CM magazine May 2019

CREDIT MANAGEMENT
CM
MAY 2019 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CORE
STRENGTHS
R3 President talks
Insolvency and Steel
80
YEARS
How a new trade
partnership is helping
UK firms. Page 26
What it really means
to be an award
winner. Page 34

3
YEARS
IN 2018
MAY 2019
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14
INTERVIEW
STUART FRITH
22
OPINION
JAMES CAMPBELL
CICM GOVERNANCE
President Stephen Baister FCICM / Chief Executive Philip King FCICM CdipAF MBA
Executive Board Pete Whitmore FCICM – Chair / Debbie Nolan FCICM(Grad) – Vice Chair
Glen Bullivant FCICM – Treasurer / Larry Coltman FCICM, Victoria Herd FCICM(Grad), Bryony Pettifor FCICM(Grad)
Advisory Council Sarah Aldridge FCICM(Grad) / Laurie Beagle FCICM / Kim Delaney-Bowen MCICM / Glen Bullivant FCICM
Lauren Carter FCICM / Brendan Clarkson FCICM / Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM
Laural Jefferies MCICM / Diana Keeling FCICM / Martin Kirby FCICM / Christelle Madie FCICM
Julie-Anne Moody-Webster MCICM / Debbie Nolan FCICM(Grad) / Ute Ogholoh MCICM / Bryony Pettifor FCICM(Grad)
Allan Poole MCICM / Phil Rice FCICM / Chris Sanders FCICM / Paul Taylor MCICM / 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.
Any articles published relating to English law will differ from laws in Scotland and Wales.
34
AWARD WINNERS
CONTENTS
3 – FROM THE CHAIR
How a caveman sharing the secret of
fire is an allegory for more modern
times.
14 – INTERVIEW
Sean Feast FCICM speaks to outgoing
R3 President Stuart Frith about
insolvency, steel works and Leeds
United.
22 – OPINION
Are credit reference agencies the
Achilles Heel in trying to spot bogus
accounts?
26 – TRADE TALK
How a new partnership is helping UK
businesses.
30 – SECTOR FOCUS
Marcus Kuger gives an exclusive
insight into the health of the restaurant
and pub sector.
34 – AWARD WINNERS
What it really means to win a CICM
British Credit Award.
46 – CREDIT RISK
CICM Trainer Jeff Lockhart discusses
credit risk and its importance to the
business world.
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast FCICM
Deputy Editor
Alex Simmons
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Imogen Hart, Rob Howard and Iona Yadallee
Advertising
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Email: grace@cabbell.co.uk
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The Recognised Standard / www.cicm.com / May 2019 / PAGE 3

EDITOR’S COLUMN
Companies House does
not verify the accuracy of the
information displayed
DO YOUKNOWTHE TRUE
IDENTITY OF YOUR
CUSTOMERS?
Sean Feast FCICM
Managing Editor
LAST month the CICM, with
the support of the European
Freight Trades Association
(EFTA), pulled off a rather
significant coup. After
months of campaigning,
representations, meetings and emails, they
managed to persuade Companies House
to include a disclaimer on its website to
state that the information it holds has not
been independently validated. The precise
words state: ‘Companies House does not
verify the accuracy of the information
displayed.’
This was not a climb down from the
senior management at Companies House.
They did not come to the party kicking and
screaming. Far from it. They listened to the
representations made, and the logic of the
arguments being put forward, and took a
pragmatic decision in order to help credit
managers and the hundreds of others who
use Companies House data on which to
assess business risk. Companies House
has a ‘brand’ that many rely upon, and by
including a new caveat, users of Companies
House data can now be more circumspect
in how that data is used.
Both the CICM and EFTA expect this
simple move will help in the fight against
fraud. James Campbell, Secretary of EFTA,
is now turning his attention to other
data sources, and specifically the Credit
Reference Agencies (CRAs) see page 22.
He argues, with some passion, that if a
caveat and disclaimer can be applied to
information stored at Companies House,
should not the same, bold disclaimer (i.e.
beyond the small print) be incorporated
by the CRAs who often use such data, and
similarly have no way of validating whether
the information being used is reliable. The
argument is that any recommendations
they make as regards ‘risk’ can only be
as good – and as reliable – as the data on
which such recommendations are made,
and if the information from Companies
House is used as part of the ‘blend’, then
the recommendation could be flawed.
It is an interesting argument, and
one that no doubt the CRAs will have an
answer for. All of the CRAs I know are
fundamentally honest and honourable
people doing an honest and honourable
job. Their entire credibility is based on the
quality of the information they receive,
and the ‘value’ of the recommendations
they make. It is not in their interests to
get it wrong; indeed, quite the opposite.
Steering customers away from the poor
risk and towards the better risk to facilitate
business is their raison d’etre. That said,
James raises a valid point, and CRAs would
be wise to engage.
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The Recognised Standard / www.cicm.com / May 2019 / PAGE 5

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit
Written by – Sean Feast FCICM and Alex Simmons
Credit professionals fear
indecision over Brexit
INDECISION and ambiguity have
been a constant across both the
political and economic landscape,
leaving business leaders unsure of
what the next chapter will mean
for their businesses.
These were the key sentiments
expressed by attendees at the recent
Credit Summit questioned by the CICM
to gain insight into how trade credit
professionals are faring in light of the
country’s decision to leave the EU. Nearly
all say that the ongoing lack of clarity
around Brexit continues to be a serious
issue.
Markus Kuger, Lead Economist
at Dun & Bradstreet says the UK was
recently presented with new economic
forecasts and despite real GDP still
growing, the outlook for the economy is
forecasted to expand at a slower pace
in 2019 than initially set out: “While this
is not a UK-specific development (we
recently lowered our growth forecasts for
Germany and France too), it highlights
the risks the British economy is facing
in 2019 caused by political and economic
instability at home and in Europe.”
Philip King FCICM, CICM’s Chief
Executive, says CICM members have
a unique insight into economic issues
that affect their businesses: “Their roles
require them to see both the detailed
picture and also the much bigger
landscape that impacts on the trading
environment in which they operate. They
thrive on coping with uncertainty, Brexit
is today’s key challenge, and their views
are valuable.”
In terms of preparedness, there was
a balanced three-way split. Over a third
of those asked said that they have a
comprehensive contingency plan for how
they will approach credit terms for the
various Brexit scenarios. A third were in
the early stages of a plan but 30 percent
said they had no contingency plan in
place.
When asked how Brexit is affecting
businesses’ trade credit operations and
whether it is impacting the level of credit,
two-fifths of those asked said they don’t
consider Brexit as a factor for their trade
credit terms. Some 30 percent are yet
to alter their credit decisioning due to
Brexit – although they said they may
They thrive on coping with
uncertainty, Brexit is today’s
key challenge, and their views
are valuable. Philip King FCICM, Chief Executive of the CICM
review this in the future.
However, when it comes to cashflow,
the picture is not so optimistic. A tenth
of credit professionals said they were
already seeing an impact on their
cashflow as a result of Brexit, and nearly
half said they believe it will impact their
cashflow moving forward.
The prolonged uncertainty around
Brexit will undoubtedly have an impact
on the trade credit industry, like many
others. The best advice to navigate
through the choppy waters is to keep
monitoring the situation closely, assess
the impact of any changes on your
business and your customers, and take
steps to prepare sooner rather than later.
dnb.co.uk
> DIGITAL CHALLENGER
DIGITAL bank N26 plans to hire a team of employees for the UK market as it
seeks to compete with rivals Monzo and Revolut. The German start-up has
claimed it is signing up 1,000 customers every day in the UK following its launch
in October, and has raised more than $500 million (£381 million) in venture
capital in recent years.
FCA fines Standard Chartered Bank
THE Financial Conduct Authority (FCA) has
fined Standard Chartered Bank (Standard
Chartered) £102,163,200 for Anti-Money
Laundering (AML) breaches in two higher
risk areas of its business. This is the
second largest financial penalty for AML
controls failings ever imposed by the FCA.
The FCA found serious and sustained
shortcomings in Standard Chartered’s AML
controls relating to customer due diligence
and ongoing monitoring. Standard
Chartered failed to establish and maintain
risk-sensitive policies and procedures, and
failed to ensure its UAE branches applied
UK equivalent AML and counter-terrorist
financing controls.
The FCA found significant shortcomings
in Standard Chartered’s own internal
assessments of the adequacy of its
AML controls, its approach towards
identifying and mitigating material money
laundering risks and its escalation of
money laundering risks. These failings
exposed Standard Chartered to the risk of
breaching sanctions and increased the risk
of Standard Chartered receiving and/or
laundering the proceeds of crime.
Standard Chartered’s failings occurred
in its UK Correspondent Banking business
during the period from November 2010
to July 2013 and in its UAE branches
during the period from November 2009 to
December 2014.
US authorities have also taken action
against the Standard Chartered group for
significant violations of US sanctions laws
and regulations.
Mark Steward, Director of Enforcement
and Market Oversight at the FCA, says
Standard Chartered’s oversight of its
financial crime controls was narrow,
slow and reactive: “These breaches are
especially serious because they occurred
against a backdrop of heightened
awareness within the broader, global
community, as well as within the bank, and
after receiving specific attention from the
FCA, US agencies and other global bodies
about these risks.”
fca.org.uk
UNHAPPY SHOPPERS
NEW research has tracked a notable decline in shopper satisfaction with online
delivery, after several years of it remaining stable, according to the IMRG Consumer
Delivery Review 2018. The annual survey asked 2,000 UK shoppers 50 questions to
understand their perceptions of online delivery. Between 2011 and 2017, overall satisfaction
with online delivery was steady, but this year’s survey revealed that it fell from 85 percent
to 78 percent between 2017 and 2018. The number of respondents saying delivery concerns
sometimes prevent them from shopping online also rose from 41 percent to 48 percent
between 2017 and 2018. imrg.org
>NEWS
IN BRIEF
MERITORIOUS
AWARDS
THE CICM’s Executive Board has
agreed that both Gary Baker
FCICM(Grad) and David Kerr FCICM be
granted the Meritorious Service Award
for 2019. The Award is given rarely, and
only in recognition of an exceptional
contribution to the Institute. The
Awards will be presented to Gary and
David at the Fellows’ Lunch
on 7 June.
Virtual assistant
NATWEST is planning to launch a virtual
personal assistant that it claims will allow
users to switch insurance, subscription
and energy deals through their bank for
the first time. The Mimo app will use
new technology made possible by Open
Banking. Customers would receive a
prompt advising that a better energy deal
was available and asking them whether
they would like to switch. The app will
also aim to help users budget, remind
them of tasks and provide analysis of their
spending habits. natwest.com
AI compliance
THE Bank of England and the Financial
Conduct Authority (FCA) are jointly
developing computer programs to make
financial reporting more accurate and
efficient, raising the prospect of compliance
in the financial services industry being
overseen by artificial intelligence (AI). The
technology will translate rules into code
that can automatically find the required
data in company databases. The Bank and
the FCA hope that improving the quality
of data will allow regulators to spend more
time on analysis. bankofengland.co.uk
Marston acquires new tech business
MARSTON Holdings has acquired Videalert which supplies intelligent
air quality and moving traffic monitoring to local authorities. The
acquisition is described as boosting Marston’s position as one of the UK’s
largest transportation and enforcement services groups.
Videalert’s technology measures and monitors pollution levels in
real-time. Its camera technology captures and accurately analyses
data to encourage Clean Air Zone compliance, and to quickly identify
contraventions. With moving traffic volumes rising due to increased use
of Uber and similar services, its technology plays an important role in
keeping road networks flowing freely.
Videalert is Marston’s second acquisition of 2019, following that of
Indian artificial intelligence software developer, Logic Valley.
Videalert’s Chief Executive David Richmond says it can now accelerate
its development strategy and fully realise its vision for Intelligent
Transportation services: “We will also explore integration with the
Group’s artificial intelligence capability, as well as its wider technology
services.” marstonholdings.co.uk
The Recognised Standard / www.cicm.com / May 2019 / PAGE 6
The Recognised Standard / www.cicm.com / May 2019 / PAGE 7

NEWS
IN BRIEF
StepChange predicts
rising numbers of DROs
CA suggests 'problem
bailiffs' are on the rise
>NEWS
IN BRIEF
Sklaroff he goes
THE Director General of the Finance &
Leasing Association (FLA), Stephen Sklaroff,
has decided to leave the FLA later this year,
after some 12 years in the post. “It has been
a privilege and a pleasure to work with the
FLA’s members over the past 12 years as
they have demonstrated their vital role in
the UK economy, and commitment to high
standards of customer service, during a time
of huge change in the political, economic and
regulatory landscape.” fla.org.uk
Piling it on
BREXIT preparations continued to dominate
manufacturers’ activities in March as they
tried to build inventories of both purchases
and finished products, according to the latest
IHS Markit/CIPS PMI. Companies stepped up
production to build-up inventories partly to
prepare for Brexit and partly to meet rising
inflows of new work, mainly reflecting
stockpiling at clients. The surveyed rate of
increase in stocks of purchases hit a record
high for the third month running in March.
The PMI figure itself rose to a 13-month high
of 55.1 in March, up from a revised reading of
52.1 in February (originally reported as 52.0). It
has now remained above the 50.0 no-change
mark for 32 months running.
ihsmarkit.com
Growing pains
FUNDING Circle has expanded its broker team
with three hires to provide more support to its
introducer network in the North and Scotland.
Mike Morris, formerly at Merchant Bank Close
Brothers, joined Funding Circle as Regional
Manager for the North region and Scotland
bringing with him more than ten years of
experience in commercial finance within
asset-based lending and leasing finance.
Cameron Ritchie and Nick Newton also joined
the team as Business Development Managers.
fundingcircle.com
FCA probe
THE Financial Conduct Authority (FCA) is
facing a government probe into its oversight
of London Capital & Finance (LCF), after
customers of the firm lost thousands of
pounds in investments. This follows concerns
the FCA was too slow to protect consumers
before LCF went into administration in March.
Some 11,605 people invested a total of £236
million with LCF, but only about 20 percent of
this money may be recovered.
fca.org.uk
STEPCHANGE Debt Charity has
released figures showing that the
total number of Debt Relief Orders
(DROs) agreed in the last ten years
has exceeded 40,000. And it expects that
number to continue to rise.
Figures published in April show that
40,823 StepChange Debt Charity clients
have used the DRO scheme since its
inception on their journey to becoming
debt-free. Around five percent of the
recommendations the charity makes
to people about solutions that would be
suitable for them are for DROs.
Paula Hogarth, who manages the
StepChange DRO team in Birmingham,
says that DROs have proved their worth:
“While they’re only suitable for a minority
of people, and it’s important that people go
through debt advice to work out what’s best
for their own particular circumstances, debt
relief orders have firmly taken their place
as a valuable option among possible debt
solutions.
“DROs suit people with low income, low
assets and less than £20,000 of debt. They
have proved their worth for over 40,000 of
our clients. We have found the Insolvency
Service to be helpful and receptive over
the past decade, including introducing
slicker application processes and taking a
pragmatic and proportionate approach if
client circumstances change unexpectedly.”
Liz Thomas, Head of Debt Relief Orders
for the Insolvency Service, praised the role
of DROs as helping a substantial amount
of people: “We wouldn’t have been able to
successfully issue more than a quarter
of a million DROs without working with
our colleagues in the debt advice sector,
including our partners at StepChange.”
Looking ahead, StepChange Debt Charity
expects the number of clients for whom
DROs are the most appropriate solution
to continue to increase, in line with the
increase in the number of clients with low
income and low assets who contact the
charity for help.
While eligibility for them is tightly
drawn, DROs are described as simpler and
cheaper for those who can use them than
either Individual Voluntary Arrangements
or bankruptcy. They have proved to have a
very valuable place in the suite of possible
debt solutions for people with few assets,
and without a realistic prospect of clearing
their debt in other ways.
stepchange.org
“We wouldn’t have been
able to successfully
issue more than a
quarter of a million
DROs without working
with our colleagues in
the debt advice sector,
including our partners at
StepChange.”
Cifas reveals spike in false claims
CIFAS, the fraud prevention service, has
released figures showing a marked increase
in the number of individuals committing
insurance fraud with false claims. Between
2017 and 2018, there has been a nationwide
increase of 27 percent in fraudulent
insurance claims.
The figures show that Cifas members
identified household insurance fraud and
motor insurance fraud as the two biggest
causes of false claims – with a 52 percent
and 45 percent increase respectively.
Meanwhile, there has been an overall
decrease in another form of insurance
fraud: fronting an insurance policy.
Fronting is when a driver claims they are
the main user of a vehicle that is actually
driven by a young driver or other highrisk
motorist in order to receive lower
premiums: for example, by parents for their
children.
Cifas members reported over 300 cases
of fronting in 2018, with the data showing
an 18 percent increase in the proportion
of 21-30 year-olds conducting this type of
fraudulent activity. cifas.org.uk
CITIZENS Advice has reported a
sharp rise in people seeking help
with ‘bailiff-related issues’ as
vulnerable consumers are targeted
by increasingly aggressive debt collection
methods. But the claims have been disputed
by the Bailiffs’ trade body.
The number of reported problems with
bailiffs exceeded 103,000 in 12 months – a
16 percent increase on the previous year —
which Citizens Advice claims was driven
by ‘a rise in bailiffs not following the rules
around rights of entry’.
Nearly one in six of the incidents
involved bailiffs ‘threatening to break in,
or unlawfully doing so’, the charity said,
a rise of 13 percent on the previous year.
Other issues the charity said it regularly
encountered included bailiffs charging
excessive fees and refusing to set up
affordable repayment plans.
The charity said it had seen a 43 percent
increase in bailiff-related issues since
2014, when the government brought in
bailiff reforms, and reiterated its call for
independent regulation so consumers would
have better means of redress.
“Five years on, we should be seeing fewer
people with bailiff problems, not more,”
Gillian Guy, Chief Executive of Citizens
Advice says. “Tinkering with the rules again
will have no impact if they’re not enforced,
which is why independent regulation is
urgently needed.”
The charity said the increase was
part of a wider problem of households
falling behind on essential bills. It
estimated that almost £19 billion of debt
is owed to government departments and
utility providers. A Ministry of Justice
spokesperson said: “There is absolutely no
excuse for aggressive bailiff tactics, which
is why we’re examining the case for an
independent regulator as part of our call for
evidence.”
Separate research by the Money Advice
Trust found that more than 2.3 million
debts were passed to bailiff firms by local
authorities in 2017, with 59 percent relating
to council tax debt. Single parents made up
23 percent of those seeking the charity’s
help last year, even though they account for
just six percent of the UK population. John
Griffith-Jones, chair of StepChange, said that
large numbers of single parents contacting
the charity were running a deficit budget.
Russell Hamblin-Boone, Chief Executive
of CIVEA, the Civil Enforcement Association,
strongly refuted the claims: “There is
much misunderstanding about public debt
collection and it is not possible to draw
accurate conclusions about enforcement
practices based on alleged examples
submitted by debt advisers,” he argued
“There is no robust evidence that
enforcement agents are breaking the
highly prescriptive regulations. Welfare
reforms and more rigorous debt recovery by
local authorities has led to an increase in
enforcement activity, but this remains a last
resort.”
citizensadvice.org.uk
“There is absolutely no excuse for aggressive bailiff
tactics, which is why we’re examining the case
for an independent regulator as part of our call for
evidence.”
StepChange welcomes reforms
to bailiff industry
STEPCHANGE Debt Charity has welcomed
a report from The Justice Committee
highlighting the need for reform of the
bailiff industry, including the introduction
of an independent regulator and
complaints procedure.
Peter Tutton, Head of Policy, StepChange
Debt Charity believes it is a wellconsidered
and important report from
the Justice Committee, and he welcomes
its recommendations to drive what the
charity considers are much-needed
reform and oversight of the bailiff sector:
“Enforcement by bailiffs is intrusive
and places disproportionate costs
on people in the most vulnerable
circumstances. With our research
estimating 850,000 cases of bailiff
misconduct in the past two years, the case
for change is urgent.
“We are pleased to see the report’s
recommendations for the establishment
of an independent complaints procedure
and independent regulation of the bailiff
sector. It is also key that the committee
have recommended oversight of the fees
charged by bailiffs to ensure these are
proportionate and just.
“With powerful cross-party consensus
supporting an independent bailiff
watchdog and new complaints body, the
case for independent bailiff regulation has
never been stronger.
“The Ministry of Justice must now act
quickly to introduce a properly resourced,
independent bailiff regulator. We call
on the Government to introduce a Bill
bringing these recommendations into
effect in the next Queen’s Speech.”
stepchange.org
NOTHING VENTURED
A new report has revealed that venture
capital investment into UK start-ups over
the first three months of 2019 was around
the same level as last year. In total more
than £1.2 billion has been invested since
the start of the year across 161 deals.
Fintech, biotech and healthtech were the
most popular sectors for venture capital
firms.
Blockchain pilot
THE Port of Marseille Fos is to pilot a
blockchain solution on the Rhône-Saône
transport corridor, which connects
Marseille with inland ports in France
including the city of Lyon, that it hopes will
make transportation more secure and give
greater visibility in the supply chain. The
combination of logistics and technological
expertise brought in to develop the
platform would create an ‘innovative
system giving greater control and visibility
throughout the supply chain’, said the
Marseille Fos Port Authority.
The blockchain solution will give
certified users direct access to protected
documentation, enabling numerous
parties to share data without the need for
dedicated infrastructure.
marseille-port.fr
Bank whistleblowers
A review by the Banking Standards Board
reveals only 41 percent of bankers who
raise concerns about bad practices or
personal worries feel their employers
listen to the complaints. The survey of
more than 72,000 employees from 26 banks
also reveals that 28 percent of investment
bankers said work was having a negative
impact on their health.
bankingstandardsboard.org.uk
New leadership
appointed at Lowell
LOWELL has appointed Chief Financial
Officer Colin Storrar who will succeed
James Cornell as CEO. Colin has worked
closely with James to lead Lowell’s
successful transformation from a primarily
British player to a leading European
business. He brings a combination of
experience both from his time at Lowell
but also HSBC First Direct and GE Capital.
James will take the role of market and
operational consultant to the company.
lowell.co.uk
The Recognised Standard / www.cicm.com / May 2019 / PAGE 8
The Recognised Standard / www.cicm.com / May 2019 / PAGE 9

