Credit Management magazine April 2018

CREDIT MANAGEMENT
CM
APRIL 2018 £12.00
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Barrel Role
How the UK wine industry
is finding cash to grow
How AI is challenging
our ethical code.
Page 17
The state of the credit
management nation.
Page 34

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APRIL 2018
www.cicm.com
12
NEWS SPECIAL –
SEAN FEAST
17
TECHNOLOGY –
JAMES PERRY
CONTENTS
12 – NEWS SPECIAL
Sean Feast explores the UK wine
industry and one award-winning
producer.
17 – AI ETHICS
Addressing the rise of the robot in the
workplace and the future of AI.
26 – VIEW FROM SEAFRONT
David Andrews looks at what makes a
genius and who should or should not be
claiming themselves to be one.
34 – STATE OF THE NATION
An exclusive report produced in
conjunction with Sheffield Hallam
University.
40 – LEGAL MATTERS
In the first of a two-part series Jeffersen
Gledhill from DWF provides 12 tips for
debt recovery.
46 – EDUCATION
A focus on the newly launched CICM
Vulnerability Framework.
50 – HR MATTERS
What happens when an employee
refuses to work.
@Credit_Magazine
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
CICM GOVERNANCE
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-Bowen MCICM / Victoria Herd FCICM(Grad) / Edward Judge FCICM
Christelle Madie MCICM(Grad) / Robert Marr MCICM / Debbie Nolan FCICM / Bryony Pettifor FCICM(Grad) / Allan Poole MCICM
Phil Rice FCICM / Charlie Robertson FCICM / Chris Sanders FCICM / Richard Seadon FCICM. / David Thornley FCICM(Grad)
Debra Weston FCICM Pete Whitmore FCICM
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.
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
Imogen Hart and Iona Yadallee
Advertising
Anthony Cave
Telephone: 0203 603 7934
Email: anthony.cave@cabbell.co.uk
Printers
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International: £140 per annum
Single copies: £12.00 ISSN 0265-2099
The Recognised Standard / www.cicm.com / April 2018 / PAGE 3

EDITOR’S COLUMN
Shurely Shome Mishtake?
Sean Feast
Managing Editor
IT’S not often that the pages in
Credit Management have much
in common with Private Eye. We
don’t carry much in the way of
silly poems, rarely if ever report
on the activities of Brenda or
Brian, nor are our front covers likely to get
us sued. Well, not yet anyway.
So imagine my delight to read in a
recent issue the bones of a story that first
appeared in the pages of our own illustrious
magazine. And it’s a story that doesn’t look
like it’s going to go away any time soon.
It was James Campbell of The European
Freight Transport Association (EFTA) who
was first out of the blocks, disturbed by the
number of his members being subjected to
short firm fraud. The scam is a relatively
simple one: a business is set up and trades
for a short while, pays its invoices on time,
and creates the impression of a legitimate
enterprise worthy of larger amounts of
credit. It then places a larger order, using
the extended credit granted by its suppliers,
only then to disappear with the cash.
The fraud in itself is far from new; it is
especially popular before Christmas, when
suppliers are even keener to sell. What
James is highlighting, and it is a cudgel that
has found favour with the Eye, is the role
of Companies House in this sorry affair.
While no-one is suggesting for one minute
they are encouraging the fraud, neither do
they appear to be doing much if anything at
all to prevent it.
The issue is that these bogus
companies file fictitious accounts,
and while Companies House makes
no claim to checking the accuracy
and validity of the information they
receive, this information is still used by
credit managers and credit reference
agencies as a key tool in assessing risk
and creating credit reports on which other
businesses rely to make vital investment
decisions.
Companies House, in responding to
the Eye, states that it does not have the
statutory power or capability to verify
the accuracy of the information it is
given. It goes further and warns credit
managers and others ‘to seek independent
professional advice before acting on any
information they have obtained from the
register’.
On its website, however, Companies
House claims that one of its main
responsibilities is ‘to examine and store
company information.’ Use of the word
‘examine’ to me suggests some form of
due diligence is being performed on the
information received, but evidently not.
Which all rather begs the question:
what is the point of Companies House
if not to be a trusted first port of call for
anyone seeking reliable and accurate
information about companies whose
information they make available to the
public?
At the very least, the information
provided should come with a suitable
warning!
The Recognised Standard / www.cicm.com / April 2018 / PAGE 4

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The Recognised Standard / www.cicm.com / April 2018 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit
Written by – Sean Feast and Alex Simmons
Small Business Minister
says Carillion must act as
the catalyst for change
THE Minister for Small Business says
the collapse of Carillion must act
as a catalyst to supporting small
businesses, and prompt payment is
a central part of the solution.
Interviewed exclusively for ‘Credit
Champions’, a news and current affairsstyle
programme created by The Chartered
Institute of Credit Management (CICM)
and ITN Productions and launched at
Credit Week, Andrew Griffiths MP also
championed the role of the Prompt Payment
Code:
“The Code is working well and we can
make it even better,” he says. “The Code sets
the benchmark and Gold Standard to which
companies must adhere.”
The launch of the programme coincides
with an announcement from the Chancellor,
Philip Hammond MP, in his spring
statement of a new consultation into late
payment, a call welcomed by CICM Chief
Executive Philip King: “The Code has played
an important part in beginning to change
attitudes to late payment, with more than
2,100 signatories to date,” he says, “but there
is much more that can be done to promote
the benefits of the Code and to strengthen
the challenge process.
“Whenever a challenge has been raised
we have been successful in finding a
resolution. What we need, however, is for
the Code to be more widely promoted and
supported, and for business organisations
to get behind it, and actively encourage
their members to raise challenges where
appropriate, rather than appearing to
undermine its value and purpose through a
lack of understanding of its key aim.”
Mr King and Mr Griffiths both feature in
the new programme which explores the
critical impact of the credit cycle, and how
taking an integrated approach to credit
management is helping raise industry
standards across the globe.
‘Credit Champions’ showcases the
principles of the credit management
lifecycle, and how it can be applied to
manage credit risk. During the programme,
a special animation explains how being
paid on time can be the difference between
success and failure.
There are 5.5 million small businesses
in operation across the UK and the
management of credit has unparalleled
influence on them and their supply chains.
‘Credit Champions’ brings to life why
relationship-building between creditors
and debtors is so important by illustrating
examples of best practice and highlighting
solutions to underlying problems. The
programme also looks into how poor credit
management or lengthy payment terms
can have a detrimental impact to not only
the business, but the mental health of those
involved in the supply chain.
“The credit management team can hugely
impact the success of a business and
‘Credit Champions’ looks at the training and
qualifications on offer from CICM as well
as showcasing those who are making best
use of the training on offer,” Philip adds.
“The programme reveals how people skills,
the ability to understand customers and
personal development shine through in
those who work in credit management.”
Drawing upon ITN’s 60-year heritage
and expertise in storytelling, presented by
national newsreader Natasha Kaplinsky,
the news-style programme combines key
interviews, case studies and sponsored
stories from American Express, C2FO, Cedar
Rose International Services Limited, Darcey
Quigley & Co, Dun & Bradstreet, Elevate
Credit International Limited, Lovetts,
Pay360, Rimilia, TDX Group, The Lending
Standards Board, Vision Blue Solutions and
Zinc Group.
Simon Shelley, Head of Industry News,
ITN Productions, says that ITN Productions
has been delighted to partner with the
CICM in making the programme: “We hope
this programme will help to inform and
enlighten viewers of the importance of the
credit cycle and the destructive impact
of poorly managed credit management.
We are extremely pleased with how this
programme brings to life the people and
new innovations and hope this can be used
to share ideas and promote best practice
within the sector and wider audience.”
The full programme can be viewed at
cicm.com
The Recognised Standard / www.cicm.com / April 2018 / PAGE 6

Cream goes sour for restaurants
OVER one third of the UK’s top 100
restaurant groups are operating at a loss,
an increase of 75 percent since last year,
according to research by UHY Hacker
Young. The research revealed that 35 of the
top 100 groups are loss-making, up from 20
last year.
Trading conditions have become
increasingly difficult for restaurant chains
dealing with oversaturation in the market
as well as rising costs.
This research comes on the back of
the high-profile struggles of several
major restaurant chains in recent weeks,
including Jamie’s Italian, started by TV
celebrity chef Jamie Oliver, which has
closed 12 branches as part of a Company
Voluntary Arrangement (CVA) to restructure
its £71.5 million debt.
The research shows that pressures of
competing with numerous similar ‘fast
casual’ restaurants in an overcrowded
high street are a major driver. The National
Minimum wage, which has risen by an
above-inflation 19 percent to £7.50 per
hour over the last five years, has added a
substantial cost burden to large restaurant
chains. From April 2018, the minimum
wage will rise even further to £7.83.
Peter Kubik, Partner in the London office,
says with Brexit hanging over consumers
like a dark cloud, restaurants can’t expect
a bailout from a surge in discretionary
spending: “Consumers only have a finite
amount of spending power when it comes
to eating out, and the oversaturation of the
market means that groups that fall foul of
changing trends can very easily fail.
“The Government has ratcheted up costs
with a series of above-inflation rises in
the minimum wage, and we are just weeks
away from another 4.4 percent rise in April.
That will be tough for many restaurants to
absorb.” uhy-uk.com
Online growth
Online retail delivery order volumes were up 20.6 percent year-on-year in January,
according to the latest data from the IMRG MetaPack UK Delivery Index, the strongest
January growth for online order volumes since 2013. During the same period, footfall fell
to its lowest January rate in five years possibly influenced by above-average rainfall
keeping shoppers away from the high street – which looks to have benefited online.
imrg.org
>NEWS
IN BRIEF
Purchasing low
THE UK manufacturing sector continued
to slow and has lost further ground after
hitting a four-year high in November
2017 according to the latest Purchasing
Managers’ Index (PMI). Consumer,
intermediate and investment goods
sectors all saw decelerations in February.
One positive was shown by the increase
in new orders which was at a faster pace
than in January. Companies highlighted
that domestic demand was better and
new export business was also rising.
markiteconomics.com
Simply Loaded
Simply Asset Finance has received a £20
million block discounting package from
Aldermore.The facility, believed to be one
of the largest in the market, will help the
company to greatly increase the supply
of leasing and asset finance it provides
to small and medium-sized enterprises
in the UK looking to realise their growth
potential. simply.finance
Carpet blagging
Carpet & Flooring Limited has secured a
£15 million asset-based lending facility
from Secure Trust Bank Commercial
Finance to support strategic acquisitions.
Said to be one of the UK’s leading
distributors of floor covering products, the
business was acquired in February 2017
from SIG Plc by transformational private
equity investor, Endless, which specialises
in acquiring non-core assets from
larger corporates.
securetrustbank.com
Crowdfunding framework needs to strike the right balance
THE European Commission’s proposal
to create a harmonised legal framework
across Europe for the crowdfunding market
has been welcomed by The Association of
Chartered Certified Accountants (ACCA).
Ben Baruch, Head of SME Policy at ACCA,
says the current framework for regulating
crowdfunding platforms is fragmented –
with inadequate investor and consumer
protection as well as a lack of cross-border
provisions: “The creation of a Europe-wide
framework could enhance transparency
and traceability and could therefore
enable SMEs to better understand the
opportunities and risks of accessing this
type of funding.’’
ACCA recognises the potential for
harmonised regulation to improve the
chances of SMEs securing the financing
they need to grow. The Association
warns, however, that striking the right
balance between regulating crowdfunding
platforms and encouraging competition
is vital in order to allow this increasingly
important area of SME finance to continue
developing in the future.
The Capital Markets Union (CMU)
Action Plan identified the importance of
breaking down the information barriers
that stand between SMEs and potential
investment. Whilst FinTech solutions
can help, innovation can also give way
to risks such as fraud and liquidity risks.
ACCA believes the new crowdfunding legal
framework needs to ensure that providers
of crowdfunders deliver the right level
of information to businesses regarding
the risks as well as receiving adequate
protection from becoming overexposed to
riskier investments.
However, ACCA also stresses that
more clarity is needed on the interaction
between this new framework and existing
EU directives, such as MIFID, which are
already used by some member states to
regulate crowdfunding. accaglobal.com
The creation of a Europewide
framework could
enhance transparency
and traceability
and could therefore
enable SMEs to better
understand the
opportunities and risks
of accessing this type of
funding.
Ben Baruch, Head of SME
Policy at ACCA
The Recognised Standard / www.cicm.com / April 2018 / PAGE 7

NEWS
IN BRIEF
Peter Collinson retires
from CICM senior team
PETER Collinson, CICM Head of Marketing
and Information Systems, has retired
Philip King, Chief Executive of CICM,
praised Peter for his valuable contribution
over more than six years with the
organisation: “Peter has transformed our
branding and web presence, brought a
more commercial approach to our activity,
ensured our awards have become and
remain spectacular and introduced strategic
marketing campaigns and facilitated the
replacement of our membership database.
“On a personal level, he has been a huge
support to me and I will miss his input and
challenges. We all wish him well in his
retirement.”
CICM Knowledge hub
CICM members can now access more
than 1,000 useful resources and e-learning
modules to build their key business
and personal skills and support their
professional development, whatever your
their level.
Among the resources are the CICM UK
Credit Management Index, produced every
quarter, providing a detailed insight into the
thoughts, attitudes and levels of confidence
of UK credit professionals, plus useful
guides on topics such as How to write a
Credit Policy. There’s also the CreditWho
Directory, highlighting leading suppliers
of products and services in the industry,
and we publish White Papers and arrange
Webinars from industry experts on topical,
key subject areas.
The aim is to equip members with the
information and knowledge they need,
whenever they need it. Members can access
all resources, including the CICM Knowledge
Hub by clicking on ‘Resources’ on the main
menu bar at cicm.com.
Five free tickets
The CICM, as an Association member of
FECMA, has five free entry tickets for the
FECMA Pan-European Credit Congress on
16 and 17 May in Malta. CICM members can
receive a discount on fees and delegates
who register during March will benefit
from a further ten percent discount.
Free tickets will be allocated on a firstcome,
first-served basis. To apply, or for
further details, contact:
governance@cicm.com
Calls for common Code and Standards
across all consumer collections
A senior executive within the debt
collection industry has again called for the
adoption of the Credit Services Association
(CSA) Code of Practice as the de facto best
practice ‘standard’ across all sectors and
organisations collecting consumer debts.
Whereas agencies collecting financial
services debts are regulated by the
Financial Conduct Authority (FCA) and
adhere to the CSA Code, there is neither a
single Code, nor a single regulator, for debts
that fall outside of those that used to be
governed by a consumer credit license.
Peter Wallwork, Chief Executive of the
CSA, says this adds to the real possibility
of consumer detriment and confusion: “It
means customers dealing with utility firms,
central government, local authorities and
even some telecoms companies and mail
order firms are not guaranteed the same
standards of treatment or safeguards as
those managed by FCA-authorised CSA
members.”
ARC joins the CFA as an
Affiliate Member
ARC (Europe) has become an Affiliate
Member of the Consumer Finance
Association (CFA), the principal trade
association representing the short-term
lending sector in the UK.
Dewi Fox, Managing Director of ARC
(Europe), sees clear benefits in a closer
alliance with the Association and what it is
trying to achieve: “We work closely with a
number of short-term lenders in supporting
their collections activities and recognise
the work of the Association in representing
its members’ view to Government and
Regulators.”
The CFA comprises a growing number of
lenders including the market leaders such
Speaking at the Utility Week Consumer
Debt Conference in February, Peter said that
while some utility regulators, and notably
OFWAT, have been quick to recognise the
work of the CSA in treating customers
fairly, others have been slower to engage:
“The CSA Code was the basis of the original
OFT Guidance on debt collection, and
the more recent FCA Consumer Credit
handbook (CONC),” he continues.“There is
good logic, therefore, to have one standard
that can be consistently applied across
all areas of consumer collections. The
CSA Code of Practice could become the
common denominator across all collections
activities.”
The Credit Services Association, the voice
of the UK debt collection and debt purchase
sectors, relaunched its Code of Practice in
July 2017. Peter Wallwork will speak more
about the Code and the work of the CSA and
its members at the Money Advice Scotland
conference in June. csa-uk.com
as Enova, Dollar, Lending Stream and Sunny.
Other members include Uncle Buck, 24/7
Moneybox and Trusted Quid. Jason Wassell,
Chief Executive of the CFA, welcomed ARC
(Europe) to the Association: “Our focus is on
influencing the environment within which
our members operate and ensuring that
our members are fully informed of
latest developments. Broadening
our membership to include
businesses like ARC (Europe)
supports our ambition to become
an essential part of the consumer
finance industry.”
arceuropeltd.co.uk
Dewi Fox, Managing Director of ARC (Europe)
1st Credit becomes Intrum
UK credit management services (CMS)
provider 1st Credit has become part of
Intrum following its acquisition by the
global firm in 2017.
Intrum will continue to focus on ethical
collections and has expanded from debt
purchase to a wider range of solutions.
These include early arrears outsourcing,
shared services and partial outsourcing.
As well as making use of white-labelled
technologies, clients can transfer their
entire collections teams to Intrum.
The company has been rated gold
by Investor in Customers four years’
running and has won a string of awards for
its ethical approach to collections. Eddie
Nott, UK Managing Director, said that the
change reflects 1st Credit becoming part
of a larger international business: “Backed
by financial strength and a broad global
presence, we are dedicated to helping our
clients get paid and freeing their customers
from problem debt.”
intrum.co.uk
“Backed by financial strength and a broad global
presence, we are dedicated to helping our clients
get paid and freeing their customers from
problem debt.”
The Recognised Standard / www.cicm.com / April 2018 / PAGE 8

New bank lending volumes
on the decline
SMEs are increasingly turning to
alternative sources of financing,
while new bank lending is on the
decline in a number of countries,
according to a new official report.
Many SMEs remain over-reliant on
bank credit, however, and the take-up of
instruments other than straight debt varies
greatly from one country to another, says
the Organisation for Economic Cooperation
and Development (OECD).
The report - Financing SMEs and
Entrepreneurs 2018: An OECD Scoreboard
- shows that a rise in venture capital
investments and private debt to SMEs
occurred in most participating countries
in 2016, along with rapid growth in peerto-peer
lending, equity crowdfunding
and invoice trading. The use of online
alternative finance was especially high in
China, the United Kingdom and the United
States. Leasing, hire-purchase activities,
factoring and invoice discounting, which
are based on asset value rather than credit
standing, also rose for a second consecutive
year.
OECD Secretary-General, Angel Gurría,
says challenges persist in SME access to
finance, but this visible growth in financing
alternatives is positive news: “In any
economy, small businesses are essential to
innovation, competitiveness and inclusive
growth; providing reliable access to finance
to such companies throughout their lives
is crucial if they are to prosper and fully
contribute to our economies and wellbeing.”
A continued decline in SME bankruptcies
in 2016 pointed to improved business
conditions. The Scoreboard found a
median year-on-year drop of 6.5 percent
in bankruptcies in 2016, following a drop
of 6.9 percent in 2014 and 9.1 percent in
2015. Payment delays and non-performing
loans also remained at relatively low levels
in the majority of countries studied. SMEs
are also benefiting from favourable credit
conditions and low interest rates – the
median value of the average interest rate
charged to SMEs fell by 0.82 percentage
points on the year.
Despite these positive developments,
the report finds that new bank lending to
SMEs fell in 15 out of 25 countries for which
data was available in 2016, and the median
value growth rate in new SME lending fell
from 2.6 percent in 2015 to -5.6 percent. In
addition, accessing appropriate sources of
finance remains problematic for certain
categories of small business, in particular
micro-enterprises, young SMEs and startups,
and innovative and growth-oriented
ventures.
The seventh edition of the SME
Scoreboard collects data on debt, equity,
asset-based finance, solvency and
framework conditions. It assesses SME
access to finance between 2007 and 2016
in 43 countries and includes detailed
individual profiles of each participating
country.
In another recent report, more than
half of UK businesses are reported to be
unable to access the funding needed to
grow, mainly through lack of education or
understanding of their funding options.
Liberis, a business loans provider that
carried out the research, says that while 62
percent of UK SMEs said they need funding
to grow, 57 percent were unsure which
provider to obtain funding from and 53
percent did not have a set amount in mind
when looking to access finance. oecd.org
Trio of senior hires at Ardent as growth continues
Liverpool-based debt collection agency
Ardent Credit Services has made three
senior appointments as part of its longterm
investment plan.
Ruth Pointon has been appointed
Collections Director, having previously
worked as Head of Operations and latterly
Client and Solutions Director for akinika
Debt Recovery. Shahaab Afzal (Shabby) has
joined the company as its new Operations
Manager – Voice Systems. He was also
previously employed at akinika. And
Stefano Ciucci is the company’s new Head
of ICT, having previously acted as senior
IT Architect and Manager for primary IT
companies and Government departments
in Rome.
Ardent CEO Steve Murray welcomed
the new members to the team: “The market
continues to evolve in light of regulatory
change and advances in technology and
strengthening our management team will
ensure that we stay ahead of the curve.”
The company is currently investing
across its technology platform to facilitate
enhanced performance, productivity and
client satisfaction. ardentcredit.co.uk
The Recognised Standard / www.cicm.com / April 2018 / PAGE 9

