Edcon Selects PIC Solutions for Credit
Risk Scoring
Cape Town, 12 July 2007 –
Edcon, Africa’s largest fashion retail group, has selected PIC
Solutions to re-develop the applications scorecards for their
Department Stores and Discount Division portfolios.
Edcon has ten
retail brands trading in 946 stores in South Africa, Botswana,
Namibia, Swaziland and Lesotho. With their retail business
rapidly expanding and the requirements of the National Credit
Act impacting their credit decisioning process, Edcon contracted
PIC Solutions to implement a scoring solution to optimise their
credit environment.
The new
application scorecards are designed to enhance Edcon’s
application processes. In addition, Edcon can effectively make
use of the scorecards to assist them with the implementation of
new policies and procedures to meet the requirements set out by
the Act. During this turnkey analytical project, PIC Solutions
predictive modelling team will work closely with Edcon’s risk
management personnel to ensure the successful implementation of
the new application scorecards.
Ian Wood, Group Financial Services Executive
at Edcon, states, “We are committed to improving our
risk management policies and ensuring we effectively meet the
requirements of the Act. PIC Solutions understands our business
and how the Act will impact our current policies and procedures.
The scorecards will not only ensure we comply with new
regulations but that our business benefits from opportunities
created by the changes in the credit industry.”
Eva Neves, Department Head of Modelling at
PIC Solutions, comments, “PIC Solutions understands the
challenges currently facing the credit industry and this scoring
assignment aims to implement application scorecards that are
compliant with the National Credit Act. We developed scorecards
for Edcon a number of years ago and it was time to re-evaluate
the predictiveness of these scorecards. Using more recent data,
our experienced analytical team will re-design the scorecards to
effectively manage Edcon’s business risk.”