NEWS
IN BRIEF
Driving on
SECURE Trust Bank Commercial Finance
has provided a £5 million invoice finance
facility to BCW Manufacturing Group, as the
automotive manufacturer looks to expand
its factory space and production line. The
Burnley-based manufacturer has been
developing bespoke automated lines, tooling,
work holdings and mistake prevention
systems, to provide value-added products to
customers such as Aston Martin, Bentley and
Jaguar Land Rover since 2002.
The £5 million funding will be used to fund
the creation of a dedicated state-of-the-art
automotive machining facility and additional
warehouse space. With increased capacity
to take on new business, the expanded
headquarters is set to create up to 50 new jobs
at BCW over the next three years.
securetrustbank.com
Sparkling growth
BIBBY Financial Services (BFS) has
provided a £2.6 million Invoice Discounting
funding facility to Morris Line Engineering
(Holdings), a specialist engineering business
with two well respected brands – Morris
Line Engineering (MLE) and JW Morris.
Headquartered in Bridgend, Wales,
MLE provides specialist design and
manufacturing services for low voltage and
high voltage equipment. The business has
built an international reputation for product
development and designs over the last
four decades and has exported to over 70
countries.
JW Morris claims an even longer pedigree
of electrical installation work in process
industries and recently celebrated its 70th
anniversary of working for the UK’s largest
integrated steel works at Tata Steel Port
Talbot.
bibbyfinancialservices.com
Chip off the old block
ARBUTHNOT Commercial ABL has
structured and delivered a £750,000
confidential invoice discounting line for
one of the larger temperate hardwood
sawmills in the country. Based in Petworth,
West Sussex, the business dates back to
the original felling records of 1865, and
now delivers bespoke products and its
customers include architects and specifiers,
construction companies and builders,
restoration specialists and automated gate
companies.
arbuthnotlatham.co.uk
CICM
Essentials
RECENT briefing includes the notice of
the fifth Annual General Meeting of the
CICM on 13 June, a free webinar on Brexit
and beyond on 30 April, and the benefits
of being a CICM member including
entitlement to the TOTUM student discount
card for those studying.
Survey suggests millions
caught in spiral of debt
MORE than 1.5 million people in
England are struggling with
the ‘vicious cycle’ of spiralling
debt and mental health
problems. And problems with mental health
dramatically increase your chances of
facing financial difficulties.
Analysis of new national data from
the Adult Psychiatric Morbidity Survey, a
nationally representative survey of over
7,500 people across England, suggests that
people with Obsessive Compulsive Disorder
(OCD) are almost six times more likely to
be in problem debt than people without
a mental health problem, in part due to
common symptoms such as unreliable
memory and difficulty in processing
information which make it harder to
manage money.
More than a quarter of people (29 percent)
with OCD in England have problem debt,
compared to just five percent for people who
do not have a mental health problem.
Similarly, people with bipolar disorder
or depression are around five times more
likely to be experiencing serious financial
difficulty than people without mental health
problems. Some one in four people affected
by these conditions are in problem debt,
compared to one in 20 people who do not
have mental health problems.
This reflects the impact of common
symptoms of bipolar disorder such as
impulsiveness – especially during manic
episodes – and symptoms of depression
such as low moods and poor concentration,
all of which can affect people’s ability to
manage their finances.
Money and Mental Health is calling for
wide-ranging action from the government,
the NHS, banks, energy providers and
regulators to reduce both the psychological
impact of problem debt, and the chances
of someone with mental health problems
falling into financial difficulty.
Helen Undy, Chief Executive of Money
and Mental Health, says when struggling
with mental health it can be much harder to
stay in work or manage spending: “Being in
debt can cause huge stress and anxiety – so
the two issues feed off each other, creating
a vicious cycle which can destroy lives. Yet
despite how connected these problems are,
financial services rarely think about our
mental health, and mental health services
rarely consider what’s happening with our
money. “The Government has an opportunity
to use its upcoming Consumer White Paper
to introduce minimum standards that
people with mental health problems can
expect across essential services like energy
and banking, to ensure that they get a fair
deal. That should include help to avoid
problem debt, and better protection from
aggressive debt collection practices when it
does happen.
“And ensuring that money advice is
routinely offered to people using mental
health services would increase
recovery rates, as well as
improving the financial
wellbeing of the 1.5 million
people currently dealing
with this combination of
problems.”
moneyandmentalhealth.org
Helen Undy, Chief Executive
of Money and Mental Health
Graydon signs sharing partnership
with Forums International
Graydon has signed a corporate partnership
with worldwide knowledge sharing
platform, Forums International. The focus
of the partnership will be to host and
produce quarterly forums focused on fraud
prevention, credit management and risk.
Each of the forums are designed to
bring together leading names within
different industry groups and provide
intelligence and practical tools to a
network of like-minded professionals.
Attendees can expect open discussions,
presentations from industry experts and
specialised workshops. Membership
of the forum will also provide access to
secure members’ communication
channels.
The schedule of dates for the quarterly
forums will be released shortly. Attendance
to the first forum is complimentary and is
an opportunity for prospective companies
to gauge the benefits before making a
commitment to join. Simon Blackwell,
Graydon UK’s Managing Director says
both organisations are committed to the
sharing of relevant and valuable insights
and intelligence within communities: “The
overriding aim is to help organisations
make more informed credit risk decisions
and support them in the ongoing fight
against commercial fraud and financial
crime.” Laurie Beagle FCICM, Managing
Director at Forums International says they
have worked together with Graydon for
many years on the IT Distributors Forum
(DRF) and are pleased to extend that
relationship to include both the Telecoms
Forum (ITRF) and the new Fraud
Prevention Network (FPN) being launched
on the 16 May.
“We both share the same principles and
objectives and know that the two teams
will complement each other in the delivery
of forums that provide quality benefits and
true value to its members,” he says.
graydon.co.uk
HMRC business closures
deemed ‘too aggressive’
SMALL business marketplace Funding
Options says that HMRC should
expand its late payments scheme
due to ‘tough’ UK and global trading
conditions.
HMRC applied to shut down 4,160
businesses that fell behind on their tax
payments last year, as smaller firms were
steadily squeezed between a slowing
economy and late payment from larger
companies.
However, this high number of
applications shows that the government’s
tax and customs department is “too
aggressive in its approach to shutting down
businesses”, said Funding Options, Chief
Executive, Conrad Ford.
The London-based marketplace, which
arranges over £100 million of funding to
small firms a year, acknowledges that HMRC
Lenders call for change to banking rules
PEER-to-peer lenders are calling for a
change to Open Banking rules to make it
easier to access borrowers’ financial data
for the duration of a loan term.
Under the current framework of the
data-sharing initiative, borrowers can grant
alternative lenders access to their banking
data but must reapprove the permissions
every 90 days. This can cause an issue for
lenders who want to monitor a borrower’s
financial situation over a longer term.
P2P business lender Growth Street
uses Open Banking to assess potential
borrowers and to help monitor their
ongoing cashflow and financial strength,
which may be problematic if data access is
refused during a long-term loan.
Greg Carter, Chief Executive of Growth
Street, said Open Banking had made the
process easier for borrowers but called the
applied to wind up 11.5 percent fewer firms
last year than in 2017, but argues that these
figures are still too high.
In February, the Bank of England forecast
growth of 1.2 percent this year, down from
its previous forecast of 1.7 percent made in
November, blaming slower-than-expected
growth in the Eurozone and China, as well as
stalled business investment amid Britain’s
prolonged departure from the European
Union.
“HMRC continues to take a hard-line
approach despite businesses facing tough
economic headwinds. While HMRC has
eased back from last year when they tried
to shut down 4,700 businesses, it should
be looking to give them even more leeway,”
Conrad adds.
www.gov.uk
“HMRC continues to take a hard-line
approach despite businesses facing tough
economic headwinds”
three-month reapproval requirement an
unnecessary burden: “We plan to request
that the Open Banking Implementation
Entity extends the maximum connection
length from 90 days to indefinite.
“The expiry of connections after 90
days means a potentially higher risk that a
borrower could lose access to their facility
– for example, if data loss results in our
credit teams reducing or even removing the
facility.
“We believe businesses should be given
the choice to give permanent consent to
third parties to access their data that can
be revoked at a time of their choosing, and
not be forced to reconnect every 90 days.”
Meanwhile, Open Banking technology
has been incorporated by a debt
management company to automate
annual reviews. Gregory Pennington has
>NEWS
IN BRIEF
Initiative Ireland
enters UK P2P
market
IRISH peer-to-peer property lender
Initiative Ireland has entered the UK
market, offering corporate lending accounts
that let companies back its development
projects through a new subsidiary called
Initiative Financial Services UK.
The minimum investment for companies
will be €10,000 (£8,640) per loan. The lender
has also launched the Initiative Financial
Senior Credit Property Sub-Fund I for
institutional investors with a minimum of
€100,000.
This is a five-year closed ended fund
designed to finance the construction of
residential social, affordable and midmarket
housing across Ireland on a senior,
secured basis. The P2P lending proposition
will only be available for companies at first,
but there are plans to open it up to private
investors.
initiativeireland.ie
Equifax hire
EQUIFAX has appointed former RBS
Operations Executive Tony Banks as
Vice President of Operations for the UK
and Ireland. Tony will be responsible for
overseeing all operational activities at
Equifax sites including London, Wexford,
Leeds and Nottingham. Based in London,
he will report directly to Patricio Remon,
President for Europe at Equifax.
equifax.co.uk
integrated an Open Banking solution
provided by Equifax in partnership with
AccountScore to speed up its customer
financial reviews. Customers of the debt
management specialist will now be able to
complete the required annual review and
financial assessment by providing consent
for the extraction of transactional data
from their current account to populate the
financial statement.
Previously, the review would have been
conducted over the telephone and would
typically take up to an hour. The move
could be a boost for peer-to-peer lenders
working with debt management companies
who adopt similar technology as it could
help speed up the recoveries process.
gregorypennington.co.uk
equifax.co.uk
The Recognised Standard / www.cicm.com / May 2019 / PAGE 10
The Recognised Standard / www.cicm.com / May 2019 / PAGE 11

