The British Vehicle Rental and Leasing Association (BVRLA) has today announced a new version of its risk management software, RISC.
Developed by software provider Nexus, the new-look RISC includes improved functionality to help vehicle rental and leasing companies to identify and mitigate risks.
The revisions made to RISC make it easier for members to search for details of prospective renters and log new incidents of problematic customers.
A heat map of the UK shows members where risk activity is being reported in real time, whilst the BVRLA can monitor incidents to issue general alerts on everything from identity fraud to a spike in the number of renters showing up with authentic-looking utility statements from bogus websites.
The new platform means that RISC can also be integrated more easily into members’ in-house software using an API.
BVRLA director of member services Nora Leggett said: “RISC is now an even more powerful loss prevention tool for our members.
“Opportunistic fraudsters and high-risk customers have become adept at sharing information to exploit vulnerable businesses. The collaborative environment of RISC will harness the power of the BVRLA community and help safeguard valuable assets.”
Some of the most common reasons for reports on RISC include non-conformance with terms and conditions, lack of payment, damaging the vehicle and abusive behaviour towards staff.
Leggett added: “We already have a fantastic, active community and these revisions to RISC mean there’s no reason not to use the system.
“Though RISC has been known as a rental tool, there is great potential to increase its capability and reach so it meets the needs of all members - leasing brokers, leasing companies and commercial vehicle operators.”
John Ellis, managing director at Nexus, concluded: “We have used our technological expertise to support the BVRLA to make it quick and easy to share the information available on high risk customers, which will assist vehicle providers across the entire industry.
“The modern update to the RISC Online system is a valuable improvement that creates a more secure rental and leasing environment for suppliers, allowing them to help each other in mitigating risk and minimising losses.”