I attended a seminar in IBEC recently on Credit Management. As credit management is an integral part of all businesses this was an interesting talk. There were 3 key note speakers who all have an experienced background in credit management.
They covered different topics around credit control, credit management and the legalities around it all. Some key points below that I took away from it:
Right First Time: This is important in any business and especially in credit management. If all the steps are done correctly the first time there will be no issues along the way. Steps such as referencing, client on-boarding, credit reports etc. are important to get right first time. In Morgan McKinley we follow the “Right First Time” processes also which makes life a lot easier for credit control!
Data Protection: This is a huge area of Credit Control and something we all need to be aware of. If all data is not up to date, a huge step in the credit process is missing. If you are missing some data while setting up credit applications this will impact the process. There are legal obligations that customer data is managed effectively.
Legalities: There are a lot of legalities around the credit side of the business that we need to be aware of such as Legal Enforcement and the Companies Act 2014 including Examinerships, Receiverships, Liquidations and New Summary Approval Procedure.
If you are interested in a career in credit management or credit control please contact Laura Stronge email@example.com for more information.