INSOLVENCY
Moving with the times
The importance of embracing
technology.
AUTHOR – Michelle Thorp
FROM THE CHAIR
Evolving Times
Having knowledge is not enough. It is how such
knowledge is shared that is important.
AUTHOR – Pete Whitmore FCICM
Michelle Thorp
I
had the honour of visiting a creditor
representation organisation in
Belfast in April, and while it struck
me that many of the issues with
which we concern ourselves, for
example how technology can help
our business, are incredibly relevant for
solving business problems (more on that
later), the more traditional business issues
are still the most vital.
The old adage, communicate,
communicate, communicate, and when
you think you’ve communicated enough,
communicate some more, is still as
vitally important today, as whenever
the phrase was coined. For the
insolvency practitioner, communication
and dialogue with creditors, either
directly, or through their representatives is
essential for effective outcomes. So many
of the complaints we see stem from a
failure to communicate.
The prospect of losing money you are
owed by a company or an individual that
has become insolvent can sometimes
be a difficult and time-consuming
situation. But, getting involved in the
procedure means you will have a better
understanding of what is happening, what
the likely outcome is for you as a creditor
and why. The office holder is responsible
for communicating with you – you can opt
out of receiving communications without
losing your voting rights, but it’s important
to note, that by doing so, you won’t have
the detailed understanding of the strategy
and interim reports.
Creditors are often asked to get involved
in an insolvency process, for example
approving the appointment of an office
holder. In the past, physical meetings
were used as a matter of course to seek the
views of creditors on issues. And although
they were useful, they were also difficult
to convene for the large number of people
who needed to attend.
VIRTUAL MEETINGS
But a while ago, a rule change was put
in place to make it easier for creditors
to engage. Virtual meetings can now
be convened instead of face-to-face
meetings. A virtual meeting can often be
a conference or skype call. These meetings
mean you don’t have to be present, but you
can, as a creditor, hear about details and
raise issues with an office holder relating
to your views in a more convenient way.
We have had feedback that the virtual
meetings can often be poorly attended,
and I would urge creditors to get involved.
And, if you think a virtual meeting is not
appropriate, ten percent of creditors can
still call for a face-to-face meeting.
While we should be mindful to make
sure we don’t forget to use these old skills,
which can be so easy to do when we are all
so busy, we should also be looking to the
new. I was also struck by the piles and piles
of cheques I saw in Belfast, and thought we
should embrace the benefits of new skills
and ideas. As technology advances, it can
often seem daunting, but in the long run,
embracing technology in the right way can
have major business benefits. The trick is
to learn from the world of agile delivery –
start small, prove a concept and scale up in
manageable increments from there.
QUICK FIX
Too often, businesses try to fix everything
at once or strive to make a system perfect,
but this means the time and expense
starts to add up pretty quickly, and the
risk of failure grows everyday. At the IPA
we are embracing technology and helping
to make life easier for the people we
work with. But, we are starting small and
working up. On the infrastructure side we
are doing this through better hardware,
cloud-based software and collaborative
tools like shared documents, a new
approach to relationship management,
and – watch this space – a new look and
feel to our website. On the data side, we are
also doing this to help us manage our new
approach to volume regulation.
You may have read in other articles
that part of what we doing in this space
will be to continuously monitor case data
to check for anomalies, and dig into that
data to investigate changes in real-time.
Rather than waiting for an automated
data sharing system that works with every
firm and their different IT systems (we
are currently reliant on manual returns
through Excel), we are starting with one
company and learning the lessons as we
develop an approach for data sharing.
Then will expand out to others and learn
and adapt to their particular circumstances
as we go. 110 percent by value or number
or ten creditors. The so called 10, 10, 10
rule. The famous management consultant,
Peter Drucker said that if you wanted to
do something new, you have to stop doing
something old. I actually think, that in the
world of insolvency, we have to do both.
Michelle Thorp is CEO, Insolvency
Practitioners Association.
communicate,
communicate,
communicate, and
when you think you’ve
communicated enough,
communicate some
more, is still as vitally
important today, as
whenever the phrase
was coined.
Pete Whitmore
AROUND 12,000 years ago
there was a caveman called
Pip. One day, he was out
meandering along the river
bank throwing stones in the
long grasses when suddenly
one of the stones struck another and there was
a spark that ignited the grass. Pip was taken
by surprise, but noticed that there seemed to
be daylight everywhere now. He touched the
glowing grass and it was hot. Pip smacked it
with his spear and it stopped. He picked up
two more stones and struck them together;
there was another spark and the grass glowed
again; Pip smiled to himself.
Pip started to show his closest friends
what he had discovered and they thought
he was some sort of king. A little while later,
someone he didn’t know, Mik, asked him how
to make glowing grass. Pip said he would show
Mik for something in return. Mik didn’t have
anything with him, but promised to return the
next day with something of value. Pip agreed
and showed Mik how to make glowing grass,
and so was born the first training services
transaction on credit terms. Incidentally, Mik
was a good debtor and returned with a rolling
stone thingy.
Word spread about Pip’s services and
even though a few others tried to copy him,
they could not deliver the same value and
experience as Pip and his friends. The local
Chieftain was so impressed he decreed that
Pip and his friends were the best suppliers of
glowing grass in the kingdom. So was born the
Chieftain’s Institute of Cave Men, and Pip King
was the recognised standard in his profession.
Now this may seem a very old story, but
although the principle that knowledge is
power is still true today, it is also how you
make use of that knowledge and how you
share that with your fellow professionals that
brings real value. Cuthbert Greig was clearly
cut from the same cloth as Pip, because he
could also see that value when in 1939 he
was instrumental in setting up what would
eventually become today’s Chartered Institute
of Credit Management (CICM).
Some 80 years later and the Institute is
providing training, services and support
that is recognised as setting the standard in
today’s credit profession. We pride ourselves
in setting the highest standards and offer a
comprehensive range of training and Ofqual
regulated qualifications. Our qualifications
and range of flexible learning opportunities
equip our members with the professional skills
they need at every stage in their career. We
help organisations of all sizes manage credit
and maximise cash collection efficiently and
professionally in an increasingly challenging
business environment.
Through a comprehensive programme of
publications, communications, helplines,
conferences and regional events, we ensure
our members are supported, kept up-to-date
and equipped to meet the demands of the
crucial role they perform in modern business.
Our website resources are complemented by
a range of webinars and social media activity.
We promote professionalism and best
practice through our award-winning Credit
Management magazine, and our CICMQ
quality accreditation scheme recognises
outstanding organisations. Giving our
members a voice, we influence government
policy and direction, and collaborate with
other business organisations. Our close
relationship is exemplified through our
management of the Prompt Payment Code
for the Department for Business, Energy and
Industrial Strategy (BEIS), and the highly
acclaimed CICM managing cash flow guides,
of which we were the authors.
Furthermore, our members create their
own networks reaching out to each other
for support and knowledge sharing when
differing credit challenges arise. It is all of
these aspects that set the CICM apart from any
other service supplier. In today’s uncertain
world, we can provide the knowledge, skills
and experience to ignite that same spark to
allow credit professionals to manage the risk
for business success and sustainability. The
need for professional standards in credit (for
individuals and organisations) is as important
today as it has ever been, if not more.
We are the one stop shop for information,
standards, training, qualifications and
recognition. That Pip King knew a thing or
two...
Pete Whitmore FCICM is Chairman of the
Chartered Institute of Credit Management.
The The Recognised Standard Standard / www.cicm.com / / March / May 2019 2019 / PAGE / PAGE 12 12
The Recognised Standard / www.cicm.com / May 2019 / PAGE 13

INTERVIEW
IRON WILL
Sean Feast FCICM talks to R3 President
Stuart Frith about the insolvency
profession, Consett Steel works, and the
likelihood of Leeds United making the
Premier League.
STUART Frith likes an argument.
That’s not to say that I’ve upset him
or that the interview has in any way
turned hostile, but rather it helps
to explain, in part, why he opted
for a career in Law.
“After I realised I’d never play cricket for
Yorkshire,” he says, with tongue placed firmly in
cheek, “I looked at a career in Law. Originally, I
wanted to practice Criminal Law, but in the end
began specialising in commercial litigation and
I’m pleased that I did. Commercial litigation
tends to be project driven, and so it is less
‘personal’. As such, your competitors and your
clients become your friends.”
It has often been a source of mischievous
satisfaction to Stuart to fraternise with the
competition, and this reflects how the industry
operates: “There is a relatively small coterie
of insolvency solicitors,” he explains, “and
we tend to deal with the problem and not the
personalities that can get in the way of finding
the essential facts.”
A Scot by birth but a Yorkshireman
by inclination, Stuart lived a peripatetic
childhood. His father’s job in the civil service
meant regular moves, from Hoddesdon to
Harrogate, and Grammar School in Spalding.
“School was a traditional Grammar, with
inspirational teachers who you still remember
well and a strong sense of engagement with the
local community.”
School was followed by University in Leeds
to read Law: “Today we tell our young people
to study for a degree they are interested in, but
happily I was always interested in the subject,
and Leeds was a great place to be.”
EMINENT ALUMNI
Leeds Law Department has a reputation for
producing some highly eminent alumni,
especially in the world of media and politics.
These include: Mark Byford, the Deputy
Director General of the BBC; Alan Yentob, the
BBC’s Creative Director; Jack Straw and Kier
Starmer.
Qualifying as a solicitor in 1983, Stuart spent
the better part of 25 years practising in the
North East, before making the move to London
10 years ago. The early years were spent with
Jackson Monk & Rowe, focusing on noiseinduced
hearing loss claims from the shipyards
on the Tees, the Tyne and the Wear, for the Iron
Trades Insurance Group. “At one time there
were 75,000 claims on the Newcastle District
Register alone,” Stuart says.
His role included getting upfront and
personal with the environments in which the
claimants worked: “I remember a Consett steel
works that had a Dantés Inferno-esque feel
about it, and standing on top of a blast furnace
where the soles of your shoes began to melt.”
Today, most of the steel works and shipyards
have long-since closed down, and the rivers
that were once heavily polluted (“They used to
say you could develop a photograph in the Tees,
it was so full of chemicals,”) now have salmon
swimming free.
As Stuart’s career developed, so he became
involved with the Insolvency Lawyers
Association (ILA) and became a founding
member of the Insolvency Practitioners
Association (IPA). The perceived conflict of
the IPA being both a regulated professional
body that was also the insolvency industry’s
trade association led to a new trade body being
established which was ultimately branded R3.
“I had a coffee with Andrew Tate who was
President at that time and my name was put
forward to succeed him. It was then my 36th
year in practice and I wanted to give something
back.”
Andrew Tate had instigated a root and
branch review of R3 to accommodate the
evolving needs to its members, including
those involved in turnarounds. The review was
against a background of a challenging market
whose issues accelerated after the collapse of
Lehman Brothers. “I’ve lived through a
number of recessions, and after every one
there is someone who says ‘you must be
busy!’
REMEDY OF CHOICE
“Banks used to use administrative
receiverships as a remedy of choice; Peter
Mandelson and the Enterprise Act made
administrations easier. Then came the
boom and bust economy, the deregulation
of the financial services industry, and the
global financial crisis which led to the
effective nationalisation of the banks, and
everything changed. Their attitudes to
lending and administrations changed. We
need a buoyant economy for companies
to buy the assets from an insolvent
business.”
With the banks having to reconstruct
their balance sheets (“There has been a
great deal of debt trading,” Stuart says), and
the concurrent emergency of hedge funds
working to a different agenda, Stuart says
that far from the economic misery leading
to happy days for IPs, the insolvency
profession was in fact shrinking. It was
this that led to the strategic review – in
effect giving members what members
needed – and it is a strategy that has been
continued by successive Presidents. “We
are in continuous listening mode,” Stuart
says.
ZOMBIE FIRMS
The economic woes and bank
restructuring led to some in the profession
– and the media – to coin the term ‘zombie
companies’ – those companies that are
in effect insolvent but kept alive by their
banks, perhaps fearing a backlash if they
are ‘allowed’ to ‘fail’. “Some companies are
certainly just managing to get by,” Stuart
explains, “helped by low interest rates,
but any fluctuation in those rates could
make a difference.”
Pensions deficits are a particular issue:
“In restructuring a business, you may find
that you have an underlying business that
is profitable, but a pension deficit – and
how that deficit has been evaluated – that
places a significant financial burden on
the firm and its future survival. There
are several high-profile examples in the
market, not least BHS.
“Kicking the can down the road was
clearly happening,” Stuart continues.
“Banks do not appoint as a matter of
The Recognised Standard / www.cicm.com / May 2019 / PAGE 14
The Recognised Standard / www.cicm.com / May 2019 / PAGE 15 continues on page 16 >

INTERVIEW
CICMQ
course anymore; they leave someone else to
carry the can. Creditors are often impacted;
debts are either sold or written off, and there
are incidences of banks offloading a large book
of business simply to get it off their balance
sheet.”
Another ongoing challenge to the profession
is pre-packs: “They are a good example of what
can happen when there is limited liquidity
in the market to allow trading to continue.
Pre-packs can be positive in saving jobs and
protecting value, but there are often tensions
in the process and a conflict of interests since
over-transparency can erode value.”
CROWN PREFERENCE
The proposed re-introduction of Crown
Preference is also vexing the industry. Stuart
sees it as a retrograde step: “The £185 million
that the Government suggests it will recover is a
mere fraction of what’s being lost in Brexit and
the cost to the revenue in comparison. It was
abolished for good reason but by re-introducing
it without any warning and on the basis of only
flimsy evidence will undoubtedly impact the
banks and other lenders. If the Government is
seeking to stimulate the economy and get the
banks to lend, this is not the right way to go
about it.”
Stuart also warns against over-regulation in
some areas, including corporate governance:
“It is a case of be careful what you wish for,”
he smiles. “Bad cases make bad law, and just
because there are challenges in the market (e.g
through examples such as BHS) we should be
looking at existing remedies and not new ones
with potentially unforeseen circumstances.”
He has been working closely with the
Insolvency Service during his term of office,
and is keen to further enhance the reputation
of the insolvency profession. Regulation, he
says, has made a real difference in weeding out
those who transgress from the high standards
demanded.
Stuart hands over the reins to Duncan Swift,
the incoming President of R3, at 12:00 noon on
3 May. He stays on, however, as an immediate
past-President to help with a smooth handover
and retains his place on the Governance
committee. With whatever free time he has,
he is determined to keep singing: “My mother
was a trained opera singer, and I am currently
50 percent of the tenor section in our company
choir.”
He also hopes to get his golf handicap down
(“I play all the right shots but in the wrong
order,” he laughs, stealing a line from the great
Eric Morecambe) and watch Leeds United in
the Premier League.
He is not sure which one is more likely.
AUTHOR – Sean Feast FCICM
“I remember a Consett
steel works that had a
Dantés Inferno-esque feel
about it, and standing
on top of a blast furnace
where the soles of your
shoes began to melt.”
R3, the UK’s insolvency and restructuring trade association, was
founded in 1990 in the wake of the overhaul of the insolvency
framework triggered by 1986’s Insolvency Act. The newly licensed
insolvency profession felt there was a need for an organisation, separate
to the insolvency regulators, which could bring together individuals
from different licensing bodies and offer support, networking, training
regardless of background, and which could allow the profession to
speak with one voice. As the profession continued to develop, there was
increased focus on the importance of using insolvency procedures to
support business rescue. As a result, the SPI became the Association of
Business Recovery Professionals in 2000 – better known as R3 (Rescue,
Recovery, and Renewal). Over the past 30 years, R3 has been a home
for the insolvency and restructuring profession – led by members,
for members. R3 supports its members as they go about their work
supporting the UK’s economy.
All round audit
THE credit team of eleven at
Ab Agri now manages annual
accounts receivables values
in excess of £1 billion, an
impressive uplift since it last
achieved CICMQ re-accreditation in 2016.
Ab Agri was originally accredited in 2010
following the creation of its credit control
team. The structure is flat with direct
reporting into the Group Credit Manager
with each credit controller responsible
for their own area/division of the business.
The majority of the team have been in
their roles since the inception of the
centralised team, some nine and half
years ago.
Frank Anderson FCICM, Group Credit
Manager, at AB Agri says this is the fourth
re-accreditation the team has achieved:
“While we are assessed by internal and
external auditors on our financial control
framework every year, the CICMQ is credit
specific and is a more rounded appraisal
of our people and processes. It also avoids
any risk of complacency – what was good
yesterday needs to be good today and needs
to be better tomorrow.”
CICMQ Assessor, Pam Thomas FCICM
said in her report: ‘The credit policy
remains an excellent document, and
all areas which serve the business are
covered serving as a basis for sound
credit management principles. All team
members and stakeholders have complete
awareness and clarity of responsibilities
and authorisation levels.’
Hays ticks all the boxes
HAYS is the leading global specialist
recruitment group and market leader in
the UK that has recently achieved CICMQ
re-accreditation for the third time. The credit
team is comprised of 63 credit professionals
who manage a ledger worth c£180 million,
collecting c£150 million per month in
payments.
Mark Phillips MCICM, Credit Control
Support Manager of the Finance Shared
Service Centre, says a number of significant
improvements have been made: “Over the
last couple of years our internal processes
within the credit department have changed,
so going through the re-accreditation
process was a great way of putting those
improvements to the test’’.
CICMQ Assessor Pam Thomas FCICM said
in her report: ‘The use of links to detailed
Standard Operating Procedures enables
a large number of topics to be included
without cluttering the policy; as a result,
it has a fresh clear feel and enables the
document to remain relatively succinct.
‘Personal and professional development is
taken seriously by credit team management.
It is evident that team behaviours and
having the right people in place is extremely
important. Interviews were held with a
number of team members, all of whom
presented themselves very positively. It was
a pleasure to observe how proud they were to
be part of the team and recognised that there
is scope to develop and progress’.
Sweet taste of CICMQ
success for Britvic
BRITVIC Soft Drinks Ltd, the largest
supplier of branded still soft drinks
in the UK, has achieved CICMQ
accreditation after demonstrating
outstanding results throughout the
process.
The newly-installed Credit
Management team at Britvic is made
up of ten credit controllers and was led
through the CICMQ process by Ciaran
Grace MCICM, Sales Operation Manager
at Britvic.
“Along with the development of our
people, the accreditation highlights to
key external and internal stakeholders
that Britvic is committed to best
practice and maintaining the highest
standard and continuous progression in
all areas of credit,” says Ciaran.
Britvic Soft Drinks Ltd is one of the
leading branded soft drinks businesses
in Europe and South America, operating
in and exporting to over 50 countries.
That's entertainment
SONY DADC Europe, part of the Sony
Entertainment Group, has achieved
CICMQ re-accreditation, with its
procedures and processes demonstrating
Quality in Credit Management.
Sony DADC, based in Enfield, provides
distribution services to the home
entertainment industry, as well as
providing warehousing facilities. The
credit control team is 30 strong, with 15
based in the UK office and 15 based in
the Czech Republic.
Paul Saunders MCICM, Head of Credit
and Collections at Sony DADC Europe,
says achieving CICMQ re-accreditation
provides an excellent benchmarking
tool: “Not only does it provide internal
confirmation of approved processes
but also external confirmation to our
clients. Following re-accreditation, we
will continue to review and update all
of our policy and procedure documents
regularly to ensure our processes remain
at the highest possible standard.
“We currently have a few team
members who are following the
education routes available with the CICM
and we are encouraging more to sign up.”
The Recognised Standard / www.cicm.com / May 2019 / PAGE 16
The Recognised Standard / www.cicm.com / May 2019 / PAGE 17

