7 April 2011
Credit bureaus and their customers who seek to operate in an international market now have a valuable tool in a new ISO technical specification which offers a harmonised, more transparent, and more reliable approach to assessing the creditworthiness of companies. Rating services – Assessment of creditworthiness of non-listed entities ISO/TS 10674:2011 provides common terms, definitions, and basic process requirements to assess creditworthiness ('Is the company worthy of having credit extended to it?').
'ISO 10674 will be an invaluable tool for promoting international trade by making it possible to obtain more reliable credit assessments of even the smaller partners in global markets,' says Dr Olivier Everling, Chair of the project committee that developed ISO/TS 10674:2011.
With the increasing number of credit assessment service organisations, each with its individual assessment system, there is now a clear need for a common evaluation and communication tool. The new ISO technical specification helps to answer the question 'Is credit assessment reliable?'
'In the aftermath of the financial crisis, rating agencies and credit bureaus needed to simplify and provide broader market access to rating criteria, underlying models, and analytical tools, to better organise information about their criteria, models, and policies, and to offer access to additional analytical tools,' says Everling. 'ISO/TS 10674 is a bi-product of the financial crisis intended to promote transparency and enable the market to best judge the performance of the assessments.'
→ Order ISO/TS 10674:2011 (hard copy) Rating services – Assessment of creditworthiness of non-listed entities
You can order PDFs of ISO Standards by calling 0800 782 632 during business hours or emailing enquiries@standards.co.nz
== END==
Media enquiries
Shona Weller
Standards New Zealand
(04) 498 3986
shona.weller@standards.co.nz
About Standards New Zealand
Standards New Zealand is the operating arm of the Standards Council, and part of New Zealand's standards and conformance infrastructure. Standards New Zealand is an autonomous Crown entity responsible for managing the development and distribution of Standards across a range of sectors nationally.
Standards New Zealand is a self-funded, not-for-profit organisation, relying on revenue primarily from contracts with sponsors to develop Standards, and from sales of Standards publications. Our independence helps us facilitate a cross section of stakeholders' contributions to the development of Standards, and ensure that each Standard meets the needs of end users.
www.standards.co.nz
Stay in touch
Subscribe to Standards New Zealand's monthly e-magazine Touchstone at www.standards.co.nz/touchstone for the very latest news on Standards.
The question is not what you gain from standardisation, it's what you lose without it.