Trade risk mitigation is now a high priority – digitisation will help achieve it
Published 3 months ago
Andrew Raymond, CEO, Bolero International
Brexit, Covid-19 and a series of significant fraud cases have intensified the quest for risk mitigation by banks and businesses engaged in international trade.
Even before the virus outbreak, well-known names in the banking world started to withdraw from financing oil and gas transactions because of the operational risk and losses they incurred.
The pandemic has caused huge disruption and alongside it have come the complications of Brexit and uncertainty about US-China trade relations. This is a potent mixture that adds to the risks of involvement in trade. The US Attorney General, US security agencies, Interpol and IBM[i] have in their different ways warned about the current confusion opening up opportunities for fraud as normal patterns of behaviour change.
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