NatWest begins testing AI advisor
NATWEST is testing an Artificial
Intelligence (AI) powered ‘digital
human’, which could in future
be used as an additional way for
customers to get answers to basic banking
queries.
Since the start of 2017 the bank has
deployed a text-based chat bot called ‘Cora’
which customers can use on the bank’s
online help pages. It can answer 200 basic
banking queries and now has 100,000
conversations a month. But drawing upon
advances in neuroscience, psychology,
computing power and artificial intelligence,
a new Cora prototype has been built to
include a highly life-like digital human
that customers can have a two-way verbal
conversation with on a computer screen,
tablet or mobile phone.
Cora the digital human is able to answer
basic questions like ‘How do I login to
online banking?’, ‘How do I apply for a
mortgage?’ and ‘What do I do if I lose my
card?’ It could serve as an additional way for
customers to get help, on top of the usual
branch, telephone and online services and
in the long run could answer hundreds
of everyday banking questions. The
technology relies on using audio and visual
sensors, which are standard in modern
computers and mobile phones.
NatWest has been building the Cora
digital human using technology provided
by New Zealand-based company Soul
Machines, whose co-founder and CEO, Mark
Sagar, won awards for his ground-breaking
facial technology in King Kong and Avatar.
Soul Machines uses biologically inspired
models of the human brain and neural
networks to create a virtual nervous system
for their digital humans that can detect
human emotion and react verbally as well
It could serve as an
additional way for
customers to get help, on
top of the usual branch,
telephone and online
services and in the
long run could answer
hundreds of everyday
banking questions.
as physically, through facial expressions.
Like humans, it is trained when dealing
with new subject matter and when she
makes mistakes she learns, so that over
time the interactions become more and
more accurate.
While NatWest will only deploy the
technology if it successfully completes a
pilot, it is thought it could be used to help
free up time for human advisors to answer
more complex customer questions and
could also be used to answer queries which
fall outside normal working hours and days.
Testing has suggested customers that have
avoided digital services in the past may
be more inclined to interact with digital
humans like Cora and it could help blind
and partially sighted customers who are
unable to engage with visual content.
personal.natwest.com
Transforming culture in financial services
THE Financial Conduct Authority (FCA)
has published a discussion paper on
transforming culture in financial services
which presents views from academics
and industry thought leaders. The paper is
intended to provide a basis for stimulating
further debate on transforming culture in
the sector.
The paper is a set of essays that discuss
what a good culture might look like, the
role of regulation and regulators, how firms
might go beyond incentives, and how to
change behaviour for the better.
Culture and governance is described as
a priority for the FCA and it has a strong
focus on the role of the individual as well as
the firm. The FCA has considered the role
of leaders, incentives and capabilities, and
governance of decision making.
The introduction of the Senior Managers
and Certification Regime (SM&CR) is said
to be an example of this; it sets minimum
standards for the behaviour of financial
services staff and aims to promote a culture
where Senior Managers take responsibility
for identifying where harm might occur and
take action to prevent it. The SM&CR creates
a formal link between the behaviour of
individuals and the conduct of the firm.
The FCA would like all those with an
interest in financial services to consider
the issues in the paper and to engage in the
debate about what constitutes a healthy
culture, and how to promote it. fca.org.uk
Transforming Culture in Financial Services
Discussion Paper
DP18/2
March 2018
The paper is a set of essays that discuss what
a good culture might look like, the role of
regulation and regulators, how firms might
go beyond incentives, and how to change
behaviour for the better.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 10

Eight out of ten do not understand
the gender pay gap
A quarter (25 percent) of people believe
that men will always dominate the most
senior roles in UK businesses, according
to research by TSB that has also found that
eight out of 10 (82 percent) people do not
understand what the gender pay gap is.
Encouragingly, the majority of people (88
percent) have heard of the gender pay gap
but only one fifth (19 percent) know that it
is the difference between the total earnings
of all men and the total earnings of all
women across an entire organisation.
Nearly three quarters (73 percent) of
people mistakenly think that the gender
pay gap is the same as equal pay believing
it measures the difference in pay between
men and women doing the same job.
More than three quarters of Brits (77
percent) also admitted that they were not
aware of the requirement for companies
to publish gender pay gap data. And half
(51 percent) of those surveyed, who work
for companies required to report their
gender pay gap data, say they have no idea
whether their employer has reported its
data yet.
And looking to the future, a quarter
(25 percent) of people believe that men
will always dominate the most senior
roles in UK businesses. So, what can be
done about this? Almost half (48 percent)
of those surveyed think it is good that
companies are being held to account for
gender imbalance in their workforce. And
more than a third (36 percent) believe that
making companies publish their gender
pay gap will have an impact and will lead
to a more gender balanced workforce
in the UK. But a third (34 percent) think
businesses should do more to create
cultures and working practices that
support women more and help them to
reach their potential. Similarly, nearly two
thirds of people (61 percent) do not think it
is satisfactory that companies can publish
their gender pay gap data without having to
make clear their plans for improvement.
Around 9,000 companies in Britain are
required by the Government to publish their
gender pay gap by 4 April 2018 but, so far,
fewer than 2,000 have published their data.
tsb.co.uk
Young people at risk of fraud
>NEWS
IN BRIEF
APPRENTICESHIP
SCHEME
The Finance & Leasing Association
(FLA), working alongside employers in a
Trailblazer group, has launched its Motor
Finance Specialist apprenticeship to offer
employment and training opportunities
to those entering one of the UK’s fastest
growing sectors.
A new section on the FLA’s website
provides all the necessary information that
firms will need to get their apprenticeship
programmes underway – including contact
details for three well-established training
providers who have already signed up
to help employers develop tailor-made
courses, along with advice on how to hire
apprentices.
The launch of the apprenticeship is
said to be the culmination of 18 months of
discussions between FLA members, brokers,
dealerships and professional bodies, to
devise a training programme that matches
the specific skills and knowledge required in
a market where 88 percent of private new car
purchases are made using motor finance.
Adrian Dally, Head of Motor Finance at
the FLA, says the Apprenticeship Standard
will help to attract new talent who want to
build their careers in motor finance: “This
kind of commitment to the industry is good
for competition, customer service and the
responsible provision of credit that is central
to this market. fla.org.uk
CICM IN BRIEF
This month's briefing includes details of
the first candidates to attain CICM Level
2 Credit Controller Apprenticeship, new
CICM Vulnerability Framework, the CICM
Training Programme in May, and the
newly launched Knowledge Hub.
CIFAS has released new figures showing
stark increases in the number of young
people acting as ‘money mules’ and those
falling victim to identity fraud.
The data has been released to coincide
with the launch of new anti-fraud lesson
plans, developed by Cifas, in collaboration
with the PSHE Association, the national
body for Personal, Social, Health and
Economic education in schools.
The new figures reveal that Cifas
members identified 8,474 cases in relation
to under-21-year-olds acting as money
mules, 2,256 more than in 2016. This is when
an individual allows their bank account
to be used to facilitate the movement
of criminal funds, a form of money
laundering. Acting as a money mule is a
serious criminal offence, which carries a
maximum prison sentence of up to 14 years.
Furthermore, the new figures also show
that 2,321 under 21s were victims of identity
fraud, an increase of 541 compared to the
previous year. Together with the PSHE
Association, and in response to increasing
numbers of young people affected by fraud,
either being targeted by online fraudsters
or unwittingly engaging in fraudulent acts
themselves, Cifas has created four Anti-
Fraud Education lesson plans, targeted at
11-16 year olds, raising awareness of fraud,
common scams, identity fraud and money
mules.
Chief Executive of the PSHE Association
Jonathan Baggaley, says PSHE education
supports students to leave school
‘economically literate’ – ready to face
an increasingly complex world full of
new risks and opportunities: “As online
scams become a ubiquitous concern, and
fraudsters specifically target young people,
these new anti-fraud PSHE lessons could
not be released at a more relevant and
important time.
“The new materials will introduce students
to the risks of online identity fraud and
being recruited as a money mule, while
exploring the wider importance of online
safety and economic wellbeing through a
planned PSHE programme.” cifas.org.uk
Passage to India
Callcredit Information Group has launched
CAMEO India, a new affluence segmentation
solution to provide insight on consumers
and help businesses to expand or launch into
India. Believed to be a market first, CAMEO
India is built at the most granular level of
geography available covering 605,789 zones
including villages, wards and districts. It provides
businesses with four affluence models
which show insight into how developed an
area is in terms of housing stock quality, access
to utilities and services, teleconnectivity
and internet availability.
Businesses can also make use of spatial
data within the product for activities such as
retail location planning to find the optimum
location to open any new branches. There
is also a complimentary suite of analysis
variables in addition to the affluence models,
including presence of children, household
size and property tenure.
callcredit.co.uk
The Recognised Standard / www.cicm.com / April 2018 / PAGE 11

NEWS SPECIAL
Bottoms Up!
Sean Feast reports on a subject
very close to his heart, wine, and how
one luxury wine producer has found
an innovative way of funding its
global expansion.
THINK fine wines and one
is naturally drawn to the
great vintages of France,
Le Montrachet and the other
splendid Chardonnay of the
Maconnais – Pouilly-Fuisse,
Pouilly-Vinzells and Meursault. Others
prefer the other great wine-producing
nations, Italy with their Borolos, Spain
with their Clos Martinet and Portugal with
their Esporao. Even the Germans, if we can
forgive them their earlier howlers, have
come good with their latest Riesling and
Gewurtztraminer.
Arguments rage as to the quality of the
‘new world’ wines – from California, New
Zealand and Australia – many of which
command a high price, as well as those from
more ‘obscure’ nations both near and far from
Argentina to Bulgaria, and almost every point
in-between.
Think English wines, however, and many
will still turn up their respective noses.
Early vintages were, quite frankly, pretty
horrid, but tremendous strides have been
made over the last 20 years across vineyards
located predominantly in the South East
corner of the UK.
The smart money backs not only the
sparkling wines for which the UK has
undoubtedly carved out a niche, but also
the whites and rosés which are steadily
gaining ground on their more-established
peers. We are even advised not to rule out
the reds, which although only produced in
small numbers, can still hold their own in
any blind tasting challenge.
Last year, more than a million vines
were planted, and a similar number will be
planted in 2018. Wine is now being produced
up and down the country, from Yorkshire in
the North, to Cornwall in the West.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 12

The Recognised Standard / www.cicm.com / April 2018 / PAGE 13
continues on page 14 >

NEWS SPECIAL
Climate, and a lingering snobbery, are not
the only barriers to great British wines
making it on the international stage. Cash
is always an issue. But one of England’s
leading producers of luxury sparkling wine
has found an interesting way of sourcing
investment to grow. It has joined the
growing ranks of firms turning to Peer-to-
Peer finance (or perhaps more accurately
described as Peer-to-Business) to fund
its growth. But what is perhaps most
imaginative about this ‘alternative’ method
of finance is how the funds have been
secured: against the value of the wine itself.
Digby Fine English approached F&P, a
business funding specialist, last year and
secured £400,000 to build up stock which
can take between three and five years to
mature. Since then it has never looked
back, finding markets for its wines not just
in the UK, but around the world.
It recently started exporting to the
US, the second largest export market for
French Champagne after the UK, and also
does business in Japan, Hong Kong and
Australia.
In talking to Credit Management, Trevor
Clough, Co-Founder and CEO of Digby Fine
English Wines, said that many of the more
‘traditional’ forms of lending were not open
to him: “It appeared that we did not have
the levels of security they were looking for,”
he explained.
In looking at P2P, and working with F&P,
he found them a little more imaginative:
“F&P recognised a value in the maturing
wine and viewed it as an appreciating
asset. They supported our loan application
by preparing the loan documentation in
the form of an Information Pack, listed
the loan on an appropriate platform which
successfully raised the funds we were
seeking to expand our business.”
Digby Fine English partners with
vineyards across Kent, Sussex and
Hampshire to supply the finest grapes
which are then pressed using the
Traditional Method before blending. The
English chalk downs and moderate climate
provide ideal conditions for growing
grapes such as the Pinot Noir, Pinot
Meunier and Chardonnay varieties which
are Digby’s speciality. Indeed, a number
of leading French Champagne houses
are buying land in the Kent and Sussex
area. This highly rated, multi-Gold-medalwinning
label is sold in leading stores
including Selfridges, Fortnum & Mason and
Harvey Nichols. It is also served at leading
restaurants and London hotels including
Dinner by Heston Blumenthal and the Hand
& Flowers.
“We have secured funding that has
enabled us to grow the business at a far
quicker rate than we would otherwise have
been able to,” Trevor concludes, “and it is
exciting to see our export business is now
taking off.”
THE WINE INDUSTRY
AT A GLANCE
Total tangible
Assets, on average,
have experienced
an increase in the
last three years,
as well as the total
debt. The increase
in the total debt
has been lower
than that of the
total tangible
assets.
The current ratio
indicates that
the industry has
enough short term
assets to cover its
short term debt.
However over the
last three years
the current ratio
has decreased
from 1.33 in 2015
to 1.29 in 2017.
The indebtedness
has slightly
increased from
2015. The portion
of the companies'
assets that are
financed by debt
has remain to
similar levels.
These figures and charts have been provided exclusively to Credit Management by Dun & Bradstreet.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 14

INSOLVENCY
Regulation oversight
In the complex world of insolvency, who regulates
the regulators?
AUTHOR – David Kerr MCICM
David Kerr
INSOLVENCY practice in the UK
is a regulated activity. Those who
take appointments as liquidator,
administrator, trustee and
supervisor have to first obtain a
licence and will then be subject
to ongoing monitoring to ensure that they
remain fit and proper persons to retain that
licence. The regulators are five Recognised
Professional Bodies – mostly accountancy
bodies, plus the Insolvency Practitioners
Association which is the specialist insolvency
regulator. But these RPBs do not act in
isolation, nor with complete autonomy; they
are bound by understandings entered into
with the government agency, The Insolvency
Service, which is part of the Department for
Business, Energy & Industrial Strategy.
The Service publishes an annual report
which covers the work of the regulators in the
preceding year, as well as latest regulatory
policy and standards, and to a limited extent
a commentary on the effectiveness of the
regime. Publication of the most recent report,
for 2017, will likely coincide with release
of this edition of Credit Management. So,
what will it tell us about the Service’s views,
as oversight regulator, of the insolvency
profession and its regulatory arrangements?
The first point to register is that Service
has a mandate to evaluate the current system
in the context of the recommendations it will
have to make in due course on whether or
not to use a statutory backstop measure to
impose a single regulator on the profession.
That is not an issue for now, but it forms part
of the environment in which the oversight
regulator and RPBs are operating. One of the
reasons for the drafting into legislation of a
single regulator power (which may or may
not be invoked) was the number of regulators
in the sector (eight when the provisions
were crafted); there are now effectively half
that number, as one of the five accountancy
bodies has collaborated with the IPA to
consolidate their monitoring and other
regulatory arrangements.
DE-REGULATION AGENDA
Notwithstanding that background, the
government’s de-regulation agenda has led it
to seek to replace the more formal memoranda
of understanding it has with the RPBs with
published guidance on how it expects RPBs
to meet the statutory objectives for the
profession. That change is likely this year.
Oversight of the RPBs in 2017 was mostly
by a number of themed reviews, covering
areas such as bonding (fidelity insurance to
protect creditors – a matter on which there
will be a consultation in 2018), complaints
handling, monitoring (of practitioners
generally, with some emphasis on those
dealing with high volumes of Individual
Voluntary Arrangements) and fees.
Fees, of course, are likely to be of particular
interest to creditors. There is a statutory ‘fair
and reasonable’ test, and RPBs have given
guidance to practitioners on that as part of
their continuing education programmes.
The review is ongoing to ensure that RPBs
consider relevant action in appropriate
cases where fees misconduct is identified.
Regulatory powers have some limitation, as
issues over fees will sometimes have to be
resolved by the courts, but RPBs’ committees
and tribunals will use regulatory levers to
facilitate refunds where appropriate, and
repayments are considered as mitigation
where misconduct is found. The number of
complaints about fees though is low – less
than one percent.
The total number of complaints referred
to RPBs in 2017 has fallen significantly
compared to 2016. In part that is because
there were fewer complaints, and also
because the Service’s gateway has become
more effective as a first filter and has rejected
more complaints than it has hitherto.
IVAs account for the highest number of
complaints, where mostly consumer debtors
are the complainants.
Another element of the Service’s oversight
is in relation to pre-pack administrations.
Again, the government is considering
whether to invoke legislative measures. Whilst
compliance with Statement of Insolvency
Practice 16 and noise levels generally around
pre-packs are seemingly less of a problem, and
there were fewer administrations in 2017 than
in the previous year, there is a concern that
referrals to the Pre-Pack Pool are fewer than
expected. This was only one of the measures
introduced to address issues regarding this
process, but creditors have a role to play here
if they want to be reassured that the Pool can
provide around these transactions.
The Service’s annual report should be
available on its website this month.
David Kerr MCICM is the Chief Executive
of the Insolvency Practitioners’ Association.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 15

FROM THE CHAIR
Everybody knows somebody
Those who want to work in business and with money
do not have to be an accountant.
AUTHOR – Laurie Beagle FCICM
Laurie Beagle
ALMOST all of us are hooked
up to social media in
some way: LinkedIn; Twitter;
Facebook etc.
That should mean that we
all have plenty of friends or
colleagues and that we have all become very
good communicators. Maybe that’s more of a
hope than a reality.
However, being a member of the CICM does
mean that you are very much part of a special
group of Credit Professionals. You may all have
different job titles and work in different parts
of the industry, but we are all colleagues and
hopefully, in some cases, friends. So back to
my key theme: everybody knows somebody.
Being part of the credit community, and
knowing people personally or through social
media, you have the opportunity to share
experiences, ask questions and keep learning.
I once said that credit professionals are like
sponges. I wasn’t being derogatory or insulting
but I truly believe that my fellow professionals
don’t want to stop learning. Especially in
today’s business climate with Brexit and the
challenges and opportunities it will bring.
There is so much to learn and contribute to
your businesses.
So, who do you know? Are your friends
and colleagues working in a part of the credit
profession? Do they know what the CICM is,
does and stands for? Can you tell them the
benefits you have received since becoming a
member?
One challenge: is your manager or
supervisor a CICM member? If not, do you
think you can get them interested or at
least find out why they have not considered
becoming a member? We can support you
getting the key messages across.
Remember, if you participate in the ‘CICM
Member Get Member’ offer, you and the new
member both get an Amazon Gift Card for £25.
Growing the membership is important.
We want to retain members and help them
develop their careers, and attract new ones
to what is an exciting profession. The credit
management profession is more vital to the
economy than many others and adds real and
tangible value to businesses. Those leaving
school or college need to know that if they
want to work in business and with money
there are more choices than simply being an
accountant.
This year we are adding a whole host of
new member benefits, not least of which are
both the CICM Mentor Hub and the CICM
Knowledge Hub, as well as our developing
Advice Line. Any questions or advice you need,
and the answers should be there.
Credit Professionals on the whole are not
the greatest at marketing themselves. Perhaps
a skill we can learn from our colleagues in sales.
Remember we have plenty to offer businesses.
We are not just back office debt collectors. Let
your passion show through. It’s infectious to
your team. And remember the words of former
US President, Teddy Roosevelt:
‘‘Whenever you are asked if you can do a
job, tell them, ‘Certainly I can’ - and get busy
and find out how to do it.’’
Laurie Beagle FCICM, is the Chair of the CICM
Executive Board.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 16

TECHNOLOGY
THE ONLY
WAY IS ETHICS
Controlling the march of the business
robots means regaining the ability to
think for oneself.
AUTHOR – James Perry
THE Artificial Intelligence (AI)
revolution, which appears to
be shaping up nicely to be the
IT sector’s second wind, is
seemingly sweeping through
every office, factory and general
workspace in the country at the moment. AI
fever is gripping the nation and we appear to
have quickly reached our crossroads - the point
where we determine whether these changes in
the way we live our lives will be of detriment,
and Terminator one will greet us to hand us all
our P45s, or, overall, it will be a positive thing
and the more friendlier Terminator two (the reprogrammed
one!) will greet us all with a smile
and a thumbs up!
As a lawyer and manager of a volume
team for a national law firm that uses a case
management system, AI is a hot topic I am
of course very interested in. If you read the
headlines (who can miss them at the moment!)
it is the age-old case of technology developing
quicker than regulation and at the moment we
are struggling with the change. Science seems
to always get the balance right when it happens
in their field but that is because science
breakthroughs tend to start in the controlled
environment of a lab. Business AI doesn't
have a lab. It is out there spreading and taking
root, available to all with no walls, boundaries
or limits. For some reason, even though we
have the capability to do great harm as well as
great good, advancements in business AI are
currently not subject to the same restrictions
as advancements in science.
UNINTENDED CONSEQUENCES
There are also no business AI ethics in place
yet. If the AI solution is a business one which
will drive profit it instantly, in the minds of
our boardrooms, qualifies as being for the
greater good. To a degree it will be. However,
along the way, the impact on the development
and progression of our workforces is being
overlooked; especially in the professional
services sector where logic and critical analysis
are key skills. Perhaps this is unintentional
but failing to think about the consequences on
workers is having a negative impact on business
who don't set their mind to the problem.
Employee development and progression
doesn’t seem to currently form any real part
of this calculation because businesses are
focusing too heavily on the primary outcome
only - profit. Batten down the profit hatches and
then take stock is the panic reaction some areas
of industry are gripped by at the moment. I am
seeing this happen in many, many quarters.
As a result, our intelligence, development
and progression as workers is suddenly under
threat. We don’t want AI to result in a dip in
our intelligence, otherwise it will become
our greatest failure, rather than our greatest
success. The problem is we haven't even really
set our minds to this point yet let alone done
anything about it.
An AI quota, which determines what can and
cannot be automated, would be a positive step
to put a brake on these advancements whilst we
pause, reflect and decide which direction we
should be heading in. Do we need a business
AI lab to pass or fail our creations first perhaps
before they are released on businesses? Should
Government be stepping in to regulate this area
in some way? This article sets out the reasons
why I think quotas and controls are not just
necessary but absolutely crucial for growth
in the medium to long term. It is something I
focus on as part of my job role.
To understand my point let me quickly take
you back to a time where the only mobile was
one you hung over a cot, a tablet was a pill
the doctor told you to take and the only
clouds we ever came across were those grey,
fluffy ones which seem to have hung over
Yorkshire all Summer! Apply the 80s wavy TV
effect to your two-tonne, two-foot deep 80’s
telly and let me take you back to the start of
the consumer, technological revolution of the
1980s!
Ever since I was a small child, like most
boys from the 80s, I’ve been fascinated by new
technology, which deserves an award simply
for perseverance because on the whole it was
The Recognised Standard / www.cicm.com / April 2018 / PAGE 17
continues on page 18 >

