October 2016 Credit Management magazine

More documents

Info

CICMQ NEWS SIG is the latest in a string of publically listed companies to become three-time CICMQ accredited. The distributor of specialist building products in Europe, which works across core markets including insulation and energy management, exteriors and interiors, first achieved the accolade in 2012, making it one of the earliest-accredited businesses. Simon Johnson, Director of UK Credit Management, says that SIG thoroughly documents its controls and best-practice policies: “The whole re-accreditation process ensures the discipline of continuous improvement is embedded into the business with constant engagement with the team.” Since it began accreditation, SIG has ANOTHER PLC REACHES THREE-TIME CICMQ MILESTONE launched additional tools for better credit management procedures, including the SIG Protect solution built in collaboration with Experian. It also previously launched a customer service ‘WOW’ award to reward its teams. “We have assigned a continuous improvement champion,” Simon continues. “This means we can self-challenge procedures, evaluate our internal ideas forums and pick up and progress employee engagement from our team briefing actions. “To consistently achieve the accreditation you need to motivate and engage the credit team, ensure regular communication, maintain strong and frequent controls, evolve the KPI reporting function, and benchmark yourself against other businesses,” he says. “We aim to be the number one in all credit disciplines.” Achieving CICMQ accreditation for the third time has facilitated the wider businesses understanding of the credit management function. Simon continues: “The unique ‘SIG Business Finance Tools for Customers’ offering is seen as providing differentiation from our competitors and adding value to our customer relationships. “The process is one that should ideally be used as a part of any continuous improvement programme, which can be expanded within organisations to ensure gaps in process are improved upon,” he concludes. ROLLS-ROYCE JOINS THE ACCREDITED RANKS ‘TRUSTED to Deliver Excellence’ is Rolls- Royce’s overall company value – and its 40-strong Derby-based credit team is achieving exactly that with first-time CICMQ accreditation. The credit team at Rolls-Royce first found out about the accreditation program by reading Credit Management and Sam Hall, Global Process Owner – Accounts Receivable, made the decision to begin the accreditation process following a CICMQ themed networking session in June 2015. Rolls-Royce has an annual revenue of £13.4 billion, with an order book totalling £76.4 billion worldwide. With over 50,000 employees throughout 46 countries, operating across markets including civil and defence aerospace, marine and nuclear, it serves clients in more than 120 countries – with those clients including armed forces, airlines and navies. Managing c70 percent of the worldwide group’s trade receivables is a 40-member European Finance Service Centre (FSC) Accounts Receivable team, based in Derby. Sam explains that the CICMQ accreditation fits with the FSC’s objectives: “Our strategic objective of achieving upperquartile efficiency and effectiveness is supported by CICMQ, and is also consistent with our overall company value of being ‘Trusted to Deliver Excellence’. The accreditation re-assures stakeholders that we are not too inward looking,” he continues, “and seeking external opinion on our current processes and how to improve our effectiveness going forward is a good way of ensuring this. “You have to be open, honest and receptive to the assessors and other accredited organisations,” Sam advises. “Do not be afraid to question what you do and why you do it. “Finally, share your experiences with other credit teams from different companies and this will help drive the credit industry forward.” 12 October 2016 www.cicm.com The recognised standard
RE-ACCREDITATION FOR FORTUNE 500 FIRM FORTUNE 500 company Anixter, a global supplier of communications and security products and electrical and electronic wire and cable, is celebrating becoming a twotime accredited business. Its UK credit team, which looks after the Network and Security Solutions and Electrical and Electronic Solutions divisions within the UK, has eight members and is led by Bryony Pettifor, who is well-known to the CICM as Chair of its Executive Board. Since it began the process achieving the previous initial accreditation in 2014, the credit team’s profile as a professional and knowledgeable department has escalated throughout the business and on to customers, as Lisa Humphries MCICM, Assistant Credit Manager at Anixter, explains: “The re-accreditation was a natural progression for us to continue with our growth and profile,” she says. “We have taken advantage of the CICM’s networking events and brought in the very best ideas and processes into our every day