactional data and spending patterns, enabling better, faster, and safer decision-making.

Our Credit Risk Solutions are comprehensive solutions for effective risk management, designed to preserve business operations and liquidity. The company is kept up-to-date with critical credit information pertaining to its business. Furthermore, our Anti Money Laundering (AML) Solutions empower organizations to meet regulatory challenges and expectations across multiple jurisdictions, enabling them to make confident and correct risk management decisions in key business and compliance workflows. Moreover, through our Application Programming Interface (API) ‘One-for-all’ Solution, we enable businesses to automate their workflows by offering them direct access to comprehensive information on companies worldwide, business intelligence, compliance, and credit risk data, all available through a single API endpoint. Companies can access real-time insights, which promote flexibility in their onboarding processes and minimize their risk exposure at the same time.

You can read the article in Greek on at the link HERE


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