Accord Financial Corp.
Climate Impact & Sustainability Data (2016)
Reporting Period: 2016
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Increased competition in the commercial finance industry due to an abundance of money searching for better yields and a shortage of outlets for this cash, leading to aggressive pricing policies and lowered credit standards by competitors.
- Economic slowdown impacting clients and increasing provision for credit and loan losses.
- Intense competition in the receivables management business from multinational credit insurers.
Mitigation Strategies
- Accelerating investment in the Accord brand to differentiate itself from competitors.
- Broadening products and services offered to clients to increase client dependence and create new client relationships (opening a new office in Chicago and pursuing acquisitions).
- Improving marketing and servicing systems to access markets more effectively (evaluating systems and launching a new website).
- Downsizing Canadian operations and taking a restructuring charge to adapt to market conditions.
- Actively seeking opportunities to acquire companies or portfolios to grow its business.