Outsourcing Credit Risk Services Positions Edcon for Continued Growth

19 January 2010, Cape Town – PIC Solutions, the leading credit risk solutions provider in the EMEA region, will provide Edcon with a complete range of risk management services under the renewal of a three-year outsource contract.

These services, tailored to optimise the risk management of Edcon’s credit portfolio, include new business management, existing portfolio management, model usage, tracking and analysis, forecasting and reporting, and ICT technology application and updates.

As Africa’s largest fashion retail group, Edcon’s focus on growing their business through measured lending expansion programmes will result in increased top line revenues while improving their lending strategies to decrease bad debts.

This turnkey solution is delivered with the active participation of Accenture, Edcon’s ICT outsource partner, and the software, consulting and analytics services of PIC Solutions, to provide Edcon with the most efficient risk management services available.

By outsourcing the risk management services for their credit portfolio, Edcon will benefit from the innovative services offered by PIC Solutions, the only FICO partner in the Sub Sahara African market. PIC Solutions has provided credit risk services to Edcon since 1999 and by ensuring sustainable business benefits has grown substantially to become Edcon’s risk outsource partner since 2002.

Ian Wood, Financial Services Executive, Edcon, states, “Edcon has a long and successful partnership with PIC Solutions, which has enabled the Financial Services Division to go from strength-to-strength throughout changing trading conditions. This close working relationship will ensure Edcon are best equipped to handle the current global economic conditions, correctly positioning itself for the next upturn in the economic cycle.”

Simon Trupp, Director at PIC Solutions, added, “As the largest fashion retail group in Africa, we have seen Edcon’s business grow substantially over the years. By outsourcing their risk management services, Edcon will be able to focus on other key business areas, and ensure that their steadfast growth continues. An increasing amount of businesses are opting to outsource their risk management services, and we are confident that Edcon will be more than satisfied with the results.”