November 2016 Credit Management magazine

credit

THE CICM MAGAZINE FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS

CREDIT MANAGEMENT

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

NOVEMBER 2016 £10.00

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CONTENTS

NOVEMBER 2016

www.cicm.com

REGULARS

4 Editor’s column

6 News

11 CICMQ news update

30 International Trade

34 Legal Matters - DWF

44 Forthcoming Events

48 HR Matters

52 New members

54 Branch News

59 Cr£ditWho? directory

63 Crossword

FEATURES

12 ASK THE EXPERTS

Stuart Hopewell and David Kerr give

an independent opinion on Pre Pack

administration sales.

14 FROM THE CHAIR

Laurie Beagle, FCICM outlines his hopes and

aspirations as the new CICM chair.

16 TOWN AND COUNTRY - COVER FEATURE

Sean Feast visits the credit services team at

Aggregate Industries, and has a tour around

one of Europe’s largest quarries.

20 RABBIT IN THE HEADLIGHTS

Frank Whitworth recalls more tales from his

every day working experiences as a High

Court Enforcement Officer.

22 THE FUTURE OF TECHNOLOGY

Steve Richardson delves deeper into SaaS

solutions.

24 SOAPBOX CHALLENGE

A credit control manager from Belfast needs

convincing about the effectiveness of IVAs.

CICM GOVERNANCE

25 COUNTRY FOCUS

Adam Bernstein takes a closer look at what’s

causing Russia’s current malaise.

29 TRADE TALK

Lesley Batchelor FCICM OBE emphasises the

importance of global economic integration.

34 LEGAL HELP FOR CICM MEMBERS

The CICM’s legal partner DWF provides legal

advice for members and readers.

36 MAKE YOUR CASE

Sean Feast asks the key players in trade

credit insuracnce to describe their most recent

products and innovations, and services ‘beyond’

credit insurance.

40 BENCH PRESS

Amir Ali gives the CCUA’s response to Lord

Justice Briggs’ Civil Courts Structure Review.

42 PAYMENT TRENDS

The latest monthly business-to-business

payment performance statistics.

46 EDUCATION

Debbie Tuckwood, CICM Director of Learning and

Development, highlights recent initiatives of the

CICM Vulnerability Group.

30

7

37

PRESIDENT

Stephen Baister FCICM

CHIEF EXECUTIVE

Philip King FCICM CdipAF MBA

EXECUTIVE BOARD

Laurie Beagle FCICM – Chair

Glen Bullivant FCICM

Sue Chapple FCICM

Larry Coltman FCICM

David Thornley FCICM(Grad) – Treasurer

Pete Whitmore FCICM – Vice Chair

ADVISORY COUNCIL

Laurie Beagle FCICM

Jason Braidwood FCICM(Grad)

Glen Bullivant FCICM

Sue Chapple FCICM

Larry Coltman FCICM

Kim Delaney MCICM

Eleimon Gonis MCICM

Victoria Herd FCICM(Grad)

Christelle Madie MCICM(Grad)

Debbie Nolan FCICM

Bryony Pettifor FCICM(Grad)

Allan Poole MCICM

Phil Rice FCICM

Charlie Robertson FCICM

Chris Sanders FCICM

Richard Seadon FCICM

Shakti Tanda MCICM(Grad)

David Thornley FCICM(Grad)

Debra Weston MCICM

Pete Whitmore FCICM

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www.cicm.com November 2016 3


CREDIT MANAGEMENT

CM

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

the

Editor’s

column

HAVING A LITTLE FUN

ALONG THE WAY

ONE of the best bits about being a

journalist, and especially the managing

editor of Credit Management, is getting

out and meeting people. Those who

work in the credit industry are rarely dull, and

invariably have a good story to tell.

I first bumped into Phil Rice FCICM and his

team at our awards bash earlier in the year.

Now when I say ‘bumped’, I really mean it. I

had the pleasure of presenting them with an

award and as I announced the name, a great

surge of people started charging towards

me and the stage as though someone had

just opened the door on the first day of the

Harrods sale. It was a level of passion and

enthusiasm, perhaps aided by a few snifters,

that is reassuring to see in a world in which

we are often too quick to criticise, and

similarly too slow to praise.

Having extricated myself from the scrum, I

promised Phil I would come and see him, and

last month I got to fulfil that promise with a trip

to the Aggregate Industries’ site in Barden Hill

in Leicestershire. It was a genuine eye opener

to see Phil and his team operating as one,

with a shared ambition and commitment to

be better every day. I have worked in a good

many environments, and led a good many

teams, and think I can spot when something

is for ‘show’ or whether the employees really

mean what they say. At Aggregate Industries,

I can really say that they do, and it comes as

no surprise to learn that they have recently

been CICMQ-accredited for the fourth time

running. Neither is it a surprise to know that

they have been recognised as a CICM Centre

of Excellence.

All of us strive to be the best at what

we do. Personally, I have never been one

for fancy management speak, and abhor

those who adopt the David Brent school of

motivation, for the excellence in that character

was how painfully close he was to real life.

Leadership is first and foremost about getting

the job done, and having a little fun along the

way, in whichever industry you work.

So if Phil ever offers you a chance to have

a look around his quarry, I advise you to grasp

it with both hands. And if you ever get to

present his team with a trophy, enter into the

spirit of the occasion with both eyes open,

and your body armour tightly strapped.

CM MAGAZINE | CONTACT AND PUBLISHING DETAILS: ISSN 0265-2099

Publisher

Chartered Institute of Credit Management

The Water Mill

Station Road

South Luffenham

OAKHAM

LE15 8NB

Telephone: 01780 722910

Fax: 01780 721333

Email: editorial@cicm.com

Website: www.cicm.com

CMM: www.creditmanagement.org.uk

Managing Editor

Sean Feast

Deputy Editor

Alex Simmons

Art Editor

Andrew Morris

Telephone: 01780 722910

Email: andrew.morris@cicm.com

Editorial Team

Tom Berger, Imogen Hart and Iona Yadallee

Advertising

Anthony Cave

Telephone: 0203 603 7934

Email: anthony.cave@cabbell.co.uk

Printers

Warners (Midlands) Plc

2016 subscriptions

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Overseas: £110 per annum

Single copies: £10.00

View our digital version online at www.cicm.com Log on to the Members’

area, and click on the tab labelled ‘Credit Management magazine

Credit Management is distributed to the entire UK and international CICM

membership, as well as additional subscribers

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this

magazine do not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor

reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit

Management’ is a registered trade mark of the Chartered Institute of Credit Management.

4

November 2016 www.cicm.com

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CMNEWS

A

round-up

of news stories

from the world

of consumer and

commercial

credit.

By By Sean Feast and Alex Simmons

CONSUMER SPENDING

IMPACTS RETAILER CONFIDENCE

A

new study from Worldpay reveals

widespread uncertainty about trading

conditions across the retail sector. The

.payments processor claims retailers

that delay investments in their business in the

wake of the Brexit vote could be putting their

long-term prospects at risk.

Despite buoyant economic data from across

the retail sector, just under half (46 percent) of

UK retailers surveyed still believe there will be

a drop in consumer spending over the coming

year, versus 26 percent who believe trading

conditions will remain unchanged with 27

percent remaining undecided.

Retailers in London were more than twice

as likely to believe conditions will become

more challenging in the coming 12 months

than those across the rest of the UK. This stark

contrast in attitude suggests voter preference

could be influencing business behaviour as

much as available data.

Worldpay warns uncertainty over how Brexit

will impact trading conditions is causing many

retailers to delay vital investment needed to

modernise the sector and meet rapidly evolving

consumer shopping habits.

Nearly half (44 percent) of UK retailers

say the outcome of the Brexit vote has led

them to reconsider planned investments in

new technologies and channels to market,

something which Worldpay believes could limit

retailers’ ability to grow if left unchecked.

According to Worldpay’s research,

businesses selling through online channels

were far more confident about post-Brexit

trading conditions than those with only a

bricks and mortar presence, suggesting

that recent interest from overseas shoppers

taking advantage of currency fluctuations and

boosted online spending from non-UK cards,

which increased by 5.3 percent in the month

following Brexit, have served to reassure web

based retailers.

Dave Hobday, Managing Director of

Worldpay says recent high street data

suggests the UK retail economy remains

buoyant following the Brexit vote: “There are

clear opportunities for businesses to thrive in

post-referendum environment, in particular

multi-channel strategies that allow retailers to

broaden their customer base and appeal to

non-UK shoppers will enable businesses to

capitalise fully on the current competitiveness

of UK products internationally.”

Meanwhile according to the latest retail

study from insurance company AXA, while the

austerity years have hit independent shops hard,

small businesses are becoming a powerful force

for change in Britain’s communities.

The last decade has not been kind to

Britain’s little shops – they have seen costs rise

and profits shrink alongside family budgets, and

one in 10 local stores have closed down during

this period.

However, AXA’s research shows that the

survivors are quietly pulling together to improve

and sometimes save their communities, with

eight out of 10 participating in community

projects with other shop owners.

More than half of the retailers surveyed say

that their local shopping district is in decline

due to under-investment; 51 percent actively

lobby the local council for improvements to local

infrastructure and amenities, and one in five

are on a committee that organises community

events aimed at attracting outsiders to their

area.

Additionally, eight in 10 small retailers said

that they ensured their shops reflected their local

area’s history and character. In rural locations,

this brings important economic benefits – 72

percent of village shops provide retail space for

local craftsmen, artists and food producers, and

30 percent said their shop attracted tourists to

their village. Consequently, the pace of closure

of village stores – 300 a year – represents a

pending crisis in Britain’s countryside.

At the sharp end, those located in Britain’s

inner cities provide an informal support network

for homeless people; a quarter said they

provided help directly to those sleeping rough

in their locality. Likewise, a quarter have hired

someone previously living long-term on benefits,

and 15 percent have hired former prisoners

looking for a second chance.

The study also suggests that local shops

are a lifeline for Britain’s growing elderly

population, both financially and socially. A third

of independent shop owners said that local

pensioners would struggle to find an alternative

if they closed. worldpay.com/uk

6

November 2016 www.cicm.com

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CICM NEWS

ACCOUNTANCY BODIES

UNITE TO CLEAN DIRTY MONEY

THE first manifesto for Fighting Economic

Crime has been published by Consultative

Committee of Accountancy Bodies (CCAB),

the collective of five accountancy bodies –

ICAEW, ACCA, CIPFA, ICAS and Chartered

Accountants Ireland.

It highlights four key public policy areas

for improvement to the effectiveness and

capabilities of anti-money laundering (AML) in

the UK.

By including a clear and achievable fourpoint

plan to tackle money laundering and

terrorist financing, CCAB is urging the UK

Government to take the lead in strengthening

the AML regime, especially as the UK

considers the next steps for Brexit.

While welcoming the government’s

recently published Action Plan to counter

such devastating economic crime, CCAB says

that the Government must adopt the best

supervisory practices and not allow public

money to become tainted.

Anthony Harbinson, CCAB chairman and

director of Safer Communities, Northern

Ireland Department of Justice says the

Government needs to strengthen the

national AML infrastructure – which needs

specialist advice and support to ensure this

infrastructure is built on solid ground:

“While this manifesto is aimed at the

Government, CCAB also recognises that the

profession – professional bodies and their

members – have a vital role in combatting

economic crime. We are part of the solution,

with a commitment to report any identified or

suspected money laundering activity to the

Anti-Money Laundering Authorities, such as

the National Crime Agency.”

ccab.org.uk

BBA REPORTS SIGNIFICANT

GROWTH IN AGRI FUNDING

AS farmers across the country draw

harvest to a close, new industrywide

figures published by the British

Bankers’ Association (BBA) show that

bank lending to farms and other agricultural

businesses increased by £1.5 billion last year

– the largest rise since records began nearly

20 years ago.

New data from the BBA’s Annual Statistical

Abstract shows that high street banks

provided loans and overdrafts totaling £13.9

billion to agricultural, hunting and forestry

businesses in 2015 – a 12 percent increase on

the £12.4 billion total in 2014. Total lending to

these businesses in 2015 was at the highest

level on record.

The amount lent by major retail banks to

agricultural businesses in the East Midlands

expanded most quickly, increasing by almost

a third (32.8 percent) to the end of February

2015. Every region of the UK saw lending

expand in the same period, with the exception

of Wales which had seen a 21.5 percent

increase the previous year.

This means the total volume of borrowing

secured by this crucial part of the economy

has grown by over 50 percent in four years.

BBA CEO, Anthony Browne, says bankers

and farmers could not be more different in

the eyes of most people – the two sectors

are typically located in separate parts of the

country and play very different roles in the

economy:

“It’s important to recognise, however,

that both sectors share a mutually beneficial

relationship. The fresh produce that people

buy in shops or get delivered to their doorstep

is not only grown by farmers, it is funded

by banks. In the face of volatile commodity

prices, banks are supporting farmers through

these tough times. It is vital that farmers can

secure the finance that they need to invest in

crops, machinery or livestock.”

bba.org.uk

AWKWARD CONVERSATION FOR TALKTALK

TALKTALK has been issued with a

record £400,000 fine by the Information

Commissioner’s Office (ICO) for security

failings that allowed a cyber attacker to

access customer data ‘with ease’.

The attacker accessed the personal data

of 156,959 customers including their names,

addresses, dates of birth, phone numbers

and email addresses. In 15,656 cases, the

attacker also had access to bank account

details and sort codes. The data was taken

from an underlying customer database that

was part of TalkTalk’s acquisition of Tiscali’s

UK operations in 2009.

The data was accessed through an attack

on three vulnerable webpages within the

inherited infrastructure. TalkTalk failed to

properly scan this infrastructure for possible

threats and so was unaware the vulnerable

pages existed or that they enabled access to

a database that held customer information.

A criminal investigation by the Metropolitan

Police has been running separately to the

ICO’s investigation. ico.org.uk

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www.cicm.com November 2016 7


CICM NEWS

MISSING A TRICK IN

INTERNATIONAL TRADE

A

new report commissioned by World

First has found that the UK is losing

out on a potential £141.3 billion – more

than the combined UK government

budgets for health and defence in 2015/16 –

because of the SME export gap.

The report, entitled Thinking Global: The

route to UK exporting success, was conducted

by the Centre for Economics and Business

Research. Yet despite this renewed focus on

new markets and trade, the report found that

only five percent of UK SMEs have plans to

start exporting in the next five years.

However, by trading their goods and

services internationally the typical exporting

SME added over £287,000 in revenue over the

last 12 months with one in 10 (nine percent) of

SME exporters also saying that exports had

boosted their profits by more than 20 percent.

This means that even if only the five percent

of UK SMEs looking to export in the next few

years did so, they could add £33.7 billion to

UK GDP – a six percent boost to the overall

level of exports from the UK economy in 2015.

While significant opportunities from

exporting exist, SMEs identified a number of

barriers impacting their ability to export more

with language and culture proving a persistent

problem. Language was labelled the top

barrier by SMEs looking to enter the Asia-

Pacific region (23 percent) and South America

(21 percent), and the fourth highest barrier

for Africa and the Middle East (20 percent).

Similarly, culture was named as the biggest

barrier for SMEs wanting to enter Africa and

the Middle East (24 percent).

UK SMEs have reacted to the decision to

leave the EU with a mixed response. When

asked whether Brexit would impact their

business’ ability to export, more than two fifths

(42 percent) said that it would hinder them

versus only 19 percent who said it would help

them. Just over a third (35 percent) said it

would make no difference.

The analysis also shows that the UK ranks

in the bottom five across European economies

when it comes to the share of SMEs among

exporters. worldfirst.com/uk

INSOLVENCY REVIEW COULD HAVE UNINTENDED

CONSEQUENCES FOR CREDITORS

THE Insolvency Service has published a

summary of responses to the Review of the

Corporate Insolvency Framework, prompting

fears from some quarters of the credit

community that the Government is failing

to look at the detail in favour of accepting a

majority view.

Opinions were sought in four key areas

of proposed reform: the creation of a new

moratorium period for financially distressed

companies; provision to require essential

suppliers to continue to supply to a financially

distressed company on existing terms;

creation of a ‘new restructuring plan’ – a

company rescue vehicle that would enable a

‘cram down’ of classes of dissenting creditors;

and measures to encourage ‘rescue finance’.

Two thirds of respondents who commented

on the Moratorium proposal agreed in

principle that the introduction of a preinsolvency

temporary Moratorium would

facilitate business rescue. There was similar

support for the broad objective of helping

businesses to continue trading through the

restructuring process.

There was support too for the proposal

that a restructuring plan which could be made

binding in the face of opposition by a minority

of creditors would be a valuable addition

to the insolvency framework. Stakeholders

provided a range of valuable perspectives on

how the new plan might operate in practice.

In terms of the Rescue Finance proposal,

most agreed that a lack of finance rarely

prevents the rescue of viable businesses;

the existing framework does permit rescue

financing, and there is currently a market for

rescue finance.

But Philip King, Chief Executive of the

Chartered Institute of Credit Management

(CICM), said that there was a danger that

compelling arguments for and against the

various proposals were in danger of being

ignored: “We maintain our position that a

move to a new model similar to Chapter 11 for

UK businesses heading towards insolvency

could have serious, unintended consequences

for creditors, cashflow and thousands of small

businesses within the supply chain.”

gov.uk/government/organisations/

insolvency-service

BEIS LAUNCHES SMALL BUSINESS CONSULTATION

BEIS has launched a consultation seeking the

views of businesses on regulations that will

underpin the complaints process following

publication of The Enterprise Act 2016.

The consultation requires responses by

7 December, and Philip King of the CICM

is urging members of the credit community

to submit their views and comments to

governance@cicm.com as well as engaging

with the wider debate.

Credit professionals are at the forefront

of the late payment debate so their views on

the complaints process and the regulation

underpinning it are essential. The Prompt

Payment Code, hosted and administered

by the CICM for BEIS, continues to

play an important and successful role in

changing payment culture, and alongside

the appointment of a new Small Business

Commissioner next year, we will collectively

help to support small businesses in resolving

payment disputes and helping them to avoid

payment issues in the future.”

gov.uk/government/organisations/

department-for-business-energy-andindustrial-strategy

8 November 2016 www.cicm.com

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BENCHMARKING UK

EXPORT FINANCE

THE British Exporters Association (BExA) has

launched its seventh Annual benchmarking

of UK Export Finance entitled Driving Export

Growth in Uncertain Times.

The Annual benchmarking analysis

follows on closely from BExA’s Brexit

Manifesto and identifies a number of key

areas of Government support that require

coordinated delivery through UK Export

Finance (UKEF), Department for International

Trade (DIT), Department for Exiting the

European Union (DEEU), Department for

International Development (DfID), Foreign

and Commonwealth Office (FCO) and the

British Business Bank using all the ‘levers of

Government’.

It focuses on: a cohesive Government

strategy for Brexit – ensuring UK exporters’

needs are realised under the new trade

agreements that will be required for trading

with the EU and other export destinations;

support to SMEs; UKEF Accessibility, flexibility

and resourcing; and UKEF medium term

financing support.

BExA believes that Brexit provides

Government with a once in a lifetime

opportunity to lay new foundations for UK

export growth. Several departments will have

a role to play and those departments engaging

with exporters need to be co-ordinated

and focused on utilising this opportunity to

achieve the objectives of the National Export

Challenge. bexa.co.uk

NEWS IN BRIEF

SERIOUS FAILINGS

The Financial Conduct Authority (FCA) has

fined Sonali Bank (UK) (SBUK) £3,250,600 and

has imposed a restriction preventing it from

accepting deposits from new customers for

168 days. It has also fined the bank’s former

money laundering reporting officer (MLRO),

Steven Smith, £17,900 and prohibited him

from performing the MLRO or compliance

oversight functions at regulated firms. Despite

having previously received clear warnings

about serious weaknesses in its AML controls,

SBUK failed to maintain adequate AML

systems between 20 August 2010 and 21 July

2014. fca.org.uk

CICM IN BRIEF

This month’s briefing includes details

of the best practice event on 8

November, the quarterly regulatory

update webinar on 10 November, a

new white paper from Graydon, and a

reminder to plan your goals for 2017

with the CPD development plan.

RIMILIA APPOINTS BRIAN MORGAN AS OPS DIRECTOR

RIMILIA has made major changes to its

executive team structure with the appointment

of Brian Morgan as Operations Director.

In the new position, Brian will be

responsible for delivering business services to

many of the top companies worldwide. He

will be also accountable for contributing

to Rimilia’s overall strategy and strategic

corporate partnerships.

Brian has over 20 years of experience in

managing credit departments including debt

management, risk management, managing

risk, cash allocation and the full order to cash

process.

He is a Fellow of the Chartered Institute

of Credit Management (CICM), a Fellow of the

Chartered Management Institute (CMI) and a

Chartered Manager with CMI.

Rimilia Commercial Director Steve

Richardson says Brian is a well-known

innovator in the credit world: “Brian will help

develop our strategy, customer support

and delivery including our new collections

module.” rimilia.com

BERKLEY APPOINTED VICE

PRESIDENT OF FENCA

LEIGH Berkley, President of the Credit

Services Association (CSA), has been

elected to the Board and appointed Vice

President of the Federation of European

National Collection Associations (FENCA).

This strategic re-positioning at the top of

the CSA sees Leigh taking over the role from

the CSA’s Chief Executive, Peter Wallwork,

who has stepped down to focus on the

growing number of member initiatives the CSA

continues to deliver in the UK. It will ensure

the CSA stays centre stage in Europe, and

allow Leigh to continue his close engagement

on European matters when his Presidency

of the CSA concludes at the end of February

2017.

In his new role, Leigh will be working

closely with the new FENCA President,

Erwin Falkner, to drive the interests of the

Associations’ members at the highest level:

“My main role will be to progress Codes of

Conduct for GDPR - the EU data protection

regulation – and also the pan-European Code

for collections,” he explains.

“The principal purpose will be to promote

common standards and hopefully forestall the

EU Commission bringing forward regulation

that is to the detriment of our members.”

The appointment ensures a continuity

of the CSA Board among their peers on a

European stage, and is particularly important

coming so soon after the UK’s vote to

leave the EU: “We need to ensure that we

continue to play a leading role in promoting

and protecting our members’ interests,

particularly in light of a new Pan European

Code,” he continues.

“My appointment means I can continue

the excellent work that Peter has started,

allowing him more time to focus on issues

closer to home. As Vice President of FENCA

and hopefully as an ongoing member of the

CSA Board, I can not only continue our UK

lobbying and stakeholder engagement, but

also ensure our European interests remain

fully represented.”

Having spent three years on the FENCA

Board, Peter was thanked for his hard

work, dedication and commitment by Piotr

Badowski, Treasurer of FENCA, as well as for

his professional insight. The appointments

were announced at the FENCA World

Congress in Berlin in September.

fenca.org csa-uk.com

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www.cicm.com November 2016

9


I am saddened to report the death of Oswald

Royaards on 9 August, 2016 in The Netherlands

at the age of 81. He may not have been known

personally to many credit professionals in

the United Kingdom, but his impact upon the

credit profession throughout Europe borders

on the legendary. A credit man to the core, he

was in fact one of the co-founders of VVCM,

the Dutch credit management association,

being their Chairman for a full 13 years. He

was substantially involved in establishing

training courses in The Netherlands, leading to

their Certified Credit Manager qualification.

Beyond his home country, Oswald served

as one of the early Presidents of the Federation

of European Credit Management Associations

(FECMA), an initiative promoted by the UK in

1986 under the inspiration of Sir Roger Cork,

and he took his commitment to promoting

cross-border co-operation and understanding

seriously. So much so that he was an

enthusiastic supporter of the establishment of

a national association in Germany, BvCM. He

became BvCM Honorary Chairman, and his

legacy is undoubtedly reflected in the success

of both the Dutch and German associations.

The Netherlands owes much to his

enthusiasm and commitment, serving on

numerous committees, promoting best

practice and inspiring generations who

followed. At the Pan European Credit

Management Congress in Budapest in 2013,

I had the great honour and privilege of

presenting Oswald with the FECMA Lifetime

NEW DEPUTY

VICE-PRESIDENT

AT IPA

THE Insolvency Practitioners Association (IPA)

has appointed Lloyd Hinton FIPA of Insolve

Plus as its next Deputy Vice-President. He is

expected to become IPA President in April

2018.

Lloyd has been a member since 2001,

an IPA licence holder since 2007, is a fellow

of the Association, and is Chairman of the

Examinations and Training Committee. He

is also a member of the IPA Council and has

been progressively active in the Association’s

activities since joining the Young Professionals

Networking Committee some ten years ago,

which he went on to chair. He also sat on the

editorial board of Insolvency Practitioner and

was the Vice Chair of MSC.

Lloyd will support the work of the President

and Vice-President over the next 18 months,

drawing on his experience from firms that

specialise in helping SMEs and sole traders in

financial difficulty.

“The IPA continues to play a pivotal role

in widening the public’s knowledge and

understanding of the work of insolvency

practitioners; working with the professional

bodies that shape policy and providing

an ever-widening range of services to its

membership to raise standards,” Lloyd says.

OBITUARY

Dr Oswald Royaards CCM

Achievement Award – a sculpture by Dieter

von Levetzow, which beautifully represented

what was a life’s work. He was a gifted narrator

and his speech of thanks mixed the Dutch,

German and English languages – typical of the

man that nobody should be left out.

