Audit, tax and consulting firm RSM has announced major growth plans for its creditor services business, including substantial new investments in products, people and premises.
Controlling credit risk
As part of a long-term strategy, the firm is further enhancing its product portfolio designed to help businesses manage credit risk among suppliers and customers. Significant investments are being made in two key systems:
- Portfolio Risk Manager (PRM) – this unique system enables a business to monitor its credit portfolio, providing unrivalled early access to trusted information including court petitions, notices of dissolution and credit scores. PRM was originally developed for a large utility client, and is now used by a number of blue-chip clients.
- Tracker – RSM’s popular cloud-based risk management system is being upgraded with a new user interface, providing instant and up to date access to information on company credit scores and financial health. Tracker reveals many different emerging risks, reducing the likelihood of businesses incurring bad debts and facilitating increasingly informed business decisions.
With bankruptcy numbers rising rapidly and debtor wellbeing recently rising to the top of many businesses agenda, RSM has codified its existing wellbeing processes into a protocol designed to protect vulnerable individuals (and to avoid potential brand damage for petitioning creditors). An emphasis is placed on contacting debtors at an early stage in order to recognise any obvious issues and to tailor an individual strategy to deal with those with mental health issues.
The firm has also invested in a new Customer Relationship Management (CRM) system designed to support the growth of the RSM’s B2B debt collection services. This system will support Creditor Services clients, as well as the firm’s own insolvency practitioners in the collect-out on debtor ledgers.
New staff and premises
Plans are at an advanced stage to recruit an additional Partner for the Creditor Services operation. This follows a number of other recent appointments to the faculty’s leadership team. The move reflects a continued commitment to growing the business in an area where some competitors have scaled back or withdrawn.
Under plans announced today, the Creditor Services business will also be rebranding to operate entirely under the RSM brand, and it will be relocating from Finsbury Circus in central London to purpose-built offices in Essex – while also retaining a permanent presence at the Farringdon office. The team of 40 will join RSM’s existing Employer Services business creating a 85-strong RSM presence in Brentwood, bringing the firm’s total headcount in Essex to around 140. The move will take place in May 2020.
Robert Beat, Partner for the RSM Creditor Services business said: ‘Businesses and consumers have faced many challenges recently, not least the transition out of the EU. We are seeing strong growth prospects for our business ahead, as prospective clients’ finance departments work to improve their management of creditworthiness among both suppliers and customers.
‘The technologies and processes we have developed are tried-and-tested with clients ranging from SMEs to major banks and utility companies, and we are very well placed to provide clients the reliable and cost-effective services needed to enhance their returns and protect their brand. 2020 will be an exciting time for our business.’