According to Shay Waldron, president of the Irish Institute of Credit Management, best practice can be summed up in three simple letters which stand for an all-encompassing concept - 'KYC', or 'Know Your Customer'.
Knowledge is power, but it is the quality of any knowledge, rather than simply the quantity, that will go furthest to ensuring that a proper credit management regime is put in place and rigorously enforced.
Because trying to recover money owed...
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