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Early warning signs for a company in financial distress are easily detected through Corporate Scorecard’s Alert Service.
Taking proactive measures to minimise and avoid risk is not only astute but necessary in today’s economic climate. We can monitor your entire supply base to immediately alert you when there are indicators of a contractor’s potential failure.
Corporate Scorecard’s new Alert Service detects unusual changes to a supplier’s operations, including insolvency actions, changes in key personnel, company structure and failure to meet payment obligations to sub-contractors and suppliers.
Your monitoring menu
Alert Service is designed to monitor:
| Liquidations or bankruptcy | Be the first to know so you can take corrective action |
|---|---|
| Insolvency actions and petitions | Implement risk mitigation strategies to avoid being impacted |
| Court judgements and payment defaults | A leading indicator of business failure, giving you an early warning |
| Change of corporate details | A change in trading name, shareholding or address can indicate a change of ownership or the need to review a contract |
| Change of directors | Can be an indicator of an organisation in distress. Key personnel dependencies in smaller companies can also be monitored |
| Lodgement of financial statements | The best time to review the financial position of key suppliers |
| Defaults | An early indicator when monitoring a small number of suppliers, or businesses/sole traders |
Key benefits
Alert Service offers your business many benefits, including:
- Data matching and cleansing of your supplier base - Alert Service will correctly identify entity names (including trusts) and their status and identify any duplicates in your data.
- Risk review of your suppliers - Entities that are potentially high risk can be identified immediately.
- Flexibility - You can prioritise the items you wish to monitor and the immediacy in which you are alerted.
- Prioritisation - You can prioritise your suppliers and nominate the frequency in which you receive alerts for each.
- Formats - to suit your needs; choose to receive data in a CSV for uploading to your database or PDF format for easy reading.
- Alert notifications - Alerts can be sent to one or multiple email addresses.
Setting up your Alert Service
Step 1: Prepare your data in CSV or Excel format
Data should include:
- Your identifier code or codes
For Companies:
- The ABN
- The entity name
- The ACN
For non-companies (e.g. registered businesses, sole traders, other associations) please also provide:
- Address details (preferably fielded)
- ARBN (registration number)
For best results on sole traders please also provide:
- Name of owner
- Address details (preferably fielded)
- Date of Birth
Step 2: Prioritise your accounts (high, medium or low) and choose an alert frequency for each
This is an optional step available for databases containing more than 1,000 records only.
| Item | Immediate (Daily) | Weekly Digest | |
|---|---|---|---|
| Liquidations or bankruptcy items | |||
| Insolvency actions and petitions | |||
| Court judgements and payment defaults | |||
| Change of Name | |||
| Change of shareholding | |||
| Change of address | |||
| Change of directors | |||
| Change of financials | |||
| Court actions | Over $.............. | ||
| Court actions | Under $.............. | ||
| Defaults | |||
Step 3: Choose how you want your accounts sorted
- By your identifier code
- By ABN
- By Name
- By Item type
Step 4: Choose the alert format you require
- PDF (tabular)
- CSV (spreadsheet)
