The support of the Private Sector from the State is an essential condition in order to survive the crisis, according to Ed Altman who gave practical advice for the safeguard of liquidity to the Enterprises.
More than 500 Enterpreneurs and C-level Executives had the opportunity to listen to the guru of Credit Risk, Stern Business School Professor Ed Altman during ICAP’s 3rd Credit Risk Conference.
In the middle of the most adverse economic crisis that our corporate community has faced in the last decades, ICAP Group organized the 3rd Credit Risk Conference on October 26th at the LEDRA MARRIOTT Hotel. On the conference’s Eve, ICAP hosted an Executive Dinner with the Exclusive Sponsorship of Eurobank EFG and the keynote speech of Ed Altman who talked about the Global Financial Crisis, its causes and its course in front of 120 Entrepreneurs and C-level Executives. In particular, Professor Altman stressed the fact that Greece will exit the crisis only through its Private Sector and the extraversion of the Greek Enterprises. He also talked about the responsibility that the Greek State has in supporting the Private Sector and presented his recent research work which refers to Healthy Businesses as the most important factor in the difficult (or impossible) prediction of financial crises. Moreover, Mihalis Kolakidis, Deputy CEO of Eurobank EFG through its presentation focused on the need for improvement in the cooperation between the State on one hand and companies, banks and the productive forces on the other. He also stressed the need for a new developmental model, efficient in providing a long term perspective for the economy and the country. Furthermore, Nikitas Konstantellos, CEO of ICAP Group analysed data and Indexes that ICAP uses in observing the effect of the crisis on the enterprises.
The ICAP Conference - in addition to the two keynote speeches of E. Altman which contained practical advice for maintaining companies’ liquidity - offered the opportunity to the 380 participants to listen to presentations for crucial issues. Dimitris Malliaropoulos, Research Economic Advisor of Eurobank EFG and University of Piraeus Professor, talked about the Effects of the Greek economic situation of Greece on Credit Risk Management in Banks and Companies. Moreover, Yannis Efraimidis, Chairman of the Hellenic Credit Risk Management Association and ICAP Executive Director, presented the idea of Credit Info Sharing, an international practice allowing companies to protect themselves through the exchange of credit data. In addition, two round tables, shed light to critical issues with the help of senior Greek executives. The first panel discussed the different philosophies in the Organisation of Credit Risk within the structure of either the Economic or the Commercial Division.
The coordinator, Nikitas Konstantellos, CEO of ICAP and Vassilis Andrikopoulos – Greece and SE Europe CFO of DIAGEO Hellas, Konstantinos Tsimpopoulos – Commerce and Transportation Director of TITAN, Tassos Fragkou – Country CFO of COCA COLA 3E and Damianos Charalambidis – COO of VODAFONE, discussed the organizational changes requested by businesses because of the emergence of credit risk management as a top priority. All these highly experienced CFOs, COOs and Commercial Directors agreed that they have increased resources and partnerships with external providers in order to succeed in a more effective credit risk management.
Finally, in the second panel coordinated by Dimitris Psarakis, Chairman of the Hellenic Association of Debt Management Companies and CEO of CYCLE, various opinions were analysed regarding Receivables Management in the limelight of the new requirements and difficulties of the market created by the decrease in liquidity. The participants Evmorfia Ziaka - Finance Manager of NESTLE Waters Direct Hellas, Frixos Ioannidis – Manager of Delayed Retail Debts of Emporiki Bank, Orestis Tsakalotos – Ceo of QUALCO and Athena Chatzipetrou – CFO of TOYOTA Hellas talked about the problems they face regarding delayed debts, presented some best practices leading to better and more effective communication with clients and debtors (either consumers or companies) and emphasised the advantages of outsourcing in Receivables Management.
ETHNIKI Factors was the Distinguished Sponsor and COCA-COLA 3E, the Hellenic Association of Debt Management Companies and QUALCO also Sponsored the event. The Conference was moreover supported by ATOS ORIGIN, ATRADIUS, ENCODE and MARINE TOURS, whereas PRESSIOUS ARVANITIDIS offered all Printing Services and SPEEDEX its Courier Services.