TECHNOLOGY
pretty basic and rarely worked properly.
Computers were no exception to the rubbish
tech rule of the 1980s and back then we were
certainly easily amused. During Christmas
1983, changing the colour of my screen
from cyan to magenta on my Commodore
16 was perceived as the absolutely height
of technical sophistication and if you could
make it automatically flash between the two
colours you thought you were destined for
great things! We called it technology but to
my eight- and six-year old sons it seems only
one up from fire and inventing the wheel!
They think Dot Matrix is a Great Aunt!
As basic as it may have been we still
spent hours upon hours being told by the
grey box that there was a ‘syntax error’
or the ‘string is too long.’ These days of
waiting for things to load (sometimes I
would have my tea while I waited!) hang
long in my memory. If my Father reads this
I am sure he will remember how 80s Tech
brought anguish and anxiety to 80s families
trying to help their frustrated children. He
would spend ages trying to fix that syntax
code for me just so I could go ‘ooooh’ at a
coloured pentagon for a few minutes before
I got bored!
TANGIBLE ADVANTAGES
However, as basic as that all seems, there
were the tangible advantages of learning
some skills from this early technology. To
achieve those fairy steps in technological
advancement you had to actually use your
brain, which would mean working through
something and then enjoying the fruits of
your labour when you got to the end of your
programming task. As Heinz used to say
when selling its ketchup in the 80s ‘the best
things come to those who wait’ and believe
me it did and it does. We sometimes would
cheer when something actually happened on
that computer!
The point is that back then you had to
understand a set of rules and be able to apply
them to get your reward, a bit like practising
law which is what I do. Practice of course
makes perfect. Doing a task which requires
a degree of thought forms and fuses the
synapses in your brain until the familiarity of
experience eventually turns a beginner into
an expert - which importantly for business is
a person you could turn to when things get
confusing or require a judgement call to be
made.
What concerns me massively is that I am
witnessing a silent shift in the way in which
we all work and we are watching it float by
us, hoping it won't cause any harm. Nobody
has realised that every expert was once a
beginner and AI certainly hasn't figured this
bit out! The modern-day advantage of having
access to libraries of online information and
tools to work quicker and more efficiently is
currently failing, in my opinion, to defeat the
negative outcome of a worker’s opportunity to
become an expert as described above. It is also
damaging the worker’s positive experience
of work, which is a crucial aid to learning. I
mean whoever did well at school in a subject
they didn’t enjoy! To get the most out of a
workforce they have to enjoy what they do and
the monotony of repetition AI tends to create
will not achieve this goal. Dumb it down with
AI and your workforce will switch off so you
have to find a balance.
EXPOSED SITUATIONS
A junior worker's ability to be exposed to
situations where their neural pathways
become deeper as their experience and
exposure to solving their particular set of
bespoke work problems is very important
but this opportunity is quickly diminishing
faster than ever because all this technology,
we are hell-bent on convincing ourselves
must be the answer without questioning it,
is reducing those important opportunities to
learn. It is happening in every sector - not just
law and credit where I work. The opportunity
to master something is not as present as it
once was and instead of having that precious
time to wade through the treacle of a problem
and wrestle with it, it seems that the T1000 is
taking workers by the hand and tip-toing with
them across their neural pathways, leaving
little impression on them. The end result is
a frustrated worker who doesn’t understand
or even remember how they got to their
destination when completing a task. A worker,
who as a consequence loses his sense of
achievement or worse still, never experiences
it. They just punch their keyboard day-in, dayout
because the computer tells them to - we
need to stop this.
During Christmas 1983,
changing the colour of my screen
from cyan to magenta on my
Commodore 16 was perceived
as the absolutely height of
technical sophistication and if
you could make it automatically
flash between the two colours
you thought you were destined
for great things!
The Recognised Standard / www.cicm.com / April 2018 / PAGE 18

TECHNOLOGY
AUTHOR – James Perry
If a senior worker can only achieve senior status by carrying
out junior tasks manually first then don't automate all your
junior tasks just because you can, otherwise you will create a
skills gap in your workforce.
By analogy, it is a bit like us never needing
a map anymore; working life is becoming
a bit like always driving with your Sat
Nav on. However, the skill of orienteering
when driving which has voluntarily
been surrendered (mainly to stop family
arguments) is acceptable. In contrast,
a worker’s basic right to learn, progress
and thrive has not. As the most intelligent
species on our planet is that something
we really want? I have to say I have seen
many people start to suffer from this
academic amnesia. People are not as good
at solving problems as they once were and
it is because the support they get from IT
is not exactly right. It’s a little bit out and
it needs tweaking a bit to improve the
user experience and protect our ability to
learn! At the moment there is a significant
problem with Artificial Intelligence in
situations where our understanding of
the work we do is still fundamentally
important? Just like in yours maths exams
you get more marks for your calculations
than your answers. Workers need to not
only know how they arrived at an answer
but also need to manually practice the
question.
Unfortunately, Air France knows
only too well about this, and it is a
problem which has been coined as the
‘paradox of automation.’ A few years
ago, an aeroplane crashed killing all of
its passengers. When the authorities
investigated they found that all the pilots
on-board failed to figure out how, or if, the
auto-pilot had failed. The error made was
simple and should not have happened.
When they checked to see how many hours
of actual flying time the pilots had recently
done it was clear that due to the lack of
time the pilots actually flew the plane
themselves they had lost the ability to act
quickly, as an expert, in those emergency
situations. This was because flying in autopilot
had damaged their ability to think.
It had filled in their neural pathways and
even the most experienced pilot on the
flight had seemingly become de-skilled
over time because he had been driven by
the computer, not the other way around.
HUMAN INPUT
So what is the solution? As with any
problem, the first step is to recognise it.
If automation is invading your business
and is not being controlled then assess
the need for having human input, how
often it will be needed in your business
and make sure employees can still do
it all manually. If a senior worker can
only achieve senior status by carrying
out junior tasks manually first then don't
automate all your junior tasks just because
you can, otherwise you will create a skills
gap in your workforce. It will maybe give
a business a short-term profit but in the
long-term the business will suffer!
Also make it a part of your risk-audit
to spot check understanding and ensure
that you always have experts within your
ranks. Then pay those people properly to
retain them for the long term and respect
the fact that they are your organisation's
goalkeeper. They might not touch the ball
as many times as other staff but when
they do it really does count. Then, once
your plan is in place, market that strategy
If the computer gets it wrong
just that once and there is
nobody there to fix it at that
precise moment, then it really
could be ‘Hasta la vista’ for
your business!
and set yourself apart from competitors
by acknowledging and respecting the fact
that you are in the ‘‘business of brains’’
and always will be! As a result, you will
attract the best staff and clear water will
begin to appear between you and your
rivals. I am absolutely confident of that
and it is a philosophy I adopt and support.
If we don't do it then the skilled worker
will become extinct because the habitat
will not exist to support the creation and
maintenance of those skills.
And do it because if you don’t adapt
in the right way and take a sensible
approach to business AI then with all the
heavy, business regulation in place, if
the computer gets it wrong just that once
and there is nobody there to fix it at that
precise moment, then it really could be
‘Hasta la vista’ for your business!
James Perry is a Solicitor and Technical
Director for DWF LLP, a Top 30 National
Law Firm. He is also the Vice-Chair of
the Civil Section of the Law Society
The Recognised Standard / www.cicm.com / April 2018 / PAGE 19 continues on page 20 >

TECHNOLOGY
THE DANCE
OF THE ROBOTS
How to turn data into practicable insight
to benefit businesses, stakeholders and
individual customers.
AUTHOR – Brian Morgan FCICM
IN the 25 years I have worked in credit
management, the key tasks facing
our profession have essentially
remained unchanged: minimise bad
debt, maintain strong cashflow and
reduce business risk. Huge volumes
of data now underpin every task, challenge
or opportunity facing credit managers today.
Although some people may regard this data as
a complication, there are others like me who
can only see it as a huge opportunity.
DATA-DRIVEN DECISIONS
The volume, variety and velocity of data
within business is certainly unprecedented.
As finance professionals we now have more
data at our fingertips and disposal than ever
before. Our latest challenge, is how to turn
this data into practicable insight to benefit
businesses, stakeholders and each individual
customer.
The availability of so much data at our
fingertips has transformed the speed of
decision making. Credit management
decisions are no longer delayed by days,
weeks or months spent analysing reports,
spreadsheets or paper trails. Instead they
are made in seconds or minutes, with rich
insight available at the touch of a button. Core
analysis and tools such as segmentation and
dunning are still applied, but the breadth and
depth of available data has transformed how
we understand, segment, and communicate
with customers.
In my role, I am fortunate to steer credit
management technology and explore how
it can be applied by credit managers to
transform business processes and results.
Credit professionals can now access
multidimensional insight into customers
across collections, behaviour and risk,
enabling new strategies to be created in realtime.
Results are transformed, as collections
and risk are managed simultaneously.
Gone are the days of having one report in
a spreadsheet for overdue accounts, another
report for risk rating and scores, and further
separate reports for credit insurance and
other pools of transactional, behavioural
and historical data. All of this can now be
contained in one place with a single view
of the customer, allowing any changes to
be easily identified with visible, reportable
actions.
AN EVOLVING MARKET
As technology and data continue to drive
the speed of credit management decisions,
discussion must now turn to which
technologies to use. One of those technologies
driving innovation within financial processes
is Robotic Process Automation, or RPA.
RPA is software that methodically
automates repetitive, manually-intensive
tasks, processes and workflows. RPA
complements existing data sources, such as
ERP systems, which can provide important
historical facts about customers and account
standings. Applying RPA automation allows
employees to concentrate on tasks that add
greater value to a business and its customers.
RPA isn’t a new term; it was first coined in
early 2000. It’s also not a new concept; the core
of RPA simply uses automation to increase
efficiency over manual processes. However,
the market for RPA is developing rapidly as
businesses figure out innovative ways in which
to apply RPA and its underlying algorithms to
different workflows and scenarios, including
credit management and other back-office
functions.
RPA is transformational. It introduces credit
professionals to a new level of dynamic,
intelligent ‘power’ that increases efficiency as
well as accuracy. RPA brings easily overlooked
back-office benefits to the forefront of your
business. But how should you approach RPA
and what sort of results should you expect?
Traditional benchmarking depends on
your individual business. I’ve seen RPA credit
management technology applied to reduce
aged debt by 75 percent, or reduce headcount
focused on a manual process by 20 percent,
and cash collection efficiencies improved
The Recognised Standard / www.cicm.com / April 2018 / PAGE 20

y a factor of tenfold. Credit management
processes that lend themselves to RPA and
initial automation, include: allocation of
customer payments; collection strategies
and day-to-day activities; and dynamic diary
management.
The true business benefits of RPA are
several fold; alongside the accuracy and
insight it lends to credit teams, RPA crucially
allows credit management teams to focus
on value-added activities that drive further
improvement in performance.
RPA in the real world: Aggregate Industries
Aggregate Industries is a good example of
a business that has successfully applied RPA
in credit management. The company has been
using automation and RPA across its finance
team for several years - recently extending it
to credit management.
Credit Manager, Phil Rice, says his team
has measured several benefits from applying
RPA. These include:
• Reorganising finance functions around
core data to centralise risk and collections
activities – including payment behaviour,
risk and credit insurance data, and trend
analysis data
• Supporting innovative ways of working for
the credit management team
• Accessing new reporting capabilities based
on accurate, real-time data
• Establishing a central, trusted data
repository for all credit managementrelated
data.
OVERCOMING OBJECTIONS
So why aren’t all finance teams adopting
RPA, if applying data, technology and new
processes to credit management opens up so
many opportunities?
Credit professionals can now access
multidimensional insight into customers
across collections, behaviour and risk,
enabling new strategies to be created
in real-time. Results are transformed,
as collections and risk are managed
simultaneously.
The truth is that adoption of transformative
technology is rarely possible without some
resistance to change or reluctance to rock the
status quo. Fortunately, this can quickly be
overcome through greater understanding and
communication of the size of the opportunity
offered by change, and alleviating specific
concerns over moving from existing paperbased
processes.
Forward-thinking businesses now realise
that “if it isn’t broke, don’t fix it” is no longer a
sustainable attitude. Customers have changed,
business expectations are evolving, and rapid
data-driven decision making is becoming
industry best practice.
The bottom line is that RPA automation
will free up time, creativity and skilled
resources, accelerating and broadening the
transformation of your business. Credit teams
work with rapidly expanding volumes of data
at the coalface of business opportunity, and
RPA provides the most efficient means to
maximise those opportunities.
Brian Morgan FCICM, is Product Director,
for Rimilia.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 21

PAGE
TURNER
Sean Feast caught up with Jon Swan FCICM,
Head of Credit Services at Hachette UK to talk about
credit management, Harry Potter, and Maidenhead
United FC!
The Recognised Standard / www.cicm.com / April 2018 / PAGE 22

HACHETTE UK may not be
a familiar name to many
working in the credit
industry, but as the power
behind such brands as
Hodder & Stoughton,
Little, Brown Books, and Octopus
Publishing, its publishing credentials are
impeccable. Add to this its recent coup
of welcoming J.K Rowling into its fold of
world-renowned (and successful) authors
that include Stephen King and Iain Banks,
and the size and importance of the business
cannot be in doubt.
It is a business that rarely stands still,
competing in an industry that only has one
speed: fast. In 2016, it announced plans to
consolidate its distribution operations into
a new, world-class distribution centre in
Didcot, Oxfordshire. The site was chosen,
in part, to be close to an existing Bookpoint
distribution centre, which will be retained
as a bulk storage depot, but has not been
achieved without a modicum of pain. It
means closing down its Littlehampton Book
Services Distribution Centre next year.
ADVANCED WAREHOUSE
The new warehouse will be one of the most
technically advanced in the UK, including
sophisticated automation of processes.
According to the press statement issued at
the time, it will enable Hachette Distribution
to deliver ‘significant improvements to
the already high standard of service that it
provides to its publishers and its customers,
in a world where next day and same day
delivery are expected’.
The substantial investment programme
includes the replacement of Hachette’s Vista
warehouse management and sales order
processing systems, with modern, marketleading
software solutions from suppliers
including SAP and JDA.
As I join Jon Swan FCICM, Head of
Credit Services at Hachette UK’s HQ on the
Embankment, the business is well on its
way through its transition to a new world
order, and his time is understandably short.
‘Traditional’ credit managers, he tells me,
often prioritise DSO and cash collections as
their key KPIs. And understandably so. With
Jon and his team, however, there is this
and more: “The Credit Services team’s role
is about delivering a high-quality service
to our customers, particularly when onboarding
new publishers, and helping them
to succeed in taking on new markets.”
DISTRIBUTION PARTNER
Jon’s role is certainly an interesting one. As
well as Hachette providing a service to its
own publishing companies and imprints,
it also acts as the distribution partner
for third-party publishers, many of them
small, niche enterprises with specialisms in
certain sectors such as education.
“Imagine you are a small publisher
interested in exporting to the Caribbean
or the Middle East, where there is much
demand for education books. They look to
us for our knowledge of these markets, and
our own experience. We can tell them about
the political and economic risks involved
and present it to them in simple language
and reports that are easy to understand.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 23 continues on page 24 >

OPINION
AUTHOR – Sean Feast
Although we cannot offer direct advice, we
can ensure they have all of the information
they need to make an informed decision,” he
says.
Using boutique company information
agencies in certain territories is an option,
Jon adds, but nothing beats old-fashioned
due-diligence and KYC.
Competition within the publishing
industry is fierce, and Jon hopes that the
recent investment in Didcot and the new
software solutions will give Hachette the
competitive edge. Certainly, his present
focus is on ensuring the smooth delivery
of SAP and other ‘smart projects’ presently
underway, but without it impacting current
service levels. Migrating from Vista is no
mean feat, but when accomplished will
support significant improvements in terms of
automating workflows, enhanced reporting
and delivering real-time data.
PUBLISHING ISSUES
One issue that is peculiar to the publishing
world is ‘Sale or Return’ (SOR) which causes
all manner of headaches for the credit team.
Delivery shortages and shipments going
missing are all in a day’s work for Jon: “Our
people are as much ‘issue resolvers’ as they
are credit managers,” he laughs, even though
speedy resolutions are not always easy to
come by. “Imagine you are dealing with a
business like Amazon,” he says, “and you
have to find the right person to speak to.
That is seldom straightforward, but often
very important.
“We are one of the top suppliers to Amazon
and get paid to terms, but that is often more
difficult for smaller firms.”
Jon used to work for a UK video and
record distributor and sees many similarities
between distributing books and media
product. He also worked in the IT sector for
Dell for ten years but the differences between
computers and publishing could not be
wider. He joined the CICM 34 years ago and
is heavily engaged with the Thames Valley
Branch. “I very much enjoy the interaction
at job fairs and careers’ presentations at
schools, meeting teachers, students and their
parents,” he explains.
“It is quite a challenge. When we
are exhibiting alongside well-known
accountants, high-tech firms or the Army,
no-one really knows what credit management
is. When it is explained to them, however,
they understand straight away, and often the
first thing they want to know is how much
they are going to earn!”
Within Hachette too, Jon is a keen
supporter of the CICM. Within his team
of just over 30, some are at various stages
of their CICM qualifications and/or are
part-qualified, and their learning and
development plans invariably include an
element of further CICM courses. They also
have a CICM Apprentice and are looking to
attract more.
CENTRES OF EXCELLENCE
Jon has looked at CICMQ, but the peculiar
nature of the publishing world means it may
be difficult. That said, Jon regularly reaches
out to his fellow professionals at the CICM
Centres of Excellence, arranging exchange
visits to facilitate even greater knowledge
sharing and seeing how other industries
approach credit management.
He is encouraged by how many credit
managers are now being elevated to ‘Heads
of’ and Directors which he sees as a nod to
their increased professionalism, and growing
awareness of their role and commercial
value. He is a passionate professional
himself: “It is important we do not work in
silos,” he explains. “Our role is to engage with
every part of the business, to interact with
our operations, sales, customer services,
treasury, audit etc and make things happen.
We must never be a barrier.”
Within his own business, the team is
measured against an annual ‘Client Survey’
which is held in particularly high regard:
“Yes of course we measure DSO and cash
collections, the same as every other credit
manager, but we also map our progress
against the survey, making sure we improve
year on year.”
Jon believes that by improving their
service levels even by only one percent every
year, the cumulative effect can be significant.
He hopes the same can be true for one of the
other great passions in his life, Maidenhead
United FC, a club of which he was once
chairman: “They are exceeding expectations
and the highest placed they have ever been,”
he smiles.
It is important we
do not work in silos,
our role is to engage
with every part of the
business, to interact
with our operations,
sales, customer services,
treasury, audit etc and
make things happen. We
must never be a barrier.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 24

Membership
Benefits
CICM membership gives you access
to all of these benefits
Credit Management
magazine
National and
regional events
Knowledge
Hub
Qualifications
and training
Professional letters
after your name
Branches around
the country
Industry
resources
Monthly
e-newsletter
Webinars
Mentor
Hub
Recruitment
Hub
Monthly
technical brief
Networking and collaboration
including social media
Legal, insolvency and
business advice lines
Continuing Professional
Development (CPD)
Benefits that keep you informed, help you in your
work and support your professional development
For details visit www.cicm.com,
call us on 01780 722900, or email
cicmmembership@cicm.com
The Recognised Standard / www.cicm.com / April 2018 / PAGE 25

