Securing resources

A cross-skilled team should not only include risk managers but experts on your data warehouse and IT experts on your internal systems including application processing and collections. 

A key part of creating the best team is determining your knowledge gaps early. Knowledge gaps may include:

• Industry standards – is your team familiar with the Australian Credit Reporting Data Standards (ACRDS)? 
• Data extract – does your team have enough XML programming skills to reformat variable internal data into the industry format? 
• Default status - are your defaults up-to-date or need to be reconciled with Equifax? 
• Data quality – how clean is your internal data and will it pass validation requirements such as address formatting? 
• Reciprocity – is your team familiar with the Principles or Reciprocity and Data Exchange (PRDE) and is your organisation a signatory?