As business cycles change, credit management professionals need to assess how prevailing economic conditions will impact both the credit department and, consequently, the broader organization. Further, they must adjust their processes and policies accordingly.
The customer lifecycle is a continuum of activity that guides organizations in finding new customers and cultivating and growing existing relationships.
Traditionally, credit departments do not participate in all phases of the lifecycle. However, progressive risk management professionals are pushing the boundaries of their role and using their unique knowledge of customer behavior to add value in all phases.