VIEW FROM THE SEA
The genius effect
What makes one a genius, and who can rightly
or wrongly claim the title.
GENIUS and penury. The
two often seem to go
together. Skint, broke,
destitute, impecunious…
but what a great mind/
talent. You know the kind
of thing. Why is that, I wonder?
I’m standing at the neglected grave of
the great English writer Malcolm Lowry.
It is deep, dark winter, in the churchyard
of St John the Baptist. The church, its
spire rising majestically towards an
unforgiving grey sky, sits in Ripe, a lovely
village nestling in the bosom of the South
Downs.
Lowry’s mournful headstone, now
badly faded, is battered by an epic,
howling wind. The writer’s short, alcoholsoaked
life, ended at the age of 47 after
a particularly heavy bender. Apparently,
Lowry was so broken there was no money
to bury him after he went flying down the
stairs of his rented cottage and slipped
into a coma.
I’m thinking, how can someone in
command of a mind which gave us Under
the Volcano, one of the magisterial works
of 20th century literature, with a narrative
of such accomplished complexity it is
often compared to Joyce’s Ulysses, have
ended up with barely the shirt on his
back?
It’s a familiar tale, one way or another.
In Lowry’s case, alcohol addiction clearly
played a major role in his downfall. But
look at the likes of Mozart, Van Gogh, Mark
Rothko, Jackson Pollack, DH Lawrence,
George Orwell, Renoir, Caravaggio…any
number of the romantic poets, all widely
to be considered geniuses within their
respected fields, all contemplating their
mortality with barely a penny to their
name.
Of course, there exists many
contrasting kinds of genius. And plenty
of greats throughout history invariably
described as such have not ended up in
pauper’s graves.
Isaac Newton, for example, often
referred to as ‘the greatest genius who had
ever lived,’ enjoyed a secure, comfortable
and long life, following publication of
his Philosophiæ Naturalis Principia
Mathematica – which singularly changed
the way we looked at our world’s position
within the universe.
Perhaps it is the nature of genius –
artistic vs scientific, for example, which
can lend itself to a more reckless lifestyle.
But whatever the reasons, one thing
The Recognised Standard / www.cicm.com / April 2018 / PAGE 26

VIEW FROM THE SEA
AUTHOR – David Andrews
is depressingly clear in our contemporary
society – and you don’t have to be a genius
to work it out – having money, and an
abundance of it, is constantly associated
with a ‘genius’ for getting rich.
Donald Trump recently proclaimed
himself – not so modestly – to be a ‘very
stable genius’ – see Trump tweets passim.
genius
ˈdʒiːnɪəs/
Noun
1.
exceptional intellectual or creative power
or other natural ability.
“she was a teacher of genius’’
synonyms: brilliance, great intelligence,
great intellect, great ability, cleverness,
brains, erudition, wisdom, sagacity, fine
mind, wit, artistry, flair, creative power,
precocity, precociousness
Following ‘The Donald’s’ claim, even
some of his supporters sniggered. The US
president is clearly not a genius in any
‘normal’ sense of the word. Rex Tillerson,
his own Secretary of State, is reputed to
have described his boss as a moron, for
example.
But Trump has displayed a genius of
sorts – the genius that gets a complete
and absolute political outsider whose
belligerent self-belief has propelled him to
the world’s most powerful position.
So, is Trump a genius? Really? I don’t
know. But I do know that if I had a tenner
for the amount of times I have heard people
of (in my view) indisputable mediocrity
described as ‘a genius’, I would be laughing
all the way to my current account.
What Trump clearly does possess,
is a terrific facility for making money.
Considerable amounts of his own
greenbacks were invested in his campaign
for the US presidency. And as we know,
many ordinary, blue collar Americans
looked up to him and subsequently
voted for him – because he had made an
enormous pile of money. And America per
se worships at the altar of Mammon.
Naturally, it helped that Trump came
from a well-established real estate dynasty
with vast amounts of cash behind it. But
plenty of other off the scale wealthy people
have come up from ordinary beginnings.
George Soros, currently engaging
the ire of Brexiteers because of his
considerable donations to various anti-Brexit
organisations - is considered a
genius with money – mainly because he
has made so much of it.
And Microsoft founder Bill Gates is
often labelled a genius, partly because
he was one of the key players in founding
technology which unquestionably
changed the world, but mainly I suspect
because his particular genius – if indeed
he does have it – transformed his fortunes
and elevated him to being one of the
wealthiest men in the world.
Philosophy and mathematics – as
evidenced by Newton’s transformative
theories – are also evident in Soros’ early
money-making ambitions.
A proponent of philosopher Karl
Popper’s General Theory of Reflexivity,
Soros subsequently harnessed aspects
of Popper’s ground-breaking mid-
20th century philosophy to capital
markets, which (Soros claims) helped
him formulate a clear picture of asset
bubbles and fundamental/market value of
securities, as well as value discrepancies
used for shorting and swapping stocks.
In other words, the ‘genius’ calls Soros
has made in currency movements and
his hedging has made him one of the
richest people ever to have lived. Money.
It dominates our lives and the way we look
at the world. That is the nature, not just of
capitalism, but of all societies.
The peasant labouring in barren fields
under a hot sun who manages to sow a little
more seed than his neighbour, sell more
chickens at market and feed and clothe
his children, may well be considered a
kind of genius by his envious, less well-off
peasant neighbours.
And legendary crime bosses, such as
Al Capone and John Goti, displayed one
heck of a knack – some might say genius
– for amassing huge fortunes, driven by
ruthless cruelty and avarice. As they say
in the States, if you’ve got it, flaunt it.
Entrepreneurs such as Elon Musk and
Richard Branson, have, I believe, a terrific
flair not just for amassing stupendous
wealth, but for elevating themselves into
the central vortex of their own destiny.
Musk’s recent space rocket launch,
sending one of his electric hyper cars into
orbit with David Bowie’s seminal Space
Oddity playing on the soundtrack, was –
in my view – a stunt of not inconsiderable
genius.
Call it what you will, a knack, a
facility…a penchant for making money,
these guys have it. Respect. In Branson’s
case, I recall securing a face-to-face
interview with him 20 years ago. He was
due in Manchester to open what was –
20 years back – the UK’s first ever car
supermarket. I was the first journalist to
be granted an exclusive with the bearded
one.
I took one of his then fledgling Virgin
trains from London to Manchester. It was
a slow journey in old rolling stock. This
was in the days before the fleet converted
to much sleeker tilting trains.
How was the journey up, Mr Branson
beamed. Not great if I’m honest, I said,
explaining not very diplomatically that the
train was slow and rather dirty. The toilets
did not work, and the buffet remained
stubbornly closed for the entire journey.
He nodded, sagely. Ok, ok, so, so sorry,
he said, flashing a huge smile. We will
endeavour to make it up to you. I’ll get my
PR people onto it.
It’s fine Richard, I said, it’s always a
mission, getting around the UK. How did
you get up here by the way? Did you also
hop on a train?
No, said one of the world’s wealthiest
men, I flew up. In a Spitfire. A mate
of mine has just restored one. Great fun.
Took just over an hour from London.
Richard Branson. Showman. Billionaire.
Genius? Who knows…
David Andrews is a freelance business
journalist
Sir Isaac Newton
The Recognised Standard / www.cicm.com / April 2018 / PAGE 27

CICMQ
Top of the world with CICMQ
accreditation
AS a leader within the
European payments and
transactional services
industry, Worldline was
keen to reaffirm the
quality and professional
standards of its credit team. As such
it decided to pursue CICMQ and
has succeeded in attaining its first
accreditation.
With nearly 45 years of experience,
the company stands out in its sector for
providing products, services and solutions
along the full length and breadth of the
payments value chain, with customers
including financial institutions, retailers,
the transport industry, governments,
healthcare facilities, telecoms operators,
utility companies and businesses within
the hospitality sector.
Worldline employs thousands of
people worldwide generating estimated
annual revenues of 1.5 billion euros.
The credit team comprises 19 staff, and
is led by a Burnell Richards, Head of
Credit Risk: “As a Graduate Fellow of the
CICM, I was happy with our approach to
accreditation as this was underpinned
by my CICM learning and over 30 years’
experience in credit management.”
CICMQ Assessor, Sharon Adams FCICM
(Grad) said in her report earlier this year,
that Burnell had clear confidence in his
team. The start of their journey included
a CICMQ Workshop:
‘This approach always includes a
CICMQ event designed to focus on the
criteria for the CICMQ accreditation
and also target weak areas, bring the
department and stakeholders together to
work collaboratively for the same goal as
well as improving cash collection’.
CICMQ re-accrditation secured
for Adler & Allan
ADLER & Allan Group, including E&S, WES
and now OHES Environmental, is the UK’s
leading supplier of environmental and
technical services, successfully protecting
the UK’s critical infrastructure for over 30
years.
The Group is unique in offering a
broad range of operational capability
and consultancy expertise. This includes:
emergency response; environmental,
mechanical, electrical and civil engineering
services; specialist fuel service capabilities;
and services dedicated to land and marine.
Darren Allardyce, Credit Manager
at Adler and Allan says his small but
dedicated team does a fantastic job every
day in a sometimes very challenging,
response-driven industry: “Our work on
the BERG Flood Resilience Project in
response to the severe flooding in Cumbria
and Lancashire recently was particularly
notable and formed a specific part of our
re-accreditation,” he explains.
“To win ‘Project of the Year’ in the CICM
British Credit Awards 2018 was the pinnacle
for the whole team.”
Our work on the BERG Flood Resilience Project in
response to the severe flooding in Cumbria and
Lancashire recently was particularly notable and
formed a specific part of our re-accreditation.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 28

TRADE TALK
It’s good to talk
The threat of trade wars shows how important
WTO rules really are.
AUTHOR – Lesley Batchelor
Lesley Batchelor
PRESIDENT Trump’s recent
assertion that ‘trade wars
are good’ following the
raising of tariffs on steel
and aluminium in early
March has caused quite the
stir. With the EU threatening a response
– including raising tariffs on things like
Levi jeans and bourbon – and Beijing
expressing ‘strong dissatisfaction’ with
Trump’s decision, the prospect of a return
to the sort of fully fledged trade wars we
haven’t seen since before World War II feels
worryingly real.
From President Trump’s point of view,
he has decried the US’ “$800 billion dollar
yearly trade deficit” and isn’t alone in
calling for a reproach to China’s aluminium
subsidies – under President Obama the
USA had complained to the WTO about
them. Indeed, since 2000 the US steel
industry has suffered, with production
dropping from 112 million tons to 86.5
million in 2016, accompanied by a drop in
employment from 135,000 to 83,600 in the
industry over that period.
Nonetheless, this change in approach
from the US is largely unprecedented in
modern trade between developed nations.
The US imports over four times as much
steel as it exports. Critics and trade experts
are largely agreed in saying that these
tariffs will fail to protect American jobs,
ultimately raising prices for consumers.
IMPACT ON THE UK
Our own Prime Minister, Theresa May, has
voiced concerns. Given the strong desire
among many Brexiteers for a trade deal
with the US following our exit from the EU,
her condemnation of President Trump’s
stance is particularly striking, but the
impact of these tariffs will be felt here.
For the remaining period that we are
inside the EU, the EU’s threats to raise
tariffs could impact on around $3.5
billion of imports from the US. Then there
are the threats of US tariffs increasing
on European carmakers. The US is the
largest export market for EU cars, making
up 25 percent of the €192 billion of motor
vehicles exported by the bloc. This is a
key industry for the UK more specifically
as well. US demand rose seven percent
for British-built cars in 2017 with 210,000
exports. The US is the second largest
trading partner for the UK car industry,
taking 15.7 percent of our exports.
With the US already considering and
even planning increased tariffs on the EU
which affect some of the UK’s key export
markets, the idea that we can somehow
arrange a tariff-reducing trade deal with
President Trump’s US – one that covers
all of our key industries – starts to appear
less likely. Looking at other industries
– including the food and drink industry
in which talk of importing chlorinated
chicken in a lowering of UK standards
caused serious anxiety across the nation.
IMPORTANT ROLE
The WTO, of course, came out and voiced
concern about the US administration’s
plans.
“The potential of escalation is real, as
we have seen from the initial response of
others,” said WTO Head Robero Azevedo.
“We must make every effort to avoid the
fall of the first domino.”
A reasonable assertion to say the least,
but the WTO can get a bad press in the
UK, as well as in the US. When people
describe the prospect of the UK trading
by WTO rules with our main trading
partners in the event of a ‘no-deal’ exit
from the EU, they usually do so with an
air of trepidation.
Of course, until future trade agreements
are signed, this would represent an
increase in tariffs trading into countries
we haven’t had tariffs for before, as part
of the EU. Yet, under the Most Favoured
Nation rule agreed in the Uruguay round
of negotiations in the 80s and 90s, we
would at least have a structured set of
tariffs and rules to trade by.
It’s in comparison to the assertive and
impulsive nature of trade wars that we
should cherish the history and purpose of
the WTO. The WTO describes itself as:
“Essentially a place where member
governments go to try to sort out the trade
problems they face with each other. The
first step is to talk. The WTO was borne
out of negotiations, and everything the
WTO does is the result of negotiations.”
Negotiations at the WTO take time of
course, and the rules and tariffs as they
stand are by no means perfect.
However, I think we all agree that
our trading terms with nations like the
USA should be set by an international
organisation dedicated to legal certainty
and fairness, no matter how long it takes.
Lesley Batchelor OBE FCICM is Director
General of The Institute of Export and
International Trade.
Essentially a place where
member governments go
to try to sort out the trade
problems they face with
each other. The first step is
to talk. The WTO was borne
out of negotiations, and
everything the WTO does is
the result of negotiations.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 29

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
GOING GUNG-HO IN SENEGAL
ONE of Atradius' top emerging
market picks for 2018
is Senegal. Favourable
demographics, domestically
driven growth, and a gung-ho
forecast of 6.8 percent economic growth make
it a good bet – as does rapidly improving
governance which has put it among the top
states in Africa for ease of doing business.
One difficulty is that the economy isn't
very concentrated - SMEs have a much
bigger share of business than in many
countries, with relatively few big firms. That
means tapping the fast-growing consumer
market will need a bit of smart thinking and
innovation. While consumption is the key
growth driver, the country is also involved
in huge investment in infrastructure –
road, rail and power supply – giving British
construction and capital goods firms a great
opportunity.
The drawback? The business language is
French. If you can cope with that, then a flight
to Dakar could be your next move.
Stock markets across the world wobbled in
February as investors suddenly woke up to
what rising interest rates actually meant for
their investments.
News media featured experts telling us
not to worry, it's just a temporary blip. Those
with longer memories may remember Nigel
Lawson using the same phrase.
Aron Pataki at fund manager Newton
GETTING THE JITTERS
believes we could be standing on the edge
of the abyss. He thinks there could be a latecycle
surge in inflation in the real economy,
bringing about a major crash in markets.
Stock markets are one thing, of course,
and the real economy is another. But an
upsurge in inflation and in interest rates is
something you need to take into account
when you're thinking about your credit
ON THE UP AND UP
policy. Funding your customers could get
much more expensive – and in a higher
inflation environment, that money won't be
worth as much when you finally get your
hands on it.
Besides, jittery markets could mean
volatile currencies. Keep an eye on
exchange rates and make sure you're not
caught short.
I read everything I can on the markets, but
for an overview I really love AU Group's
G-Grade, which summarises the major
insurers' views and gives you a bunch
of easily readable charts on the basic
economic stats for each country.
The Q1 2018 edition makes good reading
with a whole swathe of upgrades - Slovenia,
Azerbaijan, South Korea, Taiwan, Ukraine,
Egypt, Kazakhstan and Rwanda. Ukraine
seems to have turned the corner, with
steady three percent economic growth,
though of course there are still political
risks facing the country, while both
Slovenia and South Korea are growing
steadily.
Just two downgrades: the Philippines
and Bahrain. The Philippines could be a
great market – the economy is growing fast,
with a young and growing population – but
corruption, bureaucracy, and insurgents in
some provinces, all create a high level of
political risk. Bahrain's problems, on the
other hand, are fiscal – high government
debt, partly the fault of the low oil price
which has hit all Gulf nations badly.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 30

SHOCK TO THE SYSTEM
Devon-based Fraser Anti-Static's job is
preventing static electricity from wrecking
manufacturing processes – very specialised
and really quite crucial. Like many
companies with specialised technology, it
exports to over 70 countries already – but
China is the new star business.
It recently hosted a visit for its Chinese
partners, giving them the chance to train
themselves up on new products as well as
introducing them to the production and
customer services team.
POST-BREXIT REBALANCING?
Boris Johnson and Liam Fox suggest British
exporters should forego their EU sales and
make a sales push for the rest of the world.
But Euler Hermes points out that while
markets like China, Saudi Arabia and
Malaysia might deliver growth in sales
figures, they represent a high credit risk.
The report certainly
shocked me. I thought
India would come out
badly – but Saudi, South
Africa, and Russia are all
much worse.
This kind of activity doesn't always get
included in the 'how to export' textbooks
– but knowing the face that goes with the
voice on the end of the phone line is one of
those little things that gives partners and
customers confidence in your service.
The huge Chinese manufacturing base is
a key opportunity for suppliers of industrial
equipment. And Fraser Anti-Static is clearly
doing things right, as evidenced by a 46
percent growth in its sales to China over the
last 12 months.
It's not so much the risk of customer
insolvencies per se, but the complexity and
difficulty of recovering debts. That contrasts
with EU markets where collection is easy
and straightforward.
The report certainly shocked me. I
thought India would come out badly – but
Saudi, South Africa, and Russia are all
much worse. And although Singapore does
much better than many other South-East
Asian countries, it still only ranks as high
as Romania. Within Europe watch out for
a little pocket of difficult debt collection –
Czechia, Slovakia and Hungary are all quite
tricky compared to most.
If you're expanding your markets,
make sure that you do your homework on
collection processes, as well as on economic
growth and bad debt risks.
WATCH OUT FOR OVERTRADING
For years, global economies have been
stagnant or growing slowly. Now, things
are changing, and that means the nature
of risk has changed. The companies you
had to worry about used to be the ones that
couldn't get revenues kick-started. Now,
the ones you need to check up on could be
the ones that are going gangbusters - but
haven't got the resources to keep on track.
Coface warned at its 2018 Country Risk
Conference that greater supply constraints
in developed economies could become an
issue – they could, quite simply, overheat.
Low levels of unemployment will make it
difficult to get staff – and that could mean
some companies can’t produce enough
to keep their customers supplied. A nice
problem to have, maybe - but it could all get
very messy.
It’s time to check customers’ balance
sheets and make sure their working capital
can support their sales levels. If your ratio
analysis is a bit rusty, it’s time you got some
practice. You never know, it could save you
quite a bit of money.
Now, the ones you need
to check up on could be
the ones that are going
gangbusters - but haven't
got the resources to keep
on track.
CURRENCY UK
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 1.1434 1.1167 Up
GBP/USD 1.4266 1.3936 Up
GBP/CHF 1.3263 1.2896 Up
GBP/AUD 1.7932 1.7608 Up
GBP/CAD 1.7997 1.7381 Up
GBP/JPY 156.335
ATG ACCESS
145.363 Up
ATG Access has been scoring export success
with its vehicle barriers. First of all, it simply
identified countries where security issues
created a potential need for security barriers
and sold directly. But now it's moved on to
signing manufacturing partners in the areas
it's exporting to.
Subcontractor networks mean it can pass
big projects on to its local partners without
stretching its own finances too thinly. There's
a lesson there for those of you who are
wondering how to finance a big export push.
But the company warns it takes time.
Singapore is a great market for them now, but
it took three years from starting up to getting
their first order.
MURDERING THE
EXPORT MARKET
I was tickled to see Grimsby-based Red
Herring Games doing well in export markets.
You might not think the Agatha Christie or
Cluedo style murder mystery would export
particularly well, but Red Herring’s scripted
dinner party murder mysteries seem to be
selling very well indeed abroad. They’re
helped by their stringent quality control – all
their mysteries are equally difficult to solve.
The key success factor? Using Amazon.
com. Those of us with a background in more
traditional exporting may not realise quite
what a game-changer Amazon has been –
letting small businesses export globally. If
you're not looking at e-commerce, maybe
you should – Amazon is great for consumer
goods, but it's also now increasingly targeting
the B2B market.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 31

COUNTRY FOCUS
Adam Bernstein concludes
his look at Austria and
considers the state of the
economy, taxation, and
business etiquette.
Austria: Part two
DOWN TO
BUSINESS
Austrian Parliament in Vienna
The Recognised Standard / www.cicm.com / April 2018 / PAGE 32