A nice man in a hard world – a team creator,

team leader and team player. He was what

credit management is all about and will be

sorely missed. RIP.

Glen Bullivant FCICM

The IPA continues to play

a pivotal role in widening

the public’s knowledge

and understanding of

the work of insolvency

practitioners.

NEWS IN BRIEF

RUNNING THE RISK

A new survey conducted by business insurance

provider SME Insurance (SMEi) suggests

that 34 percent of UK SMEs polled could be

uninsured for the biggest risks they face.

Of those firms that have insufficient

insurance cover, 34 percent chose cyberattacks

from a list of major risks as the biggest

threat to their business. Public liability is

ranked in second place by 28 percent of SMEs,

followed by crime at 19 percent.

When it comes to cyber-crime, 30 percent

of respondents state they would be most

vulnerable to computer viruses, while 22

percent claim data theft is the sole digital

threat. According to 15 percent of respondents,

a lack of security awareness amongst its

employees may be leaving their business

vulnerable online. smeinsurance.com

OUTDOOR PURSUIT

SHOOSMITHS has advised the sellers on the

disposal of retailer, Rohan Group, to H. Young

Holdings. Founded in 1972, Rohan provides

outdoor activity clothing, operating 55 stores

across the UK and employs over 250 full time

staff. The Group has experienced steady

growth over recent years with sales of around

£28 million. Roger Cann, Managing Director

at Rohan, says the new deal will provide the

resources for further development of the

Rohan brand: “It will also ensure the company

continues to expand and provide high quality

outdoor clothing to its loyal customer base.”

shoosmiths.co.uk

PREMIER LEAGUE

PARAGON Bank’s asset finance division,

Paragon Bank Asset Finance, has acquired

one of the UK’s asset finance brokerages,

Premier Asset Finance (Premier). The initial

consideration for the purchase is £8.5 million,

payable in cash. A further £12 million is

payable over the following five years, subject

to performance conditions. Headquartered in

Edinburgh, Premier sources in excess of £100

million of lending per annum to a range of SME

customers. Working together, Paragon Bank

Asset Finance and Premier say they will focus

on expanding their asset finance business

across a range of asset classes including

wheeled assets, plant and machinery and IT.

paragonbank.co.uk/lending/asset-finance

INITIAL PRE-PAYMENT

Bibby Financial Services (BFS) has launched

100 percent Initial Pre-payment (IP) for

commercial businesses. The initiative is

described as being available with immediate

effect on factoring, invoice discounting

and export finance facilities for qualifying

commercial businesses with turnover

between £300,000 and £5 million.

bibbyfinancialservices.com/

GROWING CIRCLES

Forums International has added Moore

Stephens as its Corporate Insolvency Partner in

support of its UK forums. Forums International

currently operates nine forums for credit

and finance professionals across a variety of

industries. The forums are designed to be a

community of peers who come together to

share experiences and work to find solutions to

common problems. forumsinternational.co.uk

10 November 2016 www.cicm.com

The recognised standard


CICM BEST PRACTICE

QUALITY ACCREDITATION BY

THE CHARTERED INSTITUTE OF

CREDIT MANAGEMENT

The 12-strong credit team at John Lewis

Partnership has now become CICMQ

re-accredited, and the assessor’s report

had no immediate recommendations for

improvement.

The business, which includes department

store John Lewis and Waitrose, became the

first retail company to achieve CICMQ

RE-ACCREDITATION FOR JOHN LEWIS

re-accreditation following its success in 2014.

Joy Randev, Manager Accounts

Receivable, explains the importance the

company places on maintaining success:

“CICMQ was one of our annual objectives

that are set by our directors,” he says, “so it is

great news to achieve re-accreditation.”

The team has also automated its

processes since the initial accreditation,

helping to improve the reporting function,

something that Joy says is hugely important:

“To become a CICMQ-accredited team you

really have to know what you’re doing, have

clear job descriptions for every team member,

and active key performance indicators and

objectives.”

GREAT

EXPECTATIONS

CICMQ re-accreditation has been awarded

to EDF Energy (UK), in what is another

example of a household-name company

seeking further business accolades.

Over the past two years, the revenue

management team has seen an internal

merger of two departments, organisational

restructure, streamlining through reduced

staffing levels and the implementation of a

new system.

But these challenges were overcome.

The credit management team has

seen continuous improvement, and its

accreditation is highly valued by the wider

business.

“The accreditation is now used in EDF

Energy’s bid process,” says Sue Chapple,

Head of Revenue Management at EDF

Energy. “It is an expectation of a number

of our customers as a standard entry

requirement into some tender processes.

“This expectation ensured we worked

hard to gain and retain the accreditation,”

she continues. “Not being a CICMQ

business is definitely not on our radar.”

MILEAGE ON

ACCREDITATION

The regional newspaper group Local

World has become CICMQ re-accredited,

following its acquisition by publishing

business Trinity Mirror.

Since its initial accreditation, the credit

team has had to manage this acquisition

and the operational challenges, while

it has also been running a nationwide

programme to forge more constructive

relations with Local World’s sales

department.

The project saw the credit team travel

in excess of 5,000 miles to present to

every sales team within Local World’s

portfolio, as Mark Mackey, Head of

Credit Management and Customer

Services explains: “It was both a logistical

challenge, literally involving planes, trains

and automobiles, and also a challenge

in some places where our role within the

business was little understood.

“We have received overwhelmingly

positive feedback from the sales division,

and that has led to positive results,” Mark

concludes.

MOTIVATING

SUCCESS

TalkTalk Business has reached a two-time

CICMQ milestone following year-on-year

performance improvement, according

to its Head of Credit and Risk Sharon

Dunlop.

“Accreditation is viewed highly within

the business, and the team works hard

every single day to succeed and improve.

“We employ clear objectives with

bonus driven targets,” she adds. “That,

together with concise communication,

is the key to running a successful credit

department.

“The team needs to fully understand

the department’s objectives and how

they are performing against these, while

stakeholders, who have a professional

and productive outlook of the team,

continue to engage with us to ensure

business support.”

With this strong team, the CICMQ

report from assessor Chris Sanders

notes TalkTalk is already planning its

award entry for the CICM’s British Credit

Awards.

Third-time accredited Siemens is in the ‘upper

quartile’ of all accredited organisations,

according to assessor Chris Sanders.

Active in over 200 countries, the global

engineering and technology company says

continuing with CICMQ is important as it

harbours extended communication with likeminded

companies, which in turn ensures

its internal processes are at the highest

standards.

Siemens is a constantly evolving business,

and Gail Armstrong, its Head of Cash

Collection Services, explains this progression

is vital within the technology sector: “This very

GOING GLOBAL

much applies to the credit department as well,

we have recently moved into a global arena,

where best-practice sharing around the globe

is deemed business as usual.”

With the understanding that the credit

function is often the first point of post-sale

contact, Gail adds that establishing solid

relationships is crucial for the longevity of

future business: “We have recently further

developed our strategic roadmap, using the

concept of Nine Mandatory Elements, which

focuses employees on improving its core

business competencies.”

This roadmap was highlighted by 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.”

Siemens’ people and the way that they

are trained has also helped it to achieve

re-accreditation, Gail continues: “First and

foremost, credit management needs to take

care of its people, from their wellbeing to

career aspirations and training requirements.

Ensuring the processes used are lean and

seamless will ensure our customers see the

benefits.”

The recognised standard

www.cicm.com November 2016 11


ASK THE EXPERTS

UNPACKING

THE

PRE PACK

This month, the Pre Pack Pool will have been in existence for a year.

Stuart Hopewell, CICM Vice President, and David Kerr, Chief Executive

of IPA, give an independent opinion on Pre Pack administration sales

to connected parties.

12 November 2016 www.cicm.com

The recognised standard


THE Pre Pack Pool was originally set up

as part of the reforms recommended

by Teresa Graham in her report into

Pre Packs in the summer of 2014. After

endorsement by the then Business Secretary,

Vince Cable, an ‘Oversight Group’ comprising

the insolvency bodies, creditor bodies and

other stakeholders such as the Institute

of Directors (IOD) worked hard to create a

working format for the Pool.

Dr Cable wanted to be able to put a

statement to Parliament by March 2015 that

the Pool was set up, which presented the

Group with quite a challenge. In the event,

although the statement was issued on time,

the Pool couldn’t begin taking cases until

November 2015. This coincided with the

implementation date of a new Statement of

Insolvency Practice 16.

In brief, ‘connected party’ Pre Packs

(where the business is in effect sold back to

the original directors/owners) can be referred

to the Pool for an independent ‘endorsement’

(or not). This opinion will then form part of

the Insolvency Practitioners’ (IP) report, a

public document open to inspection by any

interested party, the objective being to give

some ‘comfort’ particularly to creditors that

the transaction is reasonable. Creditors can

then make a more informed judgement as to

whether to supply the ‘newco’.

While referral is purely voluntary, the

Government has retained the power to

take statutory measures within five years if

the voluntary process is deemed not to be

working.

UP AND RUNNING

Having appointed 20 reviewers principally

from the ranks of the Institute of Chartered

Accountants in England and Wales (ICAEW)

and the IOD, the Pre Pack Pool was launched

on 2 November. While it is fair to say that

the system wasn’t universally met with

enthusiasm by the ‘trade press’, once the

benefits of referral were outlined at road

shows and other events organised by ICAEW,

R3, Insolvency Practitioners Association (IPA)

and individual IP firms, the profession was

more positive.

One of the most common misconceptions

was that the Pool would in some way be

‘checking the work of the IP’, when in fact it is

for the acquiring party to make an application.

Another was that the process would be time

consuming, but the web based process and

the commitment to respond within a maximum

of 48 hours allays such fears. In fact, the

majority of cases have been handled in well

under this time frame.

A SLOW START

In its first year numbers of referrals have been

slightly disappointing, but this must be set

against the benign insolvency environment

recently with low interest rates meaning the

number of companies struggling is at an alltime

low.

When Teresa Graham’s report was

compiled she used 2010 statistics that

showed around 600 companies being

‘pre packed’, of which 63 percent were to

connected parties. Compare that number with

only 340 companies falling into administration

in total in Q2 2016.

There have been 37 cases referred to date

STAR GAZING So what is the future for the Pool? We

continue to strive to get our messages across…that

this is a fully independent body set up to give creditors’

confidence in the process. Regular articles have

appeared in Accountancy Age, Recovery Magazine,

City AM and of course Credit Management to this end.

with all but five receiving a positive response.

While not all regulators have sent in statistics,

we are confident that approximately one third

of all connected Pre Packs are coming to the

Pool. What is interesting is that the value of

deals far exceeds Teresa Graham’s stated

average transaction value of approximately

£100,000. If we ignore the ‘extremes’ (the

highest being £65 million, the lowest just

£15,000) the average to date is a shade under

£500,000.

Included in this data are companies as

diverse as a high street chain of stores (not

BHS), an offshore oil field support company,

several from the construction trade and even

an overseas entity that has a base in London

and sought a positive response from the Pool

as part of its re-structuring.

In terms of insolvency practices there has

been a fair spread of medium to large firms

acting as administrators, with 18 different

firms represented so far.

PLUS POINTS

Now that the process is established, reaction

from stakeholders is increasingly positive. In a

recent article published in Recovery Magazine,

James Hillman of Irwin Mitchell Solicitors said

‘A positive opinion from the Pool provides

a clear indication from an independent and

experienced third party that the proposed

transfer is not unreasonable’. In the same

article James Snowdon of CBW (a corporate

recovery specialist) said: ‘The fact that a

connected party’s bid had been reviewed by

the Pool provided a degree of confidence and

trust. I would suggest this was evidenced

by the unanimous support I received for my

(administration) proposal’.

Oliver Parry, Communications Director at

the IOD recently explained: “The Pre Pack

Pool is an important step in de-stigmatising

the pre-pack administration regime,

which in many cases represents by far the

best outcome for creditors of distressed

businesses. “Creditors of a business which

has undergone a pre-pack to a formerly

connected party (usually a director or

directors) will be able to draw comfort from a

positive opinion from the Pool.

“This independent view will confirm that

the Pre Pack was a genuine and necessary

attempt to rescue a terminally distressed

company, and not a strategic manipulation

of the process to benefit specific individuals

or institutions. “The IOD has been supportive

of this initiative from its original concept and

is pleased to see it in action.” In a further

endorsement, Neil Bennett of Leonard Curtis,

who chairs the IPA’s’ regulatory committee

and handled the high street chain mentioned

earlier told us: “This was one of our earliest

and largest cases where an application

was made to the Pre Pack Pool. The speed

with which the process was dealt with

helped to enable an orderly and rapid sale

of the business. Our proposals were also

subsequently approved by the major creditors,

including a substantial number of landlords.”

STAR GAZING

So what is the future for the Pool? We continue

to strive to get our messages across…that

this is a fully independent body set up to give

creditors confidence in the process. Regular

articles have appeared in Accountancy Age,

Recovery Magazine, City AM and of course

Credit Management to this end. We have been

taking the message to all corners of the UK

talking to IPs, solicitors and other members

of the business community. However, as

mentioned earlier the regime is purely voluntary

and it depends, to some extent, on IPs

complying with the Statement of Insolvency

Practice (SIP 16) requirement to make

prospective purchasers aware of the benefits of

using the Pool, but ultimately on the willingness

of those purchasers to engage and incur the

cost of a Pool application. Credit managers can

help in this by taking a stance. If credit were

only given where a Pre Pack had been referred

to the Pool, then perhaps directors would think

twice before ignoring the Pool. Indeed, it may

go against the grain to grant credit at all in a

Pre Pack situation but a positive response from

the Pool should go some way to giving the

newco some credibility.

Ultimately, however if the system is seen

not to work then the ‘reserve powers’ exist to

completely ban connected party sales (Small

Business Enterprise and Employment Act 2015)

and surely that would be a retrograde step

when Pre Packs have been shown to preserve

jobs and generate a higher bid for a failed

business than in a ‘fire sale’ (the expiry date on

this power is May 2020, so there’s time to make

it work!)

Could the remit of the Pre Pack Pool be

extended? A revised SIP 13 referring to the

disposal of assets in insolvency process (not

just a pre pack), seeks to ensure ‘transparency

in all dealings’, ‘require adequate disclosure to

creditors’ and ‘provide creditors (and others)

with sufficient information so that a reasonable

and informed third party would conclude the

transaction was appropriate’ and ‘provide

creditors with a sufficiently detailed justification

of why a sale to a connected party was

undertaken’.

As creditors are often regarded as

particularly ‘disengaged’ when it comes to

insolvency outcomes perhaps there is a role

for the Pool to represent their interest in all

connected sale situations?

WHAT LIES AHEAD?

While the Pool got off to a slow start referrals

are now gathering momentum. We firmly

believe it has a crucial role to play in changing

the perception and acceptance of the Pre Pack

process.

As the ‘strap line’ says we are there to give

creditors that independent view and confidence

that the system is not being abused.

The recognised standard

www.cicm.com November 2016 13


FROM THE CHAIR

CHAMPION

CHALLENGES

Laurie Beagle FCICM, EIICM outlines his hopes and aspirations as

the new CICM chair.

I

feel very privileged and proud to be

appointed Chair of the Chartered Institute

of Credit Management. Having joined the

CICM in 1983 and become a Fellow in 1990,

I definitely see this appointment as the pinnacle

of my career.

Firstly, I would like to introduce myself.

Having initially been a member of the Thames

Valley Branch, I moved north in 2007 and am

the current Chair of the Sheffield and District

Branch. Like many of you reading this I didn’t

start my career in credit. I was in retail, window

dressing, shipping and Accounts payable before

joining the finance team at Sperry Marine. Then

I began working in credit in the timber industry

followed by the IT sector with Digital Equipment.

Shortly after my world was shattered when

I was made redundant. At the time, however, I

didn’t realise that this would present me with

many new opportunities and I would begin

experiencing many different aspects of credit

management: business and credit information;

consultancy; and training and credit forums

which we run in the UK and Europe for various

industries.

My current position is Managing Director

of Forums International and while I may have

had many roles and titles over the years, I

am passionate about my profession, credit

management. I was on the Executive Board when

we were granted the Charter, and it made me

feel very proud to be a CICM member. This,

was in my opinion, a defining moment for the

Institute.

I see the Executive Board as a team that

works closely with the Chief Executive, Advisory

Council and the SMT at the CICM headquarters.

As Chair I see my role as being to lead and

support the team in delivering our three core

strategic objectives to ‘Engage’,‘Promote’ and

‘Support’. Having worked in many aspects of

the credit profession, and with my interaction

with credit professionals across many different

industries and geographies, I believe I will

bring to the Board experience, awareness,

professionalism and an open mind.

There is, and always will be, many challenges

and we don’t have a magic wand. But you, the

members, are vital to the future of the CICM

and this leads me firstly to a ‘big thank you’ to

all those who are involved at branch level. We

know that you all have day jobs and families,

and that being involved at branch level is

purely voluntary. What you are delivering to

the members, however, is so important. How we

maximise the branch network in the future is an

ongoing topic of discussion, and how we can

continue to add value. I hope we can share what

is working well and lend help and guidance

where further support is needed.

Two of the key areas we also need to focus

on are profitability and membership. A strong

financial infrastructure and management are

key to ensuring we have the funds to deliver

programmes and build the CICM of the future.

In terms of membership, the Charter helped

further raise our profile which not only helped

to attract new members but also support our

existing professionals. We will continue this

positive trend with various initiatives, closer

ties with appropriate colleges and educational

establishments and the apprenticeship scheme,

all of which I hope will have a positive impact in

the next 12 months.

One of our greatest challenges is always to

demonstrate just how far we have come over the

years. We need to continue to engage with the

whole membership and encourage the more

experienced members to support their younger

team colleagues to become CICM qualified and

receive the many benefits of CICM membership.

I am excited about the future as a champion of

the CICM and the credit profession. I also look

forward to working with my colleagues Pete

Whitmore, David Thornley, Sue Chapple, Glen

Bullivant and Larry Coltman.

My goal for the next two years is to serve the

membership to the best of my ability and be

actively involved in developing the CICM of

the future. Please contact me and let me have

your thoughts and opinions email: governance@

cicm.com

Laurie Beagle FCICM, EIICM

14 November 2016 www.cicm.com

The recognised standard


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The recognised standard

www.cicm.com November 2016 15


TOWN AND COUNTRY

CONCRETE

IDEALS

In the first of a new series, Sean Feast visits the credit services team at

Aggregate Industries, and has a tour around one of Europe’s largest

quarries.

IT’S 8-45am and after a journey of two hours up the

M1 I finally arrive at my destination, Bardon Hill

in Leicestershire. The large Aggregate Industries

signs are complemented by much smaller ones

asking you to reverse park. It’s a safety thing. Indeed,

the first thing you learn about Aggregate Industries is

their passion for safety.

I’m visiting Phil Rice FCICM and his 30-strong

team at the shared services centre (SSC). Theirs

is a modern building with the people sub-divided

into further specialist teams based on regions and

discipline. Having just achieved CICMQ accreditation

for the fourth time, and recently becoming a Chartered

Institute of Credit Management Centre of Excellence,

Phil is justifiably proud of his employees, and their

close association with the Institute.

Every one of his department is a CICM member

and nearly all are qualified or currently studying. The

youngest member is Bradley Abbot, the first CICM

Trailblazer apprentice. Although he looks terrifyingly

young (he should, given that he is only 16), he already

possesses a calm assurance and confidence that is a

feature of the SSC.

MORNING HUDDLE

I arrive in time for the morning ‘huddle’, the individual

team leaders reviewing the principle activities of the

day. It gives me a chance to see the office in action,

as Phil talks me through what the department is

responsible for. It’s a long list: opening new accounts;

allocating cash; collecting overdues and due debt; and

managing risk.

Crucially, Phil explains, they work very closely with

the commercial colleagues: “It used to take two weeks

to open a new account,” he says, “and today we can do

it in a day.”

The credit services team not only assists in

generating new business; it also plays an essential role

Our adage is that we never say ‘no’.

We will always find a way of doing business

and finding a trading solution that is good

for us and good for our customers.

in re-generating dormant accounts, and has created a

dedicated ‘reactivation’ team delivering tangible results

running into millions of pounds.

“Our adage is that we never say ‘no’. We will always

find a way of doing business and finding a trading

solution that is good for us and good for our customers.”

Customers range from white van man to

multinational corporations, with credit limits of between

£5,000 and £25 million. The team handles huge numbers

of inbound/outbound calls – something in the region of

250,000 each year – confirming Phil’s view that credit

managers are first and foremost customer services

people.

Some of the numbers are mightily impressive: 98

percent of those calls were handled by just 13 staff.

The wider team manage upwards of 50,000 invoices

every week - taking payment by cheques, BACS, credit

cards and the American Express AMEX AP scheme. For

their work with the latter, they won Project of the Year

in the CICM British Credit Awards 2016. They resolve

thousands of customer queries and juggle tens of

thousands of pieces of paper: “The construction industry

still likes a paper trail,” Phil laughs.

ELEVATED STATUS

Since Phil joined the business in 2009, he has sought

to elevate the team’s status among his peers, and is

delighted with the support he receives from the CFO

and Vice President of Finance, both of whom are strong

advocates of continual learning. He has made simple

changes to further enhance customer service, including

extended opening hours (which includes Saturday

mornings) and agreed SLAs for both their internal

and external stakeholders. He has also introduced a

customer portal, enabling customers to make payments

remotely.

As well as the specific business improvements, Phil

has also introduced a sense of fun and camaraderie

within the team that is instantly apparent. A fiercely

contested table football competition, live music at

lunchtime and regular exceptional achievers’ awards

(and the largest silver trophy I have ever seen outside

of professional sport) are just three examples. They

also recently had a visit from Tim Lodge, a Paralympian

rower, as an example of triumph over adversity.

16 November 2016 www.cicm.com

The recognised standard


FRONT

COVER

FEATURE

With the first part of my tour completed, Phil

presents me with a box of personal protection clothing,

comprising an orange high-viz jacket and trousers,

steel-capped boots, hard hat, eye protectors and gloves.

I look for all the world like I am about to step foot on an

oil rig or the set of a disaster movie. Happily, it is less

dramatic, and I am introduced to Steve Harle, the Works

Manager.

Steve is a Geordie, although his accent is now

somewhat softened by years of working overseas and

‘down south’. We clamber aboard his Ford truck to

drive the short distance to the quarry, climbing high

into the hills to a viewing platform to look down upon

what can only be described as the biggest hole in the

ground I’ve ever seen.

A THING OF BEAUTY

To Steve, it’s a thing of beauty. Its sides are stepped, and

along those steps (or ‘benches’ as they are known) a

small convoy of fully-loaded dumper trucks make their

way slowly to an areas known as the surge pile, and

an early stage of how the granite is treated. There has

already been some sorting completed on the quarry

floor, with rocks of a particular size picked individually

and placed in a wagon. In other cases, mighty diggers

scoop great bin loads of granite, filling each truck to

capacity, their weight blinking at us in red numbers on

the side of the cab. Each can carry the better part of 100

tonnes. From up high, the trucks look for all the world

like Tonka toys. When we get close, however, their

enormous size is almost difficult to conceive. Especially

when Steve tells me that those huge tyres can still

puncture.

Steve’s not happy. Bunching the trucks too closely

together impacts the flow of granite to the surge, and

means one truck has to wait while the other unloads. It’s

not efficient, and he’ll have a word.

To say that the site is busy would be an

understatement. They are currently at level 15 and

they will reach Level 20 by 2019 and the quarry will

close. It is shaped in a cone to ensure the integrity of

the site, and the base is getting progressively smaller.

All around us are vehicles of every shape and size

including water bowsers to deal with the dust. There

are no fewer than 600 vehicle movements a day. Of the

three million tonnes of granite quarried each year, at

least one million tonnes leave by train; the quarry has

its own railway siding and up to four train loads are

despatched every day.

Accreditation is not only great

kudos for the company, but is

also recognition of the individual

contribution made by every

member of the team.

The process is bewildering: drill rigs dig holes

where the surveyors tell them to and into which the

explosive charges are set. Typically, they will charge

and fire twice a week, each explosion bringing

between 20 – 40,000 tonnes of rock for the sorting to

begin. More than 15,000 tonnes are brought out every

day.

PRIMARY CRUSHER

From the surge pile, rocks go to the primary crusher

which is like a huge mortar and pestle. Depending on

the size of the product required (200mm, 75mm, 20mm

etc), the granite is then sent through a secondary and

then a tertiary crusher. Recently they installed a new

line that washes the stone, and turns product that might

have previously been sold off cheap into something that

commands a higher premium. It has more than paid for

itself already.

“If we mine a tonne then we want to sell a tonne,”

Steve says. “That is our mantra and currently we sell

more than 99 percent of what we quarry. We produce up

to 12 different products but actually sell some 256. This

is because our customers have special orders where we

need to wash and mix to achieve a specific blend that

they are looking for.”

continues on page 18 >

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www.cicm.com November 2016

17


TOWN AND COUNTRY

continued from page 17

>

Applications for the products vary considerably.

Aggregate Industries has recently provided the Asphalt

being used to resurface the runway at East Midlands

Airport. Its products can also be found at The Olympic

Park (all delivered by ship and train and barge) and

the Kelpies in Scotland, and the concrete pour for

The Shard also has the Aggregate Industries’ seal of

approval....they supplied the ready mixed concrete.