practices. As a result, the team has the confidence to proactively change for the better and we now encourage a ‘no idea is a bad idea’ ethos.” CICMQ has positively impacted stakeholders too. “We can prove to them that we understand the whole concept and value of credit,” Lisa continues. “It’s a great boost to have our expertise acknowledged by a third party, both personally and in respect of raising our profile within other departments.” UNDERSTANDING ACHIEVEMENT SIEMENS TRIPLE GLOBAL technology firm Siemens has reached the three-time CICMQ landmark. It is the latest in a series of international corporations to have attained this accolade, and has consistently shown to develop and innovate. Its most recent development is a nine Mandatory Elements strategic roadmap, which sets out clear expectations and areas to improve for teams and employees. And the roadmap was highlighted by CICMQ assessor Chris Sanders: “The new Programme is driving quality and performance,” he says, “and improves efficiency demonstrating the credit function is not standing still as continuous improvement never stops.” Gail Armstrong, Head of Cash Collection Services at Siemens, explains this sort of progression is typical of the business as it consistently evolves: “Progression is essential within the technology sector, and that absolutely applies to the credit function as well. “With a strong and well trained team, we can look after customers and develop lasting relationships to our and their benefit.” TO succeed in CICMQ a credit and collections team needs to clearly understand what they want to achieve and how to achieve it, according to BT Plc’s Head of Managed Collections and Enquiries, Cheryl Horstead. The leading communications services company, which has customers across 180 countries, has now been accredited for the second time. With such a wide network, the credit team has to ensure a seamless process that is fully supportive of the business’ functions. “The accreditation and re-accreditation process provides a great structure that aligns into our credit strategy, meaning we can clearly outline our expectations and focus on developing the team’s performance,” Cheryl says. “It also provides businesses with an opportunity to step back from their daily operations and thoroughly review the progress of the credit team and how it has performed over the last few years,” she continues. “Bearing in mind our success with CICMQ, the team take great confidence when an external body assesses us.” BT has maintained strong links with the CICM, as it did prior to its initial 2014 accreditation, and helped to develop training modules. As part of BT’s development programmes, it uses the CICM’s qualifications to enhance the career paths of its employees. “It is really important for the future of the department to continue working with the CICM,” Cheryl adds, “as it provides us with opportunities to keep up-to-date with the industry as well as the ability to share best practice. “To have the team fully involved in the process ensures that we are as successful as possible, and the accreditation demonstrates that we are reaching and exceeding the industry’s expectation.” The recognised standard www.cicm.com October 2016 13
Page 1 and 2: CREDIT MANAGEMENT CM OCTOBER 2016
Page 3 and 4: CONTENTS OCTOBER 2016 www.cicm.com
Page 5 and 6: DO NOT MISS OUT! in association wit
Page 7 and 8: CICM NEWS DEBT CASTS SHADOW OVER YO
Page 9 and 10: FORGOTTEN CHEQUES COST COMPANIES DE
Page 11: DO YOU KNOW THETRUE IDENTITYOFYOUR
Page 15 and 16: OPINION PASSING THE BATON Bryony Pe
Page 17 and 18: Beyond worldclass as standard... 35
Page 19 and 20: FEATURE SPECIAL Meanwhile, FFA’s
Page 21 and 22: The recognised standard www.cicm.co
Page 23 and 24: FEATURE SPECIAL is a mutual scheme
Page 25 and 26: Shortlisted for the CICM award for
Page 27 and 28: FEATURE SPECIAL THE SHIP SETS SAIL
Page 29 and 30: TRADE TALK OLD PROBLEMS, NEW TRICKS
Page 31 and 32: ONE FOR THE ROAD THE June EU refere
Page 33 and 34: Customs law involves a tariff (aver
Page 35 and 36: DOES YOUR TRADE CREDIT BROKER STAND
Page 37 and 38: With so much uncertainty in so many
Page 39 and 40: continued from page 38 > in 2012; a
Page 41 and 42: ADVERTORIAL IS THE CREDITWORLD REIN
Page 43 and 44: Sector Sector Region Getting Better
Page 45 and 46: It is not always appropriate to hit
Page 47 and 48: ‘‘ CICM CICM has signed up it
Page 49 and 50: NEW CICM MEMBERS THE INSTITUTE WELC
Page 51 and 52: The recognised standard For further
Page 53 and 54: If you need to find someone and if
Page 55 and 56: EAST MIDLANDS BRANCH CASTLE ROCK BR
Page 57 and 58: SENIOR REVENUE ANALYST DRIVE BUSINE
Page 59 and 60: Cr£ditWho? CICM Directory of Servi
Page 61 and 62: Cr£ditWho? CICM Directory of Servi
Page 63 and 64:
CREDIT MANAGEMENT CM MONTHLY PRIZE
show all

October 2016 Credit Management magazine

Create successful ePaper yourself

Delete template?

Save as template?