COUNTRY FOCUS
AUTHOR – Adam Bernstein
THE World Bank data suggests
that Austria appears to be
a mixed bag when it comes
to doing business in the
country. While it’s ranked
22nd overall (according
to the 2018 rankings), starting a business
puts Austria at 118th, getting credit leaves
Austria ranked 77th, yet enforcing contracts
elevates Austria to ninth place and trading
across borders puts it in pole position.
Firms wanting to set up in Austria have a
number of options open to them including
establishment which doesn’t mean creating
a separate legal entity but instead, using an
extension of the overseas parent company.
This route offers no limited liability, profits
are liable to Austrian corporation tax,
and annual statements must be prepared
in German and lodged at the Austrian
commercial register.
Another option is to form a limited
company to provide limited liability and
give an air of being a local business.
Companies must pay corporation tax on
profits and file annual statements with the
Austrian commercial register. Accounts
have to be audited if defined turnover,
assets and employee criteria are met. There
are a number of variants – the ‘standard’
limited liability company (GmbH), the
larger joint stock corporation (AG), the
European company (SE) which has the
same law applied to it throughout Europe,
and the Foundation (Stiftung).
A third option is to use a limited (KG)/
unlimited liability partnership (OG)
where members (partners) have limited
liability (limited companies) or unlimited
liability (individuals). Profits are allocated
to members who then pay income (or
corporation) tax on these profits.
Those wanting to work in Austria on
a self-employed basis need to heed the
requirements of the Gewerberecht –
trade regulation legislation. In essence,
certificates of qualification are mandatory
for certain trades and crafts and generally
a business that can only trade after
registration with the Austrian authorities.
The net effect of this means that in certain
sectors, such as telecommunications,
engineering and construction, it is often
easier to have a head of the business who is
an Austrian national with the appropriate
qualifications rather than bring someone
in who has to meet the legal requirements
before they can work. Bureaucracy can
make it a lengthy process for other nationals
to obtain the correct qualifications.
Where companies need to protect
their intellectual property (IP), the UK
Government warns that IP law, especially for
patent protection, is not totally harmonised
within the EU. Those with concerns here
would do well to make contact with the
Austrian Patent Office (ÖPA) whose website
is at patentamt.at/ as it has responsibility
for IP legislation in Austria. It also makes
sense to seek professional legal advice.
TAXING MATTERS
In terms of taxation, Austria currently
operates a flat 25 percent rate of
corporation tax. Income tax is paid
according to which of the seven tax bands
that applies – zero percent (to €11,000), 25
percent (€11,001 to €18,000), 35 percent
(€18,001 to €31,000), 42 percent (€31,001 to
€60,000), 48 percent (€60,001 to €90,000),
50 percent (€90,001 to €1 million) and 55
percent (over €1 million). The income tax
rules apply if an individual is resident in
Austria and residency is triggered if the
individual has an Austrian domicile or his
habitual residence (more than half of the
year) in Austria.
The Austrian tax regime permits
tax loss carry forwards. While this is
limited to 75 percent of taxable income
for limited companies, it’s unlimited for
individuals. One of the reasons that many
internationally active firms choose to
headquarter in Austria is that losses can be
carried forward in Austria, or offset against
profits of the foreign parent company.
There are, as might be expected,
employee related social security charges
to be paid which cover health insurance,
accident insurance, unemployment
insurance and pension insurance. These
can be seen in more detail at home.kpmg.
com/xx/en/home/insights/2011/12/austriaother-taxes-levie.html,
but in essence they
mean a 21.48 percent charge for employers,
and 18.12 percent for employees.
Being a member of the EU, Austria also
operates Value Added Tax (VAT) and applies
a standard rate of 20 percent (reduced rates
of 13 percent, ten percent or zero percent
may apply to some supplies). Registration is
compulsory for any Austrian business that
makes taxable supplies in excess of €30,000
in any 12 months period. Where supplies
from foreign businesses to Austrians
exceed €35,000 per year, they become
subject to Austrian VAT. Most services
provided in Austria to private customers
are subject to VAT.
As in the UK, there are different types of
supply: taxable where VAT must be charged
on supplies and input tax can be reclaimed;
exempt where the supplier cannot charge
VAT nor reclaim input VAT; and outside the
scope where the supply is not within the
Austrian VAT system.
SMALL TALK
Doing business in a foreign land is as much
about understanding people as it is the
market. Understandably, when engaging
in business small talk it’s advisable not to
Admont Abbey in Styria, Austria
mention the role of the Austrians in World
War II, and conversations about money or
religion should also be avoided. Indeed,
it’s important not to assume Austrians are
like Germans. While they speak the same
language, Austria is a country with a great
sense of history and a unique culture.
English is widely spoken in business circles.
Despite post-World War II cut backs
in state involvement and a series of
privatisations, there is a still a legacy of
bureaucracy and hierarchy that dominate
the Austrian business place today. Austrian
businesses tend to have a hierarchical
management structure, with respect
being granted to those in senior positions.
Business culture in Austria is not very
consensus-driven and managers are
expected to be experts in their field.
Lastly, and on a higher level, Austrian
business culture is based on what is
known as Sozialpartnerschaft, or social
partnership, the essence of which aims
to cultivate industrial harmony, dialogue
and cooperation. It’s quite apparent to
the outside eye that many sectors, trades
and professions in Austria have their own
overarching organisations that work to
promote good working relations.
Adam Bernstein is a freelance
business writer
The Recognised Standard / www.cicm.com / April 2018 / PAGE 33

'
b
REPORT
The State of the Credit
Management Nation
– and exclusive report
CICM members are untroubled by Brexit
and unimpressed by GDPR.
Shared Services AUTHOR – Sean Facilities
Feast
MEMBERS of the
Chartered Institute of
Credit Management
appear untroubled by
Brexit, unimpressed
improve
by new
service.
regulation,
and keen to see how new technology can
enhance performance in the future.
They are also valued by the companies
who employ them, and actively involved
in the performance and success of the
businesses they represent.
These were among the key findings of
a major new report from Sheffield Hallam
University, commissioned exclusively for
the CICM, that sought to determine the
State of the Credit Management Nation.
In the report,
Finance.
70 percent of credit
managers interviewed said that Brexit
would have ‘marginal’ or no impact at all
on their credit risk policies over the next
12 – 24 months. Beyond this period, they
would review their terms and familiarise
themselves with the post-Brexit plans of
their customers. They also believe that
the credit manager’s role will continue to
evolve to have an even greater ‘risk’ focus.
A similar percentage (70 percent) said
that new business would be affected
‘signicantly’ or ‘marginally’ in the next two
years and feared an increase in tariffs and
other barriers to trade. Almost half (47
percent) believe that export markets will
be affected, that the cost of raw materials
will rise and companies may have to lower
their prices.
As well as Brexit, the research also
looked at the impact of new regulation, and
in particular the General Data Protection
Regulation (GDPR). Only 15% a quarter (27
percent) said that it will be of benefit,
and many felt that it would simply make
their jobs more difficult. Gaining access
to data will be more time 22% consuming and
complex, and could actually affect new
business. Only 62 percent believed the
changes would benefit the consumer, but
that companies would be working harder
to protect the data they held.
Shared Services Facilities
The role of technology was also
considered, with nearly all of those
questioned agreeing that new technology
had significantly impacted their business
processes, people, and opportunities over
the last three years. The single biggest
benefit was seen to be an improvement
in operational efficiency. Other findings
included:
• 49 percent of credit managers believe
foreign exchange will be impacted
significantly in the next 12 – 14 months
• 80 percent say that political decisions in
the US will have little or no impact on
their UK business
• 53 percent use shared service facilities
to be more cost-effective and improve
productivity and service
• Only 17 percent use specialist credit and
collections software
In terms of payments, specifically, the
principal reasons for non-payment by
customers was given either as the invoice
being in dispute, or that they simply did
not have the money to pay. Despite the
emergence of new technologies to support
collections, the telephone is still considered
the most effective means of collecting the
cash, outstripping letters, emails, and even
personal visits by some margin across all
customer types: consumers; sole traders;
partnerships; micro businesses; SMEs;
and large businesses.
Credit managers also have a positive
attitude to training and development, with
in-house training being deemed the most
effective. Most Europe agreed that it was essential
that credit managers had regular training
and kept up-to-date with industry and
Asia
regulatory changes.
The qualitative research was undertaken
by four University America students studying in
their final year for a BA in Accounting and
Finance. The results were presented at the
CICM Think Multiple Tank in Countries
February, and the
full report can now be found on the CICM
website.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 34
“The State of the Credit Management Nation”
Think Tank Consultation 2017
In association with
Just over half of members use shared service facilities (SSF), with 53% stating ‘Yes’ and 4
stating ‘No’ (See Figure 10). Companies may use shared service facilities to be more cost
effective, increase productivity and
Just over half of members use shared service facilities (SSF), with 53% stating ‘Yes’
stating ‘No’ (See Figure 10). Companies may use shared service facilities to be more
Of the members that use SSF, most use
effective, increase the in-house productivity method, at 67% and (See Figure
SHARED SERVICES FACILITIES
improve service. 11). The in-house method may be
preferred as it offers the business more
Of the members control that over areas use SSF, such most as IT and use
the in-house method, at 67% (See Figure
11). The in-house Overall, the method facilities may are spread be
preferred as it offers the business more
control over areas such as IT and
Finance.
Just over half of members use shared service
facilities (SSF), with 53 percent stating ‘Yes’
and 47 percent 47% stating ‘No’ (See Figure 10).
Companies may use shared service facilities
to be more cost effective, 53% increase productivity
and improve service.
worldwide (See Figure 12), with 55% located in the UK, followed
47%
by 22% in Europe. UK S
may be used more by members due to the short travel distance compared 53% to those loca
in Europe, Asia and America. This could improve communication between the SSF and o
departments within the business.
Overall, the facilities are spread
Of the members that use SSF, most use the
worldwide (See Figure 12), with 55% located in the UK, in-house followed method, at by 67 percent 22% (See in Figure Europe.
11). The in-house method may be preferred as
it offers the business more control over areas
may be used more by members due to the short travel distance compared to those
such as IT and Finance.
4%
in Europe, Asia and America. 4% UK
0%
This could improve communication between the SSF a
departments within the business.
55%
4% 4% UK
Europe
Fig. 10
Fig. 11
33%
Yes.
In-House
No.
0%
67%
Third Party

No Impact' could be waiting for the new legislation to come into force in May 2018,
efore coming aware of the full impact.
Impact of of Brexit
85%
15%
Limited
None
Limited None
BREXIT AND GDPR
91 percent of members have said that Brexit will not have an impact on their SSF,
and nine percent have said ‘Limited/ Little Impact’. It may be that members will not
be fully aware until Brexit actually happens.
38 percent of members said that General Data Protection Regulation (GDPR) would
not impact the SSF and 37 percent also said would have a ‘Limited’ impact. Those
who stated 'Limited' or 'No Impact' could be waiting for the new legislation to come
into force in May 2018, before recognising the full impact.
Technology
Technology over the Last 3 Years
7%
and 47%
cost
Yes
No
TECHNOLOGY
Technology over the last three years
While the majority of CICM members agreed
that technology in the last three years affects
people, processes and opportunities, (See
Figure 3) with only four percent-11 percent
of members voting ‘Not At All,’ the majority
of members believe that business processes
have been affected 'Significantly’ while people
and opportunities have only been affected
'Marginally'.
Fig. 3
While the majority of CICM members agreed that technology in the last 3 years affects
Cannot Afford to Pay at Present
CREDIT PAYMENTS
people, processes and opportunities, (See Figure 3) with only 4%-11% of members voting
Other Reasons for Non-Payment
‘Not At All,’ the majority ‘Cannot of members Afford to believe Pay at Present’ that business is shown processes as the have second been most affected
Some other reasons stated for non-payment were, customer's
'Significantly’
prioritising other debt,
while people common and reason opportunities for non-payment have only by been customers. affected This 'Marginally'. could be for the
bureaucratic issues with international payments and external funding issues.
reason that customers sometimes come across unforeseen financial
Regarding 42% and 47% of members believing that it has only 'Marginally' affected people
difficulties and 'cannot afford to pay at present time'. Companies could
Most Effective Methods of Paying
and opportunities, this take may precautionary be due to businesses steps like not assessing frequently customers adopting with the credit latest checks,
Between Q13a and Q14a (See Figures 19 & 20), 'In-House' method technology suggests 'telephone' for internal to
references, business use. paying This online could credit be due check to certain and lower businesses limits beforehand. attitudes
be the most effective method to obtain payment, followed by ‘Ligation’. Of those using a
towards technology as They “there could are also always make some sure people terms and who conditions have their are routines, made clear and they and
'Third-party', companies found ‘Ligation’ was most effective then followed by 'Telephone'.
just don’t want to change” have been (Knight, given 2015) to customers . However, to it avoid may disputes also be due about to hidden businesses financial
'Telephone' might be the most effective method as customers may feel more obliged to pay information. Regular payment schemes are also a good way to make
by telephone as one-to-one communication is mostly easier since believing questions that and answers there haven’t been significant advancements in technology over the last 3
sure customers pay on time.
can be finalised at the time. If a customer has an enquiry, comments years can in order be explained to justify the cost of implementing new technology across their business, with
easier and faster, rather than time consuming methods like emails many and believing letters, particularly that “today’s digital technologies are doing little to generate the kind of
when chasing payments are concerned.
prosperity that previous generations enjoyed” (Rotman, 2016).
SF
ted
ther
Yes
No
It should be noted that 17% of members believe that technology has ‘Hugely’ affected
business opportunities over the last 3 years. This may be due to factors such as
advancements in cloud technology and mobile computing allowing both the business and
customers to “spend their time wisely Page and work 23 anytime, anywhere” (Inc., 2016).This may
also be due to recent technology making it easier for businesses to enter new markets by
“making the tests for marketing products easier than they have ever been” (Gross,
2013).For example, ‘computer cookies’ allow even SMEs and start-ups to track potential
customers interests and disinterests regarding products or services to allow the business to
“tailor content” (Upward, 2014) towards different markets.
UK SSF
located
Fig. 19
nd other
In-House
Third Party
Additionally, 15% of members also believe that technology has ‘Hugely’ affected people
within business over the last 3 years. This may be due to technology such as eLearning
software being used more frequently in businesses to develop its staff in order to increase
productivity and job satisfaction, with the growth of the eLearning industry “expected to
Fig. 20
increase 11% by 2020" (Greany, 2017). Similarly, this may be due to collaborative software
such as ‘Slack’ growing to “fill the communication void in how people interact at work”
Other Methods
(Darbyshire, 2018) by allowing workers to efficiently send multimedia messages across their
64% of 'In-House' stated ‘No’ to adopting any other methods but, some consistent methods
whole business.
However, when you consider the in-house time spent trying to keep on top of careless
MOST customers, EFFECTIVE a collection agency METHODS is often more OF cost effective GETTING than trying PAIDto handle it with your
Between own staff (Street Q13a Directory, and Q14a 2015). (See This Figures may be why 19 & third-party 20), 'In-House' has preferred method ‘Litigation’ suggests as a 'telephone' to
first choice rather than telephone.
are mentioned such as ‘SMS Messaging’, with 12%. Almost everyone has a mobile device
be the most effective method to obtain payment, followed by ‘Litigation’. Of those using a
these days, especially those in the business world (Rocket Receivable, 2018).This makes it
'Third-party', companies found ‘Litigation’ was most effective then followed by 'Telephone'.
much easier to get in touch with customers, therefore text reminders are ideal.
'Telephone' might be the most effective method as customers may feel more obliged to pay
by telephone as one-to-one communication is mostly easier since questions 'Third-Party' and 68.5% answers have stated ‘No’ and some who adopted methods like ‘Doorstep
can be finalised at the time. If a customer has an enquiry, comments can Collection', be explained 'DCA', 'Mediation', easier 'Part 36 Settlement' and 'Insolvency’. With ‘Doorstep
and faster, rather than time consuming methods like emails and letters, Collection’ particularly other than when bailiff and debt collectors, this can sometimes be ineffective for
chasing payments are concerned.
individual employees for the reason that customers may not take them seriously, as "Debt
Page 25 collectors have no special legal powers" (Step Change, 2018).
“The State of the Credit Management Nation”
“The State of the Credit Management Nation”
Think Tank Consultation 2017
In association with
Think Tank Consultation 2017
In association with
Page 16
How can payment collection be improved?
Among Q13b and Q14b, of the members that use 'In-House' and 'Third-Party' methods both
demographics stressed that 'Having Correct Contact Details' would improve their payment
collection process. Chasing payments can be a very time-consuming procedure, especially if
The Recognised Standard / www.cicm.com the business has / April any 2018 incorrect / PAGE personal 35
details.

David Scottow FCICM
Senior Director
T +44(0)113 261 6169
M +44(0)783 309 2628
E david.scottow@dwf.law
James Perry
Director Technical
T +44(0)113 261 6533
M +44(0)770 284 7850
E james.perry@dwf.law
Kevin Feehan
Director
T +44(0)113 261 6158
M +44(0)782 785 2753
E kevin.feehan@dwf.law

PAYMENT TRENDS
A spring in your step
Has spring finally sprung in reducing
payment terms?
AUTHOR – Jason Braidwood FCICM(Grad)
CONTROL of cashflow is a key
element of success and one
of the biggest challengers
to that flow of success is
mounting debt brought on
by late payment.
Late payers come in all shapes and sizes
– from a sole trader that takes a couple of
extra weeks to settle an invoice to a larger
corporate that demands an extended period
of credit so its suppliers equally feel the
burn of tougher trading patterns. Neither
are right and both take up a lot of valuable
time in chasing up unpaid debts.
It also creates a risk reward culture
that endorses late payment by planning
for unpaid invoices and rewarding prompt
payment. Simply being mindful of doing
good business, for yourself and others,
would be the ideal way to improving late
payment ethics. The good news is that for
the past month, largely, UK businesses
have been improving on their payment
schedules and inching us closer to a point
where – fingers crossed – the phrase ‘days
beyond terms’, is no longer required.
Perhaps spring really has sprung.
SECTOR SPOTLIGHT
There are seven sectors this month that
have brought their DBT below the ten-day
double figure mark. To give this the kudos
it deserves, three months ago only three
sectors fell under ten-days DBT, so clearly
this is a positive upturn brought by 2018.
Of the 20 sectors we monitor every
month, 65 percent have dropped their DBT
score and 30 percent by two or more days.
Two days may not seem very much, but for
a small or medium-sized company, it could
mean two days not spent with increased
interest charges or time wasted chasing
unpaid invoices.
The particularly standout sectors this
month are the International Bodies and
Water and Waste sectors, which both
brought down the number days beyond
terms that they pay their invoices by over
six days. They both had a DBT score of 15
and 14 days respectively, making them
highly challenging sectors to do business
with. Let’s hope this is more of a permanent
U-turn in good payment practice.
The IT sector also managed to drop
its DBT from over 14 days to nine and a
half days this month. Interestingly, the
sector is estimated to register the highest
levels of recruitment in 2018, attributable
to the rapid talent pool growth in new-age
technologies, such as artificial intelligence
and augmented reality. You would hope
that concurrent technology to manage good
payment flow would be a given.
Worryingly, the Energy sector continues
to hold onto its 20 DBT threshold for a
second consecutive month. It’s impossible
to tell if this high figure directly links to
late payment coming into the sector from
energy customers or homeowners, but it is
certainly not helping. Last year the sector
pledged to fine customers that were late bill
payers – it would be interesting if that rule
was pinned on the sectors own supplier
payment habits.
This month also sees Business from
Home or the community of self-employed
workers struggling to get their invoices
paid within a reasonable period. In the last
12-months we have not seen this sector rise
much above 15 days beyond terms but this
month that figure has shot up to nearly 22
days, marking an increase of over seven
days on last month. This is the sector that
relies on timely payment and feels negative
cashflow the most. Again, this sudden shift
toward poor payment could signal fault at
the door of their clients and suppliers.
REGIONAL SPOTLIGHT
It’s a 50/50 split in terms of positive and
negative payment performances, with
Wales and Scotland sitting at the top of the
leader board and the North West and South
West in the hot seat for worst performances.
It is worth saying that out of the 50 percent
that negatively increased their DBT by some
margin, only three regions increased by a
day or more – so relatively speaking, this
has been a positive month regionally.
We reported that Scotland had found
itself in the worst performing regions list
for the second month in a row and with a
DBT score hitting 17 days, Scotland was also
the worst performing region in over a year.
While the improvement is small (reduction
of 1.7 days) it is a positive step in the right
direction, although overall, Scotland does
have the worst DBT score of all the regions.
Over the last six months, London has
notably kept an even keel when it comes
to their payment performance – neither
impressing or overly rocking the boat.
Hovering around the 14 or 15 DBT zone –
it is still high and higher than it should be,
but it’s good to see that the capital is at least
maintaining some consistency.
Jason Braidwood FCICM(Grad), Head
of Credit and Collections at Creditsafe
Business Solutions
The Recognised Standard / www.cicm.com / April 2018 / PAGE 38