As well as Asphalt and Aggregates, the company

also provides concrete products (used for curbing,

staircases and railway station platforms etc), ready

mixed concrete, sand and gravel, specialist sands

(the sort used for sports pitches and water filtration),

rock armour (‘gabions’), track ballast, and every point

in-between, including quality decorative stone and

roofing tiles. Nothing is wasted. They also have a large

road surfacing operation that is involved in Motorway

and Highway projects and airport runways and large

carparks.

From the bottom of the quarry we follow one of the

huge dumper trucks back to the surface. Steve takes

care not to get too close; rocks have been known to fall

off. We head for the control room, a comparatively small

hut from where the whole site is monitored. Outside is

a small convoy of Land Rovers - they seem to be our

constant companion. Inside is a bewildering array of

screens and displays that tell us that all is well and that

the plant is performing to its optimum capacity.

CICMQ ACCREDITATION

Steve drives us back to the main office and bids us

farewell. But the day is far from over. Glen Bullivant

FCICM, a CICM Vice President, has arrived, wearing

a typically understated tie. It is the hallmark of all

distinguished gentlemen, I am led to believe, and

something that I will no doubt aspire to in the future.

Glen is here for the serious business, to present

the CICMQ accreditation to Phil and his team who are

SAFETY FIRST: Sean Feast and Phil Rice FCICM.

understandably delighted. “Since becoming one of the

first to achieve CICMQ, we have never looked back, and

the senior management has been extremely supportive

throughout,” Phil tells me. Glen congratulates everyone

present: “Accreditation is not only great kudos for

the company, but is also recognition of the individual

contribution made by every member of the team,” he

says. “Getting better never stops,” he adds.

With the formalities completed, it’s time for a

celebratory lunch and orange juice laid on by the

Aggregate Industries’ catering team before it is at last

the hour for me to depart back to London. It has been a

welcome day of discovery, of getting to know Phil and

his team, understanding more about their achievements,

and the workings of one of the country’s largest

quarries. And of dressing up.

If we mine a tonne then we want to sell a tonne. That is

our mantra and currently we sell more than 99 percent

of what we quarry. We produce up to 12 different

products but actually sell some 256.

18 November 2016 www.cicm.com

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www.cicm.com November 2016 19


OPINION

RABBIT IN THE

HEADLIGHTS

Frank Whitworth continues the series with a second Day in the Life of an HCEO

article, including on incident where a shotgun was waved in his face.

20 November 2016 www.cicm.com

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Back in the 80s my car was kept full of coins, with any

acquired small change always being allocated to the

ashtray for those telephone emergencies. I quickly

learned the location of just about every telephone box

within 25 miles.

WE all know how infuriating it is

when we get into the car to go on

a journey, trying to set the satellite

navigation and it won’t let you

because it doesn’t recognise the address or

the postcode you are trying to input. Can you

imagine the world of enforcement before the

Sat Nav or worse, the mobile phone?

Back in the 80s my car was kept full of

coins, with any acquired small change always

being allocated to the ashtray for those

telephone emergencies. I quickly learned

the location of just about every telephone

box within 25 miles. You could do that then

because the country was divided up into

‘bailiwicks’. Each Sheriff’s Officer had his own

bailiwick and pretty much knew every serial

defendant in the area on a first name basis.

By the mid 80s British Telecom had

invented the phone card, which meant the

ashtray became redundant. These cards were

only available in fixed denominations. The

problem was they could not be topped up

and there was no way of knowing how many

units were still left on a card. This resulted in

many telephone calls ending abruptly, without

notice, and subsequently the ash tray was reemployed

as a phone card tray instead.

We arrived with the

documents at the farm

gate only to be told that

the gun, which was being

pointed right at my chest,

was loaded and that in

his opinion a bailiff was

no different to a rabbit!

One day I set off with a writ to enforce

where the address given was just a house

name and an area and, of course, no

postcode. This was a common occurrence, so

I headed straight to the local post office who

obliged with brief directions referring to the

property being at the ‘back of beyond’ several

miles up a little known track. Although this

was very useful I quickly became confused

and needless to say, very lost.

My second course of action was to ask

anyone who happened to be about, if they

knew the property. As usual, no one had ever

heard of the place. That was until I asked a

little old lady carrying a weighty shopping

bag, who said she knew of the house and was

going that way and would welcome a lift. So in

she jumped and off we went.

Enforcing a writ usually meant making the

best use of the element of surprise in the days

and hours before the notice of enforcement.

“What name might you be looking for,”

asked the lady as we bumped down the road

normally frequented by the local dairy herd.

“You will be needing that property just over

there and you can drop me off outside.” I

sheepishly obliged realising there was only

one dwelling at our chosen destination, and

my cover was well and truly blown.

Do I wait until she has gone inside and

then knock on the door or do I identify myself

whilst she is still in the car?

“Thank you for the lift young man. We don’t

get many visitors in these parts. You better

come in, we have been expecting you!” An

hour later I left the ‘back of beyond’ with the

contents of a rusty tin containing crumpled

five pound notes.

They say you never forget staring down the

barrel of a shot gun. I certainly don’t.

This defendant was being evicted from his

house, where he had lived his entire life, to

make room for the M62 motorway.

We arrived with the documents at the farm

gate only to be told that the gun, which was

being pointed right at my chest, was loaded

and that in his opinion a bailiff was no different

to a rabbit!

It is no surprise that we did not proceed

on that occasion. However, we had a job to

do and gun or no gun we had to find a way of

getting possession.

The heavy machinery was already in use

just a few hundred yards away from the house

and we were under pressure to get the job

done without delay. The most obvious course

of action would be to go straight to the police

and have the man arrested. But the defendant

would still have to come back to clear out

the farm contents, including all the sheep. He

could not do that if he was in jail.

I visited all the neighbouring properties

and learned the defendant, who was in his

seventies, had inherited the farm some 30

years earlier and only ever went out to visit

the local auction mart every fortnight. I also

learned that he had lived there his entire life

and had no family.

Somehow I had to find a way of getting to

actually speak with the man and not the man

with the gun. So I turned up on my own with

only my faithful golden retriever for company,

one evening in my walking boots and woolly

hat, praying that he would not recognise me

as one of the crowd wearing suits from the

previous visit.

A public bridal way crossed part of the

land and it wasn’t long before I spotted the

defendant who warned me to keep my dog on

the lead so as not to bother his sheep. I asked

him if he was the man I had read about in the

local paper. He said he didn’t know because

he did not read the paper. I asked him where

he was going to move to and he just shrugged

his shoulders. It turned out that he could not

read. No one had bothered to actually visit

the man before. All the paperwork had gone

unread and now he was a frightened old man

trying to defend his territory.

For the next three hours I sat in his kitchen

drinking tea and just chatting. He had no idea

that he was entitled to proper compensation

for the compulsory purchase of his farm and

land and also for the farming business.

Once he realised, he was quite content to

move out. The farm had no central heating or

modern appliances and hadn’t made much

money the entire time he had been there. He

was also very lonely.

Three weeks later he moved into a new

bungalow in the village, less than a mile from

the auction mart and my job was done.

The recognised standard www.cicm.com November 2016

21


OPINION

THE FUTURE OF

TECHNOLOGY?

Is Software as a Service (SaaS) just a new buzzword, the latest trend only to be replaced with

the next big thing – or is it the future? Steve Richardson delves deeper.

TO examine this, we need only look

at the way IT Systems/solutions

used to be delivered in a time when

organisations had large IT development

teams principally because there was no real

alternative.

This would usually start with the

annual budgeting round where functional

departments had to provide outline

requirements to the IT Department for projects

they wanted to be undertaken to deliver some

kind of system and functionality to aid their

business process.

These would all be costed up and then

would compete against all the other wish list

of projects across the organisation on the

basis of their business case – just like rock,

paper, scissors a shortlist process would be

undertaken, as a rule of thumb: reduction

in costs beats increased sales; sales

beats customer satisfaction; and

customer satisfaction and

retention beats costs.

Therefore, anything that was back office

business process related which didn’t result in

a significant cost saving rarely got approved

unless it was considered strategic like

replacing the Accounting and ERP system.

However, if a project did get approved then

the development process would begin.

Typically, the team of analysts and developers

assigned to the project would have no

detailed knowledge or understanding of the

specific business area. As the Project Sponsor

you would be expected to assign staff from

your team to be involved in the project all

the way through thus reducing your team’s

capability in the short-term and the project

would take anywhere between nine to 18

months to complete.

Along the way, the project would get

re-scoped to avoid overrunning against the

budgeted cost and while some of the key

functionality was removed from scope there

was an expectation that even more savings

and benefits could be made. Depending on

SaaS solutions will usually be highly

configurable, the trend is away from out

and out customisation not only due to

the expense but also the constraint

on being able to take the latest

innovative update quickly and

without major rework.

the size of the project you would have been

introduced to the concept of phasing, which

basically meant you will get Phase one, you

may get Phase two, anything after that could

be pretty much forgotten.

Finally, the project would deliver a system

that had inbuilt ‘GUTI’ appeal (get used to it)

or as we like to say in the technology world

‘features’.

IN-HOUSE SUPPORT

The system would then be handed over to

the in-house support team and, like with any

fast moving business, any expertise gained

in developing the new application is lost, as

those involved move onto their next project

– IT developers generally like developing

new applications rather than maintaining

existing ones. Therefore, enhancements that

improve the application get overlooked and

its benefits decrease. Over a short period

of time, a number of system workarounds

become commonplace until the system is

made redundant, replaced with another freshly

developed solution, or generically replaced

with the standard workings of a new ERP

system.

22 November 2016 www.cicm.com

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CONSIDER THEREFORE

SAAS SOLUTIONS THAT ARE

PROVIDED ALL INCLUSIVE:

• Software Licence

• Activity based transparent pricing

• Hardware and infrastructure

• Project management

• Support staff

• No hidden costs

• No extortionate consultancy fees

SaaS solutions were born

out of the changing way

that IT departments are

structured. Keeping up

with the fast paced and

changing landscape of

solutions and technology

has become very difficult

for organisations that

wish to cover all business

requirements using inhouse

development teams.

THE BIRTH OF SAAS

SaaS solutions were born out of the changing

way that IT departments are structured.

Keeping up with the fast paced and changing

landscape of solutions and technology has

become very difficult for organisations that

wish to cover all business requirements

using in-house development teams. Where

these teams exist (a lot of organisations

have outsourced this scarce and expensive

resource) they are focussed on the core

functions of the business, generally those

that maintain their competitive edge such as

operational systems and sales portals. This

has enabled a new breed of providers to be

created who specialise in functional areas –

AR, AP, HR, Finance – and are able to provide

a very rich and deep functionality that was

previously out of the realms of possibility with

any in-house development team. Furthermore,

unlike the in-house team that quickly moves

onto the next project, it is absolutely in

the SaaS providers’ interest to continually

innovate, adapt and enhance their product and

service offerings to keep customers engaged

and the benefits flowing. They are therefore

able to maintain and grow a team around their

products to provide the support required and

to deliver those enhancements.

VALUE FOR MONEY

The move towards more standardised business

processes has also enabled the cost of these

solutions to become much more affordable.

In the days of in-house development, the

typical cost of a system was in the hundreds

of thousands with payback typically within

two years if you were lucky. Those systems

also came without a guarantee of working or

to deliver benefits, and the margin between

success and failure was very thin.

SAAS V STANDARDISATION

SaaS solutions are proven and have clients

that can provide testimony of benefits

delivered. Solutions are quick to implement,

typically six to ten weeks, and ultimately if

the solution does not deliver as expected

there is always the option to walk away at a

fraction of the cost of an in-house or customer

development system gone wrong. SaaS does

not necessarily mean standard, however.

Solutions are usually highly configurable,

and the trend is away from out and out

customisation due to expense and constraints

on being able to take the latest update quickly

and without major rework. Business process

optimisation is generally what the SaaS

solution will have, therefore being prepared

to change your business process is key to

achieving the benefits.

HIGHLY INTUITIVE APPLICATIONS

SaaS solutions have evolved to be highly

intuitive such that they do not require

extensive training manuals – not many people

had lessons on how to use the Internet for

example. There are certain protocols and

standards that are built into the applications

which as users of technology we have

become accustomed to (anecdotally – the

windows game of Solitaire was principally

designed to enable players to get used to

using the mouse!)

The recognised standard

www.cicm.com November 2016 23


SOAPBOX CHALLENGE

INVOLUNTARY ACTION

A credit control manager, based in Belfast, needs convincing

about the effectiveness of IVAs.

SOAPBOX

challenge

A

person with multiple debts and an

inability to pay them couldn’t fail

to be seduced by the plethora of

advertisements for a solution that

promises to make them debt free within five

years. But just how successful are Individual

Voluntary Arrangements (IVAs) and do they

offer any benefit to the small unsecured

creditor?

As an unsecured trade creditor I will share

with you my recent experiences. In one month

our company received Annual Reports for

three IVAs with the same Supervisor from a

major firm of Insolvency Practitioners.

In the first report received, the debtors’

monthly contributions in the interlocking IVAs

are up to date but ‘the debtors have failed

to comply with my request for an updated

income and expenditure account and are

hereby notified of the fact that they are in

breach of the terms of the arrangements’. This

happened the previous year and I do not know

My experience with IVAs would also suggest that the

smaller unsecured creditor has no influence on the

outcome of proposals anyway as the major creditors

(that is to say the bank, mortgage provider, credit card

company etc) vote in favour in the majority of cases. We

end up tied into an agreement and are prevented from

taking further action to collect our debt.

if the information was ever received.

The second report related to a case where

a one-off lump sum payment was to be made

to the arrangement. The report states that:

‘Funds in the sum of £25,000 were due to be

realised for the benefit of creditors in June

2015. These funds have yet to be received.

The matter is currently being addressed’.

Over a year has passed and the issue still not

addressed.

The third report shows that the arrears in

monthly contributions, already five months

behind in 2015, have doubled since last year.

Again: ‘The Supervisor is currently in the

process of requesting the required information

to conduct an income and expenditure

review’. Why bother I ask myself? The

arrangement has clearly failed.

It seems obvious to me that the

Supervisor’s persistence with these cases is

solely to protect his firm’s fees. My experience

with IVAs would also suggest that the smaller

unsecured creditor has no influence on the

outcome of proposals anyway as the major

creditors (that is to say the bank, mortgage

provider, credit card company etc) vote in

favour in the majority of cases. We end up tied

into an agreement and are prevented from

taking further action to collect our debt.

Am I alone in feeling cynical about the

role of the Insolvency Practitioner? Do other

readers share my frustrations? If you do, then

I’d love to hear from you through the editor.

24 November 2016 www.cicm.com

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COUNTRY FOCUS

Shivering

BEAR

‘The bear is feeling cold right now’, so say the world’s

economists. Adam Bernstein takes a closer look at

what’s causing Russia’s current malaise.

continues on page 26 >

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www.cicm.com November 2016 25


COUNTRY FOCUS

THE Russian economy is suffering following

its March 2014 annexation of the Crimea, it’s

ongoing involvement in Ukraine (which the

country denies) and the remarkable drop in

the price of oil. While Forbes has since 2008 named

Moscow the ‘billionaire capital of the world’ its wealth

is diminishing and the economy is in recession. Even

its Finance Minister, Anton Siluanov, recognised as

much when he spoke in November 2015: “Next year

will not be simple,’’ he said in an interview with Russian

state television, adding, “the latest predictions show

that the price of our main exports could be lower than

predicted.”

However, the situation in 2016 while not great hasn’t

been quite so bad.

Yes, the growth potential for Russia is not good and

its GDP has slowed every year since 2010 – it grew 0.7

percent in 2014 and shrank by 3.7 percent in 2015. The

figures for 2016 are looking a little rosier. As Focuseconomics

noted in August (2016), while the economy

contracted 1.2 percent in Q1, the downturn was softer

than expected and more recent data shows that parts of

the economy are gradually leaving the recession behind.

Further, an increase in the oil price from Q1 to Q2

have supported a gradual improvement in the Russian

industrial sector.

So where is Russia now and how can firms still export

to, and do business, with the country?

OVERVIEW

Russia is a market that cannot be ignored. It has 144

million people, spans nine time zones and is the largest

country in the world with a landmass of 17 million square

miles – one ninth of the global total. It was, in April 2016

at least, the world’s 14th largest economy by Gross

Domestic Product (GDP) according to the International

Monetary Fund. It’s also number 51 in the World Bank’s

Ease of Doing Business ranking (latest figures June

2015) and is making progress in meeting President

Putin’s target of reaching 20th position by 2018. Not bad

considering that Russia started from 123rd in 2011(out of

185 where Chad now sits).

As might be expected, Russia’s overseas forays have

led to sanctions and an impact on trade. But despite

the European Union’s (EU) restrictive measures, which

are highly targeted, there are still many opportunities

for firms to do business in Russia. Indeed, the country

is investing and modernising, and this is providing

opportunities – it’s looking for foreign investment,

expertise, technology and resources.

But as the US Government notes: ‘Its seriously

underdeveloped infrastructure poses challenges,

especially in accessing markets outside of major

cities. Conducting business might be impeded by

burdensome regulatory regimes; widespread corruption

and inadequate rule of law; inconsistent application

of laws and regulations; lack of transparency; and a

non-level playing field for competition due to the

continued presence of large state-owned, or statecontrolled,

enterprises dominating strategic sectors of

the economy.’

But looking positively, there is, according to the

UK Government, a desire of Russian companies to use

international accounting and legal standards, a respect

for brands including retail and luxury, and an anticipated

increase in the number of Russian mid- and small-sized

businesses. The Russian market has a young and well

educated workforce;strong transport links and logistics

in many, but not all places; and offers access to supply

chains that could lead to exports to other markets in the

26 November 2016 www.cicm.com

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But looking positively, there is,

according to the UK Government,

a desire of Russian companies

to use international accounting

and legal standards, a respect for

brands including retail and luxury,

and an anticipated increase in the

number of Russian mid- and smallsized

businesses.

Commonwealth of Independent States that were once

part of the Soviet Union.

So while Russia has the smallest population of the

BRIC (Brazil, Russia, India and China) economies, in per

capita terms, it’s the wealthiest by a considerable margin

($14,611 in 2013) and it has a large and growing middle

class of discerning consumers.

TRADING PLACES

Setting up in Russia opens doors to the fledgling

Eurasian Economic Union. A former customs union

set up between Russia, Kazakhstan and Belarus, it now

includes Armenia and also Kyrgyzstan. The organisation

is aiming for free movement of goods, services, capital

and labour.

Russia is also now a full member of the World Trade

Organisation (WTO) and has committed to change

its customs duty rates to permit access to the Russian

services market; apply recognised food safety and

animal and plant health measures; simplify import

licensing procedures; andfurther protect intellectual

property.

MARKET OPPORTUNITIES

There are a number of sectors that overseas companies

can exploit that include engineering, mining, biotech

and pharmaceuticals, consumer goods, education,

energy, tourism, telecoms, finance and legal and the

World Cup in 2018.

Some estimates believe that, as might be expected

of a former communist state, more than 70 percent of

existing capital assets are in need of modernisation. This

means opportunities for energy efficient manufacturing

technologies, machine tools, spare parts and

components and advanced materials for manufacturing

and assembly.

MINING AND MANUFACTURING

Russia is known to have one of the largest reserves of

metals, ferrous and non-ferrous, in the world. With a

high level of domestic integration, from extraction to

processing, there is demand for machinery, consultancy

and help with environmental improvements to the

industry.

Russian heavy industry is in need of updating its

manufacturing technologies and equipment. The annual

market demand for new metal-machining equipment is

estimated at over $1.5 billion.

PHARMACEUTICALS

Pharmaceuticals in Russia is reported to be worth

some $18 billion a year and the country has a

strategy – Pharma 2020 – which has as its aim drug

development and greater domestic manufacturing.

Indeed, DSM Group, one of Russia’s analyst agencies

in the pharmaceutical sector, reckons that in 2015 the

Russian pharmaceutical market grew by almost 12

percent. The sector is looking for help with research and

development and the manufacture of active ingredients.

CONSUMER GOODS

Consumer goods was worth $597 billion in 2013, although

that figure may have declined since the introduction

of sanctions following Russia’s overseas excursions.

Opportunities exist for premium alcoholic and nonalcoholic

drinks, high quality confectionary,organic,

natural, gluten free food,and fashion and high-end and

luxury products including vehicles.

ENERGY

Energy is a major part of the Russian economy, and one

of the reason’s the overall economy suffering presently.

Its oil and gas market is 25 percent of GDP, 50 percent

of federal revenues, is valued at $50 billion a year and is

predicted to grow in size (but not necessarily turnover

until the price of oil rises). Sanctions imposed following

the Crimean annexation aren’t universal and only apply to

equipment and services suitable for use in oil exploration

or production in waters deeper than 150 million in the

offshore area north of the Arctic Circle and shale fracking.

It’s worth noting that Russia’s energy policy (says the

Moscow Times) of pumping 10.6 million barrels of oil a

day is nearly four billion barrels annually further Russia

has proven oil reserves 100 billion barrels. This means

there are opportunities for UK companies in conventional

oil and gas fields, construction of LNG plants, and

downstream oil-refining facilities.

However, as a note of caution, Russian oil and gas

companies are aiming to use more local equipment

in their operations and may well substitute away from

foreign suppliers. This may be enforced by law and

Russian standards.

The state atomic energy corporation, Rosatom is

currently exploiting its position as a world leader and

has orders for more than 80 stations worldwide – the

Russian Times has reported that Rosatom had foreign

orders worth $110 billion in 2015. Foreign firms may be

able to establish a relationship with Rosatom and also the

decommissioning sector.

Renewables is presently small in Russia, but interest

is growing with concomitant opportunities to supply

equipment and expertise.

JSC Rossetti is the largest electricity distribution and

transmission grid company in Russia and it’s working with

foreign energy companies to modernise. It’s presently

looking for new technologies such as automated control

systems,smart grids, and systems to improve control and

operation.

The recognised standard

www.cicm.com November 2016

27


www.portfoliocreditcontrol.com

oc

re o

THE

CREDIT CONTROL

RECRUITMENT

SPECIALISTS

We know Credit Control and we also understand

what makes agood Credit Controller and the

correct skills to succeed in this industry.

If you are planning to recruit on atemporary

or permanent basis please get in touch with the

Credit Control recruitment specialists on

0207 650 3199

OR CONTACT US AT

recruitment@portfoliocreditcontrol.com

We look forward tohearing from you.

www. portfoliocreditcontrol.com

28 November 2016 www.cicm.com

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TRADE TALK

GLOBALISATION –

A GREATER GOOD?

Does globalisation harm developing countries? Lesley Batchelor OBE believes openness

to international markets spurs innovation and investment.

THERE has been much stated about

the pros and cons of globalisation.

Critics include groups such as

environmentalists, anti-poverty

campaigners and surprisingly, trade unionists.

They claim that globalisation helps the

richest countries to continue to dominate

world trade at the expense of developing

countries. The role of Least Economically

Developed Countries (LEDC) in the world

market is mostly to provide the north and west

with cheap labour and raw materials.

Proponents of globalisation point to the

number of people globally who have benefited

from it. According to the World Bank,

between 1981 and 2010 we witnessed the

single greatest decrease in material human

deprivation in history. At a time when the

population of the developing world increased

by almost 60 percent, the number of those in

extreme poverty (subsisting on less than $1.25

per day) has dropped from around 50 percent

to around 20 percent.

There are no guarantees that the wealth

from inward investment will be used to benefit

a local community. Profits are invariably sent

back to the More Economically Developed

Countries (MEDC) where the Transnational

Companies (TNCs) are based. Economies

of scale that TNCs can use often drive local

companies out of business, however the

transitory nature of a TNC is that if it becomes

cheaper to manufacture elsewhere it will close

the operation with the resultant job losses.

Likewise, the TNC home country may lose

out in the job market to a LEDC thus creating

an imbalance in both trade and social mobility.

Removing barriers

Globalisation has been happening for

centuries, however it has accelerated

over the last 50 years mainly due to the

rate of innovation in communication and

transportation technologies. Movement

of goods, people and services has never

been easier and that in turn is bringing more

questions about the need to trade and how

to govern its growth. Freedom to trade is the

cornerstone on which organisations like the

World Trade Organisation (WTO) is founded,

promoting free trade between 164 countries

who are all committed to removing barriers

between them.

The biggest companies are no longer

national but multi-national corporations with

subsidiaries in many countries, becoming

TNCs. Although globalisation is probably

helping to create more wealth in developing

countries – it is not helping to close the gap

between the world’s poorest countries and the

world’s richest. Unsurprisingly, the majority of

TNCs are based in the US and UK.

Factors attracting TNCs to a country

include cheap raw materials and labour

supply, good transport links and infrastructure

and access to markets where the goods are

sold. These factors can be seen in many

emerging markets and are often linked to the

rising middle classes in these markets. With

hundreds of millions of people estimated

to join the middle classes in Africa, South

America, China and India, the opportunities

are very tempting for British and American

companies.

Economic Integration

Given the sheer number of people that have

been lifted out of absolute poverty and

especially now, when our own economy is

beginning to feel so fragile and vulnerable, can

we afford to start worrying about the impacts

of globalisation at this stage?

Are we not just part of a moving system

of civilisation that sees cultures, empires

and regimes ebb and fall? Of course, if that

was simply the case this would all be quite

straight forward, however the next stage of

globalisation begins skewing market forces

that can take their toll as internationalisation

steps in.

