PGC is a global manufacturing company that produces highly customized precision components for products in the defense, aerospace, medical, electronics, and construction industries. Due to the technical nature of their business and the industries they serve, PGC has a need for a streamlined process to evaluate and disseminate credit-related information to multiple internal audiences, as well as address compliance and regulatory requirements. Founded in 1950, PGC is based in Edina, Minnesota, woman-owned, ITAR registered, and SO3001:2008 and AS9100C certified. For more information, please visit pgc-solutions.com.
Inefficient, Time Consuming Credit Risk Management Process
“Prior to implementing Argos Risk’s solution, AR Surveillance, PGC faced several stumbling blocks when evaluating creditworthiness and efficient management of credit risk," explained Candy Denny, PGC Accounting Manager. "As a business with regional, national and global clients, we have a number of account managers who each handle a specific group of clients. It was cumbersome and time consuming for me to sort out the data from our prior system, determine which account manager to send the information to, and to interpret the significance of the findings.”
"The PGC team appreciates the easy-to-use, easy-to-read dashboard that delivers data that digs beneath the credit scores. The information is simple to interpret at a glance and doesn't require a background in credit to understand the information."
According to Ms. Denny, “PGC was seeking a real-time system that could send actionable alerts/information to multiple users, and provide easy to understand reports and data that could be interpreted at a glance. It was key that we find a solution that could automate the process and streamline the communications. Our regulatory and compliance needs also were a factor, requiring access to information such as OFAC and FinCen checks,” explained Ms. Denny.
“We had been searching for a solution that would address all of our needs, but couldn’t find one system that embodied all of our requirements. Fortunately, we have a close relationship with Fidelity Bank, one of the premiere independent commercial banks in the Minneapolis/St. Paul area, and we shared our credit risk management needs with our banker. Fidelity recommended that we meet with their trusted partner, Argos Risk. Fidelity felt that the solutions offered by Argos Risk were a match with our needs and would deliver the options we were seeking. We were impressed that Fidelity was a current client of Argos Risk and it was meaningful that they were their preferred vendor.”
THE SOLUTION: Argos Risk Surveillance
PGC met with the Argos Risk team virtually and were impressed with the demonstration of AR Surveillance – it provided the solution they had been searching for, addressing their key needs.
“There are numerous reasons that we were excited about implementing Argos Risk Surveillance as a solution for our credit risk management needs,” said Ms. Denny. “The monthly subscription model makes it easy and affordable for us to efficiently manage the entire process. We no longer have to wade through confusing reports that are difficult to interpret and understand. With AR Surveillance, the information is delivered to designated users via a simple-to-understand online dashboard that tells us at a glance if there is information that requires further investigation or immediate action.”
Ms. Denny added, “The time saving is tremendous. In the past, as the accounting manager, I was responsible for receiving and reviewing an unmanageable amount of data and reports. With AR Surveillance, multiple users can be designated to receive alerts, automating the flow of information.”
“One of the most unique aspects of AR Surveillance is the business intelligence provided,” explained Ms. Denny. “It goes beyond the typical credit score, allowing us to make good decisions when evaluating creditworthiness and managing risk. It gives us great confidence to know that we will be alerted on a broad range of important business health barometers, such as analysis of company reputation, full address analysis, liens, litigation, lawsuits, judgments, mergers/acquisitions, CFPB updates, earnings updates, changes in control, staffing changes, changes in ownership, Board of Director changes, issue/redemption/repurchase, website content, and changes in overall business health and credit risk.”
AR Surveillance also helps PGC in meeting compliance and regulatory standards, providing access to OFAC and FinCen checks, as well as data from hundreds of sources. This was important to PGC, as the company must meet compliance standards for registrations and certifications such as ITAR, ISO3001:2008, and AS9100C, in addition to the fact that many of their projects are government related.