Auditing
The Power of Effective Communication: 10 Tips for Successful Dealer Self-Auditing Programme Implementation
Implementing a dealer self-auditing programme can bring significant benefits to both lenders and dealerships. However, clear and consistent communication is vital to ensure a smooth and successful implementation. This article focuses on the crucial role of effective communication strategies when deploying a dealer self-auditing programme. By understanding the importance of communication and adopting best practices,…
Read MoreThe Importance of Unexpected Assets in Floor Plan Financing: What Lenders Need to Know
For floor plan funders, auditing dealer lots to check the presence of funded assets is the norm. Whether it’s done by a manual, resource-intensive process, or using digital dealer self-auditing, a periodic review of assets is the standard practice. However, the focus is on checking the assets the funder has on funding. But what about…
Read MoreFrom Hacking to Auditing: How Penetration Testing Principles Can Help Improve Your Floorplan Funding
For wholesale risk professionals, business risks appear in various guises. Two processes that can help mitigate these risks are penetration testing and vehicle inventory auditing. While seemingly disparate, these assessments share surprising parallels that are useful in risk management strategy. Identifying Security Weaknesses Penetration testing involves simulating an attack on a computer system or network…
Read MoreDataScan Launches uVerifi, a Revolutionary Digital Auditing Tool for Wholesale Lenders in the USA and Canada
DataScan, the leader in providing solutions for wholesale asset financing and inventory risk management, has partnered with CheckVentory, an innovative software-as-a-service provider, to bring uVerifi, a game-changing digital auditing tool, to the US and Canadian markets. With an exclusive agreement for North America, DataScan will be the go-to provider of this cutting-edge technology. uVerifi is a…
Read MoreReal-time Visibility and Building Loyalty: the Key to Successful Dealer-Funder Relationships
Today we interview Adrian Walsh, CEO and founder of CheckVentory. In this short Q&A, Adrian explains his background and how he came to start CheckVentory. He discusses the challenges he faced with manual inventory audits and how CheckVentory began as a way to address those issues, the importance of dealer-funder relationships, and the advice he…
Read MoreWhy CROs are Embracing Digital Auditing Tools: A Look at the Benefits of Digital Inventory Auditing
For those responsible for risk management, one of the primary responsibilities is to identify, assess, and manage the risks to which the bank is exposed. This includes ensuring that the bank’s overall risk management strategy is aligned with the bank’s business objectives and regulatory requirements. For automotive floorplan funders, having accurate inventory information is key,…
Read MoreThe Power of Hindsight: Lessons from the 2008 Financial Crisis and How to Improve Funder-Dealer Communication
For those in the automotive funding industry, the lessons from the 2008 financial crisis serve as a reminder of the importance of being prepared for any eventualities in the economy. The recession highlighted the need for better communication and collaboration between funders and dealers in order to navigate an uncertain financial landscape. In this article,…
Read MoreHow to Deploy a Dealer Self-auditing Program: Best Practice for Funders
Funders wishing to deploy a dealer self-auditing program should do so with the knowledge that there are substantial benefits to be gained by their dealer group partners, as well as by their own organisations. However, change will always bring objections, no matter how unfounded or trivial, and it is incumbent on the funder to overcome…
Read MoreCheckVentory Gains Key ISO Certifications
For any company in the business of helping clients to improve their processes and performance, ensuring that their own practices are efficient and robust is essential. While this has been a key focus for CheckVentory from its creation, the leadership team recognised that an external, in-depth assessment of the organisation’s processes would add another level…
Read MoreAre Your Risk Management Policies Sufficiently Refined?
Do you have the detailed information you need to make the right decisions? Floorplan finance is commonly used in the automotive industry by dealers to purchase inventory. However, there can be a fair amount of risk for floorplan finance lenders since they don’t have complete control over the vehicles on which the loan is secured.…
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