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
An Englishman's castle
What could be considered a fair notice
period for eviction?
AUTHOR – Andrew Wilson MCICM
EVICTION is always an
emotive subject and can
bring to mind Victorian
scenes of the hard-hearted
bailiff, throwing a poor
family out on the street.
It may not be quite like that nowadays
but there are difficult cases. Getting the
balance right between landowners (who
may be relying on the rent or mortgage
payments to fund their ownership) and
occupiers (who for various reasons have
stopped making the required payments)
is not easy. Death, divorce, illness or loss
of employment are often the root cause of
the problem.
If the issues cannot be overcome and
rent continues to be unpaid, then the only
solution is for the occupier to vacate and
return the property to the landlord. The
tenant should have reasonable time to
adjust to the inevitable and the landlord
should have reasonable notice of when
occupation should be handed back.
The case of Shakir Ali v Channel 5 (2018
EWHC 298) highlighted the difference
between the practice in the County Court
and the High Court. In the County Court,
a Notice of Eviction (Form N54) is issued
to the occupier giving the date and time of
the proposed eviction at least seven days
before the event. In the High Court, there
is no similar notice requirement.
In the Ali case, the Writ of Possession
was issued on day one and the attendance
to evict took place at 08:30 on day two.
While it’s not quite Victorian standards,
it is scarcely reasonable notice to give Mr
Ali and his family the opportunity to seek
rehousing from their Local Authority,
which has the ultimate responsibility to
find accommodation for those evicted.
This difference has been picked up by
the Civil Procedure Rules Committee in
their recent consultation: Enforcement
of Possession Orders and Alignment of
Procedures in the County Court and High
Court, which closes on 2 May 2019.
The simple answer is to impose a notice
of eviction requirement on the High Court
process. Most High Court Enforcement
Officers usually give at least seven days’
notice as this often results in the occupier
vacating with all of their possessions. The
last thing that the landowner wants is to
be left with a property full of the former
occupier’s belongings, as the landowner
becomes responsible for those as soon as
the locks are changed.
There are, however, times when notice
is unwise. County Court bailiffs have a
limited time to complete their eviction
and so if the occupier refuses to leave,
the eviction is postponed causing further
losses for the property owner.
The other reason for evictions ending
up in the High Court is the length of time
that County Court possession proceedings
take, and for those possession orders to be
enforced.
If you are a Buy-to-Let landlord, with
a single property and a non-paying
tenant, you will be desperate to reclaim
possession of the property and get it
re-let, particularly if you have borrowed
to buy the property. By transferring the
possession to the High Court, at not
inconsiderable expense, you can at least
speed up the enforcement side.
Introducing a notice requirement
in the High Court is likely to come into
effect, with the ability to apply to court
for notice to be waived in appropriate
cases. In the case of domestic possessions,
allowing time before eviction is entirely
reasonable, but there needs to be a limit,
which is when the landowner becomes
seriously disadvantaged.
County Court bailiffs are generally
overstretched and it can be difficult for
them to deal with an eviction in four or five
weeks from the date of the County Court
order. Hence the current willingness to
transfer to the High Court.
Sometimes an Englishman has no
choice but to leave his home but the
process should be as even handed as we
can possibly make it.
Andrew Wilson MCICM is Chairman
of the High Court Enforcement Officers
Association (HCEOA).
The other reason for
evictions ending up
in the High Court is
the length of time
that County Court
possession proceedings
take, and for those
possession orders to be
enforced.
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The Recognised Standard / www.cicm.com / May 2019 / PAGE 18

OPINION
OPINION
BACK TO
THE FUTURE
A Canadian commercial debt collector advocating
Chinese Water torture has left many in the industry
hot under the collar.
MAGAZINE editors will
tell you that there is
nothing more satisfying
than prompting a
response from one’s
readers. Disagreement
and debate are always to be encouraged.
But an article that appeared elsewhere in
the industry has prompted unanimous
surprise, consternation, and not a little
anger and frustration along the way.
The article in question was from
a Canadian business-to-business
debt collection agency, promoting
its capabilities and expertise to a UK
audience. In pursuing a debt, it argued
for an antiquated approach to collections
(including, I kid you not, a method known
as Chinese Water torture) that belonged
to the dark ages, if it ever belonged at all.
The language and tone of the piece, which
appeared to allow everything including full
on bullying and harassment, prompted
many from the industry to throw up their
hands in despair.
Steve Lewis FCICM, Managing Director
of LPL Commercial Services, had to pinch
himself before realising that the article was
not meant as a joke: “I was not sure of the
motive of the article because I thought at
first it was a tongue in cheek swipe at those
collectors that still have no appreciation of
Compliance, adherence to FCA and Credit
Services Association (CSA) Codes and legal
obligations as well as showing apparent
breaches of current legislation in respect
of the Criminal Justice Act and harassment
in particular.”
After a quick internet search, Steve
discovered that the business is registered
and operates in Canada: “Not that that
is any excuse for what appears to be, in
general, a very poor reflection on some
methods used by them. Debt Collection,
commercial or otherwise, is a skill
enhanced by professionalism, compliance
to the codes, ethics and laws of the land. If it
AUTHOR – Sean Feast FCICM
is the case that some or all of the advertised
methods are allowable in Canada, I cannot
say, but such techniques seem to fragrantly
disregard UK and European laws and rules.”
REPUTATIONAL DAMAGE
While the piece was speaking to a
B2B audience, many felt that it was of
detriment to the wider collections industry
– commercial and consumer – especially
since the lines between ‘personal’ and
‘business’ debt can be blurred. Business
owners, especially owners of family firms
or SoHos, are known to use personal
credit cards, for example, when money is
tight, and so whether a debt is personal or
commercial can be a grey area. Not every
B2B debt to be collected is from a faceless
corporate; behind many of these debts are
real people, with real emotions, and real
vulnerabilities.
Martin Roseweir, Managing Director of
AIC and member of the CICM Think Tank
described the sentiment as everything that
should not be part of today’s Collections
approaches: “The industry has made great
strides over the last decade or more to rid
itself of what was, at times, a deserved
reputation of treating customers unfairly
and in a manner that did not engage
customers whether they were consumers
or businesses.
“The approaches described could
not be further from the reality of those
adopted, and driven by, an industry that is
at the forefront of driving good customer
interactions and journeys. We now have a
very balanced approach to collections that
does not shy away from the expectation of
debts being paid but also understands the
need to fully appreciate the customer’s
circumstances and the complete picture of
why they have not paid their debt.
TRANSFORMATIONAL WORK
“The work by those of us that have been
in the industry through those ‘darker days’
“While debt collection
will never be regarded
as a customer
orientated industry,
customers can be
confident that today’s
collection professional
has their interests at
heart and will not be
adopting ‘scam like
tactics’ to collect debt’’
“The industry has
made great strides
over the last decade
or more to rid itself of
what was, at times, a
deserved reputation
of treating customers
unfairly’’
AUTHOR – Sean Feast FCICM
of collections has been transformational
and has changed how the industry is now
perceived in most quarters. The methods
described by this supplier – the Policeman,
Chinese Torturer, Salesman or Clergyman
– have no place in a professional
collections industry. True professionals
Treat Customers Fairly – whether that’s a
B2B customer or a private individual – and
work with the customers to get the best
outcome for both their client and their
customer.”
David Sheridan FCICM, Operations
Director at ARC Europe and also a
Think Tank member was similarly
underwhelmed and disappointed: “Today’s
collection professionals work tirelessly to
achieve fair customer outcomes,” he says.
“This means, that collection professionals
balance commercial and conduct
standards equally. One without the other
is not acceptable and firms that do put
commercials first, I argue, won’t last long
as a business.”
He says that specialised training or
anecdotes of yesteryear’s sharp practices
on how to ‘nudge’ customers to pay in full
even though their circumstances make it
apparent they cannot belong to a different
era. Today’s collection professionals, he
argues, are highly trained as the role of
collections has significantly involved
particular in the consumer space.
“Collection agents are expected to
assess and understand the customers
circumstances and in particular act
on insight that suggests customer
vulnerability and if that is established to
help the customer access the right support
and guidance to help them deal with all
creditors. This is a very different mind-set
and approach over a rudimentary focus on
sharp tactics to better negotiate repayment.
RESPONSIBLE PROFESSIONALS
“While debt collection will never be
regarded as a customer orientated industry,
customers can be confident that today’s
collection professional has their interests
at heart and will not be adopting ‘scam
like tactics’ to collect debt. That’s why our
clients work with us and our competitors –
we are regulated and members of the CSA,
the Credit Services Association.”
Stuart Knock MCICM, Managing
Director of EOS Solutions and CICM Think
Tank member, holds a similar view. At
first, he thought the article might have
been an April Fool: “I guess you know you
are getting old when you see an article that
taps into those halcyon days of your early
career and contrasts those warm but fuzzy
memories with the stark snap of ‘is this
really still happening?’
“Clearly we can’t pretend that the credit
management and debt collection industry
isn’t here to collect money – whether
commercial or consumer – but as an
industry we are making a rod for own back
if we start promoting a return to practices
that I thought had died years ago. What
is socially acceptable has changed for the
better and so has the regulatory landscape;
so I wonder would an FCA regulated
business associate itself with these tactics
and if so, what action would the regulator
take?”
REGULATORY CHALLENGES
Stuart thinks the article highlights the
challenge that he sees with regulation in
the UK, in that the practice of collecting
overdue sums of money is not the activity
that is being regulated: “The piece is
focused on commercial credit, but the
people on the receiving end of the bad
cop tactics are still precisely that – people,
human beings – and the idea that they
are afforded less protection just because
they aren’t being asked to pay a regulated
agreement doesn’t sit well with me.
“The fact that reading this piece caused
me discomfort is OK and should be used as
a force to do more good in shaping opinion
on whether these approaches really have a
place in our industry anymore, regardless
of who regulates us or what we are
collecting.”
The Recognised Standard / www.cicm.com / May 2019 / PAGE 20
The Recognised Standard / www.cicm.com / May 2019 / PAGE 21

OPINION
OPINION
Seeing is Believing?
Are credit reference agencies the Achilles Heel for
credit managers trying to spot bogus accounts?
AUTHOR – James Campbell
AUTHOR – James Campbell
James Campbell
House does
not verify the accuracy
of the information
displayed’. These 11
words now appear on the
‘COMPANIES
Companies House Beta
(‘CH’) website pages as a result of a prolonged
and concerted campaign by Philip King
FCICM, Chief Executive of the Chartered
Institute of Credit Management (CICM), and
the Secretary of the European Freight Trades
Association (EFTA).
Whilst the words might have been better
displayed, and in a larger type, they are
nevertheless there, on the home page (and
many other pages) of the CH website, to be
seen every time that you go to that site. As
well as stating that CH does not verify the
accuracy of the information displayed it
might also have been better if it had stated
that it cannot verify the information and in
particular the content of accounts that are
filed. That, however, is a battle for another
day.
The appearance of the disclaimer at CH is
a first, small step towards dealing with the
ever-growing menace and risk of short-firm
fraud. But the real problem of how this
particular crime is facilitated, in my opinion,
lies at the door of the unwitting credit
reference agency (CRA) sector that nearly
every business now uses to make credit
extending decisions.
While Companies House have agreed upon
a disclaimer regarding the accuracy of the
data they hold, there are no such disclaimers
among the CRAs. This is a concern, since
it potentially leaves businesses at risk for
attempting to do the right thing.
BESPOKE ALGORITHMS
CRAs typically suggest that their
recommendations are reached by way of
bespoke algorithms where all relevant
details are fed into their particular models
(with filed accounts only being part of the
mixture). They then magically come up with
recommendations contained in reports that
are presented in such a way as to appear that
nothing has been omitted or left to chance.
Most of us, I am sure, are familiar with such
reports that contain pages and pages of figures
summarised in a recommendation that is in
turn presented with comforting traffic light
colours, large letters (A+, B etc) and ratings
out of 100 where the nearer to 100 the lower
the risk. These ‘products’ are designed for
ease-of-use so that with one cursory glance
at the report you can reach a decision about
whether or not to extend credit.
But there is a flaw. What if the accounts
that are included in the algorithm are bogus?
The resulting recommendations/suggestions
could be financially dangerous.
I have some theories as why no disclaimers
appear on CRA reports. Firstly, a belief that
CRAs, like Companies House, simply cannot
identify whether or not filed accounts are
either genuine or bogus. Over the last two years
I have shared numerous instances of bogus
accounts that have been filed at Companies
House which have resulted in CRAs giving
fantastic credit-extending recommendations
thereby putting their subscribers at risk of
potentially falling victim to short firm fraud.
Secondly, that the CRAs are naturally keen
not to have to continually publish that the
information upon which their reports are
based cannot be verified, as to have to do so
is potentially going to damage the ‘value’ of
their products and might not result in a sale.
TERMS AND CONDITIONS
The CRAs are well aware that there is a problem
with regard to not being able to verify the
information obtained from Companies House
because within their terms and conditions,
often in the small print, is usually a disclaimer
clause along the lines of their services being
based upon data which is provided by third
parties, the accuracy of which it would not
be possible to verify. However, on a practical
basis, how many users of their services are
aware of the existence of such words? It is my
experience that the day-to-day users of CRA
reports are the people in credit teams who
had no involvement when the service was
subscribed to, and who have not been made
aware of the inherent weakness in it.
CRAs are sales-driven organisations. This
is no bad thing other than when a defect in
the product on sale is not being highlighted
and that such a defect could result in exactly
the opposite of what the product is being
promoted to achieve. For instance, CRAs
promote their products on the basis that
they will help you avoid bad debt; however, a
credit recommendation of £30,000 for a shortfirm
fraud company, if acted upon, is going to
result in a £30,000 loss.
CRAs typically suggest that their
recommendations are reached by way of
bespoke algorithms where all relevant
details are fed into their particular
models (with filed accounts only being
part of the mixture).
I am involved with a number of companies
where I regularly receive cold calls from CRA
sales people. Whilst I politely listen, I always
then ask what measures they have in place
to prevent short-firm fraud. My enquiry is
invariably met first with silence, and then a
question; I have yet to talk to any CRA sales
person who seems to know what short-firm
fraud is. Why? Perhaps that is a question
best answered by the CRAs themselves, and
I would invite them to respond.
SUPPORTING EVIDENCE
At EFTA we have members who have advised
CRAs, with supporting evidence, about
accounts that are obviously too good to be
true (and which have generated glowing
credit recommendations). The response from
the CRAs has not been helpful. Their hands
appear tied unless and until something
fraudulent happens. In other words, there
has to be a victim before the CRA will alter
the recommendation it is making based
on the accounts that the fraudsters have
submitted to Companies House.
So, what is the solution? Ideally the CRAs
will include a disclaimer on every report
they generate (so as to remind readers to
be careful in case the recommendations
are based on bogus documentation). Being
realistic, however, I don’t expect this to
happen any time soon or at all. It took a long
time for the tobacco companies to agree to
put warnings on cigarette packets, so I have
no expectations that the CRA industry is
suddenly going to promote the blind spot it
has when it comes to being unable to detect
bogus accounts.
When you next look at a CRA report, ask
yourself ‘Are these credit recommendations
based on genuine or bogus accounts?’. Make
further investigations (such as physical
examination of any filed accounts to see
if they look too-good-to-be-true), and take
other sensible checks, rather than just going
along with what the CRA is recommending.
James Campbell is the Secretary for
The European Freight Trades Association.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 22 The Recognised Standard / www.cicm.com / May 2019 / PAGE 23

COUNTRY FOCUS
COUNTRY FOCUS
There are many cultural
and economic differences
to consider when
doing business in the
UAE.
Part two:
United Arab Emirates
SETTING
UP SHOP
WHEN establishing a
business in the UAE,
foreign ownership
is generally limited
to 49 percent, with
the remaining 51
percent to be held by UAE nationals unless
the business is in a free zone. These permit
100 percent foreign ownership through
branches, single or multiple shareholder
companies, remove the need for a national
agent required for branch offices of foreign
companies, have no customs duties on
imports and re-exports (except re-exports
into onshore UAE), grant special assistance
in getting work permits for staff, and
guarantee exemptions from corporate
taxes.
Firms intending to trade or invest need
the correct authorisations and licences;
each emirate may also have additional
requirements.
As for form of business, the Commercial
Companies Law (CCL) recognises five
forms of commercial entity – the general
partnership; limited partnership; public
joint stock company; limited liability
company (LLC); and private joint stock
company.
The CCL allows foreign companies to
establish a branch office in the UAE. The
scope of activities permitted varies from
emirate to emirate, although generally a
broad range of commercial activities can be
undertaken. To establish a branch office,
firms need to get consent from the Ministry
of Economy; deposit a bank guarantee of
AED 50,000 (£10,500 November 2018); have
a sponsor who is either a UAE national
or a locally registered company entirely
owned by UAE nationals; and have a formal
national agency agreement in place if the
national agent sponsors and assists in
return for a fee.
It surprises many that while legislation
covering intellectual property (IP) rights in
the UAE does exist (and has national, GCCwide
or global application), there are no
specialist IP courts or many specialist local
advocates. Enforcing IP rights therefore
needs creative thinking.
Law firm Baker McKenzie notes that
while corruption is an issue globally, the
UAE does not have a standalone antibribery
or corruption law. However,
other laws contain several provisions
dealing with anti-bribery/corruption in the
public and private sectors. Most of these
provisions are found in the Penal Code.
Baker McKenzie also suggests that
foreign companies considering submitting
bids for tenders issued by public authorities
seek legal advice prior to submitting their
proposals; there are rules for federal and
local level tenders.
AUTHOR – Adam Bernstein
TAX MATTERS
There is no direct personal taxation or
federal tax system in the UAE, but most
emirates levy various municipal taxes.
Income tax is only applied in practice to
foreign banks, and oil and gas companies.
There is no taxation on capital gains and
VAT (at five percent) was only brought in
last January.
Customs duties are levied on imported
goods at five percent. Higher rates apply
to alcohol and tobacco. Some categories
of goods are exempt, such as certain
agricultural products, printed material
and pharmaceuticals. Exemptions may
also be granted for goods imported for
industrial or manufacturing purposes.
Goods are imported into a free zone suffer
no customs duties.
Note that goods can only be imported
into the UAE by a company that is registered
in the UAE, that goods manufactured (or
marked) in Israel cannot be imported into
the UAE, and all printed matter, films and
tapes must be cleared by the Ministry of
Information.
At this point it’s worth noting that the
GCCʼs Common Customs Law sets the
framework for import regulations, but that
each member state administers its own
list of prohibited, restricted and exempted
products. As regards food imports, the
Gulf Standardization Organization (GSO)
determines the UAEʼs packaging and
labelling requirements. Its requirements
state that all UAE food imports provide
information in Arabic.
EMPLOYMENT LAW
For economic, social and political
considerations, the UAE has an
Emiratisation policy whereby the private
sector is mandated to integrate and employ
a number of UAE nationals in varying
percentages according to business size,
or sector. Other issues to note is an end
of service gratuity which relates to service
length (equivalent to 21 days basic wage
for each of the employee’s first five years
of service and 30 days’ basic wage for each
year thereafter); no recognition of the term
‘redundancy’; 30 days leave a year (after the
first year); and 11 official holidays.
BEHAVIOUR AND ACCESS
While the UAE is a multi-cultural society
with a huge expatriate community, and
is regarded as relatively liberal within the
region, national sensitivities should be
observed. Islam plays a central role in the
society, but other religions are respected;
the Islamic dress code is not compulsory.
Non-Muslim residents can get a liquor
licence to drink alcohol at home and in
licensed venues. In Dubai and all other
emirates besides Sharjah, the drinking
age is 21. Drinking in Sharjah is illegal.
Passengers in transit through the UAE
under the influence of alcohol may also
be arrested. Pornographic material, ivory/
rhino horns, cannabis, firearms, fireworks,
narcotics and opium are strictly prohibited.
English is widely spoken and while it’s
commonly used in written correspondence,
Arabic is often preferred within some
public sector organisations – it’s preferable
to have one side of a business card
printed in Arabic. Face-to-face meetings
are preferred; phone calls and emails
are sometimes seen as impersonal. The
working week is Sunday to Thursday.
Visas are available for business and
tourist visits, transit and residency. UK
citizens can get a 30-day visa on arrival.
Business visitors can be sponsored by an
employer with a business licence.
A residency visa and labour card are
needed to work in the UAE, normally
obtained by the employer. Those
establishing a business in the UAE can
apply for a residency visa once they’ve
obtained a trade licence.
The UAE is a market ripe for exploitation,
especially as the federation is moving away
from reliance on oil. But observing national
sensitivities is the key to success.
Adam Bernstein is a freelance business writer.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 24 The Recognised Standard / www.cicm.com / May 2019 / PAGE 25