So ‘drawbridge up versus drawbridge

down’, as The Economist recently wrote.

The fact is, along with boosting our country’s

economic resilience and addressing global

challenges such as climate change, promoting

economic integration is one of our three

strategic priorities.

Surely economic integration can be a

powerful force promoting efficient markets

and reform. We have seen that globalisation

increases competition in product markets,

it widens the range of financing sources

available for investment, it allows countries

to opt into institutional arrangements of a

higher standard and it imposes strict discipline

on governance, legal, regulatory and other

institutions.

Openness to international markets,

globalisation if you will, also spurs investment

and innovation within businesses and

economies as a whole. Economic integration,

and through it globalisation, empowers

entrepreneurs and consumers alike. They also

create new incentives and opportunities for

everybody involved in a modern economy.

So let’s support integration through

cross-border financial flows and investment,

trade finance, infrastructure, improved skills

and standards in SMEs, policy dialogue and

partnerships with institutional investors. This

may not be the best time to change the plan.

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www.cicm.com November 2016 29


INTERNATIONAL

TRADE

MONTHLY ROUND-UP OF THE LATEST STORIES

IN GLOBAL TRADE BY ANDREA KIRKBY.

SHIPPING THROUGH

THE WINTER FOG

AS the days grow shorter I’m reminded

of that distressingly dour character in

Game of Thrones who keeps saying

‘winter is coming’. I’m afraid it is,

economically speaking.

It’s worrying that shipping is still

doing so badly. The Baltic Dry Index, my

favourite lead indicator, has just turned down

after a good run. That may not be a long

term trend, but more worrying is the fact that

container shipper Hanjin has

gone bust. That partly reflects overinvestment

by shipping companies in huge

new container ships, but it also reflects the

fact that global growth simply hasn’t been

fast enough to fill them. (Exporters may well

find they have cargoes stuck on board; since

Hanjin can’t pay its bills, few ports are letting

its ships dock.)

Euler Hermes says not only is the world

seeing lower growth, it’s also seeing higher

risks. That’s a toxic mixture. We already know

about the potential for trouble in China, and

the low oil price, and Brexit; but Italian banks,

the Turkish political situation, and Trump,

together with 2017 elections in France and

Germany, all pose further risks – as well as

the possibility of another Greek bailout being

needed.

Atradius is also downbeat, saying that

the decline in insolvencies in developed

markets has now stalled, and in some

cases, we’re seeing increased bankruptcies.

It’s particularly worried about Norway and

Australia – both heavily dependent on

commodities – and Greece, and points out

that in many countries, insolvencies are still

way above pre credit crunch levels.

Sometimes a picture is worth a

thousand words. When I look at Atradius’

chart, I notice something rather depressing;

there are far more countries in the

‘deteriorating’ row and ‘high risk’ column than

there are in ‘stable’ or ‘low risk’. That’s not a

trend I like.

Robust risk management needed, says

Atradius. But robust credit management is

vital too, I think!

WE’RE NOT IN KANSAS ANY MORE...

THE lesson about having local ‘boots on the

ground’ is born out by the story of Landia

mixers. A Kansas wastewater plant rejected

Landia’s offer of full maintenance services,

instead using a local mechanic. When Landia

learned three of its submersible mixers were

being replaced, it asked why – and quickly

found out the maintenance had been poorly

carried out using sub-standard generic parts.

Landia took back and completely

refurbished two of the failing mixers – and

has seen off a threat to its business.

The other lesson to be learned, I

suppose, it that’s it’s not over once you

get the sale – you’ve got to support your

product and your brand. And, of course,

you’ve got to get paid – but we knew that

already!

30 November 2016 www.cicm.com

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MOODY’S WOEFUL PROPHECY

MOODY’S has done its own work on Brexit

and it’s worried. If the UK doesn’t keep single

market access, the ratings agency says, the

credit rating will have to be downgraded

again (Moody’s already cut the rating to Aa1

negative immediately after the referendum

result). It has already cut its forecasts

of growth for the next two years, and it

doesn’t believe new trade agreements – for

instance with India and China – can replace

EU business, pointing out that if you’re

exporting advanced technical equipment or

sophisticated services, the EU and EEA is a

FILL THAT HOLE!

INSTARMAC, with French partner Vert Bleu,

has been fixing the scenic coast road in the

overseas French territory of La Reunion.

When you’ve already got regular hazards

like rocks falling on you from high volcanic

cliffs, tight curves, and the sea on one side,

the last thing you need is a hole where a

manhole cover ought to be. That’s where

Instarmac comes in, with its flowable

polyester resin mortar providing a fix that can

withstand extreme wear and tear – and sets

quickly so the road can be reopened in just 40

minutes.

Instarmac exports to 30 different countries,

including Chile and Iceland. The secrets of

success? First, having an innovative and high

spec product – but secondly, having partners

who know how to apply it. They’re on the

lookout for more!

huge market – emerging markets aren’t (yet,

and for some time to come). It also worries

that while manufacturers may benefit from a

limited single market agreement, providers

of services – more important for the UK and

also less price sensitive – are likely to find

‘passporting’ won’t be available.

Whether or not you believe Moody’s

analysis, one thing’s certain – if it does

downgrade again, we’re likely to see some

significant currency volatility. Keep an eye on

sterling and think about hedging if you have

major exposures.

SLOW TRAIN TO NOWHERE

TALK to anyone who invests in emerging

markets and they’ll tell you Mark Mobius is

a veteran investor who knows his onions.

So when he says low interest rates aren’t

working, it’s worth hearing his argument.

The idea behind low or negative interest

rates is that if banks and companies aren’t

making a return on cash, they’ll have to lend

their money out or invest it in production

or marketing. But, he says, instead what’s

happening is that markets are slowing to a

halt, as banks find the risk of lending too high

for the reward of a low interest rate, and low

growth makes companies even less willing to

invest.

But he’s also worried about pensions.

Pension funds usually invest in government

bonds for long-term income to pay their

pensioners. Now, they’re being forced to take

higher risks if they want to be able to keep

paying out – and that’s stoking the possibility

of a nasty mini-crisis.

Mobius thinks the central banks need to

sing a new tune. But in the meantime, we

seem to be stuck with stagnation.

HUNGARY’S SURPRISE UPGRADE

STANDARD and Poor’s surprised everyone

with their credit rating upgrade for Hungary.

The country’s PM may not be popular with

EU leaders, but the country has regained its

investment grade status after languishing in

junk bond territory for six years.

The budget deficit has been cut,

employment is rising, and the economy

should be growing at 2.5 percent a year over

the medium term – all reasons to be cheerful.

There’s a strong manufacturing base

in life sciences, electronics, and tech – all

opportunities for capital goods manufacturers

and services companies. And there’s also

a fair amount of infrastructure investment

going on – through Hungary’s road and rail

infrastructure is already pretty good, energy

in particular has seen a slug of EU funds to

boost its efficiency.

It’s a market that should deliver reasonable

growth prospects for those with the right

product and a good marketing strategy. But

watch out – though I don’t reckon anyone

takes the threat to ‘throw Hungary out of

Europe’ seriously, the political situation is not

risk-free.

NEWS IN BRIEF >

ANOTHER RESPONSE

TO BREXIT

LUSH cosmetics is one of relatively few firms

to have taken immediate action instead of

waiting to see how things pan out. It already

had a German factory as well as its Poole

headquarters, but now it’s moved more of its

business to Dusseldorf and says any growth in

the business will benefit its EU operations.

I wonder how many exporters may follow

suit – growing the business within the EU and

letting the UK just tick along with its domestic

business? Good for them, maybe – but not so

good for the country.

NOT SO MUCH SPRING

IN THE BOK

EULER Hermes thinks this year will be tough

in South Africa, forecasting insolvencies up

ten percent, and more job losses, which could

impact the consumer market.

There’s a whole host of problems. Low

commodities prices have hit the important

mining sector, while agricultural output has

been affected by drought. Unemployment is

high, and to add to that, there’s a culture of

late payments and credit risk is high.

It can still be worth trading with South Africa

– it’s a big market for mining and construction

equipment, for instance – but make sure you

keep your ear close to the ground and control

your customers’ credit tightly.

FOR THE LATEST

EXCHANGE RATES VISIT

CURRENCYUK.CO.UK OR

CALL 020 7738 0777

Currency UK is authorised and regulated

by the Financial Conduct Authority (FCA).

HIGH LOW TREND

GBP/EUR 1.1873 1.1029 Down

GBP/USD 1.2293 1.2281 Down

GBP/CHF

CURRENCY UK

1.29684 1.20512 Down

GBP/AUD 1.7786 1.6204 Down

GBP/CAD 1.7516 1.6210 Down

GBP/JPY 136.4605 127.3870 Down

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www.cicm.com November 2016 31


ADVERTORIAL

SUPERCHARGE

YOUR GROWTH WITH

THIS INNOVATIVE

PAYMENT SOLUTION

Companies seeking long-term competitive advantage are accelerating

cash collection and driving business growth by leveraging a new

solution from American Express®.

ALL too often, irregular payment cycles make

it hard to ensure a company’s cash flow

stays healthy. Add to this the complexities

.of managing lending policy, and credit

managers’ remit becomes even more demanding.

While they need more than ever to have robust

systems in place, they also have the opportunity to use

innovative and flexible tools to drive customer loyalty

and help the business grow.

It’s in this context that, building on decades of

experience working with businesses around the globe,

American Express® introduced its Working Capital

Solutions, which can speed up payments via a debtneutral

credit source whilst reducing administration for

both the supplier and buyer.

FASTER PAYMENT FOR SUPPLIERS,

FLEXIBLE CREDIT OPTIONS FOR

CUSTOMERS

The solution accelerates collections and helps to

alleviate potential cash crunches, enabling businesses

to free up working capital, which can in turn be used

to drive growth measures throughout the business. It

reduces receivables days for suppliers while extending

the buyer’s payable days, making cash available sooner

and for longer than with traditional invoicing. As a

result, Client/Supplier relationships are strengthened

since the ability to provide an additional line of credit

and more flexible terms plays a key role in increasing

loyalty and customer retention. Add access to this mix

and you create a powerful tool for growth.

‘‘The key benefit of Working Capital Solutions

is that it allows our corporate clients to speed up

payments to suppliers whilst offering their customers

a tool for growth,’’ says Karen Penney, vice-president

and general manager for American Express Global

Corporate Payments in the UK. ‘‘This can then generate

competitive advantage on both sides.’’

SO HOW DOES IT WORK?

The supplier starts by identifying key customers, and

then gives them the option to pay via American Express

using a secure online payments platform.

Upon receiving an invoice, the buyer provides

approval to their supplier who then draws down the

funds on their account, receiving them within five

banking days. The buyer then pays American Express,

with more flexible payment options of up to 55 days.

‘‘Essentially it’s a solution that balances the

opposing payment interests between buyer and

supplier, creating a win-win relationship,’’ explains

Penney.

LAYING THE GROUNDWORK TO

CREATE GROWTH

Working with such a wide range of corporate clients,

American Express is well aware that no two payments

processes are alike. That’s why they’ve made sure

Working Capital Solutions can complement your

company’s existing operations.

“It’s reassuring for our clients to know they don’t

have to change anything, that ordering and invoicing

systems remain the same’’ adds Penney. ‘‘The solution

is straightforward to apply, and once in place it

provides a streamlined payment process that can

really boost operations efficiency.’’

It’s clear that Working Capital Solutions offer more

than just a short-term financial kick. Whilst addressing

immediate challenges, it also provides benefits that

are more holistic and long-term.

Collection can be accelerated at the same time as

the framework for growth is created. A more symbiotic

relationship between supplier and client brings a

distinctive competitive advantage. At the same time

areas such as credit risk, insurance cost and overall

collection costs can be reduced.

When you optimise your cash collections whilst

strengthening key customer relationships, you’re

laying the groundwork for driving business growth.

Working Capital Solutions is available as part

of the American Express suite of Business

Payment tools www.americanexpress.com/uk/

supercharge

32 November 2016 www.cicm.com

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GOODS SOLD

Ordering and invoicing

procedures remain the same

YOUR

COMPANY

£

£

PAID IN

5 DAYS

£

£

BENEFITS

Accelerated

cash generation

Drives

business

growth

BENEFITS

Flexible

payment options

Improved

cashflow

AMERICAN EXPRESS ®

WORKING CAPITAL SOLUTIONS

YOUR

CUSTOMER

UP TO

55 DAYS TO PAY

‘‘The key benefit of Working Capital Solutions is that

it allows our corporate clients to speed up payments

to suppliers whilst offering their customers a tool for

growth, this can then generate competitive advantage

on both sides.’’ - Karen Penney

PART of the LafargeHolcim group,

Aggregate Industries (AI) has more than 350

operations across the UK, Channel Islands

and Northern Europe. In an industry where

geographical location has a strong influence

over choice of supplier, AI was looking for

ways to create competitive differentiation

within the building materials sector.

It needed an innovative and flexible

payments solution that would accelerate

cash flow, drive growth, and give potential

customers another driver to choose AI over

its competitors.

Working with American Express, AI

devised a programme that enabled it to

extend payment out to 90 days for selected

customers, considerably longer than the

conventional arrangements it already

Case Study 2:

GIVING AGGREGATE INDUSTRIES

A COMPETITIVE EDGE

had in place. This additional line of credit

and increased flexibility helped create a

differentiator that grew existing business

and attracted new customers. It also

accelerated cash flow by a full calendar

month.

The solution required no set-up costs

or major process changes for either AI or

the customer, making it easy to market

and implement. Sales to customers on the

scheme saw a significant monthly increase

compared to the same periods in the

previous year.

This innovative collaboration between

AI and American Express won ‘Project

of the Year’ at the hotly contested 2016

CICM British Credit Awards in collaboration

with American Express.

Case Study 1:

CASH-ACCELERATOR

TO POWER GROWTH

FOR WESTCOAST

WESTCOAST is a wholesaler for the

computer industry’s household name

brand products, from tablets to

telephones, monitors to MP3 players.

Westcoast has found access to capital

challenging. Operating in a risk-averse

market characterised by cash flow

gaps, Westocast turned to American

Express with the objective to meet

market demand whilst ensuring faster,

easier customer payments.

‘‘In our business, positive cash flow

is absolutely key,’’ says Westcoast’s

Finance Director, Sunil Madhani. ‘‘It

allows us to generate cash, which we

can then use for other activities that

benefit not only our suppliers, but also

our customers, and helps us to grow.’’

For Mr. Madhani, American Express

Working Capital

Terms apply

Solutions offered an

alternative payment system that was

straightforward and complemented

Westcoast’s existing operations. Via

the electronic payments platform, it

receives payment just five days after its

customer’s authorisation - quicker than

conventional invoice terms.

As both a supplier and buyer,

Westcoast has also been able to utilise

the multi-million pound credit facility

it has with American Express, allowing

them to buy at competitive prices. This

additional facility for optimised cash

flow management helped create short

term and long term improvements in

liquidity and profitability. It supported

Westcoast’s growth by helping to

improve liquidity planning and

streamlining processes.

’’The flexibility and the incremental

nature of the facility that American

Express offers is clearly a great benefit

to me and my customers,’’ adds Mr.

Madhani.

American Express Services Europe Limited has its registered office at Belgrave House, 76 Buckingham Palace Road, London SW1W 9AX, United Kingdom.

It is registered in England and Wales with Company Number 1833139 and authorised and regulated by the Financial Conduct Authority

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www.cicm.com November 2016 33


LEGAL MATTERS

THE DEFINITION OF INSANITY

Einstein is often attributed as saying: ‘The definition of insanity is doing something

over and over again and expecting a different result’. When it comes to enforcement

Civil court users should take heed!

DD +44 (0)113 261 6124 E jeffersen.gledhill@dwf.law W www.dwf.law/recover

Jeffersen Gledhill

THE latest quarterly Civil Justice Statistics

show that the most common method of

enforcing a monetary judgment remains

applying for a Warrant of Control.

Indeed, the number of Warrants of Control

issued per quarter has recently increased by

around four percent compared to the same

quarter last year – if replicated over the course

of the year, this would translate to an eyewatering

309,688 Warrants. In practice though

(and as most consumer and commercial

credit professionals will, no doubt, attest to),

with limited (and diminishing) resources in

the County Court, waiting for a Bailiff to even

attend may take some time; as to whether they

are likely to be best-equipped or prepared to

execute the Warrant as a creditor might expect.

As Paul Rock noted in his systematic

description of the debt-collection process in

England Making People Pay, ignorance can play

a significant role:

‘In part, (creditors’) choice of weapons is

constrained by their ignorance of the debtor and

their unwillingness to devote time, thought or

money to enforcement …’

So what can we share? First and foremost,

Nicola Dominy and Elaine Kempson’s Can’t pay

or won’t pay remains a useful tool in deciding

which debtors it is appropriate to take to Court.

Second and when you have a Judgment or

Order, DWF’s strategic thinking surrounding

enforcement shines through:

• Orders to Obtain Information: You can

apply to the Court for an Order requiring an

officer of a debtor company (or a debtor in

person) to attend Court to provide information

about their means and/or on any other matter

needed to enforce the judgment or order. What

is sought in the standard Order and Record of

examination form though and, perhaps more

importantly, what is missing?

• Warrants of Control: The County Court

Bailiff clearly still has a place, particularly in the

consumer environment. Part Warrants, where

a Warrant is issued for part of a Judgment

or Order, can be an effective tool obtaining

payment of an initial, more manageable sum

and then getting debtors to engage in future

arrangements – a ‘behavioural approach’ to

debtor management.’

• Writs of Control: ‘Where a Judgment or

Order for an unregulated debt is between

£600 and £5,000, creditors have the choice of

either issuing a Warrant in the County Court or

transferring to the High Court for a Writ. Court

fees for a Warrant are up to £110, against £66

for a Writ; even accounting for the fixed costs

allowed for legal representatives the difference

in cost for issue is nominal but in service it’s

significant – a real “no brainer”. Find the best

partners you can in the High Court Enforcement

market and benchmark regularly.

• Third Party Debt Orders: You can also

apply to enforce your debt directly against

third parties who owe your debtor money, i.e.

financial institutions. With most people opting

to only bank and save with the same institution,

a savvy credit professional can sometimes

“hit the jackpot” with those debtors who have

clearly got money in their account and just

don’t want it in their creditors’!

• Charging Orders: A charge only provides

security against whatever equity is in a

debtor’s property. Although vast swathes of

Charging Orders are regularly secured by and

on behalf of creditors, many often do little to

enforce and translate these securities into

recoveries efficiently. However, Courts are often

sympathetic to creditors in demonstrable cases

of ‘contumelious neglect’ or refusal to pay

where, without sale, it is clear that the debt will

not be paid off.

• Attachment of Earnings Orders: If the

debtor is an individual in employment then it

may be possible to obtain an order to deduct

money directly from their wages, with the Court

to decide the amount of any deduction based

upon the debtor’s means. Is the debtor’s reply

form really disclosing sufficient information to

make an Attachment of Earnings Order at the

right level though?

Beyond that, the strategic use of insolvency,

as discussed in our last article, remains

one of the most effective ways of recovering

funds quickly from a debtor who is solvent but

unwilling to pay their debt.

You need to consider which method of

enforcement or insolvency is more likely to

achieve success and then how best to execute

it. As Einstein did say: ‘The world as we have

created it is a process of our thinking. It cannot

be changed without changing our thinking.’

This information is intended as a general

discussion surrounding the topics covered

and is for guidance purposes only. It does

not constitute legal advice and should not

be regarded as a substitute for taking legal

advice. DWF is not responsible for any activity

undertaken based on this information.

Jeffersen Gledhill is Legal Recoveries and

Operations Manager at leading law firm

DWF and has over a decade’s experience in

debt litigation, enforcement and insolvency.

Jeff is an avid supporter of the CICM, having

presented at numerous conferences, as well as

being very active in branch activities. Jeff also

provides in-house training and consultancy

services to clients.

AS A CICM MEMBER YOU CAN RECEIVE FREE LEGAL ADVICE FROM DWF

VISIT THE CICM WEBSITE AND CLICK ON THE FREE ADVICE LINE.

34 November 2016 www.cicm.com

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www.cicm.com November 2016 35


MAKE YOUR CASE

PRODUCTS AND

INNOVATIONS

In the second part of his two-part feature, Sean Feast asks the key

players to describe their most recent products and innovations, and

services ‘beyond’ credit insurance.

ATRADIUS

What services do you provide ‘beyond’ the core

credit insurance offering?

The traditional Credit Insurance proposition is

changing as market expectations look more often

towards non-standard cover solutions in place of the

more typical whole turnover offering. Atradius was one

of the first ‘traditional providers to anticipate this trend

and we set up our special products team, based in the

London market over ten years ago. Atradius SP is now

one of the leading players in this segment.

Atradius Collections is a significant element of our

overall offering and is offered at zero additional cost

to customers and has been steadily growing in terms

of portfolio size and volume and also geographical

footprint, with expertise now available in 25 locations

around the globe and with collection capabilities in

96 percent of countries. The collections capability

is sometimes underappreciated as a ‘nice to have’,

but in reality it represents a unique selling point for

Atradius as insured customers gain automatic access to

collections expertise and provides a premium service

often at no extra cost.

What is your latest innovation/product and

explain why it is of essential use to credit

managers?

When we talk about trade receivables the need for

a robust risk management strategy is typically the

headline advice offered and it no surprise therefore

that the Atradius strapline indicates, managing risk

and enabling trade. These core elements are what

customers are actually buying, the access to expertise,

to information and to the accumulated experience

about trading risks around the world. Applying our

knowledge, and consulting with customers to establish

These core elements are what customers are

actually buying, the access to expertise, to

information and to the accumulated experience

about trading risks around the world.

what is critical to them, we have developed an online

world class tool to support customers (and brokers)

in managing their risk portfolio. The tool is intuitive,

informative, and enables customers to quickly identify

potential issues and more importantly to anticipate

opportunities.

COFACE

What services do you provide ‘beyond’ the core

credit insurance offering?

Our key services include business information in

the form of credit reports, credit opinions, country

assessments etc as well as third-party collections.

What is your latest innovation/product and explain

why it is of essential use to credit managers?

We have a number of recent product innovations

including TradeLiner, TopLiner, CofaMove, Policy

Master and Cash Master.

TradeLiner offers solid cash flow protection and

efficient credit management support to bring you peace

of mind, financial stability and ultimately facilitate the

healthy growth of your business. It is also a customised

solution, due to the many options available to cover

various types of risks.

TopLiner is a supplemental cover which goes beyond

typical credit insurance and stands apart. With TopLiner,

Coface delivers expertise by providing a straight

assessment of the cost of your credit risk. You can

evaluate it against your net margin to ensure that your

commercial transaction remains profitable.

CofaNet, Coface’s online credit management tool, is

complemented by CofaMove, a smartphone App which

enables you to manage CofaNet whilst on the move.

CofaMove improves responsiveness in risk-taking

and monitoring as well as providing real time credit

management guidance to sales teams on the road.

Fully interfaced with CofaNet Essentials, Policy

Master has been designed to simplify our clients’

daily management of their credit insurance cover.

CofaNet Cash Master facilitates our clients’ financing

arrangements. Thanks to a secured certificate of

cover generated by Cash Master, our clients’ financial

partners receive accurate information on the quality of

their customers and a breakdown of insured invoices.

36 November 2016 www.cicm.com

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EULER HERMES

What services do you provide ‘beyond’ the core

credit insurance offering?

Bonding - We are a leading provider of Surety Bonds

within the UK and Europe where we benefit from the

reach of our global network and financial solidity. Our

Bonds cover a wide range of sectors for contractual

and commercial surety. By being proactive, innovative

and maintaining core underwriting principles, we have

been able to assist clients across various transactional

scenarios offering a viable alternative to bank

guarantees.

Collections - Our global commercial debt collection

offering provides our customers with access to

collection and negotiation services. This covers the

amicable, pre-legal solutions aimed at preserving

customer relationships and goodwill, to the last resort

scenarios of judgements and enforcement; including

access to specialist lawyers with local expertise in 130

different countries.

World Agency - Our World Agency services

cover the full range of market-leading multi-line

risk management solutions. We listen to our clients

requirements and create something unique which

allows safe sales expansion throughout the world.

With our World Program, clients can benefit

from economies of scale for their subsidiaries by

consolidating their purchase, through a tailor-made

credit insurance solution, optimising risk management

and corporate governance. Our Excess of Loss (XoL)

product offers non-cancellable cover designed

to protect businesses with internal strong credit

management practices against exceptional losses.

Transactional Cover offers tailored solutions related

to political risk, mid-term policies, structured deals or

single transactions. It is a customised policy designed

to mitigate risks such as contract interruption, nonpayment,

confiscation with political violence and

enables businesses to secure limits (non-cancellable up

to eight years) on a single risk transaction (up to $125

million per transaction) often in the short-to medium

term.

It enables our clients to take advantage of attractive

investment, financing and trade opportunities in

international markets.

Our aim is to partner with businesses to help

them deliver profitable growth -without the right risk

mitigation measures, growth into new markets can be

stunted. The value we bring to businesses operating

in these markets includes our worldwide expertise in

risk assessment, and deep knowledge of the markets,

leveraging our global footprint.

What is your latest innovation/product and

explain why it is of essential use to credit

managers?

Our small business customers can now act 24/7 to

protect current and future cash flow by using a new

online application process for Simplicity, our ‘fixed

premium, fixed cover’ trade credit insurance product.