PAYMENT TRENDS
Sector
Scotland
15.5 DBT
Getting Better
International
Bodies
-6.5
Water &
Waste
-6.2
IT and Comms
-4.8
Business
Admin &
Support
-3.4
Agriculture,
Forestry and
Fishing
-2.5
Getting Worse
Business
from Home
+7.1
Hospitality
+6.1
Education
+4.4
Mining and
Quarrying
+2.3
Wholesale
& Retail Trade
+1.7
Region
Northern
Ireland
11.6 DBT
ottom Five Poorest Payers
0.5 East Anglia
0.6
1.6
Getting Worse
West Midlands
Top Five Prompter Payers
Top Five Prompter Payers February 18 Change from January 18
Agriculture, Forestry & Fishing 6.4 -2.5
Yorkshire &
Water & Waste 8.1 -6.2
Humberside
International Bodies 8.6 -6.5
14.1 DBT
Entertainment 8.8 -0.4
Financial and Insurance 8.9 -1.6
London -1.1
Getting Better
-0.3
Sector
East Midlands
Region Wales February 18 Top
-2.3 Northern Change Five Prompter from Ireland January Payers -0.3 18
Top Five Prompter Payers February 18 Change from January 18
Scotland 17.2 -1.7 0.5 East Anglia
Agriculture, Forestry & Fishing 6.4 -2.5
South West Scotland 15.2 Water -1.7 3.8 & Waste 0.6 South 8.1 East-6.2
International Bodies 8.6 -6.5
North West 15.0 Entertainment 2.2
8.8 -0.4
London -1.1
0.6 West Midlands
West Midlands 13.6
Financial
0.6and Insurance 8.9 -1.6
1.6 Yorkshire & Humberside
London
East Midlands
13.4 -0.3 -1.1
2.2 North West
Northern Ireland
0.6
2.2
Sector
Wales
12.7 DBT
-0.3
North West
15.0 DBT
Region
South East
Yorkshire & Humberside
North West
3.8 South West
West
Midlands
14.2 DBT
International
South West Bodies
15.4 DBT
Getting Better
Getting Worse
Wales
Scotland
-6.5
Getting Worse
East
Midlands
12.5 DBT
London
14.1 DBT
Getting Better
-2.3
-1.7 +7.1
Business
from Home
Water &
Waste
-6.2
3.8 South West
Top Five Prompter Payers
Region February 18
Northern Ireland 11.6
East Midlands 12.5
South East 12.7 0.6
Wales 12.7 -2.3
East Anglia 13.9 0.5
East Anglia
13.9 DBT
South East
12.7 DBT
Hospitality
+6.1
IT and Comms
-4.8
Region
Change from January 18
-0.3
-0.3
The Recognised Standard / www.cicm.com / April 2018 / PAGE 39
Bottom Five Poorest Payers
Sector The particularly standout
sectors this month are the
Region
International Bodies and
Water and Waste sectors,
International Water &
which both brought down the
Bodies
Waste
IT and Comms
Getting Better
Getting Better
number days -6.5 beyond -6.2 terms -4.8
Wales -2.3
that Getting Worse they pay their invoices by
Scotland -1.7 Business
from Home
over six days.
London -1.1 +7.1
Business Agriculture,
Admin East & Midlands
Forestry and
-0.3
Support
Fishing
Northern -3.4 Ireland -2.5 -0.3
Top Five Prompter 0.5Payers
East Anglia
Bottom Five Poorest Payers February 18 Change from
Business from Home 21.7 7.1
Energy Supply 20.0 -0.1
Hospitality 16.2 6.1
Public Administration 15.7 -0.9
Construction 15.2 0.9
Hospitality
+6.1
Top Five Prompter Payers February 18 Change from January 18
Mining and Wholesale
Agriculture, Forestry &
0.6
Education
Quarrying Fishing & Retail
South
Trade 6.4 East-2.5
+4.4Water & Waste +2.3
8.1 -6.2
0.6 +1.7 West Midlands
International Bodies 8.6 Scotland -6.5
15.5 DBT
Entertainment
1.6
8.8 -0.4
Financial and Insurance 8.9 -1.6
Yorkshire & Humberside
2.2 North West
Bottom Five Poorest Payers
3.8 South West
Bottom Five Poorest Payers February 18 Change from January 18
Business from Getting Home Worse Northern 21.7 7.1
Ireland
Energy Supply 20.0 -0.1
11.6 DBT
Hospitality 16.2 North 6.1WestScotland
Public Administration 15.7
15.0 DBT
-0.9 15.514.1 DBT DBT
Construction 15.2 0.9
Top Five Prompter Payers
Wales
12.7 DBT
Yorkshire &
Humberside
West
Midlands
14.2 DBT
Region February 18 Change from January 18
Northern Ireland 11.6 -0.3
14.1 DBT
East Midlands Northern 12.5 -0.3South West
South East Ireland
15.4 DBT
12.7 0.6
Wales 11.6 12.7 DBT -2.3
East Anglia 13.9 0.5
Bottom Five Poorest Payers
Region February 18
Scotland 17.2
South West 15.2 3.8
North West 15.0 2.2
West Midlands 13.6 0.6
London 13.4 -1.1
Change from January 18
-1.7
Wales
12.7 DBT
East
Midlands
12.5 DBT
London
Education
+4.4
North West
15.0 DBT
Region
Scotland
12.7 DBT
South We
North We
West Yorksh Midl
London Humbe
14.1
West
Midlands
14.2 DBT
South West
15.4 DBT
Business
Admin &
Support
-3.4
Bottom F
Mi
Q
+
Bottom Five P
Business fro
Energy Sup
Hospitality
Public Adm
Constructio
East Anglia
Bottom
13.9 DBT
South East
L
1

LEGAL MATTERS
Top 12 Tips for Debt Recovery
Over the next two publications DWF will be affording
CICM members TOP TIPS on Risk Management and Debt
Recovery.
DD +44 (0)113 261 6124 E jeffersen.gledhill@dwf.law W www.dwf.law/recover
Jeffersen Gledhill,
Legal Recoveries and Operations
Manager
1. KNOW YOUR DEBTOR
'What's in a name? A rose by any other
name would smell as sweet.' William
Shakespeare.
Record the exact name and legal
entity of your debtor at the outset
and keep an eye out for any changes.
Even if you don't have access to more
sophisticated commercial credit
reports then the Companies House
new public beta service, for example,
can be accessed free of charge at beta.
companieshouse.gov.uk and contains
basic company details.
There is nothing more frustrating
than when a client is unable to tell
you who they have contracted with
or, worse, instructs you to obtain a
judgment and enforce it for you to only
later find that the name or address is
wrong and have to apply to set aside
judgment, amend the party name or
address for service, and go back to
square one.
2. CHASE YOUR DEBTOR
'Is it the thrill of the chase or just
something you do.' Luke Bryan.
As the largest recognised
professional body in the world for the
credit management community, its
unsurprising that the CICM’s members
see their roles as not just a job but a
career and relish chasing debt.
From a legal perspective, there
is tremendous value in the work
that credit professionals do and
this includes the relatively routine
work of keeping attendance notes
of discussions that you have had.
Note-taking is important because it
can provide you with the necessary
evidence to achieve a quick win
in a disputed case that has been
compromised at an earlier stage.
3. KNOW YOUR CAUSE OF ACTION
'A debt is a debt and must be paid.'
Willy Russell.
Equally important to achieving a quick
result is knowing your cause of action.
In the case of a bounced cheque, for
example, a cause of action arises
against the drawer from the point at
which the cheque is returned unpaid
and presents an entirely different
cause of action to a debt for goods/
services that the cheque payment
relates to and, with it, much more
limited defences.
4. KNOW YOUR CONTRACTUAL
RIGHTS
‘Verba Fortius Accipiuntur Contra
Proferentem’ a contract is interpreted
against the person who wrote it.
You need to know which effective
terms have been incorporated into
the contract and which clauses
are important from a debt recovery
perspective. Some include: entire
agreement clauses, payment terms
(and ‘acceleration clauses’), retention
of title clauses, late payment clauses,
liquidated damages clauses, dispute
resolution clauses choice of law and/
or jurisdiction clauses and indemnity
clauses.
With Lord Justice Jackson calling
for fixed costs to apply to all defended
claims up to £250,000, the need for
businesses to have a robust contractual
indemnity for costs is ever-greater.
Our commercial team provides expert
advice on contracts across all sectors.
5. KNOW YOUR STATUTORY
RIGHTS
Even if your terms don't provide for
recovery of interest and compensation
for late payment, statutory interest
may still be awarded. From individuals,
this generally equates to eight percent
per annum (s.69 of the County Courts
Act 1984) but for commercial debts
you may be entitled to eight percent
plus the Bank of England base rate, a
fixed sum of compensation for each
invoice paid late and the reasonable
costs incurred in recovering the debt,
if greater than the fixed sum provided
in compensation (the Late Payment of
Commercial Debts (Interest) Act 1998).
6.KNOW YOUR TIME LIMITS
‘Bad cases don't age well.’ An
Anonymous Insurer.
The older the debt the harder it is to
recover, not least because debtors
move on and their circumstances
change but also because staff do
too, memories fade with age and
documents are lost. Most people have
a recollection of significant details but
it can be hard to remember all of the
relevant circumstances, particularly
when being questioned as part of
cross-examination. This will always
raise doubts in a judge's mind as to the
reliability of the witness's evidence.
At the other end of the scale,
remember that there are strict time
limits on which an action founded
on contract can be brought – in the
case of a ‘simple contract’ an action
brought after six years from the
date on which the cause of action
accrued can provide a full defence, if
there has been no written and signed
acknowledgment or payment.
As a CICM member you can receive free legal advice from
DWF visit the cicm website and click on the free advice line.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 40

THE PERFECT VENUE FOR THIS YEAR’S
CICM Fellows’
Lunch 2018
This year, we are inviting you to one of the most iconic buildings in the world, no
other venue is more instantly recognised than the Palace of Westminster. It is
impossible to walk through its corridors or dine in its imposing function rooms
without a deep sense of awe. Their reputation for outstanding events makes the
House of Commons the ideal venue for this year’s Fellows’ Lunch.
FRIDAY, 8 JUNE 2018
Arrival drinks served at 11:30am.
Tickets £135.00+VAT per person, which includes a tour after the lunch.
Please email fellowslunch@cicm.com to book
(please note that spaces are limited)
House of Commons, London, SW1A 0AA
The Recognised Standard / www.cicm.com / April 2018 / PAGE 41

FROM THE
ARCHIVE
Credit Management
magazine from exactly
46 years ago. 72
19
1972 was an eventful year that started with the coal miners strikes
and Bloody Sunday, Spurs beat Wolves in the first UEFA Cup
Final, Chancellor of the Exchequer, Anthony Barber announced
a decision to float the pound, the first official gay pride march in
London was held, the school leaving age was raised in England
and Wales to 16, and Access credit cards were introduced.
House of Commons Visit
The working relationship between the
Institute and Government stretches back
many years – to the time when entering the
Common Market was under discussion.
What I look for from a Credit Manager
An honest and frank assessment of the
relationship that should exist between
marketing and the credit management
department…not much has changed!
Credit Control and the Building Industry
FC Hyatt looked back on his 40 years working
within building and related trades and the
difficulties he has faced sound similar to those
we hear about on a regular basis.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 42

Credit
Management
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real-time Cash Allocation, Bank Reconciliation and Credit Collection
automation software solutions.
Use real-time predictive AI and intelligent analytics to achieve
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Contact us to find out more:
Tel: +44(0) 1527 872123
Email: enquiries@rimilia.com
Web: www.rimilia.com
Global leaders in intelligent financial processing software solutions
The Recognised Standard / www.cicm.com / April 2018 / PAGE 43

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
ELECTIONS2018
Nominations close 3 April
The Advisory Council influences the future direction of the Chartered Institute of Credit
Management. Its members reflect the diverse range of skills, roles and experience amongst
the Institute’s membership, and bring valuable expertise and knowledge.
Being a member of the CICM Advisory Council is your opportunity to:
‣ Bring ideas and opinions to the table to help formulate strategy and direction
‣ Make a valuable contribution to the credit profession and the CICM
‣ Participate in the Institute’s future
‣ Assist in raising the profile of the largest recognised professional
body in the world for the credit management community
There are 23 Advisory Council positions open for nomination representing our
11 regions and the trade, consumer, international and credit services sectors.
Your Institute needs you
Please visit www.cicm.com or email elections@cicm.com to find out more.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 44

EDUCATION
How is Brexit likely
to impact your export
operations?
CICM export payments, procedures
and Brexit implications
BOOK YOUR PLACE NOW –
Open training being held in central London on
23 May and 11 October 2018.
£390+vat non-members: £310+vat members
➢IN-COMPANY TRAINING –
A tailored programme can be delivered at your offices at a
time convenient for your team
WHAT WILL YOU GAIN?
The current global financial situation
poses many challenges for traders
of all sizes who look to the export
market to maintain, or improve,
their profitability especially given
uncertainty around Brexit. It is
now more important than ever for
exporters to understand export
contract terms and the implications
of the various terms of payment to
their business. Careful selection of
payment methods will avoid the need
for costly downstream debt collection
processes. New letter of credit rules,
UCP 600, were introduced in 2007
and International Standard Banking
Practice was updated in 2013. You
will be briefed on these protocols and
recent rulings by the ICC leading to
reduction in discrepant documents.
Incoterms is currently under review
and a new version, Incoterms 2020 is
being prepared. You will be appraised
of the current state of that review.
This is a key opportunity for credit
managers to update themselves on
the latest processes and procedures to
ensure that payments for their exports
are made on time and export credit
risk is minimised. You will be alerted to
sensible preparation for Brexit.
WHO WILL BENEFIT?
The training is designed for all
managers and team members involved
in the export process, credit control,
finance, sales, documentation and
shipping. It is suitable for those with
no, or limited, experience and also as a
comprehensive update for those with
previous knowledge.
Contact E: training@cicm.com or T: 01780 722907 to
book your place and discuss your training requirements
The Recognised Standard / www.cicm.com / April 2018 / PAGE 45

EDUCATION
CICM Vulnerability
Framework
Following an initial focus on specialised training, the
CICM Vulnerability Group has agreed a best practice
framework for organisations.
DEVELOPED initially by
Debbie Tuckwood, CICM
Head of Education and
Professional Development,
the comprehensive ‘CICM
Vulnerability Framework’
identifies key organisational criteria for
best practice collections from customers in
vulnerable circumstances. Fully supported
with links to research and best practice
examples, an online self-evaluation tool
enables organisations to benchmark their
performance against the framework and
establish an action plan to improve focus
in this important area.
The easy to use self-evaluation tool
enables organisations to:
Benchmark organisational performance
against best practice criteria
Access introductory elearning about
recognising and assisting the financially
vulnerable
Learn from the good practice of other
organisations
Source recommended advice and
guidance
Identify areas for development
Report on findings
Print a CICM certificate to confirm
completion of the self-evaluation
CICM Vulnerability Group members
have ensured that the framework’s criteria
fit a wide range of organisations involved
in collections work. With backgrounds
ranging from charities, housing associations
and banks, to utilities, debt collection
and enforcement companies, the group
represents the full credit management and
collections lifecycle.
Debbie Nolan FCICM (Grad), Commercial
Director at Arvato, is impressed with the
framework and believes that CICM has
achieved its objective to consolidate best
practice advice into one simple, practical
tool that will help organisations focus on
vulnerability issues and translate their
vision into positive outcomes for customers.
“Because we work with many different
clients across a wide variety of industries,
vulnerability is a topic that is consistently
top of the agenda. The Framework
allows organisations to benchmark their
organisation with similar businesses and
learn from best practice.’’
Northumbrian Water has piloted
the self-evaluation and Lisa Connell,
Customer Service Manager, Collections,
says the framework was a useful crossreference
tool when finalising their
strategy. “The Vulnerability Framework
aligns well with our strategy to provide
inclusive services for all our customers.
The output is easy to share with the
business to make this important area real
for other departments.”
Richard Berger Accounts Receivable
– Lead, Severn Trent Water Ltd agreed,
stating ‘The self-assessment tool is turning
into an extremely useful document!
NEW
Framework
“CICM Members
can access the CICM
Vulnerability Framework
self-evaluation tool free
through the new CICM
Knowledge Hub. The tool
includes links to relevant
research and elearning”
The Recognised Standard / www.cicm.com / April 2018 / PAGE 46

EDUCATION
The Vulnerability
Framework
aligns well with
our strategy to
provide inclusive
services for all
our customers.
The output is easy
to share with the
business to make
this important
area real for other
departments.
Nichola Walden, Affordability Manager at
Dwr Cymru Welsh Water used the framework
as part of defining their vulnerability strategy,
sharing the output with stakeholders as an
example of a best practice framework while
they were working on the project. She found
the self-evaluation tool useful: “Each question
makes you think which helps to highlight
potential gaps. Through other research
we completed, and this framework, further
questions were raised about how we support
customers who still do not engage.”
Ralph Barnes FCICM, Credit Manager at
The National Trust, also found the self-evaluation
tool easy to use and helpful in identifying
potential areas for development. As a result
of this exercise he has reported a number of
improvements to arrangements.
The framework clearly benefits organisations
working towards CICMQ accreditation.
Additionally, Gill Everitt MCICM(Grad),
Collections Strategy Manager at Affinity Water
thought the framework articulates well with
the BSI (British Standards Institution) standard
18477 inclusive service provision and supports
gap analysis towards this code.
Debbie Tuckwood is delighted with the
positive response and input from the CICM
Vulnerability Group, who provided the
inspiration for the framework and expertise
across various sectors. CICM intends to keep
the framework up to date by adding further
guidance and best practice examples as they
are shared by the Vulnerability Group and
other Framework users.
“CICM Members can access the CICM
Vulnerability Framework self-evaluation tool
free through the new CICM Knowledge Hub.
The tool includes links to relevant research
and elearning,” Debbie says. “When you
complete the self-evaluation, you can print
a report and if you provide feedback on
the framework and complete a short CPD
reflection questionnaire, you can access a
CICM certificate verifying completion of the
self-evaluation exercise which is worth six
CPD hours. Additionally, CICM members can
track their responses over time and access a
wide range of additional resources to support
their professional development.”
If you would like to find out more about
the CICM Vulnerability Framework or start
the self- evaluation, search the new CICM
Knowledge Hub for the resource. You can
access this directly from the CICM website
once you are logged in as a member.
Access will be available for non-CICM
members soon. Email learningsupport@cicm.
com to register interest (£50 for 12-month
non-member licence), or to find out more
about the specialist CICM collections call
handling training for customers in vulnerable
circumstances.
One simple, practical tool, that will help
organisations focus on vulnerability
issues and translate their vision into
positive outcomes for customers
CPD
6
CICM Vulnerability Framework
1. Company leadership, vision and
strategic objectives
2. Credit policy
3. Focused risk management
4. Company-wide training
5. Prevention methods
6. Customer communication
7. Proactive partnerships
8. Internal and external customer
data
9. Collections procedures
10. Disclosure policy
11. Consent arrangements
12. Recruitment criteria
13. Regular focused training
14. Vulnerability experts
15. Staff support
16. Take up of independent specialist
support
17. Performance management
18. Review and evaluation
The Recognised Standard / www.cicm.com / April 2018 / PAGE 47

CREDIT CONTROLLER
APPRENTICESHIPS
A unique opportunity for your credit team
Levy funding available to provide significant
benefits to your business and workforce
‣ Don’t lose out on this funding opportunity to
develop your credit team
Apprenticeships effectively combine on-the-job
development with off-the-job learning
‣ The learning is in context and provides a real
understanding of the working world
‣ Practical skills combine with theoretical
knowledge
Apprenticeships offer a career route for your
current or new employers
‣ Invaluable opportunity to develop the expertise you
need now and in the future
Tips to get started
• Remember you can choose CICM qualifications
and end-point assessment
• Visit www.cicm.com to familiarise yourself with
the Apprenticeship standards and process
• Contact CICM for further details
apprenticeships@cicm.com and select a training
provider
• Develop a plan and strategy, focusing on what you
want to achieve for your current and new team
members
• Get your senior manager on board to help drive the
programme forward
Over 60 Apprentices are currently working their way through
L2 & L3 Credit Controller Apprenticeship programmes.
CICM are delighted to announce the first three candidates have passed their
Level 2 Apprenticeship in Credit Control & Collections, and they are now looking
forward to progressing to the Level 3 Advanced Controller Apprenticeship.
If you would like to find out more about Apprenticeships
Contact: T: 01780 722909 E: apprenticeships@cicm.com
The Recognised Standard / www.cicm.com / April 2018 / PAGE 48

For more information call 01206 322 575
info@safecomputing.co.uk
www.safe-financials.co.uk
The Recognised Standard / www.cicm.com / April 2018 / PAGE 49

HR MATTERS ROUNDUP
Can employees refuse
work if wronged?
Tribunal cases of an employee refusing to work
when wronged, perceived disabilities and discrimination,
and changes to the Fit for Work scheme.
CAN a wronged employee
refuse work until the wrong
has been remedied? That
was the question answered
in Rochford v WNS
Global Services by the Court
of Appeal.
Mr Rochford, a sales lead with senior
vice president status, had been unable
to work for almost a year due to a back
condition. Occupational Health (OH)
recommended a phased return to work.
On this basis, when Rochford returned
from sick leave his employer gave him a
different role with reduced duties, however
his pay remained the same.
A recent EAT – Chief Constable of
Norfolk v Coffey – illustrates how a
non-disabled employee can succeed in
a claim for discrimination because of a
perceived disability.
The Claimant was a police officer
with a hearing condition that meant that
technically her hearing range was just
outside the Home Office police recruitment
criteria. In practical terms, the Claimant's
hearing condition had not impacted upon
her ability to perform her full duties and
was not considered a disability.
After two years’ service, she applied for
a transfer to another force. Her transfer
application was rejected on the basis that
her existing condition could deteriorate in
AUTHOR – Gareth Edwards
Rochford subsequently refused to
do any work and was dismissed by his
employer for gross misconduct. He
brought various claims in the Employment
Tribunal (ET) including unfair dismissal,
disability discrimination and wrongful
dismissal.
In the first instance, the ET found that
Rochford's demotion followed by a failure
to indicate when he would return to his
full duties, amounted to discrimination
arising from disability.
The ET also found that his dismissal
was procedurally unfair. However, his
refusal to do work which was within the
scope of his contractual duties and which
Perceived disabilities and discrimination
the future such that she might have to be
placed on restricted duties. The Assistant
Chief Inspector could not accept the
risk of increasing the pool of officers on
restricted duties.
The Claimant brought a successful
claim for direct discrimination. The
Tribunal found that the decision to reject
her application amounted to an act of
direct discrimination based on perception.
This was because their decision to reject
her application was taken on the basis
that her condition may develop into a
disability in the future. She was therefore
afforded protection under the Equality
Act (EA) for disability discrimination by
Fit for Work changes
In an update to the way in which the Fit for
Work scheme operates, the Government
has announced that referrals and
assessments under the scheme will close.
Referrals and assessments are intended
to provide occupational health and support
on sickness absence for employers.
However, as part of a Government paper
published in November 2017, it was
confirmed that there had been a low takeup
of the assessment services.
The guidance states that as of 15
December 2017, if an employee has been
unfit for work for four weeks or more their
GP or employer will be able to refer them
to a Government occupational health
service. There will be some transitional
provisions in place before the assessment
services end in England and Wales on 31
March 2018 and on 31 May in Scotland,
he was fit to do, while on full pay and
despite a number of warnings, had
constituted gross misconduct. This would
therefore limit any compensation to an
award for procedural unfairness.
Rochford appealed against the
finding of gross misconduct to both the
Employment Appeal Tribunal (EAT), and
then Court of Appeal, which dismissed his
appeal. In its judgment, the Court of
Appeal emphasised that ‘it is not the law
that an employee who is the victim of a
wrong can in all circumstances simply
refuse to do any further work unless and
until that wrong is remedied’.
perception, despite not being disabled at
the time of the claim.
The police force appealed
unsuccessfully to the EAT. The EAT agreed
that a person with the same abilities as
the Claimant, whose condition the force
did not consider likely to deteriorate
in future, would have been treated
differently. The EAT further noted that if
employers could avoid a future obligation
to make reasonable adjustments through
dismissal before a perceived or actual
condition developed into a disability
in the future, then there would be an
unacceptable gap in the protection that
the EA 2010 offered.
and it will still be possible to access the
helpline, website and web chat service.
It is hoped that this will allow employers,
employees and GPs to access general
health and work advice, as well as sickness
absence support.
Gareth Edwards is a partner in the
employment team at Veale Wasbrough
Vizards. gedwards@vwv.co.uk
The Recognised Standard / www.cicm.com / April 2018 / PAGE 50