TRADE TALK
london. düsseldorf. new york.
CUSTOMS COURSES
The different trade organisations and their role
in helping British businesses export.
AUTHOR – Lesley Batchelor OBE FCICM
Lesley Batchelor
AS a member of the European
single market, the UK has
had a relatively simple time
exporting to Europe over
the past few decades. Even
in the context of the last
three year’s debate about Brexit, the EU
will likely remain the UK’s largest export
market, though of course geography has
a large role to play in this. However, with
growth in markets beyond the EU long
outpacing that on the continent, the need
for UK businesses to spread their wings and
adopt a more global outlook is significant.
Whatever the consequences of the
Brexit debate, one of its potential longterm
and significant impacts could well
be the renewed focus that it has brought
to international trade in the UK. The
government’s ‘Global Britain’ strategy
hasn’t been in the news as much as it was
in the earlier stages of the Brexit saga, yet
it remains a sound one, especially if the
UK ever does get into a situation whereby
it could negotiate independent trade deals.
A consequence of this increased
attention for non-EU markets has been
a greater appreciation of the way world
customs operates, though this has also
been bought into sharper focus through the
debate about the UK’s future relationship
with the EU. The thing that businesses
already exporting beyond the EU already
appreciate is that sending goods to these
markets requires the completion of a fair
amount of paperwork.
As with any administrative requirement,
customs procedures and documentation
can initially appear daunting. Yet, as I’ve
often written in this magazine, exporting
is easy when you know how it’s done.
ROLE OF THE WCO
In a previous edition of Credit
Management, I mentioned the important
role the World Trade Organization
(WTO) plays in global trade. Another
organisation our exporters will come into
greater contact with over the next few
years is the World Customs Organization
(WCO).
Established in 1952, the WCO
represents 183 customs administrations
across the globe that collectively process
approximately 98 percent of world trade.
As the global centre of customs expertise,
the WCO is the only international
organisation with competence in customs
matters that can rightly call itself the
voice of the international customs
community.
With more UK businesses needing to
learn about the processes and paperwork
associated with customs, it is likely that
they will encounter the WCO at some
point, whether that’s through interacting
with their authorities or by participating
in one of their education schemes
(including the WCO Academy) to gain
great competency in these key export
procedures.
WCO ACADEMY
We are delighted that we are partnering
with the WCO Academy to help more
British businesses learn about how
international customs works through
its online training courses. This is the
first ‘Strategic Partnership’ of its kind in
the UK and it will enable British trade
professionals to gain recognised skills
and expertise from the world’s premier
customs organisation.
Through the IOE&IT’s website, trade
professionals can now take customsfocused
e-learning courses developed
by the WCO, covering over 500 hours of
training on the major topics, concepts
and processes of international trade.
After completing the training courses,
individuals will be rewarded with a
certificate from the WCO Academy, a
significant achievement within the global
industry.
The courses are a fantastic opportunity
for British traders to gain prestigious
and international recognition from the
world’s leading customs institution. They
also contribute towards the IOE&IT’s
CPD programme, enabling enrolled
trade professionals to maintain and
develop their skills and competence in
international trade.
OUR MISSION
I’ve also previously written about the need
for more ‘customs practitioners’ in the UK
as we approach a new era in our trading
relations around the world. These WCO
Academy courses, alongside our own
customs-related courses, will help to give
people access to the skills and knowledge
they need in order to become the customs
experts we need.
The IOE&IT has also developed a
‘Customs Pathway’ through its suite of
training courses. The pathway takes
prospective customs professionals
through six of the IOE&IT’s courses,
culminating in the attainment of a
‘Customs Practitioner Award’.
For individuals or businesses looking
to make the most of opportunities around
the world, whatever happens with Brexit,
this pathway is well worth embarking
upon.
Lesley Batchelor OBE FCICM is Director
General of The Institute of Export and
International Trade.
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The Recognised Standard / www.cicm.com / May 2019 / PAGE 27

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
CHINA WATCH: OOPS
MOST media reports have
concentrated on the Trump/
China trade skirmishes. But
there’s much more interesting news
from China – stalling consumer
spending.
Car sales to the domestic market
fell nearly 16 percent in January 2019.
That's the seventh month of declining
car sales, and an acceleration from a
six percent fall in the whole of 2018.
(That, in turn, was the first annual
fall in car sales for nearly 20 years.)
It's not just cars, either. Apple reports
poor iPhone sales, for instance – and
CEO Tim Cooke says the speed of the
deceleration took them by surprise.
Is this the Chinese hard landing?
Actually, it might not be. Underneath
the headline economic figures, China
has made major structural changes.
The shadow banking sector has
been cut sharply, and the economy
has been diversified, with services
taking an increased share. Domestic
consumption is also taking a larger
share of the economy – so China is
less dependent on exports. So, though
the short-term looks tough, in the
long-term China is probably better off
than it was a couple of years ago.
You'll still need to mind your eye,
though. The cut in shadow banking
loans and peer-to-peer lending will
hurt private companies which tend
to borrow in these sectors rather
than from traditional banks. Watch
your customers carefully for signs
of financial stress – there could be
bumpy times ahead.
BUT ONE THING I DO KNOW
BRITAIN has now got 'new trade deals’ with Israel, the Faroe Islands, Fiji and Papua New
Guinea. Chile, the Seychelles, Zimbabwe and Madagascar also figure on the list, and we do at
least have a continuity agreement with Switzerland.
As for Japan, South Korea, and Turkey – much more important markets for British export –
there’s no word on what our arrangements will be after 30 October, or whenever.
So that's unimpressive. But what's even more unimpressive is that these marvellous new
trade deals, with all the advantages that voters were told would flow from exiting the EU and
being able to name our own terms, are in fact simply roll-overs of the deals we already had.
Whatever your view on the UK's relationship with the EU, what seems very clear is that
British exporters are being sold down the river. Perhaps it's time to take a higher public profile
and demand the needs of companies who fuel the British economy are taken into account.
BASED IN TELFORD,
SUCCESSFUL
EVERYWHERE
OIL mist filter manufacturer Filtermist is one
of those companies that really understands
export; 92 percent of its total sales are
exported to 60 countries including the US, as
well as across Europe and the Far East.
Filtermist prefers to work through
distributors. Where the company puts
the work in is in identifying the right
markets in the first place, and then building
relationships. For instance, Filtermist
headed to IMTEX, the Indian Metal-Cutting
Tool Exhibition, to push its products in a
market where environmental performance
is currently a top issue. But it's fair to point
out that Filtermist isn't an overnight success.
One US distributor has been on board for 40
years. Obviously, you need to be in this game
for the long term.
EULER HERMES
OPENS ITS VAULTS
EULER Hermes collects a huge amount
of data in order to carry out its economic
analysis. Now, it's made a lot of it available to
everyone on the Open Data Portal (opendata.
eulerhermes.com).
You can look at the data on the web or use
an API to build more complex models. I was
quite intrigued by some of the information
available; for instance, that Romanian
exporters to France have a much worse
payment experience than others. Or that
the sector with the worst payment records
in France are automotive (which you might
have expected) and bakers' shops (which
you might not). It's definitely a page worth
bookmarking – though your queries will
probably be less frivolous than mine.
Vietnam export value higher than GDP
ONE interesting fact that popped up on my
radar this month is that Vietnam's export
value is actually higher than its GDP. That
must make it the most export-orientated
economy in the world.
It also, of course, means the country
is highly exposed to any trade wars or
decline in global trade. But Vietnam has
a lot more going for it; high wage growth,
which together with a growing middle
class is leading to a surge in domestic
consumption. The economy is open and
well diversified, with e-commerce growing
by leaps and bounds. And as a member of
the Association of Southeast Asian Nations
(ASEAN) free trade area, Vietnam is also
a good staging post for entry to other
ASEAN countries. So far, UK exporters are
doing best in industrial sectors such as
pharmaceuticals and machinery. But the
consumer market is a massive opportunity
– as is education and training.
Getting money out of the country is
easier than it used to be, though the dong
remains a tricky currency to trade. While
the banking sector is still underdeveloped,
the country is a leader in mobile payments
– something worth thinking about if you're
selling to smaller companies or retail
customers.
Blockchain for trade finance
CREDENDO has now started an
innovation laboratory to look at new
ideas in trade finance. Credit insurance
and surety bonds might not be the
right products for the future; trade is
becoming ever more platform-based,
and it will be looking at how to make
trade finance more appropriate to the
platforms. Perhaps you'll end up getting
your credit insurance filled up on a realtime
basis with every sale you make on
Amazon. Who knows?
Europe kicks the can down the road
AU Group recently pointed to economic
weakness in both Germany and France
– previously the motors of Eurozone
growth. Trade tensions, the Gilets
Jaunes, and regulatory shock in the
automotive sector are all blamed. The
savings ratio is up – consumers aren't
spending – and economic growth will
be 'timid' at around one percent this
year and 1.5 percent or so next.
Add to that a very high rate of
corporate indebtedness in France, and
you might want to be quite careful
about how much credit you're giving
customers.
However, anyone predicting
another crash is probably going to be
disappointed. Fiscal policies in both
France and Germany are relatively
The other big thing that Credendo
has planned is looking at how
blockchain can work for trade finance.
Currently, the process as well as
the marketplace is fragmented and
inefficient. That could all change. If
you haven't grasped how blockchain
can change things, you need to get
Blockchain for Dummies – it will
probably, over the next 20 years, change
our lives as much as the internet
already has.
supportive of the economy. Meanwhile,
for the Eurozone as a whole, kicking
the can down the road seems to have
worked; economic growth has drawn
the teeth of government debt. The
Eurozone's stability, according to the
economic data AU Group looks at, is
the best it's been since 2001. And while
government debt remains above precredit
crunch levels, real progress has
been made in reducing it over the past
ten years.
Yes, there are a few clouds on the
horizon – such as an increased populist
vote in the European Parliament
elections, and Italy breaking out of its
fiscal corset. But on the whole, Europe
seems likely to continue with modest
growth.
Choose your markets
ATRADIUS' research picks out a select
few emerging markets for growth in 2019:
Bulgaria, Vietnam, Indonesia, Peru, and
Morocco.
But more important than the choice,
perhaps, is how that selection was made.
First, Atradius looked for economies
with steady growth fuelled by domestic
consumption and investment. That's a good
start, but the team next needed to make sure
that growth was sustainable.
They next looked at the countries'
'buffers' - foreign exchange reserves, for
instance. How well would each country
withstand an external shock – a credit
crunch or a currency war? And finally,
Atradius qualified countries by their political
and institutional stability.
A lot of exporters look for growth. Some
look for safety. But the message here is that
you really do need to take a 360-degree view
– and consider both those aspects before
you pick a new market.
I have no idea
I have no idea what's happening about
Brexit. I am not the only one. The EU Council
doesn't know. The EU Parliament doesn't
know. The House of Commons doesn't know.
Theresa May doesn't know. Nobody knows.
I don't suppose you know either. And
things seem to be changing hourly. So,
whatever I write, this isn't going to be upto-date.
So, I'm sorry, there's nothing in this
column about the big issue of the day (week,
month, year).
Let's get on with something else.
If you can stand the heat
BLACKBURN fragrance and scented candle
firm Nuhr found a new export market after
its CEO read about a candle firm who'd
shipped a big order to Saudi Arabia – but it
melted in the desert heat.
Tinkering with Nuhr's product
formulation created a heat-proof candle that
wouldn't wilt under pressure – and now the
company is hoping to gain Saudi contracts
to go with its Dubai deal.
EXCHANGE RATES VISIT
CURRENCYUK.CO.UK OR
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by the Financial Conduct Authority (FCA).
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The Recognised Standard / www.cicm.com / May 2019 / PAGE 28
The Recognised Standard / www.cicm.com / May 2019 / PAGE 29

EXCLUSIVE REPORT
What’s On the Menu?
An analysis of the UK restaurant and takeaway sector
and the impact Brexit may have on its future.
EXCLUSIVE REPORT
AUTHOR – Markus Kuger
AUTHOR – Markus Kuger
LIKE many other industries,
the UK restaurant and pub
sector has been impacted
by the prolonged economic
uncertainty and Brexit
effect. The CGA’s business
confidence survey published in November
2018 found that just 30 percent of leaders
were optimistic about growth prospects
in the eating and drinking market for the
12 months ahead. Dun & Bradstreet is
maintaining its outlook for the UK political
environment as ‘rapidly deteriorating’
and predicts real GDP growth to slow –
forecasted at 1.6 percent in 2019-20.
The hospitality sector is the third largest
private sector employer, providing 10
percent of employment and contributing
up to five percent of UK GDP. However,
there has been a reversal of consecutive
years of growth (since 2015) with over 385
outlets closing in 2018 according to a PWC
survey and the number of restaurants in
the UK dropping for the first time in eight
years. In what has been termed a ‘crisis in
the casual dining sector’, there have been
a number of high-profile closures such
as Byron, Jamie’s Italian, Carluccio’s and
Prezzo Group.
Restaurants and pubs also suffered,
with a net 506 outlets closing, reversing
three consecutive years of growth since
2015. Carluccio’s, Jamie’s Italian and the
burger chains Byron and Gourmet Burger
Kitchen have all downsized amid a crisis in
the casual dining sector. The most popular
dining brands in the UK in a recent YouGov
survey were lower cost chains with Greggs,
J.D. Wetherspoon, McDonald’s, Subway
and Pizza Hut featuring in the top five.
CHALLENGING ENVIRONMENT
Recent business rate discounts
implemented for High Street businesses
will provide some benefit for smaller
businesses but is unlikely to have a
significant impact on this industry,
especially for larger chains and franchises.
Data from the Office for National
Statistics (ONS) shows that there were
32.5 million people employed in the UK
at the end of 2018, the highest rate since
the start of the data series in 1971. The
unemployment rate stood at the lowest
reading since the mid-1970s, which
creates both opportunities and risks for
businesses.
Resource-heavy industries such as the
restaurant and bar sector are increasingly
struggling to find employees, as
highlighted by a rise in the number of total
UK vacancies (853,000 in November 2018).
At the same time, wage growth is easily
outstripping inflation, thereby adding to
companies’ costs. In addition, a 4.9 percent
rise of the country’s minimum wage in
April also add to the cost pressures.
The labour issue is exacerbated by
lack of clarity around employment and
residency of EU nationals in the UK in
a post-Brexit landscape. Many in the
hospitality industry have voiced concerns
as the number of migrant workers in
the UK fell in 2018 and trade body, UK
Hospitality, warns this will ‘undermine’ the
workforce across UK restaurants and bars
and hinder investment and growth in the
sector.
Cashflow can also be an issue and
Dun & Bradstreet’s latest data on payment
performance in the industry has improved,
but the average percentage of payments
made on time based on the data analysed
was still a low 31.8 percent average for
the fourth quarter of 2018. Although the
industry pays more promptly than those
in the manufacturing and government
sectors, it still lags way behind other sectors
such as agriculture and construction.
CHANGING TRENDS
Despite a turbulent time, the CGA’s Market
Growth Monitor does still indicate growth
in the sector, with a stable number of small
and medium businesses opening their
doors and the expansion of successful
brands such as Wahaca, Wagamama,
Nando’s and Giggling Squid.
Although high street retailers saw a
decline in credit card sales and an overall
slowdown in UK consumer spending, data
from Barclaycard showed an 11.7 percent
increase in spending at pubs, and 8.6
percent increase at restaurants in October
2018 compared to the previous year.
The industry is also impacted by wider
lifestyle trends such as an increased
demand for healthier food options and
specialist dining such as vegan or glutenfree.
There is also much more of a focus
on ethical sourcing and sustainability
with consumers looking more closely at
issues such as where the food products are
sourced from, and the distance it travels to
the amount of plastics used in packaging.
Deloitte’s report in 2017 also predicted
that ‘the restaurants of the future will
use technology throughout the customer
journey’ across a range of processes from
ordering and delivery through to pricing.
With the growth of websites and apps
such as Just Eat and UberEats, takeaway
deliveries are on the up and with increasing
choice in a busy marketplace, businesses
are under increasing pressure to enable
more personalised experiences, which
require investment.
Although there are undoubtedly tough
times ahead for the hospitality industry
in a busy and competitive marketplace,
there is evidence of growth and expansion
for certain brands and opportunities for
growth are out there for those who can
adapt and move to meet changing needs.
Markus Kuger is Lead Economist at
Dun & Bradstreet.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 30 The Recognised Standard / www.cicm.com / May 2019 / PAGE 31