Many small businesses routinely offer trade credit

to key customers, or to gain new contracts, but in doing

so run the risk of not getting paid. Simplicity protects

against this risk, and because it is designed for smaller

firms, it minimises policy administration by providing

fixed cover for a fixed premium (known as blind cover).

A new quick quotation service and online

application process, allows businesses to research the

level of cover, cost and apply for Simplicity whenever

they want. Policyholders also gain access to our global

risk database and insight on potential customers.

NEXUS CIFS

What services do you provide ‘beyond’ the core

credit insurance offering?

We offer debt collection through our partners STA

International. This is a unique offering branded ‘First

Place’ whereby we offer policy enhancements if STA is

used for debt collection including a higher payout on a

claim where STA has been employed and a contribution

to legal costs if legal action is required. We have also

recently launched a ‘free’ debt collection service with

STA whereby the collection costs are added to the

principal debt and interest and if possible collected by

STA.

We also offer First Limit available only to CIFS

policyholders as a means of gaining a credit opinion

for relatively low credit exposures without reference to

a credit underwriter. The application is very quick and

easy and a simple yes/no response is given to a pre-set

amount, normally a credit limit of £10-£20k. It ties in

with the main underwriting system and also shows the

‘available limit’ which can be any amount up to the

overall policy limit. You can see at a glance which First

Limit customers have higher available limits and target

your sales accordingly.

What is your latest innovation/product and

explain why it is of essential use to credit

managers?

Our newest product is First Select, a comprehensive

data base of company information including contact

email addresses and telephone numbers. The data

base can be filtered by company size, trade sector,

location and other criteria to produce a list for use

by sales and marketing. The unique feature is that

all companies in the database have been vetted and

approved for a First Limit (see above) so have passed

a credit check. On this basis the sales team won’t be

wasting time sourcing leads that ultimately prove to be

futile as they end up being refused credit by the credit

control team.

The recognised standard

www.cicm.com November 2016 37


WE ALL HAVE MOUNTAINS

TO CLIMB, SO WHY NOT MAKE

IT EASIER ON YOURSELF

Get in touch with us to discuss the additional benefits our

approach can bring to your business when compared with

your existing Trade Credit Broker.

Contact us now on:

T: 01279 437662

E: enquiries@efcis.com

W: www.efcis.com

38 November 2016 www.cicm.com

The recognised standard


EDUCATION

OPENING

more DOORS

With CICM qualifications

Studying can improve your career prospects by OPENING DOORS

that previously appeared firmly closed.

You can start at either Certificate or Level 3 Diploma level.

Fees vary according to the amount of support required and some

teaching centres hold information evenings.

EVENING CLASSES

CICM teaching centres offer classroom-based learning in Credit Management (trade, export & consumer), Accounting Principles, Business

Law and Business Environment towards the CICM Certificate and Level 3 Diploma in Credit Management and some offer study towards

the CICM Level 5 Diploma in Credit Management.

IN-COMPANY CLASSES

Some teaching centres and CICM Credit Academy offer in-company classes for CICM qualifications. Contact CICM Learning and

Development for further details. Fees depend on location, length of course and are generally cost effective for groups of 10 learners or

more.

VIRTUAL CLASSROOM

The CICM Credit Academy offers the opportunity to study in a virtual classroom through the web for the Certificate and Level 3 Diploma

in Credit Management examined units Credit Management (trade, export & consumer), Accounting Principles, Business Law and Business

Environment and Level 5 Diploma subjects. Classes are led by an experienced tutor, are interactive and you have plenty of opportunity to

ask questions and test your knowledge.

SUPPORTED HOME STUDY

Supported home study suits those who wish to receive tutorial support, but would like some flexibility. This is a practical option if you are

unable to attend college on a regular basis for the Certificate and Level 3 Diploma in Credit Management examined units or CICM Level 5

Diploma in Credit Management. You work mainly by yourself with light touch tutor support.

UNSUPPORTED HOME STUDY

This provides the cheapest and most flexible option to study the Certificate and Level 3 Diploma examined units and Level 5 Diploma

units. As a minimum requirement you would need to purchase relevant study texts/guides prepared by CICM for these units and

specialist text books. Studying by this method offers no tutorial support you work alone.

TRAINING DAYS

CICM and some learning providers offer programmes of one-day training days which link to CICM assignments (see CICM website for the

CICM Training Directory). In some cases, organisations can have their own training linked to CICM awards and CICM would be pleased to

advise on this.

T: +44 (0)1780 722909 | E: professionalqualifications@cicm.com | www.cicm.com

THE RECOGNISED STANDARD IN CREDIT MANAGEMENT

39


BENCH PRESS

ONWARDS

AND UPWARDS

Amir Ali gives the CCUA’s response to Lord

Justice Briggs’ Civil Courts Structure Review.

THE Civil Court Users Association

(CCUA) welcomes the final report of

Lord Justice Briggs and has now had

time to consider its position on the

points raised.

Given that the court will cover money

claims up to £25,000, it is clearly the case

that our members’ claims will form the vast

bulk of those issued as soon as the court

goes live. As set out in our response to the

interim report, our members already enjoy

an effective and largely automated service

from the County Court Business Centre and

the County Court Money Claims Centre. The

existence of any advantages of the Online

Court to our members at the initial stages

up until Judgment is therefore questionable,

whereas the risks if the system proves less

effective, either in the short or long-term, are

considerable. While the CCUA has never been

opposed in principle to the online court, it is

absolutely essential that it functions correctly

immediately upon introduction and that the

service is at least as good if not better than the

systems it replaces.

ALTERNATIVE RESOLUTION

The Association notes the importance placed

on Alternative Dispute Resolution (ADR).

While ADR certainly has its place, it is simply

inappropriate for some claims. In particular

with debt claims, it is often the case that the

claimant is eager to engage but the defendant

is extremely reluctant. Going down that route

in those circumstances can simply waste

time and increase cost. We appreciate that

compulsory ADR is not suggested in the

report, but we would be extremely concerned

to avoid any move towards that.

ACCESS TO JUSTICE

The final report repeats previous concerns

regarding access to justice, particularly as

regards litigants in person. There appears

to be less recognition of the points raised

by the Association, whereby claimants also

suffer access to justice concerns due to

unscrupulous defendants rendering claims

uneconomic due to persistent and blatant lack

of adherence to court orders and the CPR. We

suggested that fixed costs could be introduced

as a deterrent to this behaviour and are

disappointed that this has not been taken up.

The ‘limited fixed recoverable costs regime’

suggested in the report causes the Association

serious concern. Unless such costs are

sufficient and adequate, this will also prevent

access to justice. The current absence of

sufficient costs in the small claims track means

that cases are often rendered uneconomic.

Extreme care should be exercised to ensure

that the same system is not simply extended

to include all claims up to £25,000, as that will

also extend the impact of an existing problem.

The report is at pains to point out that

lawyers will not be expressly prevented from

operating within the online court. However,

unless adequate costs are available, these

proposals are likely to achieve that outcome

whether intended or not. Again, this is a point

to access justice regarding claimants that wish

to exercise their choice to be represented, but

will not be able to recover the cost of doing so.

COURT FEES

Further to the above, the Association

welcomes the final report’s concern regarding

the increase in court fees and the impact this is

undoubtedly having on access to justice, while

appreciating that this does not fall within the

report’s remit.

TRIAGE

Providing it is conducted effectively, the

Association is extremely keen on the idea of

triage and would have liked to see the concept

developed further. Cases vary enormously in

complexity and this often has little connection

to the size of the claim. Allocation to a limited

number of tracks is a very generalised and

arbitrary approach. A quick review of the case

once a defence is filed followed by specific

directions could be of huge benefit to the

efficient running of that case. For example,

a defence based on the content of a written

agreement could be sent for a quick and easy

decision on the papers, spurious defences

could be quickly struck out, whereas a

complex matter could be given the structure

and time it deserves.

CENTRALISATION AND DIGITISATION

The Association welcomes the report’s

focus on centralisation and digitisation.

However, there are many areas where more

fundamental change is required, particularly in

enforcement.

CASE OFFICERS/CASE LAWYERS

The Association sees the benefit of this

proposal for improved case management and

is reassured by the standards of qualification,

training and oversight set out in the report.

ENFORCEMENT

We share the final report’s view that

enforcement is one of the areas where there

is most scope for improvement. For that

reason, we are very disappointed that this

has been parked for further review, while at

the same time welcoming the fact that the

need for a thorough review has at least been

acknowledged.

The Association fully supports the idea

that enforcement should fall under the remit

of a single, unified service, and agrees that a

fundamental review and centralisation of the

rules on enforcement would be beneficial. The

forms and orders used to communicate could

be updated at the same time, for increased

effectiveness.

The report disagrees with the Association’s

observation that enforcement need not

necessarily be a court function, stating

the necessity for judicial oversight. Before

enforcement is commenced, every creditor

must obtain a Judgment, so judicial oversight

has already occurred. Some methods of

enforcement will still require further judicial

40 November 2016 www.cicm.com

The recognised standard


The Association fully supports the idea that enforcement

should fall under the remit of a single, unified service,

and agrees that a fundamental review and centralisation

of the rules on enforcement would be beneficial.

oversight, such as charging orders, but where

enforcement is fundamentally an administrative

process it is difficult to see why this needs to

remain a court process.

Having said that, we would always accept

that there would need to be a mechanism for

recourse to the court in the event of concerns

being raised. Also, our view that enforcement

could be outside of the court has largely

arisen due to an historic inability of the court

to provide an effective enforcement service.

If the court is able to address that, then our

members will be satisfied. We simply believe

that outsourced enforcement is possible and

could be considered.

We are very pleased that the final report

has been persuaded by the Association’s

idea of shifting the onus of responsibility

onto the Judgment debtor who cannot pay

a forthwith Judgment. Our suggestion was

that the Judgment Order should require more

proactivity in engaging with the Judgment

creditor, for example ordering the provision

of income and expenditure information and a

payment proposal.

However, in the event that this was ignored,

we do not share the report’s view that the

next step would necessarily be committal.

Rather, that could open up the route for better

provision of information to the Judgment

creditor. A persistently non-cooperating

Judgment debtor should not be able to hide

behind data protection legislation. There are

provisions already in the statute book under

the Tribunals, Courts and Enforcement Act

2007 (TCEA 2007) which could be introduced

to supply information to the Judgment creditor

from other sources once the Judgment

debtor has demonstrated an unwillingness to

cooperate.

Whilst on the subject of the TCEA 2007, we

believe that any review of enforcement should

also consider the other measures already on

the statute book, such as fixed deductions for

Attachments of Earnings.

The report ultimately seems reluctant

to open enforcement of goods to High

Court Enforcement Officers (HCEO), either

for consumer contract regulated debts or

those under £600. There is once again the

suggestion of incorrect behaviour on the

part of HCEOs. The Association is unaware

of any evidence of this supposed incorrect

behaviour and would welcome sight of it. We

are sceptical it exists. We would also point out

that private sector enforcement has worked

effectively in the criminal courts for a long

time and with minimal complaints. We are

also aware of the substantial efforts made by

HCEOs in recent times to ensure thorough

training and correct behaviour, for example to

identify and deal appropriately with vulnerable

debtors.

As regards debts under £600, the report

suggests that High Court enforcement would

be too expensive. There is no mention of

economies of scale and the fact that the

charges could be substantially lower if

volume of work increased. The Association

continues to strongly support consideration

of the opening up of both of these areas to

the HCEO. There are many ways in which

appropriate safeguards could be implemented

to deal with any remaining concerns.

The report acknowledges that there are

reasoned arguments for the above and also

acknowledges that the work undertaken by

Court Bailiffs can be subject to significant

delay. The Association would point out that

delay is not the only issue and repeats its

longstanding concern that performance data

regarding the work of County Court Bailiffs is

currently extremely limited.

The report notes that residential possession

claims can be subject to particular concerns

regarding treatment of the potentially

vulnerable. We do not believe there is any

basis for concern regarding the conduct of

HCEO in that role, but this could obviously be

closely monitored during a trial period.

CONCLUSION

While there are elements of the report which

receive the Association’s full support, overall it

has come as something of a disappointment

and raises considerable concerns. In

particular, there are no obvious advantages

to our members in replacing the CCBC and

CCMC for claims under £25,000, but there

are considerable risks if the online court is

less effective, either in the short or long term.

The extension of a limited fixed recoverable

costs regime for all claims up to £25,000 could

further impact access to justice and increase

expense to our members. Most disappointing

is the absence of any early proposals for

reform of enforcement. The Association would

strongly urge that a full review of enforcement

should be undertaken as soon as possible

and that there should be a commitment that

comprehensive enforcement reforms will be

implemented at least at the same time, or

preferably before, the introduction of the online

court. Otherwise, this issue risks falling behind

and being overlooked yet again.

The Association continues to strongly support

consideration of the opening up of both of these areas

to the HCEO. There are many ways in which appropriate

safeguards could be implemented to deal with any

remaining concerns.

The recognised standard

www.cicm.com November 2016 41


London -3.4

+7.3

Getting Worse

PAYMENT TRENDS

Northern Ireland

FINGERS CROSSED

Region Sector

Jason Braidwood FCICM(Grad), Head of Credit and Collections at Creditsafe Group,

Getting Better -3.0 +0.5 North -2.9 West -2.7 -2.6 -0.8

Scotland

8 7 6 5 4 3 2 1 0 0 1 2 3 4

15.9 DBT

Yorkshire & Humberside Mining & -0.3 Business Admin

International

Agriculture

Business

Getting Worse

Quarrying

& Support

Bodies

from home

West Midlands +11.6 -1.1

+5.9

+6.8 +6.6

+3.8

Getting Better

+0.2 East Midlands

analyses the latest monthly business to business payment performance statistics.

Scotland -1.1

+11.4 East Anglia

Public

Energy Northern Supply

Administration

IT & Comm

Ireland

+0.8 Wales

Getting Better -3.0 +0.5 North

21.1 -2.9 West -2.7

DBT

I

North West Yorkshire &

seem to remember when completing Top my Five Prompter consumer confidence Payers which we all regard Bottom Five Five Poorer Poorer Payers

Humberside

Yorkshire & Humberside Payers -0.316.0 DBT

analysis last time I was relieved to say that as an underlying indicator +3.8 of economic

14.9 DBT

South West

Mining &

Business Admin

Getting Worse

Sector Sept 16 Change on Aug 16

Sector Sept Quarrying 16 Change on & Support Aug 16

the improvements we’d seen in July had performance. The good news is that we

West Midlands -1.1

just about continued, and that while Financial we and have Insurance seen a small 9.0 improvement

+0.2 South +2.8from East

Retail Mining and Quarrying 30.6 +11.6 +11.6 +6.8

East

Midland

were not yet back to the brighter numbers Public Administration this month, and while 11.3 it has not -2.9taken us

International Bodies 23.0 +0.2 East +6.6Midlands

13.2 DBT

and trends seen in the Spring, the sharp Health setbacks

in May had been put behind us. IT and Comms it is another step in 13.1 the right -2.7 direction.

Agriculture +11.4 19.3 East

& Social

London -3.4

back to where we 12.9 were in July -0.2 or the spring, Business Admin & Support 20.7 +6.8 West

Midlands

Wales +5.9Anglia

+7.3 Northern Ireland

12.4 DBT

Manufacturing Interestingly though, 13.2 if we -2.6 are looking

Business from Home 18.4 15.2 +3.8 DBT

+0.8 Wales

Getting Worse

London

Top Five Five Prompter Payers Payers

14.3 DBT

+3.8 South West B

Sector Sept 16 Change South on Aug West 16

+0.2 South East

14.2 DBT

Financial and Insurance 9.0 +2.8

Public Administration London 11.3 -3.4 -2.9

My concern at that time was whether we

could hold onto these positive trends through

the rest of 2016 given that last autumn had

seen a very poor period that took some time

to rectify. Well, as I look at the trade payment

databases for September, while there has

to try and understand consumer

behaviour from these numbers perhaps

it is also worth looking at the Entertainment

and Hospitality sectors, which should also

be indicative of consumer attitudes. You will

been a slight worsening of performance remember earlier in the year that both these

Health & Social 12.9 -0.2

in general terms, it does not seem to have sectors were our star performers, regularly

IT and Comms 13.1 +7.3 -2.7

noticeably pushed us back and we remain posting figures of less than ten days beyond

Manufacturing 13.2 -2.6

well ahead of where we were a year ago. terms, and while they have both drifted out

Getting Worse Public

In fact if you take a longer view you Top can Five Prompter to something Payers nearer 14-15 and are no longer Bottom Five Energy Poorer Supply Payers Administration

see payment days are now pretty much in appearing at the top of our table they do Getting Better

Bottom Five -3.0 Poorer -2.9 Payers

Region Sept 16 Change Aug 16

line with the average for the year as a whole, appear to be trending in the right direction.

allowing for the better Spring and then West the Midlands In other encouraging 12.4 news -1.1 Manufacturing East Anglia Mining &

Getting Worse

22.1 +11.4

Quarrying

& Support

step back in May/June, and are well ahead East Midlands of has continued its 13.2 steady improvement +0.2 and Northern Ireland 21.1 +7.3

2015, even more so when compared to South 2014. West finds itself back in 14.2 our top five +3.8 for the first North West +11.6 16.0 +6.8 +0.5

We must now keep our fingers crossed London that time, we’ve also seen 14.3 some improvement

-3.4

Scotland 15.9 -1.1

this month’s slight worsening is no more South than East 14.4 +0.2

Wales 15.2 +0.8

a blip and that we can continue on this track

Top

Top

Five

Five

Prompter

Prompter

Payers

Payers

and move into next year in a positive frame

of mind.

INDUSTRY SECTORS

I make no excuse for starting the trade

sector analysis in returning to the Retail

sector as we have done previously. On the

whole, if retailers are paying their suppliers

on time then that usually means they are

doing well and this can be seen as a sign of

7Sector

Region

8 6 5 4 3 2 1 0

Energy Supply

+0.2

+11.4

+0.8

Public

Getting Administration

Worse

from the Transport sector. However,

Construction has slipped to its second worst

position of the year, but with the increase

being only just more than one day it is to be

hoped that this can be reversed. Also on the

bright side, we’ve seen the Public Sector and

Public Sector-affiliated industries recover

some of the lost ground from last month and

once again establish themselves towards the

top of our charts.

It is not all bright news however and last

month’s encouraging performance from

Business Support sector has been well and

truly reversed, with payments on average

over 20 days beyond terms we’re back to the

somewhat disappointing norm for this sector

that we’ve seen over the last year or so. It

would also be remiss not to highlight the

poor showing from the Mining and Quarrying

+3.80 South 1 2 West 3 4 5 6 7 8

+0.2 South East

London -3.4

Getting Better

East Midlands

East Anglia

Wales

+7.3 Northern Ireland

Scotland -1.1

IT & Comms

Manufacturing

Hospitality

IT & Comms

-2.7

Region Sept 16 Change on Aug 16

Business Admin

Region Sept 16 Change on Aug 16

West Midlands 12.4 -1.1

East Midlands 13.2 +0.2

South West 14.2 +3.8

London 14.3 -3.4

South East 14.4 +0.2

sector this month, although for once this

doesn’t seem to have carried through into the

rest of the utilities industry. Finally, a sudden

step back from Agriculture is something of a

surprise as this sector is usually one of the

most steady.

REGIONS

Last month we noted that the capital had

slipped back, but this month that trend

appears to have been reversed and indeed

we are now seeing a Days Beyond Terms

(DBT) figure that is the second lowest we’ve

recorded in the last 18 months. Whether or

not you regard London’s dominant place in

the UK’s economy as a good or bad thing, any

improvement is surely a cause for celebration.

On the other hand, last month’s

surprisingly good figures from Northern

Ireland led us to speculate as to whether the

province had turned a corner and had put

Northern Ireland

Internationa

Bodies

+6.6

B

Getting B

R

Getting WE

N

N

S

W

42 November 2016 www.cicm.com

The recognised standard


Sector

Sector

Getting Better

Energy Supply

-3.0

Public

Administration

-2.9

IT & Comms

-2.7

Manufacturing

-2.6

Hospitality

-0.8

Getting Worse

Mining &

Quarrying

+11.6

Business Admin

& Support

+6.8

International

Bodies

+6.6

Agriculture

+5.9

Business

from home

+3.8

Region

7 6 5 4 3 2 1 0

0 1 2 3 4 5 6 7 8

0

land

+0.5

rside

ands

+0.2

11.4

+0.8

+3.8

+0.2

+7.3

g Worse

Top Region Five Prompter Payers

0 1 2 3 4 5 6 7 8

Getting Better

-1.1

North West

-0.3

-1.1

ndon -3.4

Yorkshire & Humberside

West Midlands

East Midlands

Scotland

Getting Worse

its traditional role of worst-paying part of the

country behind it. Well this month appears to

have

East

answered

Anglia

that question in the negative –

once again we are seeing days beyond terms

of more than 20 which I am sad to say has

been Wales the average over the last two years. I

am not expecting to see a return to the norm

reversed anytime soon but it would be great

if this South month turned West out to be no more than a

hiccup.

Region When looking at regions that Sept are 16 either Change on Aug 16

reverting

West Midlands

South to type or East bucking the trend, the

12.4 -1.1

other big mover is East Anglia, which has had

East a terrible Midlands month and gone from 13.2 its usual place +0.2

South in the West top two or three best paying 14.2 regions +3.8

London to the bottom of the chart. Let’s 14.3 hope this is -3.4

South little more East than a statistical anomaly

Northern Ireland

14.4 as it does +0.2

seem that every six months or so East Anglia

has an especially bad month before falling

back into its traditionally better ways.

To end on a positive note however, both

parts of the Midlands appear to have stepped

into the space vacated by East Anglia (and

indeed Yorkshire and Humberside too) and

are now clearly the promptest paying parts of

the country. It will be fascinating to see if this

continues through October.

Top Five Prompter Payers

+0.2

+11.4

+0.8

+3.8

+0.2

+7.3

Getting Better

Sector Sept 16 Change on Aug 16

-1.1

Financial and Insurance 9.0 +2.8

Public Administration

+0.5

11.3

North West

-2.9

Health & Social 12.9 -0.2

IT and Comms 13.1 -0.3 -2.7

Manufacturing 13.2 -2.6

-1.1

East Midlands

East Anglia

Wales

London -3.4

South West

South East

Northern Ireland

Last month we noted that the capital had

slipped back,

Bottom

but

Five

this

Poorer

month

Payers

that trend appears

to have been reversed and indeed we are now

seeing a Days Beyond Terms (DBT) figure that is

the second lowest we’ve recorded in the last 18

months.

Northern

Ireland

21.1 DBT

Northern

Ireland

21.1 DBT

Scotland

15.9 DBT

Yorkshire &

Humberside

IT & Comms

14.9 DBT

-2.7

Region Sept 16 Change on Aug 16

East Anglia Mining & 22.1 Business +11.4 Admin East International

Getting Worse

Quarrying

& Support Midlands Bodies

Northern Ireland 21.1 +7.3

13.2 DBT

North West +11.6 16.0 +6.8 +0.5 +6.6

West

Scotland 15.9 Midlands -1.1

East Anglia

Wales Wales 15.2 12.4 +0.8

DBT

22.1 DBT

15.2 DBT

North West

16.0 Public

DBT

Bottom Five Energy Poorer Supply Payers

-3.0 -2.9

Getting Better

Sector Sept 16 Change on Aug 16

Mining and Quarrying 30.6 +11.6

International Bodies 23.0 +6.6

Scotland

Business Admin & Support 15.9 20.7 +6.8

DBT

Agriculture 19.3 +5.9

Business from Home 18.4 +3.8

Administration

Wales

15.2 DBT

South West

14.2 DBT

Region

North West

16.0 DBT

London

14.3 DBT

Yorkshire &

Humberside

14.9 DBT

West

Midlands

12.4 DBT

South West

14.2 DBT

East

Midlands

13.2 DBT

London

14.3 DBT

South East

14.4 DBT

East Anglia

22.1 DBT

South East

14.4 DBT

Manufacturing

-2.6

2

2

1

1

Agr

+

The recognised standard

www.cicm.com November 2016 43


FORTHCOMING EVENTS

Full list of events can be found on our website: www.cicm.com/events

CICM EVENTS

2 NOVEMBER

CICM CREDIT SOLUTIONS

SHOWCASE

LONDON

It’s going to be a popular event – with a fantastic

opportunity for you to see the latest products and services

that can make your life easier and help you work better,

faster and more effectively – all in one place, all in one day!

Attendance is FREE TO CICM MEMBERS and lunch and

refreshments will be provided.

CONTACT : E: events@cicm.com or call T: +44 (0)1780

722902 now to reserve a place.

VENUE : HAYS CREDIT MANAGEMENT, 107 CHEAPSIDE,

LONDON, EC2V 6DN.

2 NOVEMBER

CICM BRISTOL AND WEST BRANCH

– DNA OF A CREDIT MANAGER

BRISTOL

The evening will offer an opportunity to network with likeminded

Credit Professionals and see the results of the DNA

of a Credit Manager compiled, and presented, by Hays.

CONTACT : E: bristolandwestbranch@cicm.com.

VENUE : HAYS Recruitment, Hartwell House, 55-61 Victoria

St, Bristol, BS1 6AD.

