HOSPITALITY firms in Singapore can now assess the level of risk they undertake when working with different business partners, according to the new Hospitality Credit Report launched today.
The brainchild of both the Hospitality Alliance Singapore and Singapore Commercial Credit Bureau (SCCB), the SCCB Hospitality Credit Report provides hospitality companies in Singapore with key business information and an in-depth analysis of their business partners’ risk profiles.
These are presented in the form of summary tables and tabulated information for easier reading for both credit and non-credit professionals.
Audrey Chia, CEO of SCCB, explained in a statement: “The nature of business intelligence is constantly evolving and it has become ever more important for hospitality firms to step up their risk management efforts in order to be at the forefront of the industry.
“The all-new SCCB Hospitality Credit Report essentially provides a holistic credit assessment based on data which reflects their historical performance as well (as) their propensity for delinquency in the payment of dues.”
A major feature in the report is the Payment Rating that measures overall payment performance of business partners by benchmarking a business partner’s payment performance against other businesses in the industry.
The SCCB Hospitality Credit Report is available to members of the seven key associations under the Hospitality Alliance Singapore – the Food and Beverage Management Association of Singapore; Association of Rooms Division Executives (Singapore); Association of Singapore Housekeepers; Singapore Chefs Association; Association of Bartenders & Sommeliers Singapore; Hospitality Purchasing Association; and the Society of the Golden Keys Singapore.
Cheong Hai Poh, chairman of the Hospitality Alliance Singapore and president, Food and Beverage Management Association of Singapore, commented: “There is a common misconception that risk management poses more of liability than a long-term investment for firms which results in it being sacrificed. The launch of the Hospitality Credit Report will help raise the awareness of the importance of credit risk management and due diligence among members of Hospitality Alliance Singapore.”
