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?