2 NOVEMBER

CICM LONDON BRANCH – WINES OF THE

WORLD

LONDON

“Wines of the World” Tasting Experience hosted by

Gilbert Winfield Dip WSET, BSc of the Association of Wine

Educators and Circle of Wine Writers. Cost to Members and

guests is £15.00 per head payable in advance.

CONTACT : Alan Church, London Branch Chair, or Kabir

Gulabkhan, Education Officer on E: londonbranch@cicm.

com.

VENUE : HAYS RECRUITMENT, 107 CHEAPSIDE, LONDON,

EC2V 6DN UNITED KINGDOM

8 NOVEMBER

CICM CORPORATE PARTNER, SAFE

COMPUTING – FINANCIALS, HR & PAYROLL

AND PRE-EMPLOYMENT SCREENING

ROADSHOW 2016

MANCHESTER

It’s the time of year to review the effectiveness of your

financial and people management systems.

Can you afford not to take just two hours out of your day to

discover how Safe can drive you towards a more profitable,

efficient and compliant business?

CONTACT : http://safe-financials.co.uk/the-villageroadshow/

VENUE : VILLAGE HOTEL, PAMIR DRIVE, ASHTON-UNDER-

LYNE, OL7 0LY

10 NOVEMBER

FREE CICM WEBINAR: QUARTERLY

REGULATORY UPDATE – KEY CHANGES

THAT WILL AFFECT THE CREDIT INDUSTRY)

ONLINE

Key changes that will affect the credit industry

CONTACT : E: events@cicm.com for more information.

10 NOVEMBER

CICM NORTH EAST BRANCH – THE JUDGE

NEWCASTLE UPON TYNE

Since his last appearance at the Branch, His Honour Judge

CPD

6

CPD

2

CPD

1

Circuit (based at Newcastle Crown Court). So we are

looking forward to learning about the new twists and turns

in the life and times of the region’s judiciary. Entertaining

and informative guaranteed! From: 18:00 arrival for

18:30pm start

CONTACT : This is always one of our most popular events

so to register your interest and secure your place (with

numbers), please email northeastbranch@cicm.com by

Friday 4 November 2016.

VENUE : OLD GEORGE INN (UPSTAIRS BAR), OLD GEORGE

YARD (JUST OFF THE BIGG MARKET) NEWCASTLE UPON

TYNE. NE1 1EE

15 NOVEMBER

CICM CORPORATE PARTNER, SAFE

COMPUTING – FINANCIALS, HR & PAYROLL

AND PRE-EMPLOYMENT SCREENING

ROADSHOW 2016

BOREHAMWOOD

It’s the time of year to review the effectiveness of your

financial and people management systems.

Can you afford not to take just two hours out of your day to

discover how Safe can drive you towards a more profitable,

efficient and compliant business?

CONTACT : http://safe-financials.co.uk/the-villageroadshow/

VENUE : VILLAGE HOTEL, CENTENNIAL AVE, ELSTREE,

BOREHAMWOOD, WD6 3SB

23 NOVEMBER

CICM LAW CONFERENCE 2016

LONDON

The 2016 CICM Law Conference will be chaired and hosted

by Corporate Partner DWF LLP in London’s iconic Walkie

Talkie building.

CONTACT : Please email events@cicm.com

VENUE : DWF LLP, THE WALKIE TALKIE BUILDING, 20

FENCHURCH STREET, LONDON, EC3M 3AG

1 DECEMBER

CICM EAST OF ENGLAND BRANCH –

INSOLVENCY EVENING

BRENTWOOD

The CICM East of England Branch would like to invite all

East of England branch members, and those from London,

Kent, Sussex and Surrey, Chilterns, and Thames Valley

Branches, and all other CICM members, to Brentwood for

their next free to attend event of 2016.

Time: 18:00 Light Refreshments, Start: 18:30, Finish 20:30.

CONTACT : To apply for a place at this free to attend event,

generously sponsored by FRP Advisory LLP, please email

eastofenglandbranch@cicm.com

VENUE : FRP ADVISORY, JUPITER HOUSE, WARLEY HILL

BUSINESS PARK, THE DRIVE, BRENTWOOD, ESSEX CM13

3BE

TRAINING DAYS

10 NOVEMBER

HANDLING YOUR OWN SMALL CLAIMS CASES

VENUE : LONDON

16 NOVEMBER

GETTING STARTED IN CREDIT CONTROL AND COLLECTIONS

VENUE : LONDON

17 NOVEMBER

CREDIT TEAM LEADERSHIP

VENUE : LONDON

18 NOVEMBER

CICM WEBINAR - TELEPHONE COLLECTIONS

VENUE : ONLINE

22 NOVEMBER

DEVELOP YOUR CREDIT CONTROL SKILLS

VENUE : LONDON

25 NOVEMBER

CICM WEBINAR - NEGOTIATING AND INFLUENCING SKILLS

VENUE : ONLINE

25 NOVEMBER

CICM WEBINAR - TIME MANAGEMENT

VENUE : ONLINE

29 NOVEMBER

HANDLING CALLS FROM CUSTOMERS WHO ARE VULNERABLE

VENUE : LONDON

6 DECEMBER

NEGOTIATING AND INFLUENCING SKILLS

VENUE : LONDON

OTHER EVENTS

7-8 NOVEMBER

10TH ANNUAL EUROPEAN ANTI MONEY

LAUNDERING FORUM

LONDON

The Financial Crime and Corruption Association – 10th

Annual European AML AND Financial Crime Conference

http://www.cicm.com/wp-content/uploads/2016/08/

Events_Industry_10thAnnualEuropeanAMLConference_

Nov2016.pdf £100 DISCOUNT FOR CICM MEMBERS.

CONTACT : Download registration form from site.

VENUE : MERCHANT TAYLORS’ HALL, LONDON, EC2R 8JB

13 NOVEMBER

ICTF’S ANNUAL GLOBAL TRADE SYMPOSIUM

– FT. LAUDERDALE, FL

FORT LAUDERDALE, FL. USA

http://www.ictfworld.org/mpage/GlobalSymposium2016

CONTACT : info@ictfworld.org Phone: 410-522-5015

VENUE : THE RITZ-CARLTON, 1 NORTH FORT

LAUDERDALE BEACH BOULEVARD, FORT LAUDERDALE, FL

33304, UNITED STATES MINOR OUTLYING ISLANDS

22 NOVEMBER

FORUMS INTERNATIONAL

– ECF (EMEA CREDIT FORUM)

AMSTERDAM

CONTACT : For more information and an information pack,

E: ecf@forumsinternational.co.uk.

24 NOVEMBER

MALG CONFERENCE & EXHIBITION 2016

LONDON

Join industry leaders and frontline workers to discuss

some of the fundamental issues facing the debt advice and

creditor sectors.

CONTACT : Conference Manager David Legg at

davidleggmalg.org.uk Book now - pay later.

VENUE : ROYAL COLLEGE OF PHYSICIANS, 11 ST

ANDREWS PLACE, REGENT’S PARK, LONDON, NW1 4LE

7 DECEMBER

FORUMS INTERNATIONAL – ITRF

CPD

9

(INTERNATIONAL TELECOMS RISK

FORUM) –

18 NOVEMBER

MARLOW

CICM WEBINAR - CREDIT MANAGEMENT IN A NUTSHELL

Earl has been appointed Circuit Judge by HM the Queen,

CONTACT : For more information and an information pack,

VENUE : ONLINE

44and deployed by The November Lord Chief Justice 2016 to www.cicm.com

the North East

E: itrf@forumsinternational.co.uk. The recognised standard

CPD

6

CPD

2

CPD

8


BE ONE CLICK AWAY

FROM OUR WEBSITE

How to set up a great one click link to the CICM website on

your mobile phone. Follow these four simple steps...

Step 1 Step 2 Step 3 Step 4

Go to cicm.com > Click highlighted icon at bottom of screen > Click add to Home screen icon

> Click add icon at top right of screen > CICM icon will appear on your screen

Step 1 Step 2 Step 3 Step 4

Open cicm.com in Google Chrome browser > Tap Menu button > Tap add shortcut to Home screen

> Icon will appear on your screen. Menu button on other Android devices may be displayed differently.

T: +44 (0)1780 722900 | WWW.CICM.COM

THE RECOGNISED STANDARD IN CREDIT MANAGEMENT

45


EDUCATION

help!

PEOPLE IN VULNERABLE

CIRCUMSTANCES -

COULD WE DO MORE?

Debbie Tuckwood, CICM Director of Learning and Development highlights

recent initiatives of the CICM Vulnerability Group.

www.cicm.com

46 November 2016 www.cicm.com

The recognised standard


THE CICM Vulnerability Group formed

this year with an impressive group of

collections experts looking to share best

practice and achieve better outcomes

for customers in vulnerable circumstances.

Work has focused on improving collector

training and the effectiveness of company

policies in this area.

TRAINING IS OFTEN FRAGMENTED

Companies have built a range of processes

for handling calls with consumers in arrears,

focused around the common financial

statement. However the group questions

whether collectors have sufficient skills to

handle calls with vulnerable customers.

They highlight the difficulty of supporting the

most vulnerable who are often reluctant to

answer the phone or engage in conversations.

They want to help collectors find the words

to persuade customers to take up further

professional support. The group believes

that companies could do more to support

collectors in this area. Training is often

fragmented and not always directly related

to collections work when developing skills. It

is easier to focus on technical skills such as

completing common financial statements and

flagging accounts when potential risks are

identified rather than developing the advanced

soft skills required.

NEW ADVANCED SOFT SKILLS TRAINING

As a result, the group has specified training

which brings together key elements. This

training focuses on advanced soft skills for

collectors who potentially are handling calls

from customers in vulnerable situations. It

aims to complement any company training

on procedures such as how to complete a

common financial statement. Developed by a

CICM trainer who is an expert in the field, the

training helps collectors identify vulnerability

more effectively, and aims to improve the

customer experience and raise the proportion

who take up money and debt advice. The

group believes that this specialist advice is

key to helping customers get back on track

with payments. CICM is now delivering the

programme both as an open training day and

tailored in-company training for teams.

Handling calls from customers

who are in vulnerable circumstances

Looking to develop practical skills to

identify and effectively interact with

customers in vulnerable circumstances?

This practical one-day training programme gives

opportunities to develop and practice new skills

Who is it for?

Managers and staff involved in handling potential calls

with people in vulnerable circumstances

What will it cover?

• Personal circumstances which can lead to

vulnerability

• How to identify vulnerability and proceed

> Techniques to identify the issue

> Warning signs from the customer

> Personal skills to take the conversation forward

> Data protection issues

> How to comply with organisational and regulatory

requirements

> Understanding the limits of your role

> How to effectively end the call

• How and where to signpost your customer

> Identify organisations you already partner with/

processes in place

> Review a selection of common support organisations

available to your customer

> Techniques to promote the benefits of using that

service

• Bringing it together

‘An informative, great day! The CICM trainer is

very good, with an easy manner which helps

embed the principles of the course effectively.’

BOOK NOW FOR TRAINING IN

LONDON ON 29 NOVEMBER 2016

For more information email: training@cicm.com

THIS

PROGRAMME

CAN BE TAILORED

FOR TEAMS AND

DELIVERED

IN-COMPANY AT

YOUR OFFICES

POLICY FOCUS

The Group will focus next on policies because

they perceive in some cases a disconnect

between both a company’s vision and policies

for vulnerable customers and the practice

of collections teams. In particular the group

identified difficulties in achieving effective

and consistent outcomes for vulnerable

customers. Debbie Tuckwood, CICM

Director of Learning and Development, urges

organisations who are interested in this work

to get in touch, ‘We welcome new members

to bring fresh perspectives and ideas to

the group. We are excited by initiatives

because we believe it will bring practical

support to collections teams and help

consolidate a wealth of best practice

information and resources in this area.’

You can find out more about how to get

in touch and other developments on the

CICM website (www.cicm.com).

The recognised standard

www.cicm.com November 2016

47


HR MATTERS

HR ROUNDUP

Gareth Edwards looks at cases involving voluntary

overtime, holiday pay and new apprenticeship systems.

DOES a job applicant seeking compensation

for discrimination, rather than the job, gain

protection?

In Kratzer v R + V Allgemeine Versicherung

AG (AV), a German company advertised graduate trainee

jobs. The graduates needed relevant work experience

and a good university degree in one of a few specified

fields, including law. The degree had to be under oneyear-old

or be due to be completed.

Mr Kratzer, a qualified lawyer and former manager

with an insurance company applied. His application

received an automatically generated rejection as he

was not a recent graduate. He complained demanding

€14,000 compensation for age discrimination.

AV apologised for their automatically generated

rejection and invited him to interview. Kratzer declined,

suggesting settlement before interview.

In the German courts, Kratzer claimed age

discrimination and additionally sex discrimination

as he discovered that AV had employed only four

female trainees, despite the genders of the applicants

being evenly split. The German court sent the case to

the European Court of Justice (ECJ), asking: is there

protection against discrimination where an individual is

not seeking employment, just the status of a job applicant

to claim compensation? Is this an abuse of EU law?

The ECJ confirmed that the directives protect those

seeking employment or already in employment. An

individual who submits a job application with the sole

purpose of seeking compensation for discrimination has

no protection; they are not entitled to claim its protection

or compensation.

VOLUNTARY OVERTIME AND HOLIDAY PAY

In Brettle v Dudley Metropolitan Council the Employment

Tribunal (ET) held that, provided payments for

voluntary overtime were ‘intrinsically linked to the work

performed’ and were ‘paid in such a manner, and with

sufficient regularity to be considered a part of normal

remuneration’, then they should be included in holiday

pay.

The case follows a number of high profile holiday

pay cases that have clarified the payments that workers

should receive during annual leave. As a starting point

all workers are entitled to paid annual leave. Regulations

require workers to be paid a week’s pay in respect

of each week of leave. In this latest case, the ET held

that voluntary overtime, together with voluntary out

The Government wants to encourage

more and better quality apprenticeships,

and so from April 2017 its funding of

apprenticeships in England will change.

of hours standby time and related call out payments,

were capable of being normal pay provided they were

intrinsically linked to the work performed and paid with

sufficient regularity.

Employers should monitor the payments that

staff regularly receive and ensure that holiday pay

corresponds with normal remuneration. They will

also need to consider that even where workers are

performing overtime on a voluntary basis, this will

impact upon holiday pay.

Importantly these principles only apply to leave

under regulation 13 of the Working Time Regulations

1998 (the entitlement to four weeks’ annual leave).

Workers in the UK are entitled to an additional 1.6 weeks’

annual leave under regulation 13A of the Working Time

Regulations 1998 to which these principles do not apply.

NEW APPRENTICESHIP SYSTEM

The Government wants to encourage more and better

quality apprenticeships, and so from April 2017 its

funding of apprenticeships in England will change. The

Government has published detailed guidance about the

new system and is seeking further input.

Under the new regime, apprenticeships are seen

as formal training where an apprentice works towards

achieving an approved standard or framework whilst

employed. The training will be partially funded by the

government and employers will be required to pay an

‘apprenticeship levy’ of 0.5 percent of the annual pay bill.

However, all employers will be allocated a £15,000 ‘levy

allowance’ which will be offset against their levy liability.

Only employers with a pay bill of more than £3 million

each year will pay the apprenticeship levy.

All earnings (e.g. bonuses, commissions, pensions

contributions) will be subject to Class 1 secondary NICs

when calculating the ‘pay bill’.

The funds collected from each employer will

be available to that employer via a new ‘digital

apprenticeship service account’ for their apprenticeship

training. The funds will only be available for 18 months

after entering the account, thereafter they are lost.

The guidance confirms that the Government is

seeking further views on the introduction of the system,

in particular over: whether employers should be able to

assign a portion of their apprenticeship funds to support

the training of an apprentice by another employer or

an apprenticeship training agency; a proposal that the

Government pays 90 percent towards the cost of training

and assessment and the employer pays the rest; and

proposals for extra support for employing 16 ‐- 18 year

olds and those with additional needs.

Gareth Edwards is a partner in the employment team

at Veale Wasbrough Vizards. gedwards@vwv.co.uk.

48 November 2016 www.cicm.com

The recognised standard


THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM April 2016.indd 1 22/03/2016 11:42

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM September 2016.indd 1 23/08/2016 14:30

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM July/August 2016.indd 1 21/06/2016 12:00

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

CM June 2016.indd 1 20/05/2016 11:19

CM

Credit Management magazine for consumer

and commercial credit professionals

CREDIT MANAGEMENT

CM

APRIL 2016 £10.00

FALLING STAR

THE INDUSTRY SPEAKS OUT

ON THE EU REFERENDUM

www.cicm.com

CREDIT MANAGEMENT

CM

SEPTEMBER 2016 £10.00

DESERT STORM

THE CHALLENGE OF DOING

BUSINESS IN SAUDI

www.cicm.com

CREDIT MANAGEMENT

CM

JULY / AUGUST 2016 £10.00

TOOTH

AND NAIL

SPEAKING OUT ABOUT

DIRECT DEBIT CLAWBACKS

www.cicm.com

CREDIT MANAGEMENT

CM

JUNE 2016 £10.00

BROKEN

CHINA

THE DRAGON RUNS

OUT OF PUFF

THE CICM'S HIGHLY ACCLAIMED MAGAZINE

www.cicm.com

SPECIAL

FEATURES

IN DEPTH

INTERVIEWS

ASK THE

EXPERTS

GLOBAL

NEWS

LEGAL

MATTERS

INTERNATIONAL

TRADE

CURRENCY

EXCHANGE

HR

MATTERS

MOBILE DIGITAL

EDITION

EDUCATIONAL

STUDIES

THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS

TO SUBSCRIBE CONTACT: T: 01780 722903| E: ANGELA.COOPER@CICM.COM

CICM MEMBER

EXCLUSIVE

Your CICM lapel badge demonstrates your

commitment to professionalism and best practice

TAKE PRIDE IN

WEARING YOUR BADGE

If you haven’t received your badge

E: cicmmembership@cicm.com

The recognised standard

www.cicm.com November 2016 49


PARTNERS

WITH THE BEST

IN BUSINESS

Hays Credit Management is the award winning national specialist division of Hays

Recruitment, dedicated exclusively to the recruitment of credit management professionals

in the public and private sectors. Whether you are looking to further your career in credit

management, strengthen your existing team, or would simply like an overview of the

market, it pays to speak to the market leaders.

hays.co.uk

We specialise in company information with

extensive company coverage, financial risk

metrics and comprehensive corporate

structures. Our Credit Catalyst combines our

international, standardised financial data with

a bespoke credit platform, so you can work

more efficiently, make better quality decisions

and spot risk quickly.

• Assess financial risk and corporate stability

• Get insight on the financial health of individual

companies and across your portfolio

• Manage your data more efficiently

bvdinfo.com

Data Interconnect provides integrated

e-billing and collection solutions via its

document delivery web portal, WebSend. By

providing improved Customer Experience

and Customer Satisfaction, with enhanced

levels of communication between both

parties, we can substantially speed up your

collection processes.

datainterconnect.com

American Express is a globally recognised provider

of payment solutions to the business sector

offering flexible collection capabilities to meet

company cashflow objectives across a range of

industries. Whether you are looking to accelerate

cashflow, create a competitive advantage to drive

business or looking to support your customers

in their growth American Express can tailor a

solution to support your needs.

www.americanexpress.com

Sidetrade helps Credit managers to reduce

excess DSO by up to 50percent and

increase Sales-to-Cash efficiency up to

80 percent. Its innovative, market-leader

solutions, which complement ERP, aim to

secure customers by reducing payment

delays and controlling risk. With clients of

all sizes and all industries in 65 countries,

Sidetrade enables 120,000 sales and financial

users to collaborate through its Cloud, thus

accelerating cash-flow generation.

www.sidetrade.com

Key IVR provide a suite of products to assist

companies across Europe with credit

management. The service gives the end-user

the means to make a payment when and

how they choose. Key IVR also provides a

state-of-the-art outbound platform delivering

automated messages by voice and SMS.

In a credit management environment,

these services are used to cost-effectively

contact debtors and connect them back into a

contact centre or automated payment line.

keyivr.co.uk

Tinubu Square is a trusted source of trade

credit intelligence for credit insurers and for

corporate customers. The company’s B2B

Credit Risk Intelligence solutions include the

Tinubu Risk Management Center, a cloudbased

SaaS platform; the Tinubu Credit

Intelligence service and the Tinubu Risk

Analyst advisory service. Over 250

companies rely on Tinubu Square to protect

their greatest assets: customer receivables.

tinubu.com

Rimilia provides award winning Cash

Application & Cash Allocation software

products that deliver industry leading

tangible benefits like no other. Having

products that really do what they say is

paramount – add to that a responsive

and friendly team that are focused

on new and ongoing benefit realisation and

you have the foundations for successful long

term business relationships.

rimilia.com

50

November 2016 www.cicm.com

The recognised standard


The recognised standard

For further information and to discuss the opportunities of entering into a Corporate

Partnership with the CICM, contact Peter Collinson, Director of Business Development

and Marketing on 01780 727273 or email peter.collinson@cicm.com

Sanders Consulting is a niche consulting firm

specialising in improving Credit Management

Leadership & Performance for our clients.

We provide people and process focussed

pragmatic solutions, consultancy, strategy

days and performance improvement

workshops and we are proud to manage and

develop the CICMQ Programme and the

Best Practice Network on behalf of the CICM.

For more information please contact:

enquiries @chrissandersconsulting.com.

chrissandersconsulting.com

Credica are a UK based developer of specialist

Credit and Dispute Management software.

We have been successfully implementing our

software for over 15 years and have delivered

significant ROI for our diverse portfolio of

customers. We provide a highly configurable

system which enables our clients to gain

complete control over their debtors and to

easily communicate disputes with anyone in

their organisation.

credica.co.uk

CreditForce by Innovation Software is the

leading Collections and Working Capital

Management Systems used globally in over

26 countries and by over 20 percent of the

Top 100 Global Law Firms. Our systems

improve cash flow, reduce DSO, automate

cash allocation, control risk, automatically

generate intelligent workflows and tasks,

speed up query resolution and manage the

entire end-to-end collections cycle. Fully

integrated with over 40 leading ERP and

Accounting systems and delivered locally

or through Microsoft-Azure’s secure cloud

solutions.

www.creditforceglobal.com

Begbies Traynor is the UK’s leading Corporate

Rescue and Recovery practice, handling

more than 1000 cases per year. We operate

from a network of 37 UK offices, with clients

ranging from SME’s to quoted companies

and global banks.

As a business we have a close relationship

with CICM members and understand the

key role they play in the ongoing financial

health of their organisations. We also

understand the pressures that many face and

have developed a creditor services offering

to support their aims. Whether this is utilised

as a basic free consultation by phone, or a

full suite of services to cover all claims in any

insolvency, we can work with members to

provide a tailored solution.

begbies-traynor.com

M.A.H. is a global leader in Export Debt

Collection & Trade Dispute Resolution

Services. Headquartered in Switzerland,

we specialise in resolving cross-border

cases swiftly and amicably. Our mission is to

ensure that all creditors receive full payment

for products or services sold out of the UK

without expensive and lengthy litigation.

Having recovered payments from 112

countries, we rank as first choice among major

international exporters, export credit insurers,

governmental organisations, and other B2B

customers in all industries.

mah-international.com

DWF is one of the UK’s largest legal

businesses with an award-winning reputation

for client service excellence and effective

operational management. Named by the

Financial Times as one of Europe’s most

innovative law firms and independently

ranked first of all top 20 law firms for quality

of legal advice and joint first of all national law

firms for service delivery and responsiveness.

www.dwf.law/recover

Safe’s Credit Control module manages the

entire credit lifecycle, from credit checking

through to cash collection and beyond,

providing detailed analysis of performance.

Safe’s single, intuitive and easy-to-use

application seamlessly brings together the

necessary data and tools you require to

achieve your objective of creating a profit

centre culture within your credit control

function.

safe-financials.co.uk

Think Inspire and Create Ltd - No Ordinary

Consultancy. The newly-launched consultancy

offers an inspired service that supports

businesses and encourages their people

to embrace change. We are committed to

sharing our passion and experience in credit

management, Performance management and

Process improvement.

Our vision is to make sure that the changes

you create are sustainable and enduring.

www.thinkinspireandcreate.com

Graydon UK provides its clients with

Credit Risk Management and Intelligence

information on over 100 million entities

across more than 190 countries. It provides

economic, financial and commercial insights

that help its customers make better decisions.

