Steven Gan Male Northbrook, IL United States: Share; Share on Twitter; Share on Facebook

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Risk Management

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Mitigating the risk against an overseas bank payment default.

Replied Mar 25

Mitigating the risk against an overseas bank payment default.
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Started this discussion. Last reply by Steven Gan Mar 25.

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Steven Gan replied to Steven Gan's discussion 'Mitigating the risk against an overseas bank payment default.'

Dear Ward, Carl, thank you very much for the insights on the L/C's. I understand now that there are many small details that need to be clarified and confirmed. Your comments are hugely appreciated. Steve

March 25

Carl Selmasska replied to Steven Gan's discussion 'Mitigating the risk against an overseas bank payment default.'

Mr. Gan, The unique component of a letter of credit is that they have the ability to protect both the customer and the vendor. As a vendor, the first thing to do with any LC transaction is to inquire if the LC is irrevocable. I would suggest that yo…

March 25

Ward Harrington replied to Steven Gan's discussion 'Mitigating the risk against an overseas bank payment default.'

If your client is not contractually required to accept the L/C from the bank in India, I recommend that you politely return it and ask for it to be replaced with a L/C on a US bank, preferably in US Dollars to avoid currency risk. This should not be…

March 25

Steven Gan added a discussion

Mitigating the risk against an overseas bank payment default.

I would like to ask the Bank Innovation members for some help. I have a client here in the Chicago area who received an L/C drawn on a bank in India. My client is wondering if there is any kind of insurance that would mitigate the risk against the p…

March 22

Steven Gan is now friends with Madeline Wade and ashley garcia

July 29, 2009

Steven Gan left a comment for Michelle Dunn

June 16, 2009

Steven Gan joined JJ Hornblass's group

The Credit Crisis Center

The Credit Crisis entered a new phase of severity with the demise of Lehman Brothers and the seemingly unending string of woes for other financial services companies. This group monitors crisis developments and seeks to better understand them.

June 16, 2009

Steven Gan updated their profile

June 16, 2009

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Corporate Title

President

Company

Stellar Risk Management Services, Inc.

City, ST

Northbrook, IL

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At 12:39am on September 18, 2008, Steven Gan said…: Hello JJ, Good to get your note and glad to be participating on your blog.

As my main business is commercial accounts receivable (credit) insurance, I'm wondering if the AIG credit insurance policy holders are concerned about their buyers being approved and claims being paid.

In strict capitalist theory I am not in favor of the government bailing out any company, no matter how large. However, in view of Lehman, Merrill, Fannie, Freddie, and now possibly Washington Mutual, and in view of the global mess that would result from an AIG bankruptcy, I guess we don't have a choice. Ya know, since last week I have been feeling like Henny Penny waiting for the (economic) sky fall down. Honestly, I've got trepidations. How about you?

At 8:54am on September 17, 2008, JJ Hornblass said…: Steven, as implied by your company description, you are deeply engaged in risk management. What is your takeaway from the AIG affair?