CAREER’S ADVICE
Signs your interview
went well
It feels like the second interview went well. Here are
the ten signs that it went as well as you thought.
AUTHOR – Karen Young
Karen Young
IT’S usually a welcome relief
when you finish an interview
and your nerves begin to calm.
That is until you start to think
about how the interview went.
As you’re reflecting on your
performance, it may put you more at
ease to consider the below signs that your
interview went well to help you make a
more educated guess.
THE INTERVIEW LASTED
LONGER THAN EXPECTED
You’ll often receive a gauge of the length
of the interview from your recruiter. If the
conversation lasts the full amount of time
or longer, take this as a good sign. Time
is precious and if the hiring manager has
dedicated theirs to learning more about
you then they are clearly interested.
THE INTERVIEW FELT
CONVERSATIONAL
If it felt more like you were having a
conversation rather than a formal Q&A
then the chances are you’ve successfully
built up a good rapport with the
interviewer. This demonstrates some
strong interpersonal skills and by getting
along with them you’ve made it easier for
them to imagine you being part of their
team.
YOU WERE INTRODUCED
TO THE TEAM
Being introduced to your potential
colleagues is again a pretty positive sign,
and better still is if you felt like you got on
well with them.
If you were introduced to a director
or similar then this is often because the
hiring manager knows that they need
their sign off on the final hiring decision
and want them to see for themselves why
you are the right choice.
THE INTERVIEWER MENTIONED
WHAT YOU WOULD BE DOING IN
THE ROLE
If the interview phrased their sentences
like “you would be expected to…” rather
than referring to the ‘the successful
candidate’ then is highly likely that
they’re already imagining you in this
position. But don’t be complacent through
an interview should you hear this!
YOU’RE SOLD ON THE
ORGANISATION AND ROLE
Walking out feeling convinced and
excited about the opportunity is a sign the
interviewer spoke animatedly about all of
the best aspects of the opportunity. This
is a positive sign that the interviewer felt
sold on your suitability and wanted the
feeling to be mutual.
THE INTERVIEWER WAS
ENGAGED IN THE CONVERSATION
Did they demonstrate open body language
such as leaning in, nodding and smiling?
If the answer is yes then chances are they
were engaged and wanted to encourage
you to keep talking as they liked what they
were hearing.
YOU RECEIVED FULL ANSWERS
Receiving detailed, enthusiastic responses
to your questions is a positive sign that the
hiring manager wanted to impress you as
much as you wanted to impress them.
YOU WERE ASKED ‘CLOSING
QUESTIONS’
This is different to ‘closed’ questions!
Such ‘closing’ questions include “what is
your current notice period” and asking
about possible start dates and any holiday
bookings. This is a very good sign that
the interviewer is thinking of next
steps.
THE INTERVIEWER WAS
CLEAR ON THE NEXT STEPS
Giving you information such as what the
next steps entail and when you can expect
to hear back is the hiring manager’s way
of giving you a strong sign that you’re in
with a chance of making it to the next
stage and don’t want you to lose interest.
Although it is important to note that it is
generally accepted as best practice too!
THE INTERVIEWER GAVE POSITIVE
FEEDBACK TO YOUR RECRUITER
In your catch up after the interview your
recruiter will often give you any feedback
that has been passed on to them. If the
hiring manager has taken the time to give
some detailed positive comments shortly
after the interview, this implies they want
you to know you’re in with a good chance.
It’s worth mentioning at this point
that although the above are all positive
signs, they shouldn’t be taken as absolute
confirmation that you have made it to the
next stage, and you shouldn’t stop your
job search because of this. At the very
least they show you have performed well
and if in the end you weren’t successful,
don’t lose heart, as they are an indication
that you were a strong contender. Find out
from your recruiter if there is anything
you could have improved upon so that
next time these signs all point to a job
offer.
Karen Young is Director at Hays.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 51

ASK THE EXPERTS
How do consignment
stock arrangements
work, and what are the
benefits?
AUTHOR – Nigel Fields FCICM
CONSIGNMENT stock agreements
are becoming increasingly
popular especially among some
of the larger retailers. It is
basically a supply chain management
strategy in which retailers
hold products from their suppliers in store for
sale without actually paying the supplier for
the products until they get purchased by the
end consumer.
This process has both advantages and disadvantages
that I note from my own experience of
using this process.
ADVANTAGES FOR THE SUPPLIER
• A good marketing tool to ensure products are
put into stores for purchase
• Allows the seller to get products into the
retailer that may not otherwise have been
ordered
• Allows for continuity of business when
retailers might otherwise decide to reduce
product lines
• Allows both supplier and retailer to
maximise sales
• Payments are made only for true sales to
consumers thus ensuring best product ranges
to consumers
• It reduces inventory and warehouse holding
costs
• Ownership and title of unsold products
remain with the supplier and are clear
• Payment terms are often shorter than with
standard credit sales
• The supplier also gets good visibility of what
is and what is not selling.
ADVANTAGES FOR THE RETAILER
• Less cost of sales on their P&L
• Better perceived margins
• The retailer is able to have a wider range of
products to bring in increased footfall and
sales
• The retailer only needs to pay when he sells
the items
• Less hassle to ensure the best product ranges
are on sale
• The supplier is more likely to price adjust for
promotions etc.
DISADVANTAGES FOR THE RETAILER
• Shelf space if the consigned goods don’t get
sold
• Different processes to manage inventory
related to consigned and other goods
• Possible loss of focus on product ranges
• Generally shorter payment terms
Consignment selling may or may not be
attractive to you. It depends on your situation
and your systems. It might be a good way
to learn how or if a new product will sell.
It may get you shelf space that you might
otherwise have been declined. Keep in mind,
however, that you tie up your funds waiting for
merchandise to be sold. Also, the retailer may
still be a poor credit risk.
Nigel Fields is Director
of 20th Century Fox
DISADVANTAGES FOR THE SUPPLIER
• Increased shipping costs for the new
inventory, the sale of which he is not sure of
• Risk of loss or damage to the product or sale
• Reliance on retailers to correctly track sales
• Reliance on retailers to maximise product
exposure
• Reliance on retailers to continue to support
the product lines
• Tying up funds waiting for merchandise to
be sold
• The retailer may be a poor credit risk and not
able to transfer funds after selling goods
• Ensuring systems can cope with the new
processes.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 52

SOAPBOX CHALLENGE
Chuntering away
The daily commute and the lack of basic courtesy
that some display when making their way to work.
AUTHOR – Rob Howard
As someone who commutes
into the city from outside
of London for work
every day, I find myself
spending an increasing
amount of my time on
trains. And with that, also increasing is
my level of irritation caused by the habits
and etiquette, or lack of it, of some fellow
passengers.
Just last week I became involved in
an exchange of words with a young chap
who took offence to my polite request
for him to remove his rucksack from his
back on a typically rammed Northern
Line tube so that there was more room
for other commuters to board the train.
He declined, and not so politely either.
Unfortunately, this complete lack of
disregard for other passengers seems to
be an all too common occurrence.
For some passengers, the ability to
sit down on a train is an increasingly
difficult challenge. On several occasions I
have been in the desperately unfortunate
position of being sat next to, what is now
popularly known as, a manspreader.
Manspreading was added to the online
Oxford Dictionary in 2015 and is used to
describe passengers who feel it is perfectly
acceptable to sit with their legs spread as
wide apart as possible regardless of the
fact that they are invading the space of
those sat next to or opposite them.
Getting a seat at all on the train is itself
worth celebrating these days. According
to analysis by the Labour Party in 2017,
UK trains are more overcrowded than
ever before, and the party’s pledge
to renationalise UK railways gathered
supporters. Not only are the trains getting
busier, rail fares only continue to go one
way, and that’s up. The average ticket
price across England, Scotland and Wales
increased by 3.4 percent in January 2018,
the biggest fare increase in five years.
Commuters are paying more than ever
before for a rail service that is busier and
more unreliable than ever before, seems
fair doesn’t it.
As a bit of a music nerd, and in an
attempt to improve the commute, I often
spend the duration of my journey with
my headphones plugged in, but I am
conscious of the fact that not everyone
on the train wants to hear Bob Dylan’s
screeching harmonica or the toe-tapping
riffs of Nile Rodgers. However, some
passengers are seemingly very keen to
assault the ears of everyone else on board
with their latest playlist so that you can
hear every beat pulsating through their
headphones, even if you’ve got your own
in. And don’t even get me started on the
very small minority who play music out
loud from their phone on the train, it’s
simply unacceptable.
However, in defence of the loud music
folk, there have been occasions where the
volume buttons have been my saviour
on a train, as some passengers find it
impossible to simply have a conversation,
instead choosing to yell at the person
next to them or on the other end of the
phone. It’s as if these individuals are
broadcasting the news or putting on a
theatrical performance for the rest of the
carriage, in their eyes engrossing us with
their long-winded tales of KPIs, strategy
meetings and nonsense management
speak, regularly using phrases like ‘lets
touch base’ and ‘we need some blue sky
thinking on this one’. Not only do they
insist on spewing this rubbish, they also
insist that the rest of us on board hear
every last word.
Oh the joys of being a commuter.
Rob Howard is still very young.
SOAPBOX
challenge
The Recognised Standard / www.cicm.com / April 2018 / PAGE 53

MEET THE PARTNERS
THEY'RE WAITING TO TALK TO YOU...
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
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.
www.hays.co.uk
HighRadius is the leading provider of Integrated
Receivables solutions for automating credit, collections,
cash allocation, deductions and eBilling operations.
The solutions are delivered as a software-as-a-service
(SaaS) or as SAP-certified Accelerators for SAP
Finance Receivables Management. With a track record
of reducing days sales outstanding (DSO), bad-debt
and increasing operational efficiency, HighRadius
solutions help teams achieve payback within a year.
www.highradius.com
We offer the most powerful comparable data
resource on private companies.
We capture and treat private company
information for better decision making and
increased efficiency, so we’re ideally suited to help
credit professionals.
Orbis, our global company database has
information on 250 million companies, and offers:
Standardised financials
Financial strength metrics
Extensive corporate structures
www.bvdinfo.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.
www.chrissandersconsulting.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.
www.keyivr.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-toend
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
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
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.
www.credica.co.uk
The Recognised Standard / www.cicm.com / April 2018 / PAGE 54

Proud supporters
of CICMQ
With over 90 years’ experience, we have an
in-depth understanding of the importance of
maintaining customer relationships whilst efficiently
and effectively collecting monies owed, we deliver
when it comes to collecting outstanding debts.
Our Client focus is reflected in the customer
relationships. Structuring our service to meet your
specific needs, providing a collection strategy that
echoes your business character, trading patterns
and budget.
www.atradiuscollections.com/uk/
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. Graydon is owned by
Atradius, a leading European credit insurance
organisation. It offers its seamless service
through a worldwide network of offices and
partners.
www.graydon.co.uk
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.
www.rimilia.com
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.
www.safe-financials.co.uk
Dun & Bradstreet grows the most valuable
relationships in business. Whether your customer
portfolio spans a city, a country or the globe, Dun
& Bradstreet delivers the data, analytics and insight
to grow your most profitable relationships and
obtain a global, unified view of your customer
relationships across credit and collections.
www.dnb.co.uk
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools,
automated workflows for payment processing
and bill review and state of the art fraud
detection, behavioural analytics and regulatory
compliance. Every day, we help our customers by
making complex business payments simple, secure
and seamless.
www.bottomline.com/uk
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.
www.datainterconnect.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
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 cloud-based
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.
www.tinubu.com
Moore Stephens is a top ten accounting and
advisory network. Our national creditor services
team has expert insights in debt recovery. This,
combined with unparalleled industry and sector
knowledge, enables our team to assist creditors in
recovering outstanding debts.
www.moorestephens.co.uk
Organisations around the world rely on Company
Watch’s industry-leading financial analytics to drive
their credit risk processes. Our financial risk
modelling and ability to map medium to long-term
risk as well as short-term credit risk set us apart
from other credit reference agencies. With our
unique H-Score® predicting almost 90 percent
of corporate insolvencies in advance, it is the risk
management tool of choice, providing actionable
intelligence in an uncertain world.
www.companywatch.net
The Recognised Standard
The Recognised Standard / www.cicm.com / April 2018 / PAGE 55

New CICM members
The Institute welcomes new members who have recently joined
MEMBER
NAME
COMPANY
NAME
COMPANY
David Benford
Michele Donohoe
Lawrence Martin
Countrywide Farmers
Science Power Systems Limited
DCH
Ralph Montforts
Robert O'Neill
Maxim Integrated
Saint-Gobain Delegation UK & Ireland
ASSOCIATE
NAME
COMPANY
FELLOW
NAME
COMPANY
Cheryl Grieve
Zahoor Suleman
Pertemps
xoserve Ltd
Paula Carney
Sean Mac Mahon
Kevin McLaughlin
Hugh J Ward & Co Solicitors
Abtran Ltd
Hugh J Ward & Co Solicitors
AFFILIATE
NAME COMPANY NAME COMPANY
Mark Alcock
Pile Chisulo
Lynn Christon
Kare Finnegan
Jordan Gulliver
Jason Harte
Zesco Ltd
Forums International Ltd
Zen Internet Ltd
QA Ltd
Mason Hayes & Curran
Lisa Jarvis
Thomas Kershaw-Whittle
Laurence Khellas
Avtar Singh
Saron Singh
Chartered Institute of Payroll Professionals
Network Rail (Infrastructure Ltd)
East Thames
QA Ltd
Debt Recovery and Administrative Services Ltd
STUDYING MEMBERS
NAME COMPANY NAME COMPANY
Khurram Abbas
Ulender Adams
MohammadAsghar
Justin Auld
Magdalena Babicz
Tracy Bray
Elliott Brookes
Sharon Brown
William Buckley
Alison Burke
Shaun Campbell
Samantha Coen
William Cope
Debbie Corbett
Julie Cox
Ciaran Dagen
Naomi Dale
Dalbinder Dulai
Gary Fenwick
Alan Fogg
Terry Garnett
Lilly Ann Greaney
Scott Griffiths
Chris Hardman
Kimberley Harris
Christopher Harrison
William Hayman-Brown
Lauren Heap
Gemma Helsby
Elaine Hing
Rebecca Houghton
Emily Huggett
Keith Hurford
Lewis Johnson
Jonathan Keen
Suraj Keshwala
Aneesa Khan
Aimee Lias
Helena Magyar
Shariq Mahmood
Grant Manuel
David McCaul
Andrew McDermott
Chris Miller
Jay Mouskos
Gillian Murray
Ashley Naylor
Jodie Nisbet
Samson Oyebamiji
Sean Pennington
Louise Perry
Daniel Popa
Saren Roberts
RAK Bank
NHBC National House Building Council
A+O IT Services
Enotria Winecellars Ltd
Shawbrook Bank
Croner
RMD Kwikform
G4S Cash Solutions (UK) Ltd
Glencore Energy UK Ltd
Target Enforcement
Loreal
Bristow & Sutor
Shawbrook Bank
FCC Environment
Asgard Financial Services
Poole Lighting Ltd
Hitachi Capital Invoice Finance
Andrew Wilson & Co
Chambers
NBrown
Express Vending Ltd
Securing Teachers
Bureau Veritas
N Brown Group plc
Bristow & Sutor
Andrew Wilson & Co
N Brown Group plc
Ashtead Plant Hire Co Ltd
Shawbrook Bank
Bureau Veritas
Andrew Wilson & Co
Swansea University
Euro Clad Limited
Bristow & Sutor
Bristow & Sutor
G4S Cash Solutions (UK) Ltd
Imperial Commercials Ltd
NSK Europe Ltd
Impact Debt Solutions
Phaidon International UK Ltd
Asgard Financial Services
Andrew Wilson & Co
Shawbrook Bank
Senator International Ltd
Andrew Wilson & Co
Powell UK Ltd
Bristow & Sutor
Express Vending Ltd
Gritit Ltd
Rocol Ltd.
Megan Rowcroft
Sean Skelly
Cryston Smart
Katie Smith
Nakita Speight
Richard Sule
Jamie Thornton
Cara Walsh
David Wastell
Alexander Watkins
Corinne White
Emily Wilson
Andrew Wyatt
Wendy Zhungu
Avril Adams
Yvonne Arva
Liam Ballinger
Sarah Baptiste
Kieran Barnes
Colin Barnett
Sylvan Barry
Candy Brown
Abbi Challis
Hayley Clarke
Amy Collcutt
Deborah Corbett
Giacomo Cosentino
Amy Crow
Mohammed Dadhiwala
Danielle Dalby
Billie-Rae Drewett
Nicole Egglestone
Kirsty Elliott
Daniel Everton
Anthony Farrell
Cliff Frazer
Giri Ganeshwaran
Dermot Gill
Ashlley Goss
Niamh Harper
Samantha Hastings
Tom Hatherell
Richard Hughes
Shabana Hussain
Debra Innes
Hemraj Jibodh
Ulrika Jilmstad James
Melanie Jones
Joanne Kelly
Louise Lawford
Shaun Leavey
Louiza Ledbury
Amy Maidment
Andrew Wilson & Co
Andrew Wilson & Co
Andrew Wilson & Co
Andrew Wilson & Co
The Sheriffs Office
Target Enforcement
HB Clark & Co (Successors) Ltd
Close Brothers Commercial Finance
Bristow & Sutor
City and County Healthcare Group
Senator International Ltd
Bristow & Sutor
MediaMath
Southampton City Council
R&B Star (Electrical Wholesalers)Ltd
StepChange Debt Charity
British Safety Council
Southampton City Council
Southampton City Council
Forestry Commission Scotland
Toyota Financial Services UK Plc
Ford Retail Ltd T/A TrustFord
Seetec Skills
Bookpoint Ltd
Hartlepool Borough Council
Huntsman Corporation
Bristan Group Ltd
Stepchange Debt Charity
Anchor Bay Construction Products Ltd
Chandlers Limited
Places for People Ltd
Bristow & Sutor
MWUK T/A Alexandra
Kelly OCG
Avis Budget Group
Bristow & Sutor
Southampton City Council
Jardine LLoyd Thompson JLT
Bristow & Sutor
Southampton City Council
Complete Monitoring Solutions
Hartlepool Borough Council
Bristow & Sutor
Muller UK & Ireland Group LLP
Edmundson Electrical
Onecall Service Ltd
Freeths LLP
Antalis Ltd
G4S Cash Solutions (UK) Ltd
Principality Building Society
The Recognised Standard / www.cicm.com / April 2018 / PAGE 56

THE
CREDIT CONTROL
RECRUITMENT
SPECIALISTS
www.portfoliocreditcontrol.com
As a market leading credit control recruitment
specialist, we are proud to have supported the
credit control sector since 2008, providing unrivalled
market knowledge and expertise. We provide a
comprehensive and highly tailored service across
permanent, contract and temporary recruitment.
Our highly experienced recruitment consultants match
the highest calibreindividuals with the most progressive
opportunities across the credit control profession.
We recruit into all industry sectors, with clients ranging
from FTSE100 to SMEs, as well as providing coverage
to the whole of the UK.
WE ARE
AN AWARD WINNING
RECRUITMENT AGENCY
An award winning recruitment agency, having won
places on The Sunday Times 100 Best Small Companies
to Work For,The Sunday Times Fast Track 100 and The
Recruiter Hot 100.
ROLES WE RECRUIT FOR:
CREDIT CONTROLLER
PROVIDING SALARY
BENCHMARKING FOR THE
INDUSTRY SINCE 2008
SENIOR CREDIT CONTROLLER
CREDIT MANAGER
HEAD OF CREDIT CONTROL
CREDIT AND BILLING MANAGER
COLLECTIONS ASSISTANT
COLLECTIONS MANAGER
PERFECTLY PLACED TO
SUPPORTYOUR NEXT
RECRUITMENT PROCESS
SALES LEDGER/ACCOUNTS RECEIVABLE
CREDIT ANALYST
If you are planning to recruit or looking for the next step
in your career please get in touch with the Credit Control
recruitment specialists on 020 7650 3199 or contact us at
recruitment@portfoliocreditcontrol.com.
We look forward toworking with you.
020 7650 3199
www.portfoliocreditcontrol.com
The Recognised Standard / www.cicm.com / April 2018 / PAGE 57