Leading credit insurance organisations,

Atradius, Coface and Euler Hermes, own

Graydon. It offers its seamless service through

a worldwide network of offices and partners.

graydon.co.uk

The recognised standard

www.cicm.com November 2016 51


NEW CICM MEMBERS

THE INSTITUTE WELCOMES NEW MEMBERS WHO HAVE RECENTLY JOINED

MEMBER BY EXAM

NAME

COMPANY

MEMBER

NAME

COMPANY

Paul Michael Tierney

Bhavna Gandhi-Ketchen

John Matthews

Maura Adams

Collection House Ltd

Hotels 4U.com

ASSOCIATE

NAME

COMPANY

Terena Askey

David Stevens

Marisa Galeadebono

Laura Brown

Benedict Hands

Sarah Reis

BT plc

DAF Trucks Limited

Go Plc

Saint Gobain

Sandvik Ltd (Halesowen)

Wolverine Europe Ltd

AFFILIATE

NAME COMPANY NAME COMPANY

June Walton

Axtell

Daisy Johnson

Hays Credit Management

Rebecca Wisbey

Hays Credit Management

Julian Donnelly

James Rosa Associates Ltd

Christopher Sweeting

Able Investigations & Enforcements

Mark Hawkins

Ace Enforcement Ltd

N·ndor Gyetval

Alcoa-Kofem

Nathan Jowett

Andrew Wilson & Co

Debra Whitelaw

Andrew Wilson & Co

Scott Bukowski

Autodata Products Ltd

James Shuttleworth

Bridgewater Support Solutions Ltd

Lauren Brooks

Bridgewater Support Solutions Ltd

Simon Rodger

Bristow & Sutor

Simon Tiffin

Bristow & Sutor

Thomas Mills

Burges Salmon LLP

David Jefferis

Burges Salmon LLP

Elizabeth Yendoll

Burges Salmon LLP

Bridget Cocking

Burges Salmon LLP

Sian Marshall

Burges Salmon LLP

Stacey Bolton

Capita Education Recruitment

Heena Rach

Carbon Trust Loans

Anca - Cristina Simion

Ceragon Networks

Alexandru-Raul Savu

CJL Debt Recovery Ltd

Zoe Tucker

Coventry University

Samantha Andrews

Croydon Council

Heather Bauer

DAF Trucks Ltd

Mihai Trifon

DHL

Craig Poynton

Eclipse Enforcement Ltd

Hayley Mackenzie-Wright

Equita Ltd

Deborah Kemp

Evolve Hospitality

Adam Ramsden Farnell Element 14

Joseph Reed Farnell Element 14

Andrew Harris Farnell Element 14

Christopher Taylor

FIS Payments (UK) Ltd

Sophie Altur

G2V Group

Stacie Lithgow

Gazprom Marketing & Trading Retail

Thomas Whelan

Greene King Brewing & Retailing Ltd

Natassja Chandler

Greene King Brewing & Retailing Ltd

Feyisayo Bolarinwa

Imperial College London

John Freeman

Informa UK Ltd

Maxine Hawkins

Ingram Micro UK Ltd

Shazya Shakur

Investis Ltd

Amanda Baker

Karro Food Ltd

Petya Burgess

Lodge Tyre Co Ltd

Amit Sohal

Manrose Manufacturing Ltd

Antoaneta Spassova

Marston’s Plc

Alexandru Vasilescu

Mayfair Cars Ltd

Georgia Ireland

Paul Aslin

Rosetta Pozzuto

Claire Seaton

Aiden Collins

Charlotte Austin

Michelle Holmes

Sonia Preston

Mark Adams

Claire Orr

Benjamin Tailor

Julie Hennessy

Christopher Carter

Sheetal Patel

Erkan Kizmazoglu

Chelsey Wood

Charlotte Kemp

Leah Brindle

William Turner

Rebecca Payne

Jordana Lambert

Michael Banks

Emma Ramsden

Jade Swailes

Alan Rollo

Heidi Dowd

Furhan Warner-Malik

Daniella Hedley-Booth

Victoria Armstrong

Katie Steward

Sana Munir

Lyn Newsome

Amie Salazar

Thomas Evans

Charmaine Bailey

Carol Howell

Diane Finister

Anna Pronina

Lucy Sleath

Lauren Bain

Craig Frayne

Ciprian Trifon

Juliet Stadden

Douglas Newton

Judita Ubartaite

Naline Oliveira

MGB Insurance Brokers Limited

Midland Quarry Products Limited

Motor Insurers’ Bureau

Myunidays Limited

Newbury Investments (UK) Ltd

nGAGE Recruitment Ltd

Olleco

Orolia Ltd

Penham Excel Ltd

Redcentric Solutions Ltd

Saint Gobain

Sandwell MBC

Sheffield County Council

Sony DADC UK Limited

Sony DADC UK Limited

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

StepChange Debt Charity

Tenet Group Ltd

The Ritz-Carlton Hotel, DIFC

Tokio Marine HCCñInternational Group

Trinty Mirror

Burges Salmon LLP

Novartis Pharmaceuticals Ltd

White & Case LLP

52 November 2016 www.cicm.com

The recognised standard


2016 EXAM RESULTS

CONGRATULATIONS

Congratulations to all of the following, who successfully achieved Diplomas in Credit Management.

LEVEL 3 DIPLOMA IN CREDIT MANAGEMENT - ACICM

NAME MAIN ORGANISATION LOCATION

Emily Newman Ageas Insurance Ltd Eastleigh

Claudia Walters- Pierrehumbert Aitchison Raffety High Wycombe

Andrew Fox Amey Group Services Ltd Oxford

Syed Ahmed Annodata Ltd Kings Langley

Shaun Osbaldstone ARRK Europe Ltd Gloucester

Susan Smith Astec Europe Ltd Dudley

Natasha Kunker Autoglass Ltd Bedford

Anna Thornhill Avanti Gas Ltd Chesterfield

Amber Edwards BNP Paribas Birmingham

Meirion Kania Body Temple Ltd Stoke on Trent

Salvatore Imbesi BSN medical ltd Hull

Richard Scott Cisco Systems International BV Amsterdam, Netherlands

Vanessa Harkin E.ON UK Nottingham

Mandira Aich Elsar Limited Northwood

Veronica Gutu Gilbarco Veeder-Root Basildon

Philip Meenan Hanson UK Bristol

Pravin Roche Hertz Dubai, UAE

Mirko Cerretani Huntsman Tioxide Stockton on Tees

David Jones Informa UK Ltd Colchester

James Baptist MBNA CORPMEM1 Chester

Neale Darracott MBNA CORPMEM1 Chester

Heather Shaw MBNA CORPMEM1 Chester

Adam Lawrence MBNA CORPMEM1 Chester

Jacqueline Newman NHBC National House Building Council Milton Keynes

Andreea Popescu Office Depot CORPMEM1 Cluj-Napoca, Romania

Iulia David Office Depot CORPMEM1 Cluj-Napoca, Romania

Derek Campbell Ravenace Metals Ltd Smethwick

Caroline Hickman Rhodar Leeds

Taryn Wright Robert Walters London

Caroline McChrystal Tenet Group Ltd Leeds

Vincent Legrand Vf Northern Europe Ltd Nottingham

Thomas Bowden NCC Group Manchester

Rob Casey Assist Recruitment UK Ltd Bury

Matthew Coppenhall UK Fuels Ltd Crewe

Joanne Davies Afton Chemical Limited Bracknell

William Dorey PricewaterhouseCoopers Southampton

Louise Edwards Manheim Auctions Leeds

Susan Fordbird Emerson Process Management Europe Leicester

Matthew Francis Reed Online Ltd London

Preetpal Garcha Aggregate Industries Coalville

Sylvie Haffner Dentsu Aegis Network London

Martin Heward Callcredit Information Group Ltd Leeds

Emma Hovell Aggregate Industries Coalville

Caroline Kirkham V W R International Ltd Lutterworth

Kayleigh Kisiel Kohler Mira Ltd Gloucester

David Moore Gb Eye Ltd Sheffield

Stacy Naylor

Wetherby

Kieran O’neill Local World Leicester

Scott Padbury BBC Centre of Excellence Cardiff

Peter Roberts UK Fuels Limited Crewe

Daniel Smith Maples and Calder Services Europe Ltd Leeds

Paul Smith Tata Steel Europe Limited Port Talbot

Michelle Whitby Marston’s Plc Wolverhampton

Edward Winterbourne R C Cutting & Co Ltd London

Tomas Bouska International Personal Finance Ltd CORPMEM1 Leeds

Ben Johnson Balfour Beatty WorkSmart Newcastle Upon Tyne

Marie Vachkova Edwards Services s.r.o. Lutin, Czech Republic

Pavel Burda Edwards Services s.r.o. Lutin, Czech Republic

Kelly Griffiths Thomas Eggar Solicitors Crawley

LEVEL 3 DIPLOMA IN DEBT COLLECTION - ACICM

NAME MAIN ORGANISATION LOCATION

Kabbir Din Places for People CORPMEM1 Preston

LEVEL 5 DIPLOMA IN CREDIT MANAGEMENT - MCICM(GRAD)

NAME MAIN ORGANISATION LOCATION

Sajiv Gupta Avnet Technology Solutions Bracknell

Jackie Noden Randstad UK Holding Luton

The recognised standard

www.cicm.com November 2016 53


BRANCH NEWS

CICM HQ

BIKERS AND BEARDS

Credit Management’s own Art Editor, Andrew

Morris, recently completed The Distinguished

Gentleman’s Ride among 60 other riders in

Peterborough raising £4,500 in the process.

Founded in Sydney by Mark Hawwa in

2012, the first ride in 2012 brought together

over 2,500 riders across 64 cities. The

success of the event encouraged the founder

to consider how it could be used to

support a worthy cause.

In 2015, over 37,000 participants in

410 cities in 79 countries raised over $2.3

million (US) for prostate cancer research.

Pictured is Andrew on his black and

yellow Ducati Scrambler resplendent in

his finest tweed.

THE Sheffield and District Branch held a

seminar on Successful Legal Collections,

kindly presented and sponsored by

Shakespeare Martineau Solicitors.

The evening started with a buffet and

allowed plenty of time for networking

opportunities. It was good to see a few new

faces as well as old attending this event.

Branch Chairman Laurie Beagle then

introduced Helen Carey and Hayley Brown

who presented this very entertaining and

informative seminar.

Helen discussed the options available

when considering ‘going legal’, pre-action

protocols, legal routes and enforcement

options, offering various hints and tips on best

practice.

Hayley then went on to discuss the

potential for insolvency when pursuing a debt

through legal action, informing on statutory

demands, bankruptcy, winding-up petitions

and the liquidation process.

The seminar concluded after a debate on

the potential new pre-action protocols and the

obligations that this would place on creditors,

SHEFFIELD AND DISTRICT

SUCCESSFUL LEGAL COLLECTION

Left to right Carl Goodman, Hayley Brown, Helen Carey, Laurie Beagle.

to which there was unanimous disapproval!

At the end of the presentation there was

a period for the attendees to ask questions

and this was keenly taken up, leading to some

lively discussions on the subject matter.

The feedback to the evening has been very

positive with most people commenting that the

quality and content of the presentation was

pitched just right and of practical use.

Author: Carl Goodman

To include your branch reports in the December issue of CM, please submit your copy via email to

branches@cicm.com Please ensure all photographs are high res (1MB+) and copy doesn’t exceed 400 words.

54 November 2016 www.cicm.com

The recognised standard


FULL NAME

Angela Jennings

SOUTH WALES BRANCH

INTERVIEW TECHNIQUES

THE South Wales Branch, in conjunction with

our corporate partner, Hays Recruitment, held

an event at Hays’ office recently.

This was one of the events that Hays is

running throughout the country, and was all

about CVs and interviews.

For those of us that haven’t had an

interview, or needed to update a CV, it was

a great refresher and amazing to learn how

interview techniques have changed. I strongly

recommend that you attend the next one of

these when it hits your area.

After the event we held a very interesting

question and answer session, with many

really good points and myths being raised and

addressed.

The next South Wales event will be on 20

October, 2016, and we are having a post-Brexit

vote panel discussion.

Want to know more? Drop the committee an

email: southwalesbranch@cicm.com

Author: Steve White

CURRENT JOB TITLE

Senior Credit

Controller

COMPANY NAME

Canal and River Trust

NUMBER OF YEARS IN CREDIT

MANAGEMENT

15+ (Okay, I have lost count)

NUMBER OF YEARS IN CURRENT ROLE

11 years

HOW DID YOU GET INTO CREDIT

MANAGEMENT?

By default really, I studied administration

at college. An opportunity arose in credit

management, although at the time I was

unaware of what the role fully entailed,

I haven’t looked back really. It is a job

which is varied and keeps me interested

and motivated.

WHAT IS THE BEST THING ABOUT

WHERE YOU WORK?

The people and work ethics

WHAT MOTIVATES YOU?

New projects, anything I can sink

my teeth in to which in the long term

improves processes, save costs and

creates efficiency in day to day activities.

60SECONDS

WITH

WHAT IS YOUR FAVOURITE MEAL?

Mmm all sorts but my main one is

spaghetti Pomodoro, yum!

WHAT IS YOUR FAVOURITE HOLIDAY

DESTINATION?

Italy, it’s such a beautiful place.

THAMES VALLEY BRANCH

COFFEE, CROISSANTS AND ATRADIUS

THE Thames Valley Branch invited Gideon

Jones and Yvette Gray from Atradius to

talk about their core business functions of

collections and risk management.

In the UK Atradius is located in Cardiff, and

it has over 160 offices in 50 different countries.

It is the second largest credit insurer in the

world, with access to information on 100

million companies worldwide and makes over

20,000 credit decisions on a daily basis. It is a

diverse Business working with different sized

companies, from SMEs to global corporations.

Credit Insurance is the heart of its business,

and it deals in the domestic and international

trade markets. Global B2B Trade is growing

at two times the rate of GDP and expected to

reach $86 trillion by 2020 – 80 to 90 percent

of this trade is conducted through credit.

This is risky when there is little to no financial

information available for some regions.

It has been forecast that by 2050 the

emerging markets of China, India, Brazil and

Mexico will account for more than 50 percent of

world GDP.

Unsurprisingly, the uncertainty caused by

the decision of the UK to leave the European

Union has sparked a downward revision of

GDP forecasts, which has led to worsening

of bankruptcy projections in a number of

advanced markets. It will have a big impact in

many Eurozone countries, particularly those

with high exposure to the UK.

Gideon focused on China and Brazil as they

are challenging regions, the former affecting

our economy even if we are not actually doing

direct business there. Chinese output is 25

percent more than requirement, communication

can be difficult and it has outlawed debt

collection from being practiced. Brazil has had

an unstable economy for years and it is still

difficult to progress legal action there.

Yvette provided information on Atradius’

diverse and experienced collections team,

which is spread throughout 24 offices

worldwide. It offers dedicated account

managers for customers with the required

cultural knowledge and language skills, and

uses local agents and lawyers and engages

with third party collections resulting in an

average collections success rate of 59 percent.

The Thames Valley Branch would like to

thank Yvette Gray and Gideon Jones for such

an interesting and informative presentation. We

also want to thank Verizon for providing the

venue and food free of charge and for the 34

attendees who made the event such a great

success!

Author: Ruth Howard (ACICM)

NAME THREE PEOPLE YOU WOULD

INVITE TO A DINNER PARTY AND WHY?

Filippo, he’s my partner and he probably

would be upset if he didn’t get an invite,

plus he’s an important person in my life.

Second person would be Hannah my best

friend who I have known for eight years

and met whilst working at CRT. And the

third person would have to be my mum

not to upset the applecart.

WHAT IS YOUR FAVOURITE PASTIME/

RELAXATION ACTIVITY?

Horse riding for definite, it’s a good

way to de-stress and also get out in the

countryside.

IF YOU WERE TO HAVE ONE SPECIAL

POWER, WHAT WOULD IT BE AND WHY?

To be able to travel through time, this way

I get to see what’s in the future.

WHAT IS THE BEST/WORST QUALITY IN

A LEADER?

A good leader is one who can motivate

and lead a team of people bringing out

the good qualities in others. The worst

quality is not being passionate about what

they do, their attitude and how they apply

themselves greatly influences a team

whether good or bad.

IF YOU WEREN’T WORKING IN CREDIT

MANAGEMENT, WHAT WOULD YOU BE

DOING?

I always wanted to do nursing as a child

so would probably fulfil my childhood

ambition.

The recognised standard

www.cicm.com November 2016 55


DON’T MISS YOUR

CAREER MOVE IN

At Hays Credit Management, our consultants are all affiliate members of

the CICM and understand both the demands you face and the skills you

need to thrive within your industry. We can therefore offer you personalised

career advice and the support that you need.

MEDIA BILLER

ESTABLISH NEW PROCESSES

West London, up to £32,000

Due to the expansion of its finance team, an exciting

opportunity has arisen at this renowned international

media business for an experienced biller. Managing

your own portfolio of clients, you will be responsible

for timely billing analysis, month end reporting, PO

reconciliation, regular meetings with managers and

clients and creating reports. You will have strong

Excel skills and SAP/DDS system experience would

be desirable. This role would suit a deadline driven,

hardworking and confident individual who is able

to excel in a fast-paced working environment. In return,

the company offers competitive benefits and modern

offices with exceptional on-site facilities.

Ref: 2818538

Contact Julia Foster on 0203 465 0020

or email julia.foster2@hays.com

CREDIT CONTROLLER

BOOST YOUR CAREER

Leeds £21,000-£24,000 + excellent benefits + pension

This market-leader prides itself on being at the cutting

edge of its industry. As a result of business growth, the

firm is looking for an ambitious credit controller to join

its well-established team. Managing a set of corporate

accounts, you will be responsible for the effective and

timely collection of overdue debt, build strong working

relationships with other departments, resolving complex

queries and ensuring all cash is allocated in a timely

manner. Knowledge of the full credit cycle, previous

experience within a similar role, excellent verbal and

written communication skills and the ability to work

effectively with other departments is essential. This

role also offers CICM study and exceptional career

advancement opportunities. Ref: 2778040

Contact Catherine Hill on 0113 200 3735

or email catherine.hill@hays.com

This is just a selection of the many

opportunities we have available for credit

professionals. To find out more, visit us online.

hays.co.uk/creditcontrol

56 November 2016 www.cicm.com

The recognised standard


NEXT BIG

CREDIT

Fulfil your potential at Bio-Rad, a recognised global leader in the growing

life science search and clinical diagnostics markets. The organisation has

over 7,800 employees and a robust network of operations that serves over

150,000 customers worldwide.

ORDER TO CASH (OTC) CASH

APPLICATIONS CLERK

DEVELOP AND SUSTAIN

TRANSACTIONAL PROCESSES

Watford, £competitive + benefits

An exciting opportunity has arisen for proactive and

driven individuals to join Bio-Rad’s OTC team. In this

role, you will demonstrate timely application of cash

to outstanding receivables, identify and resolve all

issues for daily cash application. Process remittances,

direct debits and credit cards and address corrective

activities to ensure targets are met. You will participate

in financial statement close cycle and produce regular

cash applications reports. You will have extensive SAP

experience in credit management and cash applications,

knowledge of treasury including payment methods,

payment types and cash application control and speak

either Dutch, Flemish, French, German or Spanish.

Ref: 2861996

Contact Nosh Hanif on 01923 205286

or email nosh.hanif@hays.com

ORDER TO CASH (OTC) CREDIT

AND COLLECTIONS CLERK

MAXIMISE CUSTOMER COLLECTION

AND DISPUTE MANAGEMENT PROCESSES

Watford, £competitive + benefits

An exciting opportunity has arisen for proactive and

driven individuals to join Bio-Rad’s OTC team. In this

role, you will help to define processes including but not

limited to planning, executing and controlling credit risk

and collection. Participating in and controlling regular

team outputs, you will manage corrective action against

team error rate as well as identify and resolve issues

from all stakeholders, participate in financial statement

close cycle and produce regular credit and collections

reports. You will have extensive SAP experience in credit

management and cash applications, knowledge of credit

collections and speak either Dutch, Flemish, French,

German or Spanish.

Ref: 2862021

Contact Nosh Hanif on 01923 205286

or email nosh.hanif@hays.com

Working for Bio-Rad, you will receive first class

training and development as well as excellent

benefits package. For more information,

please visit hays.co.uk/jobs/bio-rad

The recognised standard

www.cicm.com November 2016 57


PROGRESS WITH CONTINUING

PROFESSIONAL DEVELOPMENT (CPD)

The CICM Continuing Professional Development (CPD)

programme offers the tools to develop and achieve in your

credit management career. Undertaking CPD provides a focused

training and development plan that can be constantly reviewed

and updated. The benefits are reflected in your ongoing personal

achievement, experience and growth as a professional.

CPD also offers benefit to your employer, the ability to manage

your own self-development demonstrates a key strength and

highlights the potential of linking learning to actions and theory

to practice.

Get started today, visit www.cicm.com to download your

Development Plan and Progress Record.

BUILD SKILLS DEVELOPMENT

THEORY THROUGH QUALIFICATIONS

UP TO DATE KNOWLEDGE AND INFORMATION

NETWORKING

www.cicm.com

CPD

CPD

10

10

58 November 2016 www.cicm.com

The recognised standard


Cr£ditWho?

CICM Directory of Services

FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:

anthony.cave@cabbell.co.uk

COLLECTIONS

Controlaccount PLC

Compass House, Waterside

Hanbury Road, Bromsgrove

B60 4FD

T: 01527 549522 (Sales dept)

E: sales@controlaccount.com

W:www.controlaccount.com

Controlaccount has over 30 years of Credit Management and

Debt Recovery experience, helping National and International

SMEs and blue chip organisations, across a wide range of sectors.

We provide a fast, proactive collection service on a no-collection,

no-fee basis, and for some clients a zero cost option,

utilising the late payment act to fund collection procedures. Our

trained collectors take into account your need to recover debts,

whilst maintaining your reputation and preserving customer relationships.

If we can’t recover your outstanding debts through our

collection process, then our service won’t cost you a penny; and

with our additional in-house legal & Trace service as well as our

credit reporting and corporate monitoring services we are ready

to help you every step of the way.

Blaser Mills LLP

Rapid House

40 Oxford Road, High Wycombe,

Buckinghamshire. HP11 2EE

T: 01494 478660/478661

E: Jackie Ray jar@blasermills.co.uk or Gary Braathen

gpb@blasermills.co.uk

W: www.blasermills.co.uk

Established in 1888, leading multi-disciplinary law firm Blaser

Mills specialises in services for businesses and individuals.

The Firm has particular expertise in Dispute Resolution and

Debt Recovery working with experienced credit managers and

finance directors providing solutions to both contested and

uncontested claims.

Blaser Mills provides an experienced team including CICM

qualified legal representatives and the Firm is cited in the

Legal 500 law directory based on quality of work and strong

client feedback.

Offices in Aylesbury, London (Central), London (Harrow), Old

Amersham, Rickmansworth, Staines-on-Thames.

Think Inspire and Create Ltd

T: 0844 414 6056

E: info@thinkinspireandcreate.com

W: www.thinkinspireandcreate.com

Think Inspire and Create Ltd - No Ordinary Consultancy

The newly-launched consultancy offers an inspired service that

supports businesses and encourages their people to embrace

change. If you want to drive forward sustainable change in your

business, Think, Inspire and Create Ltd can optimise the way you

deliver your strategy.

Using a unique Think, Create and Inspire ethos the team works with

businesses, embedding cross-skilled consultants within companies,

to facilitate creative thinking, set goals and find enduring solutions

to challenges.

Think, Inspire and Create Ltd is committed to sharing its passion and

experience in the following areas:

Credit management • Performance management • Operational

design & Management • People Engagement • Process Change

Management • System design and deployment • Organisation

design.

Our vision is to make sure that the changes you create are sustainable

and enduring. Find out more www.thinkinspireandcreate.com

COURT ENFORCEMENT SERVICES

Premium Collections Limited

Office 3, Caidan House Business Centre, Canal Road,

Timperley, Altrincham, Cheshire, WA14 1TD

T: 0161 962 4695.

F: 0333 121 3843

E: enquiries@premiumcollections.co.uk

W: www.premiumcollections.co.uk

Premium Collections Limited has the credit management solution

to suit you. Operating on a national and international basis we

can tailor a package of products and services to meet your

requirements. Staffed by dedicated professionals with over 60

years combined experience of handling virtually every type of

debt issue, the company was formed in December 2002 and

is owned by our Managing Director, Paul Daine FCICM. Paul’s

particular areas of expertise are the motor finance, insurance

and international debt collection sectors. Services include B2B

collections, B2C collections, international collections, absconder

tracing, asset repossessions, status reporting and litigation

support.

INTERNATIONAL COLLECTIONS

Lovetts Solicitors

Lovetts, Bramley House, The Guildway, Old Portsmouth

Road, Guildford, Surrey GU3 1LR

T: +44(0)1483 457500 E: info@lovetts.co.uk

W: www.lovetts.co.uk

Lovetts has been recovering debts for 30 years! When you

want the right expertise to recover overdue debts why not use a

specialist? Lovetts’ only line of business is the recovery of

business debts and any resulting commercial litigation.

We provide:

• Letters Before Action, prompting positive outcomes in more than

80 percent of cases • Overseas Pre-litigation collections with

multi-lingual capabilities • 24/7 access to our online debt

management system ‘CaseManager’

Don’t just take our word for it, here’s recent customer feedback:

“...All our service expectations have been exceeded...”

“...The online system is particularly useful and is extremely easy

to use... “...Lovetts has a recognisable brand that generates

successful results...”

CONSULTANCY

Court Enforcement Services

Wayne Whitford – Director

M: +44 (0)7834 748 183

T : +44 (0)1992 663 399

E : wayne@courtneforcementservices.co.uk

W: www.courtenforcementservices.co.uk

High Court Enforcement that will Empower You!

We help law firms and in-house debt recovery and legal teams to

enforce CCJs by transferring them up to the High Court. Setting us

apart in the industry, our unique and Award Winning Field Agent

App helps to provide information in real time and transparency,

empowering our clients when they work with us.

