The events of March 2020 disrupted the way that consumers and companies transact with one another. As consumers sheltered in place in reaction to a health crisis, it became more difficult for many businesses to generate cash. Consequently, consumer incomes were threatened as a result of permanent and temporary worker furloughs, especially those in the services industries that directly or indirectly rely on face-to-face customer interaction. These events introduced historic uncertainty into the economic environment – both in the scale and nature of the disruption.
Within impacted lenders and service providers, few have faced steeper challenges to operating in this environment than credit risk managers.
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