What are sudden defaults and should my company be worried?
Sudden defaults are defaults that are improbable, unpredictable and unimaginable.
They are characterised by their size, value and speed of default and the circumstances for the default. Often, the triggers for these sudden defaults are a combination of events. A metaphor for a sudden default is the "black swan".
Even the most experienced credit manager can be caught off guard, having not foreseen it coming. Yet It is how we respond and interact in such cases, that can make the difference to your business when faced with this situation.
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