• Free Transfer up process of CCJ’s to High Court

• Exceptional Recovery Rates

• Individual Client Attention and Tailored Solutions

• Real Time Client Access to Cases

CREDIT INFORMATION

M.A.H. INTERNATIONAL CORPORATION

Breitenweg 6, 6370 Stans, Switzerland

Ms. Melina Schuler – Business Development Manager

T: ++41 41 618 30 54

F: ++41 41 620 90 26

E: m.schuler@mah-international.com

W: www.mah-international.com

M.A.H. is a global leader in Export Debt Collection & Trade

Dispute Resolution Services. Our head office is located

in Stans, our group law office in Zurich. We specialise in

resolving cross-border cases swiftly and amicably (99

percent of our cases are settled out of court).

We have recovered payments from 112 countries on all five

continents for exporters and other B2B customers of all sizes

in all industries. We rank as first choice among international

export companies, export credit insurers, and governmental

organisations.

Our mission is to ensure that all creditors receive full payment

for products or services sold out of the UK without expensive,

stressful, and lengthy litigation.

Contact us to benefit from our personalised, full-package,

No Collection – No Fee services, provided by our qualified

multilingual global negotiators, collection attorneys, and

affiliate local partner law firms in 65 countries.

The recognised standard

Sanders Consulting Associates Ltd

T: +44(0)1525 720226

E: enquiries@chrissandersconsulting.com

W: www.chrissandersconsulting.com

Sanders Consulting is an independent niche consulting firm

specialising in leadership and performance improvement in all

aspects of the order to cash process. Chris Sanders FCICM, the

principal, is well known in the industry with a wealth of experience

in operational credit management, billing, change and business

process improvement. A sought after speaker with cross industry

international experience in the business-to-business and businessto-consumer

markets, his innovative and enthusiastic approach

delivers pragmatic people and process lead solutions and significant

working capital improvements to clients. Sanders Consulting are

proud to manage CICMQ on behalf of and under the supervision

of the CICM.

CoCredo Limited

Missenden Abbey, Great Missenden, Bucks, HP16 0BD

T: 01494 790 600

E: helpdesk@cocredo.com

W: www.cocredo.co.uk

We provide live online company credit reports and related business

information within the UK and overseas. We have direct feeds from

Dun & Bradstreet, Companies House and other premium providers.

We provide business information on over 256 million companies

across 221 countries. Our information is updated over 500,000

times per day and we have some excellent tracking mechanisms

which provide proactive daily monitoring of changes in the global

information on record. We can offer a wealth of additional services

including XML Integration, D.N.A portfolio management, CoData

marketing information, Companies House documents, Consumer

and Director Searches. We pride ourselves in delivering award

winning customer service, offering you unrivalled support and

analysis to protect your business.

www.cicm.com November 2016 59


Cr£ditWho?

CICM Directory of Services

FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:

anthony.cave@cabbell.co.uk

Company Watch

Centurion House, 37 Jewry Street, LONDON. EC3N 2ER

T: +44 (0)20 7043 3300

E: info@companywatch.net

W: www.companywatch.net

What would happen if one of your key customers failed? Do

you rely on company information that is up to 18 months’ old?

Company Watch provides a credit management system that’s

predicted around 90 percent of company failures. Not only

that, our interactive system allows you to input more up-to-date

accounts, and to stress-test company financials to generate an

instantly updated analysis of a company’s financial health. With

a portfolio and email alert system, and a user interface showing

5-year trends along with everything you need to know at a

glance, Company Watch is an invaluable resource in the credit

management process.

CREDIT INFORMATION

Graydon UK

66 College Road, 2nd Floor,

Hygeia Building, Harrow,

Middlesex, HA1 1BE

T: +44 (0)208 515 1400

E: customerservices@graydon.co.uk

W: www.graydon.co.uk

Graydon UK is a specialist in Credit Risk Management and

Intelligence, providing access to business information on over

100 million entities across more than 190 countries. Its mission

is to convert vast amounts of data from diverse data sources into

invaluable information. Based on this, it generates economic,

financial and commercial insights that help its customers make

better business decisions and ultimately gain competitive advantage.

Graydon is owned by Atradius, Coface and Euler Hermes, Europe's

leading credit insurance organisations. It offers a comprehensive

network of offices and partners worldwide to ensure a seamless

service.

EFCIS Limited t/as ICBA UK

Specialist Trade Credit Insurance Broker

The Office, Mill House Farm, Mill Street, Hastingwood,

Essex, CM17 9JF

T: 01279 437662

E: amoylan@efcis.com

W: www.efcis.com

EFCIS Limited - Trade Credit Insurance, Debt Collection, Dispute

Resolution and Legal action for small/medium & multinational

businesses. EFCIS secures limits for clients where the financials

alone do not support the full limit. We are tenacious when

negotiating settlement of claims, securing full payment for claims

and proactively working with our clients in claims avoidance.

We are the industry’s only Broker to develop policy compliance

software to ensure client’s maximum benefit and protection

from the policy. We believe that a well-managed ledger supports

business growth within increased profit and an improved return

on investment.

CREDIT MANAGEMENT SOFTWARE

Creditsafe Business Solutions

Bryn House, Caerphilly Business Park, Van Rd,

Caerphilly, CF83 3GG

T: 0292 088 6500.

E: ukinfo@creditsafeuk.com

W: www.creditsafeuk.com

Creditsafe is Europe’s most used supplier of credit & business

intelligence. Creditsafe have helped over 60,000 customers

across Europe and the USA with a range of products which

includes our UK, European and International Company Credit

Reports, which reach over 129 countries and 90m companies;

customer and supplier Risk Tracker and our 3D Ledger product

which has captured over 35 million Trade Payment Data

Experiences since its launch in 2012. All of which will help

companies manage their exposure to risk, make informed

decisions in relation to credit limits whilst looking at how you

can identify gaps within your sales ledger to prioritise collections

and leverage sales.

Top Service Ltd

2&3 Regents Court, Farmoor Lane, Redditch,

Worcestershire, B98 0SD

T: 0152 750 3990.

E: enquiries@top-service.co.uk

W: www.top-service.co.uk

Top Service is the only credit reference and debt recovery

agency to specialise in the UK construction sector. Top Service

customers benefit from sector specific information, detailed

payment history intelligence and realtime trade references in

addition to standard credit information. There are currently

3,000 construction sector companies subscribing to the service,

ranging from multi-national organisations to small family firms.

The company prides itself on high levels of customer service

and does not tie its customers into restrictive contracts. Top

Service offers a 25 percent discount to all CICM Members as

well as four free credit checks of your choice.

BUREAU VAN DIJK

Northburgh House,

10 Northburgh Street,

London,

EC1V 0PP

T: +44 (0)20 7549 5000

E: bvd@bvdinfo.com

W: www.bvdinfo.com

We specialise in company information with extensive company

coverage, financial risk metrics and comprehensive corporate

structures.

Our information helps you make better quality decisions.

•Assess financial risk and corporate stability

•Get insight on the financial health of individual companies and across

your portfolio

•Manage your data more efficiently

Our Credit Catalyst combines our international, standardised financial

data with a bespoke credit platform, so you can work more efficiently,

make better quality decisions and spot risk quickly.

•Comprehensive coverage of companies across the globe

•Standardised reports so you can benchmark and compare companies

•Financial strength indicators from a range of providers

CREDIT INSURANCE

Arthur J. Gallagher

Insurance Brokers Limited

7 Floor, Temple Point, 1 Temple Row

Birmingham B2 5LG

T: 0121 203 3127

W: www.ajginternational.com

With the risk of default by customers still a major threat to UK and

Global companies there has never been a better time to consider

trade credit insurance. Arthur J. Gallagher’s Credit and Surety team,

which now includes the 2014 – CICM award winning ‘broker of

the year’ team, has considerable experience and market influence

and recognises the unique nature of the credit insurance market.

Our team of experienced professionals deal with a wide range of

businesses, from SME to large corporate and global risks. Please

contact us to discuss how a specifically tailored trade credit solution

can benefit your business

Innovation Software

Innovation Software, Innovation House,

New Road, Rochester, Kent, ME1 1BG.

T: +44 (0)1634 812300

E: jay.inamdar@innovationsoftware.uk.com

W: www.creditforceglobal.com

Innovation Software are the authors of CreditForce, the leading

Collections and Working Capital Management Systems. Our solutions are

used in over 26 countries and by over 20 percent of the Top 100 Global

Law Firms.

Our solutions have optimised Accounts Receivables processes for over

20 years and power Business Intelligence, with functionality to:

• improve cash flow • reduce DSO • control risk

• automate cash allocation • speed up query resolution

• improve customer relationship management

• automatically generate intelligent workflows and tasks

• manage the entire end-to-end collections cycle.

Fully integrated with over 40 leading ERP and Accounting systems,

including SAP, Oracle, Microsoft Dynamics and product partners with

Thomson Reuters Elite we can deliver on either your own computing

infrastructure or through Microsoft Azure’s award winning and secure

cloud service.CreditForce remains the choice solution for world class

businesses.

Book a demonstration by calling T: +44 (0)1634 812 300 or visit

www.creditforceglobal.com for more information.

Co-pilot Limited

73 Flask Walk, London, NW3 1ET

T: +44(0) 20 7813 2182

E: info@co-pilot.co.uk W: www.co-pilot.co.uk

Credit Managers who manage large or multiple ledgers have come to

realise that they need to use specialist software to achieve or maintain

performance improvement – be that risk, collections or both.

For many Credit Managers a key question is where to start. How do

you examine and evaluate the options? How and when do you start the

budgeting process? What are the steps?

Co-pilot has advised on credit management software for a number of

years. We have good knowledge of the available solutions, what’s good,

how they work and what type of solution best fits given situations. We

combine this with considerable experience of credit management Best

Practice so that you can pull everything together into one place and

achieve a flexible and sustainable position going forward.

We work with you through a structured evaluation process which is

designed to enable you to have a clear view of what you can achieve

going forward, what is practicable, the business case implications,

the preferred supplier(s) and what the implementation process would

sensibly look like (in our opinion, there is no such thing as “Plug and

play”).

60

November 2016 www.cicm.com

The recognised standard


Cr£ditWho?

CICM Directory of Services

FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:

anthony.cave@cabbell.co.uk

Prof. Schumann GmbH

innovative information systems

Weender Landstr. 23, 37130 Göttingen, Germany

T: +49 551 38315 0 F: +49 551 38315 20

E: info@prof-schumann.de W: www.prof-schumann.de

Our Credit Application Manager (CAM) is a leading credit risk

management solution for major corporations, as well as insurance,

factoring and leasing companies. In their daily work, CAM allows

credit and sales managers to call up all the available information

about a customer or risk in a few seconds for decision support: realtime

data from wherever they are. CAM keeps an eye on customers

whose payment behaviour stands out or who have overdue invoices!

CAM provides an up-to-date forecast of customers’ payments.

Additionally, CAM has automated interfaces for connecting to

leading suppliers of company credit data, payment record pools and

commercial credit insurers. The system is characterised by its great

flexibility. We have years of experience in consulting and software

support for accounts receivable management.

Safe Computing Limited

20, Freeschool Lane, Leicester, LE1 4FY

T: 0844 583 2134

E: info@safecomputing.co.uk

W: www.safe-financials.co.uk

Designed to manage your customer credit accounts effectively,

Safe Credit Control enables your credit management team to:

• Improve cash flow

• Reduce debtor days

• Increase customer service

• Cut the cost of cash collection

• Eliminate manual processes

• Speed up the query resolution process

Safe’s unique approach is centred on changing the perception

of the credit control function from a series of reactive processes

to proactive ones. Credit controllers are traditionally regarded

as an essential element in business to chase late payments

and respond to customer queries. Safe Credit Control has taken

the concepts of customer relationship management (CRM) and

applied it to the credit control function, providing a softer,

service orientated team of customer service representatives.

Credica Ltd

Building 168, Maxell Avenue, Harwell Oxford,

Oxon. OX11 0QT

T: 01235 856400

E: info@credica.co.uk

W: www.credica.co.uk

Our highly configurable and extremely cost effective Collections and

Query Management System has been designed with three goals in

mind:

• To improve your cashflow

• To reduce your cost to collect

• To provide meaningful analysis of your business

Evolving over 15 years and driven by the input of 1000s of Credit

Professionals across the UK and Europe, our system is successfully

providing significant and measurable benefits for our diverse

portfolio of clients.

We would love to hear from you if you feel you would benefit from

our ‘no nonsense’ and human approach to computer software.

STA International

3rd Floor, Colman House,

King Street , Maidstone , ME14 1DN

T: +44(0)844 324 0660.

E: enquiries@staonline.com

W: http://www.stainternational.com

GETTING BUSINESS PAID

STA is an award winning B2B and B2C debt collection, confidential

credit control and tracing supplier. ISO9001 quality accredited, and

with the CSAs Collector Accreditation Initiative, duty-of-care is as

important to us as it is to you. Specialising in international debt, in the

past 12 months we’ve collected from 146 countries worldwide. “Your

Debts Online” gives you transparent access to our collection success

and detailed management information, keeping you in control of your

account. We look forward to getting your business paid.

Tinubu Square UK

Holland House,

4 Bury Street, London

EC3A 5AW

T: +44 (0)207 469 2577

E: uksales@tinubu.com

W: www.tinubu.com

Tinubu Square offers companies across the world the appropriate

SaaS platform solutions and services to significantly reduce their

exposure to risk, and their financial, operational and technical

costs. Easy to implement, our solutions provide an accurate

picture of a customers’ financial health through the entire

order-to-cash cycle, improve cash flow, and facilitate control

of risk across the organization whether group-wide or locally.

Founded in 2000, Tinubu Square is an award winning expert in

the trade credit insurance industry, with offices in Paris, London,

New York, Montreal and Singapore. Some of the largest

multinational corporations, credit insurers and receivables

financing organizations depend on Tinubu to provide them with the

means to drive greater trade credit risk efficiency.

Data Interconnect Ltd

Unit 7, Radcot Estate, 7 Park Rd, Faringdon,

Oxfordshire. SN7 7BP

T: +44 (0) 1367 245777 F: +44 (0) 1367 240011

E: sales@datainterconnect.co.uk

W: www.datainterconnect.com

Data Interconnect provides integrated e-billing and collection

solutions via its document delivery web portal, WebSend. By

providing improved Customer Experience and Customer Satisfaction,

with enhanced levels of communication between both parties, we

can substantially speed up your collection processes.

Rimilia

Corbett House, Westonhall Road, Bromsgrove, B60 4AL

T: +44 (0)1527 872123

E: enquiries@rimilia.com

W: www.rimilia.com

Rimilia excels in the design, development and implementation of

Intelligent Finance Solutions that drive value from existing manually

intensive finance processes associated with accounts receivable,

cash allocation, credit management, bank reconciliation and cash

forecasting. Based in the heart of the UK, our operations extend to

Europe, USA and Asia. Experienced in the field of technology and

accounting, our approach to business revolves around integrity

and enabling organisations to unlock their full potential though

innovation. Rimilia is proud to be a leading innovative supplier of

finance solutions that make a positive change to the blue chip clients

it supplies.

FINANCIAL PR

Gravity London

Floor 6/7, Gravity London, 69 Wilson St, London, EC21 2BB

T: +44(0)207 330 8888. E: sfeast@gravitylondon.com

W: www.gravitylondon.com

Gravity is an award winning full service PR and advertising

business that is regularly benchmarked as being one of the best

in its field. It has a particular expertise in the credit sector, building

long-term relationships with some of the industry’s best-known

brands working on often challenging briefs. As the partner agency

for the Credit Services Association (CSA) for the past 13 years,

and the Chartered Institute of Credit Management since 2006, it

understands the key issues affecting the credit industry and what

works and what doesn’t in supporting its clients in the media and

beyond.

INSOLVENCY

Begbies Traynor Group plc

340 Deansgate, Manchester, M3 4LY.

T: 0161 837 1700 F: 08432181728

E: michael.locke@Begbies-Traynor.com

W: www.begbies-traynorgroup.com

Begbies Traynor is the UK’s leading independent Corporate

Rescue and Recovery practice, handling more than 1000 cases

per year. We offer a bespoke solution for credit professionals, that

is used by many of the UK’s leading companies. Benefits of this

system include;

• Access to a bespoke online case management system

• UK coverage at creditors meetings;

• Assistance with retention of title claims;

• Proactive monitoring of dividend prospects

• Advice on antecedent transactions;

• A dedicated relationship manager to assist with your insolvency

portfolio and answer any queries.

The recognised standard

www.cicm.com November 2016 61


Cr£ditWho?

CICM Directory of Services

FOR INFORMATION,

OPTIONS AND PRICING

PLEASE EMAIL:

anthony.cave@cabbell.co.uk

LEGAL MATTERS

DWF LLP

Neil Jinks FCICM – Director

M: +44 (0)7740 179 515

T: +44 (0)121 647 2524

E: neil.jinks@dwf.law

W: www.dwf.law/recover

Described by market commentators as “blazing a trail”, DWF is one

of the UK’s largest legal businesses with an award-winning reputation

for client service excellence and effective operational management.

Named by the Financial Times as one of Europe’s most innovative

law firms and independently ranked first of all top 20 law firms for

quality of legal advice and joint first of all national law firms for service

delivery and responsiveness. DWF offers a full range of cost effective

debt recovery solutions including pre-legal collections, debt litigation,

enforcement, insolvency proceedings and ancillary services including

tracing, process serving, debtor profiling and consultancy.

PAYMENT SOLUTIONS

CICMos (CICM Online Services)

WWW.CICM.COM

T: 01780 722 907.

E: training@cicm.com

W: www.cicmos.com

CICMOS has been designed to help busy credit managers by

providing them with a suite of online tools to support and

quickly develop their teams. The virtual learning centre is an

open platform system, accessed via the website, which is

easy to use, modular and each module is completely optional,

which means the system can be tailored to suit specific

requirements and time constraints. This wide ranging system

is more than just a training tool it is easy to set up and use

and can be accessed securely via the CICMOS website for a

low annual subscription.

RECRUITMENT

PORTFOLIO

CREDIT CONTROL

Hays Credit Management

107 Cheapside, London, EC2V 6DN

T: 07834 260029

E: karen.young@hays.com

W: www.hays.co.uk/creditcontrol

Hays Credit Management is working in partnership with the CICM

and specialise in placing experts into credit control jobs and

credit management jobs. Hays understands the demands of this

challenging environment and the skills required to thrive within

it. Whatever your needs, we have temporary, permanent and

contract based opportunities to find your ideal role. Our candidate

registration process is unrivalled, including face-to-face screening

interviews and a credit control skills test developed exclusively

for Hays by the CICM. We offer CICM members a priority service

and can provide advice across a wide spectrum of job search and

recruitment issues.

ANTI MONEY LAUNDERING

American Express

76 Buckingham Palace Road,

London

SW1W 9TQ

T: +44 (0)1273 696933

W: www.americanexpress.com

American Express is working in partnership with the CICM and is

a globally recognised provider of payment solutions to businesses.

Specialising in providing flexible collection capabilities to drive a

number of company objectives including:

•Accelerate cashflow

•Improved DSO

•Offer extended terms to customers

•Provide an additional line of bank independent credit to drive

growth

•Reduce risk

•Create competitive advantage with your customers

As experts in the field of payments and with a global reach,

American Express is working with credit managers to drive growth

within businesses of all sectors. By creating an additional lever

to help support supplier/client relationships American Express is

proud to be an innovator in the business payments space.

PROFESSIONAL BODIES

Chartered Institute of

Credit Management (CICM)

The Water Mill, Station Road, South Luffenham,

OAKHAM, LE15 8NB

T: 01780 722910 E: info@cicm.com

W: www.cicm.com

The Chartered Institute of Credit Management (CICM) is Europe’s

largest credit management organisation. The trusted leader

in expertise for all credit matters, it represents the profession

across trade, consumer, and export credit, and all credit-related

services. Formed over 70 years ago, it is the only such organisation

accredited by Ofqual and it offers a comprehensive

range of services and bespoke solutions for the credit professional

(www.cicm.com) as well as services and advice for the

wider business community (www.creditmanagement.org.uk).

Portfolio Credit Control

Portfolio Credit Control, New Liverpool House,

15 Eldon Street, London, EC2M 7LD

T: 0207 650 3199

E: recruitment@portfoliocreditcontrol.com

W: www.portfoliocreditcontrol.com

Portfolio Credit Control, solely specialises in the recruitment of

permanent, temporary and contract Credit Control, Accounts

Receivable and Collections staff. Part of an award winning

recruiter we speak to and meet credit controllers all day everyday

understanding their skills and backgrounds to provide you with tried

and tested credit control professionals. We have achieved enormous

growth because we offer a uniquely specialist approach to our

clients, with a commitment to service delivery that exceeds your

expectations every single time.

SmartSearch

Station Court, Station Road, Guiseley, Leeds, LS20 8EY

T: 0113 238 7660

F: 0113 238 7669

E: info@smartsearchuk.com

W: www.smartsearchuk.com

SmartSearch is the first system to bring together Business

and Individual AML Verification on a single platform. Our data

providers Experian and Dow Jones provide SmartSearch

access to over one billion data items enabling AML

verification in all Markets. AML verification data subjects are

automatically screened against the latest Sanction, PEP and

SIP Lists. Ongoing monitoring for the duration of your contract

is provided at no extra cost. Efficient processes; less than 3

minutes to execute a business AML check and a sub 60 second

individual check. Why not let your Compliance Team test drive

SmartSearch for 14 days free of charge? (Ref:CM101)

ATTENTION PRODUCT

AND SERVICE PROVIDERS

You can connect with them all now by having a listing in CreditWho.

For just £1,247 + VAT per annum:

- your business will be listed in Credit Management magazine, which goes out to all our

members and subscribers and has an estimated readership of over 25,000.

TO BOOK YOUR LISTING IN CREDITWHO CONTACT:

ANTHONY CAVE ON 020 3603 7934

For even greater exposure to our membership and a closer association with CICM,

why not enquire about becoming a Corporate Partner.

To find out more contact Peter Collinson (07584 993548).

CICM Corporate Partners now get CreditWho included.

62

September 2016 www.cicm.com

The recognised standard


CREDIT MANAGEMENT

CM

MONTHLY PRIZE CROSSWORD

CREDIT CONUNDRUM

FOR ALL EMAIL ENTRIES FOR THE CROSSWORD PLEASE EMAIL: ANDREW.MORRIS@CICM.COM

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved - CROSSWORD NBR 11

NAME ....................................................................................................................................

ADDRESS ..............................................................................................................................

...............................................................................................................................................

POST CODE .................................. TELEPHONE NUMBER .....................................................

The CICM is registered with the UK’s Information

Commissioner under the Data Protection Act 1998

(the "Act"). All the data contained on this form, is

held and processed electronically in accordance

with the Act.

The Institute holds and processes your personal

data in order to give you the full benefits of being

a member and for administrative purposes.

We might from time to time notify you by post or

email of details of CICM events or other similar

CICM services or products which we think

September be of interest to you. If you do not wish

to receive such notification please tick here q

If you subsequently decide that you do not wish

to receive such notifications please email the

Institute at unsubscribe@cicm.com or write to the

Data Controller at the address given below.

The Data Protection Act gives you the right at any

time to see a copy of all the data that we hold

about you. If you would like a copy, please send a

letter requesting this information together with a

cheque for £10 payable to :

The Chartered Institute of Credit Management

to: Data Controller, CICM, The Water Mill,

Station Road, South Luffenham, OAKHAM,

LE15 8NB.

£20 CROSSWORD PRIZE

THERE WILL BE THREE PRIZES OF £20 EACH FOR

THE FIRST THREE NAMES DRAWN EVERY MONTH

ACROSS:

1. Mugs

5. Tablet

10. A Freudian stage

14. Relating to urine

15. House style

16. Lawn mower brand

17. Lascivious look

18. Unmerited

20. Xylophone

22. Streaked

23. Go up and down

24. Relieves

25. Alleviating fever

32. French for “Queen”

33. Proxy

34. Utilize

37. Warbled

38. Talk

DOWN:

1. Stem

2. Component of urine

3. Jetty

4. Marking

5. Short and blunt

6. Roman moon goddess

7. Tot

8. Foot digitsv 9. At one time

(archaic)

10. Courtyards

11. Exploded stars

12. Mountain crest

13. Deposits of ore

19. Construct

21. Brood

25. Backside

26. Close

27. Prong

28. Sexually assaults

29. Excrete

39. Portent

40. Before, poetically

41. Estimate

42. Implant

43. Acts of refraining

45. Lampblacks

49. Not in

50. Oval

53. Version

57. Widely circulated

59. Border

60. Always

61. Zapupe

62. Part in a play

63. Lairs

64. Showered with love

65. Sleigh

30. Make fun of

31. Writing liquid

34. Part of an ear

35. Observed

36. Terminates

38. A type of large sandwich

39. Excluders

41. Pants

42. Decorative case

44. Gestured the affirmative

45. Stitched

46. Drink garnish

47. Bygone

48. Layers

51. WW1 plane

52. Therefore

53. Overhang

54. False god

55. Leer at

56. Require

58. Consume

CLOSING DATE: 14 November 2016

SEPTEMBER CROSSWORD WINNERS ARE:

Dennis L Howson FCICM, Peter McDonald MCICM(Grad)

and Andrew Thronton MCICM

For the chance of winning £20, forward your completed solution to:

Art Editor, Andrew Morris, Chartered Institute of Credit Management,

The Water Mill, Station Road, South Luffenham, OAKHAM, LE15 8NB.

The recognised standard

www.cicm.com November 2016 63


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