MEET OUR FELLOWS
OF THE FUTURE
The CICM has launched a new scheme called ‘Fellows of the Future’, with
an aim to support CICM members who show potential to become leaders
and role models in the credit profession.
Philip King FCICM Chief Executive of the CICM.
“Achieving Fellowship of the CICM is an accolade all credit professionals should aspire to. It is a recognition of achievement
and status by the chartered body for the profession. One of our key objectives is to support people throughout their career,
whether they are just starting out or are well on the journey. The Fellows of the Future scheme aims to identify people who
are keen and eager to progress and are recognised as leaders of the future. We want to encourage and support them and to
accelerate their progress up the career ladder.”
UKCCC
2019
CROWNE PLAZA
NEWCASTLE UPON TYNE
POWERED
BY
We invited nominations and applications earlier this year, and now have our final list of
participants for 2019. They will start a programme of workshops, mentoring, networking and
Continuing Professional Development (CPD) shortly. We asked them about their thoughts on
starting on the new scheme.
Matthew Roberts MCICM
Debt Risk Strategy Manager at npower Business Solutions, and
proud winner of ‘Credit Professional of the Year’ and ‘Winner of
Winners’ at the 2019 CICM British Credit Awards
“17 years since my first credit role, I’m more excited than ever by
the challenges we constantly face within our profession. I am
passionate about driving our CICM Corporate Membership and
CICMQ Accreditation forward. Being a Fellow epitomises where I
feel my career is close to, but just falling short of.”
Ciaran Grace MCICM
Sales Operations Manager at Britvic Soft Drinks
“Being nominated as a Fellow of the Future is a huge
achievement in itself and something I am very proud of. I know
the programme will help me develop my leadership skills further
and provide me with the support and guidance to flourish as a
credit manager.”
Harry Tumber MCICM
Head of Asset Management and Legal Services at Moneybarn
“I am looking to develop my knowledge and skills in order to
progress to director level within the credit industry. The Fellows of
the Future scheme appeals to me as I believe it is an opportunity
to increase my exposure within the CICM, learn from experienced
Fellows of the Institute and to potentially mentor others.”
Donna Bibby MCICM
Client Relationship and Business Development Manager at
Shulmans LLP
“I aim to further my career by developing my credit management
skills. Ultimately the ideal position I would like to reach is group
credit manager. I believe that achieving Fellowship status is
crucial to achieving this aim.”
Jane Owens MCICM
Premium Administration Manager at Broker Direct
“I want to learn more from my CICM colleagues to
develop myself into the best credit manager I can be
and then pass these skills on to the team. I love my role
and I want to continue to grow and hopefully inspire
others at work or by assisting the CICM to promote credit
management as a varied, challenging and rewarding
career.”
Terry Jakeway MCICM
Senior Credit Manager at Marlowe Fire and Security
“The scheme appeals to me as I have learned a lot from a
number of CICM Fellows and I believe I have something
to offer to the credit profession. I am passionate about the
profession and extremely keen to make credit a career of
choice.”
Paul Whittaker MCICM
Credit Manager at Valeo Foods Ireland
“I am passionate about credit and the role the credit
department plays in the overall successful running of any
business. My goal is to be credit director of a company, and
be able to make real change in how credit professionals
are viewed in their workplace.”
Gabriele Orsini MCICM(Grad)
Head of Accounts Receivable and Treasury at Royal Free
London NHS Foundation Trust
“I’m passionate about credit management. I would like
to help others to progress in their career and promote
this exciting and rewarding profession to others. It is an
honour to take part.”
Sarah Bolas MCICM Credit Services Manager at VEOLIA ES (UK) LIMITED
“I am happy in my current role, but want to learn more about credit management, particularly strategic planning and insight.”
The Recognised Standard / www.cicm.com / May 2019 / PAGE 32
info@cicm.com
www.cicm.com
01780 722900

AWARD WINNERS
AWARD WINNERS
WHAT IT MEANS
TO BE A WINNER
Credit Management asked the winners of the 2019 British
Credit Awards what it means to them to win one of the
prestigious awards.
Legal Team of the Year:
Keebles
WINNING the award has been a massive boost for the whole
department. We received lots of support from both within
the team and from our clients during the entry submission
process so winning it means a huge amount to everyone.
On a day-to-day basis we know we do a good job and our
clients are happy with our work, but to receive validation from
an outside, independent source just reaffirms the service level
we provide is industry leading.
Figures and statistics can say a lot about your quality of
work but an award such as this is something tangible that we
can all be really proud of.
Everybody likes to win and this award has given everyone
here a huge surge in confidence about what they do and the
firm that they work for. We are all thrilled.
Charise Marsden
Third Party Debt
Collection Team of the
Year:
Hilton-Baird
Collections Services
WE’RE incredibly proud to have been
voted Third Party Debt Collection
Team of the Year for the second
successive year. For our team’s
performance and dedication to have
been recognised at the highest level
gives them great confidence and belief
to keep doing what they’re doing and
delivering industry-leading results for
our clients.
The CICM is the benchmark for
the credit industry, so it’s incredibly
rewarding that the values and standards
we aspire to are so aligned with the
Institute’s expectations of what a debt
collection agency should be.
It gives businesses in need of
a trusted debt collection partner
confidence in our practices and range
of services, it’s also a great reward for
our team and justification for all the
training and hard work they have put in.
It’s an award we will cherish and
display proudly and hope to win many
more in the years to come.e.
Alex Hilton-Baird
Best Use of Credit
Technology Award:
High Court
Enforcement Group
AS the largest independent High Court
enforcement company, technology
has been central to our approach from
day one and winning the British Credit
Award for best use of credit technology
was a very welcome endorsement.
Since winning the award, we have
continued our development of leadingedge
technology, with a new debtor
app, a Moodle platform, to support us
in delivering our enforcement related
training courses and workshops,
and a new CRM system. We are also
comprehensively reviewing our case
management solution to look for further
improvements.
Winning the award has undoubtedly
helped both High Court Enforcement
Group and our sister company Excel
Civil Enforcement to win several
new clients over the last quarter.
It has reinforced both companies’
commitment to continuous
technological improvement. Not least,
our head of IT and his team were also
thrilled with the win!
Alan Smith
Consumer Call Centre Team of the Year:
Piggy Bank
BEING nominated for a number of categories this year is a huge honour, and we’re
really excited to be alongside some of the top companies within the industry.
These nominations are a huge testament to all departments within our business
and highlight our drive to achieve the right outcomes for our customers. Winning
this award really sets the tone for a successful 2019 and after a fantastic 2018 we're
looking forward to continuing to celebrate our company’s successes with everyone
who helps to make it happen. We know that these nominations have made our
employees feel proud to work here, it’s lovely to share that pride for the business with
all of our colleagues. Such recognition from an esteemed body is confirmation of
our ethical integrity, our continued efforts to improve and dedication to working as
efficiently as we can, to deliver the best customer service possible.
Hannah Melvin
Commercial Collections Team of the Year:
Imperial College
THIS Award is a huge achievement for Imperial College London, in more ways than
one. It is of course recognition for hard work each member of the Credit Control
team has put in, as well as a testament to the wider department activities (such
as credit checking or complex billing), but it is also a clear statement of where we
see ourselves heading. Simply put, we are looking to incorporate best practice in
everything we do.
Winning this is a destination on a 12-month journey that has been a transformative
experience. Effective management and high performance is an expectation, but
achieving excellence in an environment of constant change is a hard task even for
the most motivated of teams. This Commercial Collections Team of the Year award is
one the department can be particularly proud of, and which will set the bar for future
achievements, team efforts and departmental transformation.
Gavin Jones
Credit Information
Provider of the Year
Employer of the Year:
CoCredo
WINNING a CICM Award is very
precious to all the team at CoCredo
as it is recognition for all our hard
work among our industry peers and
friends. To be a double award winner
on the night was over-whelming
and for our product innovation to
be to be recognised as well as being
considered ‘head and shoulders above
our competition’ as Credit Information
Provider of the Year was one of our
proudest moments in our 16-year
history.
Winning Employer of the Year in
such decorated company magnifies
the ethics and values we have as a
business and how we strive to not only
drive growth by listening to what our
clients want, but also our amazing
team too. We are excited about the
future and graciously thank the judges
and the CICM for this accolade.’
Dan Hancocks
Diversity and
Inclusion Award:
HMRC Debt
Management
PAT Wilkinson and I were delighted
to pick up the Diversity and Inclusion
(D&I) award on behalf of HMRC, Debt
Management (DM). DM are really
active in D&I – touching upon the
most topical and sometimes sensitive
subjects.
The team works hard to be very
conscious of inclusion across the
department – tailoring messages,
being thoughtful about differing work
patterns, careers, the mix of cultures
to name but a few – all the things that
make up our teams. To be shortlisted
for an award is fantastic but to win a
CICM award is truly exceptional and
reflects the effort that our people put
in to make debt management the
inclusive place that we see today.
We are absolutely delighted with this
recognition.
Karen Cobb and Patricia Wilkinson
The Recognised Standard / www.cicm.com / May 2019 / PAGE 34
The Recognised Standard / www.cicm.com / May 2019 / PAGE 35

THE payment performance statistics
for April were most concerning but
there were, at least, some signs of
improvement. This month’s results
continue those positives and look
even more encouraging, with a
number of impressive performances across the
board and the average Days Beyond Terms (DBT)
figures across regions and sectors reducing to 13.1
and 12.4 days respectively.
SECTOR SPOTLIGHT
It has been a positive month for the majority of
sectors, with all but two (Financial and Insurance
and Real Estate) of the 22 sectors reducing their
payment terms.
The biggest improvement has been in the Water
and Waste sector, reducing its DBT by a remarkable
8.5 days. Wholesale and Retail Trade and IT and
Comms also performed well, reducing DBT by 6.7
days and 6.1 days respectively.
Mining and Quarrying remains the worst
performing sector on 21.1 days overall but has
reduced its DBT by 6.5 days. International Bodies
has overtaken Education as the best performing
sector after a further reduction of 5.6 taking its
overall DBT to 4.6 days.
PAYMENT TRENDS
On The Up?
The latest monthly business to business
payment performance statistics.
AUTHOR – Jason Braidwood FCICM(Grad)
REGIONAL SPOTLIGHT
The regional standings are similarly positive, with
all but one (Northern Ireland) region reducing
their DBT. Scotland is back on top as the best
performing region after a reduction of 7.8 days
taking its overall DBT to 9.9 days. It’s been a tough
few months for the North West, but this month has
been much more encouraging, also reducing its
payment terms by 7.8 days.
The South East has also performed well,
reducing its payment terms by 7.1 days. But all
of the other regions can be encouraged by their
improvement. Northern Ireland was the only
region not to reduce its DBT, an increase of 0.5 days
means it is now the worst performing region.
Top Five Prompter Payers
Region March 19 Change from April 19
International Bodies 4.6 -5.6
Public Administration 7.7 -4.1
Education 8.5 -1
Health and Social 8.7 -3.3
Other Service 9.1 -5
Getting Better
-8.5 Water and Waste
-6.7 Wholesale and retail trade
-6.5 Mining and quarrying
-6.1 IT and comms
-5.6 International bodies
Top Five Prompter Payers
Region March19 Change from April 19
Scotland 9.9 -7.8
South East 11.2 -7.1
Yorkshire and Humberside 11.2 -4.1
South West 11.9 -3.9
East Anglia 12.2 -4.2
It has been a positive month for the
majority of sectors, with all but two
(Financial and Insurance and Real
Estate) of the 22 sectors reducing
their payment terms.
Region
Getting Better – Getting Worse
-4.2
-5.1
-4.6
-7.8
0.5
-7.8
-7.1
-3.9
-3.7
-5.0
-4.1
East Anglia
East Midlands
London
North West
Northern Ireland
Scotland
South East
South West
Wales
West Midlands
Yorkshire and Humberside
PAYMENT TRENDS
AUTHOR – Jason Braidwood FCICM(Grad)
Bottom Five Poorest Payers
Region March 19 Change from April 19
Mining and Quarrying 21.2 -6.5
Financial and Insurance 18.4 2.0
Real Estate 17.5 1.7
Entertainment 15.2 -0.2
Water and Waste 15.1 -8.5
Getting Worse
2.0 Financial and insurance
1.7 Real estate
Bottom Five Poorest Payers
Region March 19 Change from April 19
Northern Ireland 20.7 0.5
West Midlands 13.7 -5
North West 13.6 -7.8
London 13.4 -4.6
Wales 13.4 -3.7
NORTHERN
IRELAND
0.5 DBT
WALES
-3.7 DBT
SOUTH
WEST
-3.9 DBT
SCOTLAND
-7.8 DBT
NORTH
WEST
-7.8 DBT
WEST
MIDLANDS
-5.0 DBT
YORKSHIRE &
HUMBERSIDE
-4.1 DBT
EAST
MIDLANDS
-5.1 DBT
LONDON
-4.6 DBT
EAST
ANGLIA
-4.2 DBT
SOUTH
EAST
-7.1 DBT
The Recognised Standard / www.cicm.com / May 2019 / PAGE 36 The Recognised Standard / www.cicm.com / May 2019 / PAGE 37

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The Recognised Standard / www.cicm.com / May 2019 / PAGE 38 The Recognised Standard / www.cicm.com / May 2019 / PAGE 39

