The Retailer Autumn Edition 2021

AUTUMN 202 1

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• Speed up decision-making. With ecom - merce, speed is of the essence. Risk teams need to use data and intelligent tools to enhance the accuracy and speed of their decision-making. Determining if an order should be shipped or not should take milliseconds. • Enable strategic objectives. The data and tools at a risk team’s disposal in 2021 should be used for maximum impact across the business, including optimising revenue and enabling strategic objec - tives. Risk teams are no longer line items. Therewas atimewhen riskprofessionalswereon thedefensive.Their job involvedavoiding charge- backs anddefendingdeclinedorders fromfinance teams who accused them of sacrificing speed for caution. The move to risk intelligence requires a shift in thinking. Businesses can now deploy their risk team’s resources and intelligence to build pay- ment processeswhichareoptimised forefficiency, creativity, and revenue. Withecommerce competitionfierce, thebiggest risk toa retailermight be tonot embrace this new opportunity.

Successful risk teams in the new pandemic-shaped era of ecommerce concentrate on business optimisation not risk avoidance.

Ed Whitehead

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