FORTHCOMING EVENTS
Full list of events can be found on our website: www.cicm.com/events
CICM EVENTS
5 April
CICM South West Branch
DEVON
Annual General Meeting and Networking
Contact : Please reply to Gerry Thomas at
gerrythomas1610@hotmail.co.uk
VENUE : Dartmoor Lodge, Peartree Cross,
Ashburton, Devon, TQ13 7JW
10 April
CICM Northern Ireland Branch
BELFAST
Annual General Meeting and Branch Meeting
Coffee & Registration from 17:30
Meeting at 18:00-19:30 followed by AGM
Contact : northernirelandbranch@cicm.com
VENUE : Clayton Hotel, 22-26 Ormeau Avenue,
Belfast, BT2 8HS
12 April
CICM South Wales Branch
CARDIFF
AGM, Networking and What do you want from
your Branch? Meet at 18:00 for the AGM and then
the rest is networking and discussion.
Booking deadline: 07 April 2018.
Contact : Diana Keeling (07921) 492348
VENUE : Holiday Inn Cardiff, Merthyr Road,
Tongwynlais, Cardiff, CF15 7LH
17 April
CICM East Midlands Branch
SANDIACRE
Can you make a career from Credit Management?
Contact : Email Branch Chair brent.cumming@
experian.com or eastmidlandsbranch@cicm.com
Booking Deadline: 13 April
VENUE : Novotel Bostocks Lane, Sandiacre, NG10
4EP
18 April
CICM Personal Skills Workshop; All Change!
A survival guide
LONDON
Change is an impact on all of us. This workshop
will give us the tools needed to not only cope with
change but to rise to the challenge.
Contact : https://form.jotformeu.
com/80103562030338
VENUE : Hays Recruitment, 107 Cheapside,
London, EC2V 6DN
25 April
CICM Thames Valley Branch
READING
People Development, Employment Update and
Membership Surgery (4 CPD hours)
Contact : To reserve a free place / Book
appointment for membership clinic:
thamesvalleybranch@cicm.com.
VENUE : Verizon, Reading International Business
Park, Basingstoke Road, Reading, RG2 6DA
TRAINING DAYS
18 April
GETTING STARTED IN CREDIT CONTROL AND
COLLECTIONS
VENUE : London
18 April
INSOLVENCY AND BANKRUPTCY
VENUE : London
8 May
ESSENTIAL TELEPHONE COLLECTION
TECHNIQUES
VENUE : London
9 May
INTRODUCTION TO CREDIT RISK
ASSESSMENT
VENUE : London
10 May
CREDIT RISK ANALYSIS
VENUE : London
11 May
CICM WEBINAR - CREDIT MANAGEMENT
IN A NUTSHELL
VENUE : London
OTHER EVENTS
6 April
Experian Credit Forum – FMCG Forum
SHEFFIELD
Contact : Please contact Brent.cumming@
experian.com on 07885 675 092 if you would like
further details.
VENUE : Hilton Hotel, Sheffield
10 April
Forums International – Credit Professionals
Forum (CPF)
BRACKNELL
Contact : For more information email
cpf@forumsinternational.co.uk
VENUE : Coppid Beech Hotel, John Nike Way,
Bracknell, RG12 8TF
11 April
Forums International – SAP User Group
(SAP-UG)
NOTTINGHAM
Contact : For more information email
sapug@forumsinternational.co.uk
VENUE : Experian, Riverleen House, Nottingham,
11 April
Experian Credit Forum – Credit Prof. Forum
(Sth)
BRACKNELL
Contact : Please contact Brent.cumming@
experian.com on 07885 675 092 if you would like
further details. NOTE: Date and venue are subject
to change.
VENUE : Coppid Beech Hotel, John Nike Way,
Bracknell, RG12 8TF
12 April
Forums International – IT Distributor and
Reseller Credit Forum (DRF)
STRATFORD UPON AVON
Contact : For more information email
drf@forumsinternational.co.uk
VENUE : Stratford Manor, Stratford Upon Avon
12 April
Experian Credit Forum – SAP User Group
BROMSGROVE
Contact : Please contact
Brent.cumming@experian.com on 07885 675 092
if you would like further details.
VENUE : Rimilia, Bromsgrove
17 April
Experian Credit Forum – Engineering
Distribution
DERBY
Contact : Please contact
Brent.cumming@experian.com on 07885 675 092
if you would like further details.
VENUE : PWC Pegasus Business Park, Beverley
Rd, Derby, DE74 2UZ.
19 April
Experian Credit Forum – FMCG Forum
Contact : Please contact
Brent.cumming@experian.com on 07885 675 092
if you would like further details.
VENUE : TBC
22 April
ICTF – Global Credit Professionals
Symposium – Chicago
USA
Contact : ICTF info@ictfworld.org
VENUE : The Gwen Hotel - Michigan Avenue,
Chicago, 521 N Rush St, Chicago, IL 60611, USA
30 April - 1 May
AMLP Forum – The Financial Crime and
Corruption Association
LONDON
Annual Anti Money Laundering Professionals
Forum – 14th Annual Financial Crime Seminar.
Take advantage of the 10 percent discount
rate if you are a CICM member. Please quote
‘Association’ when registering.
Contact : please email events@amlpforum.com
Alternatively, you can contact AMLP Team on
+44 (0) 20 8785 6300 or visit the AMLP Forum
website on: www.amlpforum.com
VENUE : Exchange House, Exchange Square,
Primrose Street, London, EC2A 2HS
The Recognised Standard / www.cicm.com / April 2018 / PAGE 58

Leader or follower?
CICMQ accreditation is a proven model that has consistently delivered
dramatic improvements in cashflow and efficiency
CICMQ is the hallmark of industry leading organisations
The CICM Best Practice Network is where CICMQ accredited organisations
come together to develop, share and celebrate best practice in credit and
collections
Be a leader – Join the CICM Best Practice Network today
To find out more about flexible options to gain CICMQ accreditation
E: cicmq@cicm.com, T: 01780 722900

TAKE CONTROL
OF YOUR CREDIT
CAREER
HEAD OF CREDIT
BUILD A SUCCESSFUL TEAM
High Wycombe, £40,000-£45,000
This industry leading food and beverage manufacturer
based in High Wycombe is looking for an enthusiastic
credit manager who enjoys creating and building
a successful credit team. Reporting into the Finance
Director, you will be required to streamline the credit
function to maximum cash collection. A proven
track record managing a successful team is essential.
In return, you will receive a competitive salary and
pension, as well as a desirable benefits package.
Ref: 3244808
Contact Emma Ruttle on 01494 419740
or email emma.ruttle@hays.com
ACCOUNTS RECEIVABLE SUPERVISOR
JOIN A REWARDING COMPANY
London, £35,000-£40,000 + benefits
A fantastic opportunity has arisen for an experienced
AR supervisor to join an internationally renowned music
media company on a 12 month FTC basis. This role
encompasses everything from credit control to billing.
Overseeing a team of two, you will maintain a hands-on
role, with the opportunity to review existing processes
and identify areas for streamlining and improvement.
This company offers amazing benefits including free
pilates and piano lessons, free breakfast once a week
and much more. Ref: 3245666
Contact Julia Foster on 020 3465 0020
or email julia.foster2@hays.com
ASSISTANT REVENUE MANAGER
SUPPORT NATIONAL GROWTH
Birmingham, £35,000-£42,000
This prestigious law firm in Birmingham is looking for
a motivated individual to join this newly created role
within the business supporting both the Revenue and
Credit Manager. Supervising a team of 20 heads, you will
support on new branch openings and put into place solid
billing processes. The organisation is also implementing
new systems, so this position would suit someone who
can manage and prioritize their workflow. In return,
professional development opportunities and training
are available. Ref: 3244741
Contact Peter Kidd on 0121 212 1814
or email peter.kidd@hays.com
CREDIT CONTROL TEAM LEADER
PROGRESS YOUR CAREER
Uxbridge, £25,000-£30,000 + bonus
+ CICM study support
This successful, niche recruitment business has more than
doubled its turnover in the last three years. Reporting to
the Credit Manager, you will support with the daily running
of the credit control department. Whilst managing your
own ledger of accounts, you will be the escalation point for
queries and issues for the team. The successful candidate
will be a progressive individual who is keen to develop
their career with credit management. You will either be
currently studying with the Chartered Institute of Credit
Management or keen to start studying straightaway.
Ref: 3249810
Contact Natascha Whitehead on 07770 786433
or email natascha.whitehead@hays.com
The Recognised Standard / www.cicm.com / April 2018 / PAGE 60

CREDIT CONTROLLER
MAXIMISE CASH COLLECTIONS
Oxford, up to £25,000 + excellent benefits
A leading Oxford based property consultancy is
expanding after the acquisition of a new commercial
portfolio. It is now seeking an experienced credit
controller to join its commercial client’s accounts team.
You will support the commercial client accountant
to collect circa £12.5m in annual rent, service charge
and insurance payments. You will work as part of
a small finance team and be dedicated to the cash
management and debt collection for its largest client.
Previous experience within a similar role, excellent
time management, interpersonal skills and the ability
to take a proactive approach to complex queries
are essential. Ref: 3240943
Contact Bobby Le Feaux on 01865 727071
or email bobby.lefeaux@hays.com
MORTGAGE COLLECTIONS AGENT
TAKE FULL OWNERSHIP
Belfast, £20,000-£22,000 + benefits
A credit controller is required at this prestigious financial
services organisation with a reputation for dealing with
world famous projects in Northern Ireland. You will
take full ownership of collecting large sums of debts in
a fast-paced setting. You will possess strong problem
solving skills and be a first class communicator that is
able to work in a target driven environment. In return,
you will work alongside a credible employer with
opportunities to progress. Ref: 3240530
Contact Nicola McCallum on 02890 446911
or email nicola.mccallum@hays.com
COMMERCIAL CREDIT CONTROLLER
PROVIDE EXCEPTIONAL SERVICE
Manchester, £22,000
This successful business services company has been
a market leader in its field for nearly 100 years.
Managing the processes for its UK business, you will
be given varied responsibilities to assist across the
finance department and gain exposure to purchase
ledger. To be successful, you will be confident and have
a proven track record of managing your own credit
ledger, ideally within a business services environment.
This is a fantastic opportunity for a career minded
individual looking to achieve big results. Ref: 3212131
Contact Ashleigh Daniels on 0161 236 7272
or email ashleigh.daniels@hays.com
CREDIT CONTROL LEAD
MAKE AN IMPACT
Westminster, £201 per day
This central government organisation requires a credit
control lead to join its finance control team. You will
be responsible for developing strategies, policies and
processes governing income collection to ensure it
remains fit for purpose and meet the organisation’s
needs. You will liaise with staff who carry out activities to
raise sales invoices and undertake credit control activities
within the business areas. Other key responsibilities include
management, transactions, audit support, housekeeping
and continuous improvement. Excellent knowledge
of the credit control cycle from start to finish as well as
experience of dealing with commercial and personal
debt are highly desirable. Ref: 3245109
Contact Soulyn Marouf on 020 7259 8744
or email soulyn.marouf@hays.com
This is just a small selection of the many
opportunities we have available for credit
professionals. To find out more email
hayscicm@hays.com or visit us online.
hays.co.uk/creditcontrol
The Recognised Standard / www.cicm.com / April 2018 / PAGE 61

View our digital version online at www.cicm.com
Log on to the Members’ area, and click on the tab labelled
‘Credit Management magazine’
Just another great reason to be a member
Credit Management is distributed to the entire UK and international
CICM membership, as well as additional subscribers
The Recognised Standard
www.cicm.com The | +44 Recognised (0)1780 Standard / www.cicm.com 722901 / April | 2018 editorial@cicm.com
/ PAGE 62

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
ANTI MONEY LAUNDERING
COLLECTIONS LEGAL
CONSULTANCY
THE ONLY AML RESOURCE YOU NEED
SmartSearch
Harman House, Station Road,
Guiseley, Leeds, LS20 8BX
T: 01132387660
F: 0113 238 7669
E: info@smartsearchuk.com
W: www.smartsearchuk.com
KYC, AML and CDD all rely on a combination of deep data with
broad coverage, highly automated flexible technology with an
innovative and intuitive customer interface. Key features include
automatic Worldwide Sanction & PEP checking, Daily Monitoring,
Automated Enhanced Due Diligence and pro-active customer
management. Choose SmartSearch as your benchmark.
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.
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside,
Cardiff Bay, Cardiff, CF10 4WZ
United Kingdom
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
Atradius Collections Ltd is an established specialist in business
to business collections. As the collections division of the Atradius
Crédito y Caución, we have a strong position sharing history,
knowledge and reputation.
Annually handling more than 110,000 cases and recovering
over a billion EUROs in collections at any one time, we deliver
when it comes to collecting outstanding debts. With over 90
years’ experience, we have an in-depth understanding of
the importance of maintaining customer relationships whilst
efficiently and effectively collecting monies owed.
The individual nature of our clients’ customer relationships is
reflected in the customer focus we provide, structuring our
service to meet your specific needs. We work closely with clients
to provide them with a collection strategy that echoes their
business character, trading patterns and budget.
For further information contact: Hans Meijer, UK and Ireland
Country Director (hans.meijer@atradius.com).
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.
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...”
STRIPES SOLICITORS LIMITED
St George’s House, 56 Peter Street, Manchester, M2 3NQ
W: www.stripes-solicitors.co.uk
T: 0161 832 5000
95percent success rate in disputed
litigation cases over several decades
Stripes technical excellence, tenacity and commercial insight has
led to this 95 percent success rate over several decades. We have
been particularly recommended as a leading law firm by the Legal
500 in the litigious field for representing clients with significant and
complex issues.
Our specialist commercial debt recovery and insolvency team work
with businesses ranging from SMEs to larger PLCs recovering
business debts on a no cost or fixed fee basis and often
recovering debts within days. We aim to understand your business
and tailor our services to suit your requirements. Our online service
provides you with 24/7 access to manage your account, to upload
new debtor cases and to generate new legal instructions.
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.
COURT ENFORCEMENT SERVICES
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183
T : +44 (0)1992 663 399
E : wayne@courtenforcementservices.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
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.
continues on page 64 >
The Recognised Standard / www.cicm.com / April 2018 / PAGE 63

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
CREDIT INFORMATION
CoCredo Limited
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790 600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
Celebrating 15 years in business, CoCredo’s award winning credit
reporting and monitoring systems have helped to protect and secure
over £27 billion of turnover on behalf of our customers. Our company
data is updated 500,000 per day and ensures customers have the
most current information in the market place. Access to the online
portal is available 365 days a year 24/7 from anywhere in the world.
At CoCredo we aggregate data from a range of leading providers
across the globe so that our customers can view the best available
data in one easy to use report. We also offer customers XML
Integration and D.N.A. Portfolio Management.
From simply looking at a prospect through to acquisition, to
monitoring, we pride ourselves on helping our customers every step of
the way. CICM members receive their first five credit reports for free.
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, a leading
European credit insurance organisation. It offers a comprehensive
network of offices and partners worldwide to ensure a seamless
service.
Credica Ltd
Building 168, Maxwell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: +44(0)1235 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.
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Organisations around the world rely on Company Watch’s
industry-leading financial analytics to drive their credit risk
processes. Our financial risk modelling and ability to map medium
to long-term risk as well as short-term credit risk set us apart
from other credit reference agencies.
Quality and rigour run through everything we do, from our unique
method of assessing corporate financial health via our H-Score®,
to developing analytics on our customers’ in-house data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of choice,
providing actionable intelligence in an uncertain world.
BUREAU VAN DIJK
Northburgh House, 10 Northburgh Street, London, EC1V 0PP
T: +44 (0)20 7549 5000E: bvd@bvdinfo.com
W: www.bvdinfo.com
We offer the most powerful comparable data resource on private
companies. We capture and treat private company information for
better decision making and increased efficiency, so we’re ideally suited
to help credit professionals. Orbis, our global company database has
information on 250 million companies, and offers:
• Standardised financials so you can assess companies globally
• Financial strength metrics using a range of models and including a
qualitative score for when detailed financials aren’t available
• Projected financials
• Extensive corporate structures so you can assess the complete group
– or take the financial stability of the parent into account
Credit Catalyst is a platform where you can combine information from
Orbis with you own knowledge of your customers and get dashboard
views of your portfolio.
Register for your free trial at bvdinfo.com.
CREDIT MANAGEMENT SOFTWARE
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.
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.
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.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 64

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
FINANCIAL PR
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.
STA International
3rd Floor, Colman House, King Street Maidstone , ME14 1DN
T: +44(0)844 324 0660.
E: enquiries@staonline.com
W: 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.
Proud supporters
of CICMQ
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.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
HighRadius is the leading provider of Integrated Receivables
solutions for automating receivables and payment functions such
as credit, collections, cash allocation, deductions and eBilling.
The Integrated Receivables suite is delivered as a software-as-aservice
(SaaS). HighRadius also offers SAP-certified Accelerators
for SAP S/4HANA Finance Receivables Management, enabling
large enterprises to maximize the value of their SAP investments.
HighRadius Integrated Receivables solutions have a proven track
record of reducing days sales outstanding (DSO), bad-debt and
increasing operation efficiency, enabling companies to achieve an
ROI in less than a year.
DATA AND ANALYTICS
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
Dun & Bradstreet grows the most valuable relationships in business.
By uncovering truth and meaning from data, we connect our
customers with the prospects, suppliers, clients and partners that
matter most, and have since 1841. Whether your customer portfolio
spans a city, a country or the globe, Dun & Bradstreet delivers the
data, analytics and insight to grow your most profitable relationships
and navigate credit risk. By combining your insights with our own,
Dun & Bradstreet facilitates a global, unified view of your customer
relationships across credit and collections.
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
Moore Stephens
Moore Stephens LLP,
150 Aldersgate Street,
London EC1A 4AB
T: +44 (0) 20 7334 9191
E: Brendan.clarkson@moorestephens.com
W: www.moorestephens.co.uk
Moore Stephens is a top ten accounting and advisory network, with
offices throughout the UK.
Our clients range from individuals and entrepreneurs, through
to large organisations and complex international businesses. We
partner with them, supporting their aspirations and helping them
to thrive in a challenging world.
Our national creditor services team has expert insights in debt
recovery which, combined with their unparalleled industry and
sector knowledge, enables them to assist creditors in recovering
outstanding debts.
LEGAL MATTERS
DWF LLP
David Scottow Senior Director
D +44 113 261 6169 M +44 7833 092628
E: David.Scottow@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.
continues on page 66 >
The Recognised Standard / www.cicm.com / April 2018 / PAGE 65

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
anthony.cave@cabbell.co.uk
PAYMENT SOLUTIONS
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.
Bottomline Technologies
115 Chatham Street
Reading
Berks RG1 7JX | UK
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
Bottomline Technologies (NASDAQ: EPAY) helps businesses pay
and get paid. Businesses and banks rely on Bottomline for domestic
and international payments, effective cash management tools,
automated workflows for payment processing and bill review and
state of the art fraud detection, behavioural analytics and regulatory
compliance. Businesses around the world depend on Bottomline
solutions to help them pay and get paid, including some
of the world’s largest systemic banks, private and publicly traded
companies and Insurers. Every day, we help our customers by
making complex business payments simple, secure and seamless.
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).
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.
ATTENTION
PRODUCT
& 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
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.
The Recognised Standard / www.cicm.com / April 2018 / PAGE 66

Puzzle by © 2012 Mirroreyes Internet Services Corporation. All Rights Reserved
CREDIT CONUNDRUM
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
MONTHLY PRIZE CROSSWORD
For all email entries for the crossword please email: andrew.morris@cicm.com
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
THREE PRIZES OF £20 DRAWN EVERY MONTH
YOU NEED TO BE A MEMBER TO ENTER
ACROSS:
1. Beauties
6. Blend
10. A ceremonial staff
14. Drink garnish
15. Employ
16. Ailments
17. Scatter
18. Norse god
19. Coagulate
20. Arranged diagonally
22. Wander
23. "Phooey!"
24. Glare
26. Indian dress
30. Mire
31. Dawn goddess
32. By mouth
33. Nonsense
35. Come to pass
DOWN:
1. Pear variety
2. Countertenor
3. Ethiopian monetary unit
4. Not odd
5. Stitched
6. Salesrooms
7. News
8. Coloured part of an eye
9. Fail to fulfill a promise
10. Used to see small things
11. Yield
12. Split
13. A chemical compound
21. Jewish scholar
25. Coil
26. Fly high
27. Eyebrow shape
28. Dash
39. Eclat
41. Take up the cause
43. A watery discharge
44. Smack
46. Rind
47. Central
49. Mistake
50. Countercurrent
51. Salted roe of sturgeon
54. Ear-related
56. Not closed
57. Denial
63. Indian music
64. Anguish
65. Burn slightly
66. Buttocks
67. Feudal worker
68. Basic belief
69. Rational
70. Marsh plant
71. S S S S
29. Shed light on
34. Encouraged
36. Prompted
37. Previously owned
38. Depend
40. Dogfish
42. Bit of parsley
45. Strong and proud
48. A dealer in fabrics
51. Marine ___
52. 3-banded armadillo
53. A strict vegetarian
55. Hindu social division
58. Headquarters
59. Fastens
60. Hotels
61. Curved molding
62. Catches
CLOSING DATE: 12 April
LAST MONTH'S
CROSSWORD WINNERS
Tony John FCICM, Katherine Harley MCICM(Grad), Juliet Stadden
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 / April 2018 / PAGE 67

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