OPINION
OPINION
TAKING BACK
CONTROL
How do you get that much
sought-after promotion?
WHEN you are in the muck
and bullets of the day-today
job we tend to forget
about what we want to do
and what our next step is
on the slippery corporate
ladder. A credit manager’s job is never done;
there is always the next month-end, ledger
review, customer visit, escalation, and the
pressure from the bosses to reduce debt and
increase cash which is relentless. As my boss
used to say, you are only as good as last month’s
cash and debt figures. So here is a question for
you; when was the last time you sat down and
thought about your next move and how you are
going to get there?
Last year the Chartered Institute of Credit
Management (CICM) launched the CICM
Mentor Hub where credit professionals could
either volunteer to be a mentor or ask someone
to be their mentor. As I had been in credit for
more years than I can remember, had senior
roles in large corporations, worked in a variety
of industries and for the last 18 years been a
consultant with the last 13 as an independent,
I thought that I would volunteer to be a mentor.
I also have the advantage of working in some
great organisations as part of my role as Head
of Accreditation CICMQ which gives insight
into the dynamics of credit management teams,
what methods and procedures work well and of
course the people.
REGISTERED INTEREST
I wasn’t expecting to be contacted so soon but
within a week three people had registered with
the Mentor Hub and via the portal sent me a
message, two of them I had never met and the
other was an existing client, each at different
stages in their careers seeking slightly different
things. There was though a common theme –
taking back control of their career. Very shortly
after the first conversations with the ‘mentees’
I found that I have been having informal
conversations with people for years answering
questions such as: ‘what would you do?’;
‘how did you get that job?’; ‘my boss is a #*?%
what can I do?’; ‘I have an interview next week
for X how should I approach it?’; and ‘how can I
AUTHOR – Chris Sanders FCICM
convince my boss I can do more?’
What also surprised me, looking back, was
that people who I thought had got this whole
job, career, work/life balance nailed were just
as conflicted, full of self-doubt and as unsure
what to do as I was during my corporate career.
Since leaving corporate life in 2005, the most
important thing that I realised was that the only
person who really cared about my career was
me, and during my corporate life the decisions
around my job and next move were not mine
and determined by someone else. There it is –
the big question that we should all ask ourselves
– ‘what do I need to do to take back control?’
before our future is determined for us.
This simple question covers pretty much
every question I have been asked, either
informally over a beer, dinner or through the
CICM Mentor Hub. So, I thought that I would
try and answer that question in this article and
hope that it gives some hints and tips to those
who are equally frustrated with their jobs,
careers, bosses, as I think we all have been.
This is the stuff that I would go back and tell
my 20 year-old self as I entered the corporate rat
race.
In order to take back control you need to
build trust. For example, people won’t give
you the keys to their car unless they trust
you and the same is true at work. Managers
delegate when they feel that the person they
are delegating to can do the job, even if they
have never done it before. Trust is built of two
things: firstly past experience – if they have
seen you do it before; secondly, if they see you
are confident in your own ability, even if they
haven’t seen you do something before, they will
let you if you demonstrate confidence that you
can achieve the desired outcome. Of course
you can try and ‘blag it’, and let’s be honest we
probably all know people who have done this,
but eventually the blaggers get found out, so I
would not recommend it as a long-term career
strategy. Remember it is a small world and you
don’t want that reputation. So, if you want the
boss to give you more responsibility or you want
to get that promotion how do you build trust?
There is a simple answer – understand what you
want and start planning how to get it.
ONE THING
What are the milestones in the department
you work in? These could be quarter end,
performance assessments, objective setting,
annual targets etc. look at these in relation to
your role and put them into an action plan.
Once you have done this, set your milestones
in line with these. Planning is easy; executing
the plan is the tough part so don’t give yourself
too much to do or you will end up planning
to fail. What is the ‘One Thing’ you want to
achieve then pick five actions all focused on
achieving the ‘One Thing’.
So for example, if your ‘One Thing’ is to
be considered for the next promotion what
do you need to do? I would suggest asking
yourself some questions: what do I do to
demonstrate confidence to build trust?;
what is the best way to communicate to my
manager?; how do I stand out from the crowd
in the department?; what do I need to do to be
the go-to person in my team or department?
If you think about it, this is about building
your brand in the department or company,
what do you want to be known for?
SET YOUR OBJECTIVES
Each quarter, half year or year-end there is
an opportunity for you to start the process
of regaining control of your own career.
Most people wait for their bosses to provide
them with their objectives and targets for the
coming period, however long that is. Why
wait for this to happen? Start the process
yourself. With a little bit of research it is
easy to understand your business and what
it wants to achieve and, therefore, what your
manager’s objectives are likely to be. When
you know this, develop your own set of
objectives before your manager’s are cascaded
down to you. If you have done your research,
matched your objectives to the company’s
goals or mission statement, it will be difficult
for your manager to disagree. Most managers
do not enjoy the HR-imposed admin-heavy
performance management objective setting
process, so if you have done this for them they
will be pleasantly surprised and thankful.
Your objectives may need a little tweaking but
the bulk of the work would have been done
and you would have demonstrated leadership
to your manager.
START THE CAMPAIGN
When you have put together the plan,
developed and agreed the objectives it is
all about the execution. How many times
have you been in meetings and come out
with great plans but then nothing happens?
This is now down to you. How do you plan
to start creating what you want to be known
for? In other words, your personal brand. Use
the opportunity of your meetings with your
AUTHOR – Chris Sanders FCICM
manager to refer to your plan, the actions
you have taken, the results and what you are
planning to do next. If things go wrong admit
it, don’t cover it up, and say what you are
going to do to fix it.
As you are marketing yourself you need
to be a good communicator and be able to
articulate your plan clearly and concisely.
If you get the chance to present to other
managers and stakeholders use that as an
opportunity as well, but remember you
need your boss on your side so give him or
her credit for support and allowing you to
develop and expand even if they haven’t done
much of that. As a consultant my role is to
make my clients look good and the same is
true here. You want to make your manager
look good so credit them and also your team
where it is due.
By doing these things you will build trust
not only with your boss, but also with your
team and other stakeholders. Giving yourself
that ‘One Thing’ to aim for can be very
powerful, but remember you cannot do this
by yourself. How others perceive you makes
a massive difference and while you may have
all of the qualifications to gain that promotion
you need to take others with you. You do that
by building trust and becoming the ‘go-to’
person in the department. Now it is entirely
up to you. Do you want that promotion?
Chris Sanders FCICM is Head of
Accreditation – CICMQ.
There it is – the
big question that
we should all ask
ourselves – ‘what
do I need to do to
take back control?’
before our future is
determined for us.
Chris Sanders FCICM
Head of Accreditation – CICMQ.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 40
The Recognised Standard / www.cicm.com / May 2019 / PAGE 41

INTRODUCING OUR
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact corporatepartners@cicm.com
Each of our Corporate Partners is carefully selected for
their commitment to the profession and best practice in the
Credit Industry and the quality of services they provide.
We are delighted to showcase them here.
THEY'RE WAITING TO TALK TO YOU...
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
The Company Watch platform provides risk analysis
and data modelling tools to organisations around
the world that rely on our ability to accurately predict
their exposure to financial risk. Our H-Score®
predicted 92 percent of quoted company insolvencies
and our TextScore® accuracy rate was 93
percent. Our scores are trusted by credit professionals
within banks, corporates, investment houses
and public sector bodies because, unlike other credit
reference agencies, we are transparent and flexible
in our approach.
HighRadius is a Fintech enterprise Software-as-a-Service
(SaaS) company. Its Integrated Receivables platform
reduces cycle times in the Order to Cash process through
automation of receivables and payments across credit,
e-invoicing and payment processing, cash allocation,
dispute resolution and collections. Powered by the RivanaTM
Artificial Intelligence Engine and Freeda Digital
Assistant for Order to Cash teams, HighRadius enables
more than 450 organisations to leverage machine
learning to predict future outcomes and automate routine
labour intensive tasks.
Onguard is a specialist in credit management
software and a market leader in innovative solutions
for Order to Cash. Our integrated platform ensures
an optimal connection of all processes in the Order
to Cash chain and allows sharing of critical data. Our
intelligent tools can seamlessly interconnect and
offer overview and control of the payment process,
as well as contribute to a sustainable customer relationship.
The Onguard platform is successfully used
for successful credit management in more than 50
countries.
The Atradius Collections business model is to support
businesses and their recoveries. We are seeing a
deterioration and increase in unpaid invoices placing
pressures on cashflow for those businesses. Brexit
is causing uncertainty and we are seeing a significant
impact on the UK economy with an increase in
insolvencies, now also impacting the continent and
spreading. Our geographical presence is expanding
and with a single IT platform across the globe we can
provide greater efficiencies and effectiveness to our
clients to recover their unpaid invoices.
With 130+ years of experience, Graydon is a leading
provider of business information, analytics, insights
and solutions. Graydon helps its customers to make
fast, accurate decisions, enabling them to minimise
risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon
uses 130+ international databases and the information
of 90+ million companies. Graydon has offices in
London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s
largest credit insurance companies.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
T: +31 (0)88 256 66 66
E: ruurd.bakker@onguard.com
W: www.onguard.com
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Forums International has been running Credit and
Industry Forums since 1991 covering a range of
industry sectors and international trading. Attendance
is for credit professionals of all levels. Our forums
are not just meetings but communities which
aim to prepare our members for the challenges
ahead. Attending for the first time is free for you to
gauge the benefits and meet the members and we
only have pre-approved Partners, so you will never
intentionally be sold to.
Chris Sanders Consulting (Sanders Consulting
Associates) has three areas of activity providing
credit management leadership and performance
improvement, international working capital
improvement consulting assignments and
managing the CICMQ Best Practice Accreditation
programme on behalf of the CICM. Plans for
2019 include international client assignments in
India, China, USA, Middle East and the ongoing
development of the CICMQ Programme.
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.
Rimilia provides intelligent, finance automation
solutions that enable customers to get paid on time
and control their cashflow and cash collection in
real time. Rimilia’s software solutions use sophisticated
analytics and artificial intelligence to predict
customer payment behaviour and easily match and
reconcile payments, removing the uncertainty of
cash collection. Rimilia’s software automates the
complete accounts receivable process improving
cash allocation, bank reconciliation and credit management
operations.
Improve cash flow, cash collection and prevent late
payment with Corrivo from Data Interconnect.
Corrivo, intelligent invoice to cash automation
highlights where accounts receivable teams should
focus their effort for best results. Easy-to-learn,
Invoicing, Collection and Dispute modules get collection
teams up and running fast. Minimal IT input required.
Real-time dashboards, reporting and self-service
customer portals, improve customer communication
and satisfaction scores. Cost-effective, flexible Corrivo,
super-charges your cash collection effort.
Dun & Bradstreet Finance Solutions enable modern
finance leaders and credit professionals to improve
business performance through more effective risk
management, identification of growth opportunities,
and better integration of data and insights
across the business. Powered by our Data Cloud,
our solutions provide access to the world’s most
comprehensive commercial data and insights
supplying a continually updated view of business
relationships that help finance and credit teams
stay ahead of market shifts and customer changes.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
T: +44(0)7747 761641
E: chris@chrissandersconsulting.com
W: www.chrissandersconsulting.com
T: +44 (0) 1302 513 000
E: sales@keyivr
W: www.keyivr.com
T: +44 (0)1527 872123
E: enquiries@rimilia.com
W: www.rimilia.com
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
T: (0800) 001-234
W: www.dnb.co.uk
American Express® is a globally recognised provider
of business payment solutions, providing flexible
capabilities to help companies drive growth. These
solutions support buyers and suppliers across the
supply chain with working capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
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.
Shared Services Forum UK Limited
Shared Services Forum UK is a not-for-profit
membership organisation. with one vision, to form
the largest community of people from the business
world and facilitate a platform for them to work
together to mutual benefits.
Benefits include; networking with like-minded
professionals in Shared Services. The criteria is a
willingness to engage in our lively community and
help shape our growth and development.
C2FO turns receivables into cashflow and payables
into income, uniquely connecting buyers and
suppliers to allow discounts in exchange for
early payment of approved invoices. Suppliers
access additional liquidity sources by accelerating
payments from buyers when required in just two
clicks, at a rate that works for them. Buyers, often
corporates with global supply chains, benefit from
the C2FO solution by improving gross margin while
strengthening the financial health of supply chains
through ethical business practices.
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.
T: +44 (0)1273 696933
W: www.americanexpress.com
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
T: 07864 652518
E: forum.manager@sharedservicesforumuk.com
W: www.sharedservicesforumuk.com
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 42 The Recognised Standard / www.cicm.com / May 2019 / PAGE 43

INTRODUCING
OUR
CORPORATE
PARTNERS
For further information and
to discuss the opportunities
of entering into a Corporate
Partnership with the CICM,
please contact
corporatepartners@cicm.com
THEY'RE
WAITING TO
TALK TO YOU...
Serrala optimizes the Universe of Payments for
organisations seeking efficient cash visibility
and secure financial processes. As an SAP
Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience
and thousands of successful customer projects,
including solutions for the entire order-to-cash
process, Serrala provides credit managers and
receivables professionals with the solutions they
need to successfully protect their business against
credit risk exposure and bad debt loss.
T: +44 118 207 0450
E: contact@serrala.com
W: www.serrala.com
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a timely
manner. From invoice delivery to cash application,
Esker automates each step. Esker's automated AR
system powered by TermSync helps companies
modernise without replacing their core billing and
collections processes. By simply automating what
should be automated, customers get the post-sale
experience they deserve and your team gets the
tools they need.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
THE PERFECT VENUE FOR THIS YEAR’S
CICM FELLOWS’
CELEBRATORY LUNCH
We invite all Fellows to help us celebrate 80
years of CICM at this year’s special Fellows’
Celebratory Lunch, at the Churchill War Rooms.
Walk the same corridors as Churchill, peer into the room where his
War Cabinet made their momentous decisions, and marvel at the
complexity of the abandoned Map Rooms, frozen in time since 1945.
Join us for great food, company and to welcome our newest Fellows.
We will also be launching our exciting new Fellows of the Future
scheme.
FRIDAY, 7 JUNE 2019
Arrival drinks served at 11:30 Including welcome
reception for new CICM Fellows.
Tickets £110.00+VAT per person
which includes museum access.
Please email fellowslunch@cicm.com to book
CLIVE STEPS,
KING CHARLES STREET,
LONDON, SW1A 2AQ.
CHARTERED INSTITUTE OF CREDIT MANAGEMENT ●80
YEARS
1939 - 2019
80 YEARS OF THE CICM
BRANCH NETWORK
This year marks the 80th anniversary of the Chartered Institute of Credit
Management (CICM). In this and subsequent issues, we will take a closer look at the
most important moments in its rich history and those characters that have played a
part in shaping it.
South Wales
The South Wales branch has been operating for a number of
years and has been very active for the last four to five years.
We generally hold between four and five events each year
and they are a mixture of technical and social events which
are popular with our membership.
January saw an AI event at Atradius offices in Cardiff Bay
and welcomed Philip King FCICM, Chief Executive of the
CICM to Wales again.
Our annual Christmas bowling tournament is really popular
and becoming increasingly competitive. September will see
the first mini conference with a wide range of speakers, a
great CPD event and already has a lot of interest.
Benefits of attending events are most definitely the
networking, making contacts who are happy to share
knowledge and experience.
Raising the industry profile is also important in South Wales.
It’s a real pleasure to work with such committed and fun
individuals as part of the South Wales committee – long may
it continue.
Diana Keeling FCICM
Northern Ireland
The Northern Ireland Branch of the CICM was relaunched
in April 2017 with the ethos of having a motivated and
focused approach to raise the profile and standards of
credit management throughout Northern Ireland. Events
and the wider benefit of membership has resulted in new
memberships from different sectors since 2017.
We currently hold around five events a year. The Legal Action
Workshop and the Utilities Conference were particularly well
attended and received. Our next event will be an interactive
technical seminar which will incorporate our legal action
workshop. The venue is the Crumlin Road Gaol; even though
the days of jailing debtors has passed, the gaol is a fabulously
suited venue for this topic!
The Utilities Conference in November this year will be
broadened to include other relevant sectors and will be
hosted jointly with our Irish Branch. Against the backdrop
of Brexit, the branch has held informative briefing events,
working closely with CICM Ireland to ensure members are as
prepared as is possible in the current climate.
Angela Miller MCICM
The Recognised Standard / www.cicm.com / May 2019 / PAGE 45
Thames Valley
Formed in 1986, with Roger Cork guest speaking at the
inaugural meeting, Thames Valley branch is still going strong
30 years later.
Thames Valley holds around eight events annually generally
split between half formal and half social. Additionally, we
attend as many careers fairs as possible, normally about 10 a
year, in our efforts to promote credit as a career.
Formal events are targeted at providing members with subject
matter that helps them stay relevant and obtain CPD hours.
Our recent AGM included three speakers who updated the
audience on the UK economic situation, Brexit and credit
insurance. Other events have been organised as a result
of direct feedback obtained from surveys completed post
event asking what people would like to hear about in future
meetings.
The branch network provides all involved with many
networking events, idea sharing opportunities and the
ability to pool resources to organise popular events. A great
example was last years all day event in conjunction with the
Sussex and Surrey branch in Woking that had more than ten
speakers.
Gary Baker FCICM (Grad)
Essex Branch
Guided by our members’ appetite, this year we are hoping to
hold at least five events across our very large area, including
the AGM and our usual annual conference.
The events are a mixture of conferences, presentations and
roundtable forums. Our prestigious day time conferences
have top quality speakers, and have had attendances of up to
60 people, from up to eight different CICM Branches. We have
found those based around frontline credit, technology and
fraud to be particularly popular.
We encourage members to take full advantage of everything
the CICM has to offer – from upskilling, cross industry
knowledge, education, networking and mentoring – it is a
great benefit that is included in the subscription.
Atul Vadher FCICM (Grad)
If you are interested in branches or branch events contact:
T: 01780 722900 W: www.cicm.com/branches
CHARTERED INSTITUTE OF CREDIT MANAGEMENT ●80
YEARS
1939 - 2019

EDUCATION – CREDIT RISK
EDUCATION – CREDIT RISK
TALKING
RISKS
CICM trainer Jeff Lockhart FCICM, outlines his
views on credit risk in the business environment.
Jeff Lockhart FCICM
The current business
environment is much
more dynamic, and the
rate of change can seem
relentless, whether it’s
through technology,
buyer behaviour or
changes in the political
environment.
Iset up St Andrews Management
Centre with my good friend
and business partner, Rick
Bond back in 2013. He already
had an established pedigree in
the further education sector
as a ‘professional educator’ – while my
background was in the corporate world
and, most predominately, credit risk. It’s
a good mix of skills and we have been
very fortunate to work with a number of
blue-chip organisations across the globe.
I was recently in Mumbai and I have
worked extensively across the Middle
East, Asia and North America, as well
as the UK and mainland Europe. As a
traveller, you become very risk-aware –
from your travel activities, to how and
what you eat and drink. I’ve never had
any real issues, but I am quite diligent in
checking out the situation in each country
before travelling. Political climate and
health risks are usually the factors that
have the heaviest ‘weighting’ for me. It’s
all about working with acceptable risk.
There’s a comparison to the risk
in credit. Traditionally, we look at the
Character and Capacity of the borrower
when we consider credit exposure,
and we settle on a risk profile that is
consistent with our appetite. This does
need to be considered in relation to the
environment in which an organisation
operates. In my early career in credit, we
relied on supplementary information we
could glean from Credit Circles, where
local knowledge proved invaluable.
The current business environment
is much more dynamic, and the
rate of change can seem relentless,
whether it’s through technology, buyer
behaviour or changes in the political
environment. It’s important that we try
to understand the environment that
our customers operate in and how well
prepared they are for any such changes.
PESTEL analysis helps us consider
the political, economic, sociological,
technological, environmental and legal
factors impacting upon an industry or
organisation. And if that is a rapidly
changing environment, we need to
regularly revisit to make sure that we stay
up-to-date.
Is there any one factor that seems
to be more important than others at
the moment?
I have been finding that the ‘B word’
is featuring more and more when I
discuss credit risk with my clients.
Brexit – whatever your political views –
has introduced uncertainty. How will
the market change? Currency exchange
rates? Economic growth or decline? What
will changes in the trading environment
do to the revenues, cost structure and
cashflow of my debtors? The UK Brexit
position is not yet finalised but as the
mist disappears, an understanding
of the factors that are influencing
your customers will be invaluable in
determining how, if at all, the risk
exposure in your debtors is changing.
Has increasing globalisation
made any impact upon the risk
environment?
Certainly, globalisation has contributed
to the concept that our world has
diminished into a much smaller place.
Not physically, of course, but our ability
to reach distant markets has greatly
increased and it is commonplace to find
even the smallest of businesses part of
an international supply chain. I look at
my schedule for the past few years and
often wonder what my parents would
have made of it. In their day, after all,
New York was a world away from where
we lived in Scotland. Now, it’s literally a
‘click’ away.
So, what’s the answer?
It all boils down to knowing your
customer. There are many reputable
credit information suppliers who can
provide quality data and can often
supplement statutory filings with useful
information on court activity or payment
scores. Of course, you don’t need to
be able to read financial statements to
understand a credit report – but if you
can, you’ll develop a better understanding
of what is going on in a business. And the
environmental scanning? That gives you
the context – and it’s changing too so the
whole process is an ongoing one. You
need to actively manage your collection
I have been finding that the
‘B word’ is featuring more and
more when I discuss credit
risk with my clients.
CICM CREDIT RISK TRAINING PROGRAMMES
• Introduction to Credit Risk Assessment
• Fundamentals of Credit Risk
• Credit Risk Analysis
• Advanced Credit Risk
CICM training programmes cover all levels and
functions of credit management and collections
including:
Credit Control and Collections | Credit Risk |
Litigation Financial | Export | Management |
General Business | Industry Specific
Programmes can be tailored or bespoke to ensure
they are relevant to current needs in support of
business objectives.
Expert trainers share their knowledge and
experiences, tips, tools and techniques to help
improve effectiveness of the team.
• Delivery is designed to meet the needs of all
sectors, trade or consumer, using current best
practice tools and techniques.
• Cost effective training to upskill, motivate and
develop knowledge, skills and performance for a
maximum of 15 delegates per day.
• CPD hours are attributed to all training
programmes.
Contact Julie Dalton, In-company Training Adviser,
to discuss your requirements.
E: training@cicm.com, T: +44 (0)1780 722907.
strategies relative to the risk in the debtor
– for example, you could focus effort on
the high risk, high exposure debtors but
treat the low risk, high value debtors more
sensitively.
Credit risk assessment is a moving feast in
terms of the Boston Consulting Group (BCG)
matrix – todays stars may be tomorrows
dogs. We only need to look at the business
news to see examples of that.
Jeff Lockhart FCICM, is an international
management and training consultant,
specialising in Finance, Commerce and
Project Management. He has held several
senior level positions for international
businesses, and has operated as a trainer and
consultant in the UK, EMEA, Commonwealth,
North America, Far East and Australasia.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 46 The Recognised Standard / www.cicm.com / May 2019 / PAGE 47

