"Credit risk management is becoming more critical than ever," said Artemis Credit Bureau General Manager Yiannis Tomasides in the context of the 2nd Credit Risk Management Conference organised by ICAP CRIF in collaboration with Artemis Credit Bureau Ltd.
Tomasides stressed that Cyprus currently presents a healthy and resilient economy, with a positive growth rate, a reduction in public debt, a fiscal surplus and a stable banking sector, while the non-bank financial sector is also growing steadily.
As he noted, these conditions favour credit expansion, private consumption and investment, contributing to the growth of the economy.
Despite the buoyant picture, Yiannis Tomasides pointed out that there are various risks that can affect stability. He referred to geopolitical tensions, regional conflicts, protectionism and fragmentation of international trade, but also to the effects of climate change, which make prudent credit risk management by financial institutions and businesses essential. “Proper credit risk management is a bulwark against emerging risks and shields the economy,” he stressed.
Tomasides also presented the role of Artemis Credit Bureau as a central tool for assessing the creditworthiness of individuals and legal entities in Cyprus. As he noted, the organisation covers the entire market and offers substantial support to both credit institutions and consumers themselves, contributing to the creation of a healthy financial profile and the strengthening of financial stability.
" Artemis Credit Bureau has now become an institution that contributes to effective lending and borrowing in Cyprus," he pointed out.
Concluding, Tomasides presented the Mechanism for the Exchange, Collection and Provision of Data, which serves all banks, credit facility managers and leasing providers, and "has been operating efficiently for years."
(Source: InBusinessNews)