Are you making the most of
CICM and your membership?
Tailored
and bespoke
training for
your credit
team
.
ó
Qualifications
Business news
and industry
updates
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Management
magazine
Webinars
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$
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service
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studies
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training
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Knowledge
Hub
Your specialism is
our specialism
K
P
s
At the CICM we know that credit and collections is a unique profession, and your business
calls for a training solution that is not ‘off-the-peg’.
Benevolent
fund
Local
events
Workshops
Thought
leadership
We take pride in delivering practical and effective learning to credit and collections teams.
Our training is designed and tailored to your business needs and to deliver results.
Your team will learn from our specialist trainers, who all have vast experience in the
profession and will share their real experiences and successes.
What is the CICM? For you; For your team; For business
The CICM is the largest recognised professional body in the world for the credit community. When
you join us, our network of members across the world becomes your professional family.
We have been promoting the importance of credit management, influencing government policy and
regulation and supporting credit professionals through their careers since 1939. It is our reason for
being, and our passion for expertise in the credit and collections profession is second to none.
WWW.CICM.COM
Our specialist team will manage everything from
start to finish. To find out more information contact –
T: 01780 722907: E: training@cicm.com: W: www.cicm.com
Tailored and bespoke training in...
info@cicm.com
www.cicm.com
01780 722900
Developing Credit Strategy; Building Business; Managing Risk; Complying with Regulations; Improving
Customer Relations; Collecting the Cash; Negotiating and Influencing; Psychology of Collections; Achieving
Targets; Debt Recovery; Insolvency; Management Skills.

HR MATTERS ROUNDUP
AGE CONCERN
Age discrimination, the gender pay gap and
whistleblowing in the public interest.
EMPLOYERS and HR advisors
as well as employees and
job applicants may find the
guidance published by Acas,
The Advisory Conciliation
and Arbitration Service,
helpful in understanding what amounts
to age discrimination, when it is likely to
occur and how to prevent it.
Called Age discrimination: key
points for the workplace, the guidance
explains the legal requirements, gives
good practice recommendations and also
AUTHOR – Gareth Edwards
includes helpful case studies to illustrate
potentially problematic situations. It
makes the point that age discrimination
is not just in relation to ‘old’ age.
Discrimination can arise in relation
to someone younger too; that policies
and practices in the workplace should
not put an employee at a disadvantage
because of age; age discrimination is not
just treatment of someone because of
their own age. Discrimination can arise
as a result of a person's association with
another individual or as a result of a
person’s perceived age; and that there is
no minimum length of service required
– protection is afforded to job applicants
and also past employees, for example
references. The guidance also provides
information on situations in which age
discrimination may be allowed and what
circumstances are more likely to be
justified.
Tips are also given throughout the
guidance for how to avoid bias and
stereotypes which can affect decisions in
the workplace.
Whistleblowing and the public interest
SINCE 2013, whistleblower protection
has only been available to workers who
reasonably believe that their disclosure is
in the public interest. Can allegations by
a worker that he or she has been defamed
ever satisfy this test?
The answer is – it all depends on the
facts. In Ibrahim v HCA International
Limited, Mr Ibrahim complained to HCA
that rumours were circulating that he
was responsible for breaches of patient
confidentiality. He said he needed to ‘clear
his name’.
HCA investigated his complaint but
rejected it. When Ibrahim was later
dismissed, he lodged a whistleblowing
claim. For his claim to get off the ground,
THE Government Equalities Office (GEO)
has published two new pieces of guidance
to help employers close their gender pay
gap by both identifying the root causes of
their gender pay gap as well as what steps
and actions can be taken to eradicate it.
The first guide, Eight ways to understand
your gender pay gap, focuses on eight
potential causes of a gender pay gap. The
guidance recommends that employers
look for pay discrepancies in different job
types and departments (including seniority
Ibrahim needed to show that at the time he
raised his complaint with HCA he believed
he was acting in the public interest and his
belief was reasonable.
HCA claimed that Ibrahim's complaint
could not be in the public interest, because
his concern was only that false rumours
had been made about him and the effect
those rumours had on him personally.
Both the Employment Tribunal and
the Employment Appeal Tribunal agreed
with HCA. All the evidence supported the
conclusion that Ibrahim was seeking to
protect his personal interest; his claims
failed.
To benefit from the special protection
afforded to whistleblowers, workers
Causes of gender pay gap
structures). The guide also focuses on
specific parts of employment, from
recruitment to termination, and provides
an insight to employers on which of their
policies or practices could be contributing
to their gender pay gap, with suggestions
for improvement.
The second guide, Four steps to
developing gender pay gap action plan,
focuses on employers working hand in
hand with staff to obtain feedback, which
should then be used to formulate effective
must be able to show that at the time
they made their disclosure they believed
it had a connection to the wider public
interest. This makes it more difficult for
whistleblowing claims to succeed where
the alleged disclosure is a breach of the
employee's own contract of employment
or, as in the case of Ibrahim, alleged
defamatory comments by colleagues.
However, the facts of each case will
be important. There will be cases where
disclosures are both in the public interest
and in the private interests of the employee
concerned.
Gareth Edwards is a partner in the employment
team at VWV.gedwards@vwv.co.uk.
action plans. Employers are encouraged to
analyse and monitor their action plan to
ensure that it is having the desired effect
and is integrated into the organisation.
The GEO has found that more companies
are now reporting on their gender pay gap
since the legislation was introduced in
2017, with 69 percent of employers now
placing closing the gender pay gap at a high
or medium priority.
Acas has also published guidance on the
subject – Managing gender pay reporting.
Opportunities at the CICM
Could you work with us to help develop
the future of the credit profession?
Whether you can spare a few hours a week, month, or ad hoc, there is a
role for you. Training and administrative support will be provided. Please
go to the vacancies section of the CICM website or contact Deidre at
deidre.berridge@cicm.com, or call 01780 722909.
Be a CICM Learning Support Coach: all levels
Provide tutorial support and feedback to learners who are studying
towards a CICM qualification at home (home study). The work is flexible
and can be fitted around a full-time role. You can choose how many
learners you support.
Be a CICM Examiner:
This is an interesting opportunity to build assessment experience
with an accredited awarding body. We are currently recruiting in three
examiner roles:
1: Credit Management Assignment-based assessments
2: Money & Debt Advice assessments
3: High Court Enforcement assessments
Be a CICM Volunteer Membership Assessor
This vital role helps us to review CICM professional membership
applications at ACICM, MCICM and FCICM level. If you are an MCICM or
FCICM member, and have a few hours to spare each month (working via
email and online), we would love to hear from you.
Be a CICM Subject expert
We are looking for credit and collections professionals for ad
hoc work supporting resource development working with our
education advisers. There is no ‘up-front’ time commitment
for this role.
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
contact: cicmmembership@cicm.com
ANNUAL
GENERAL
MEETING
The fifth Annual General Meeting of the Chartered
Institute of Credit Management will be held on
Thursday 13 June 2019 at CICM HQ, The Watermill,
Station Road, South Luffenham, Oakham, LE15 8NB at
13:00 (or at the rising of the Advisory Council from its
preceding meeting, whichever is later).
By order of the Executive Board
Philip King FCICM
Chief Executive
To read the Notice, visit:
http://www.cicm.com/about-cicm/governance/
The Recognised Standard / www.cicm.com / May 2019 / PAGE 50
The Recognised Standard / www.cicm.com / May 2019 / PAGE 51

OPINION
BOY BURGLAR
A tale of a young lad’s first job,
a misplaced set of keys and the
King’s funeral.
AUTHOR – Derek Scott FCICM
MANY moons ago I wrote
an article in Credit
Management entitled
The Office Boy from Hell,
which described my first
job as an office boy in
a chartered accountants. I was just over 15
years old and without any qualifications, but
at least numerate and reasonably literate.
Unfortunately, I was not yet in working mode
and lived up to the title of the article.
The senior partner when he offered me
the position said I was lucky to be earning 35
shillings a week and should begin paying him
back for the opportunity by learning double
entry book keeping and basic accounting.
My basic tasks also included making the tea,
sorting the post and running errands including
lighting his fire in the winter.
The latter job was early each morning
starting with old newspapers, kindling, and
coal. This was stored in the basement and had to
be carried up four floors. In a way the basement
was my kingdom, as no one else ever went down
there. It had several rooms used previously for
storage and I found some interesting bits down
there. I remember a large pile of letters which
seemed to relate to a ‘breach of promise’ case
at the time of King George V (all the envelopes
had his stamps on them). It was a Georgian
house in what was known as Solicitor’s Row.
In fact, we coincidentally shared the premises
with a solicitor.
FUNERAL FIGURES
I had been with the practice about two years
when I lost the key to the back door. At that
time I found myself in the senior partner’s
bad books as I had missed a nought in a set of
accounts, so one important figure read £4,000
instead of £40,000! As it happened it was a
funeral director’s and when these incorrect
details were read out by my boss, the director’s
nearly became their own clients! I dare not
tell anyone about the key, but I was fortunate
the solicitor was always an early bird so I was
still able to get in. The real problem was yet to
come.
In 1952 King George VI passed away and as a
mark of respect on the day of the funeral both
the solicitor and ourselves decided to close, so
luck was with me. However, I still had not found
the key. Two years later, a second funeral was to
prove my Achilles heel. In 1954, the late Prime
Minister Winston Churchill died, the solicitors
again decided to close, but we did not.
I now had a real problem but as they say
‘necessity is the mother of invention’, so there
must surely be a solution to this situation. The
one part of the building which was my domain
was the offices basement. Apart from the coal
bunker there were two more rooms. It had
presumably been used as storage from before
the second world war. The neglect showed
it was damp, there was mildew everywhere,
the paint had peeled off, and any wood was
crumbling thanks to dry rot. The largest room
was at the front which had an alcove under the
front steps to the building.
WINDOW OF OPPORTUNITY
In the alcove was a small window which looked
out on a little yard with railings topping a low
wall. To my surprise the window opened and
closed without any difficulty. One important
draw back was that there were two bars. I found
the wood around the bars also had dry rot,
and as in those days I was still of slim stature
removing a single bar would be enough to allow
me to squeeze though. One bar was reasonably
firm, but the other with a bit of coaxing came
out. I left the window off the latch, and very
early the next morning, making sure the coast
was clear, I got over the railings, opened the
window, and climbed in. Then latched the
window and replaced the bar, I was jubilant.
I collected a scuttle of coal and went up to
light the senior partners fire. As I was putting
the coal on ready to light it, there amongst it
was the missing key! To this day I still find it
hard to believe. However, through life you soon
learn kismet will play many tricks on you, some
good, some bad!
In credit management you will face
situations which cannot be solved by normal
actions. You will not find the answer in text
books, or any solution based on some sort of
statistical theory, in real life it never works. You
will need to think way outside the parochial
credit management box. I have experienced
many situations in my lengthy period in the
profession, and at times the solutions as they
say in Star Trek ‘were to go where no credit
manager has gone before’, but as someone
once said ‘problems are opportunities wearing
cloaks’.
Derek Scott FCICM is a freelance writer.
In 1954, the late Prime Minister
Winston Churchill died, the
solicitors again decided to
close, but we did not.
I now had a real problem but
as they say ‘necessity is the
mother of invention’, so there
must surely be a solution to this
situation.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 52 The Recognised Standard / www.cicm.com / May 2019 / PAGE 53

Congratulations to all of the following, who successfully
achieved Diplomas in Credit Management.
LEVEL 3 DIPLOMA IN CREDIT MANAGEMENT (ACICM)
NAME
Joshua Albright
Marco Anholts
Amanda Barton
Darren Beejadhur
Erika Bone
Marie Byford
Claudia Carausu
Julia Carr
Alexia Clark-Webber
Georgina Davies
Dalbinder Dulai
Leanne Eason
Thomas Fowler
Wendy-Jayne Foy
Benjamin Franklin
Cheryl Gray
Leigh Ellen Griffiths
AWARDING BODY
CONGRATULATIONS
Julie Griggs
Freya Hanbury
Shanaz Herbert
William Hern
Alberto Hernandez Rivas
Shabana Hussain
Craig Isherwood
Jennifer Jeffery
Rachel Jones
Siobhan Kirk
Joanne Lafferty
Latia Latham-Hopper
Lynn Macdonald
Zena Maher
Brenda McKee
Mihael Mihaylov
Holley-Ann Mimms
Paul Murphy
Lisa Nash
Samantha Poil
Andrew Robinson
Lynne Robson
Kelly Rushmore
James Rutter
Stephen Sands
Sarah Sheldon
Hannah Shirtcliffe
Jenny Stephens
Paul Thackray
Kirsty Tippett
Lisa Whannel
Mark Wiles
Wendy Zhungu
LEVEL 3 DIPLOMA IN DEBT COLLECTION (ACICM)
NAME
Martin Poole
LEVEL 3 DIPLOMA IN MONEY & DEBT ADVICE (ACICM)
NAME
Clive Atkinson
Lauren Brooks
Lisa Browne
Shauna Duffy
Haydn Garnett
Katherine Gilmour
Danielle Holroyd
Lucy Kihlberg
Paul Mcmanus
Andrew O'Donnell
Patience Pattison
Heidi Robinson
Jake Schulz
Leanne Simister
Katie Smith
LEVEL 5 DIPLOMA IN CREDIT AND COLLECTIONS (MCICM(GRAD)
NAME
Sana Ahmed
Beccy Eady-Wagstaff
Jodie Foster
Eleanor Kelly
Daniel Parker
Antonia Penfold
LEVEL 5 DIPLOMA IN CREDIT MANAGEMENT (MCICM(GRAD)
NAME
Matthew Norman
CAREERS’ ADVICE
Stepping up to seniority
Driven and ambitious employees are an important part
of any organisation to help them achieve success.
Karen Young
AUTHOR – Karen Young
WHILE employers can
provide opportunities to
feed the ambition of their
workforce, employees
can take their own steps
to give themselves the
best chance of advancing to senior positions in
credit management.
The Hays Salary and Recruiting Trends 2019
guide showed that progression was a primary
concern for credit professionals. Almost a
quarter (23 percent) of employees revealed that
the main reason they would leave their current
job is because of lack of future opportunities
and over half (51 percent) feel that there is no
scope for career progression in their current
role. Professionals across all sectors should
feel constantly empowered to progress within
their role but this is of particular importance
for aspiring managers and leaders in the credit
profession.
Although you can’t award yourself your
next promotion when you personally feel
you deserve it, you can still keep your goal in
sight to accelerate your journey. Set yourself
personal progression and development
milestones and ask your employer to make your
promotion path and timeline as clear as they
can. If your goals are long-term and relevant
to your broader career, communicating these
to your recruiter will ensure your future roles
align appropriately. Plotting and sharing your
progression expectations keeps you motivated
and gives others the best chance of helping you
get to where you want to be.
IMPORTANCE OF TRAINING
Continuous learning is something all successful
professionals strive to achieve, and those in
credit management realise the importance of
this. Data from our Salary Guide shows training
and/or professional certification support is
the most important benefit for 38 percent
of credit staff when considering a new role.
Encouragingly, professionals in this specialism
realise the credibility that qualifications add to
your professional profile and the bearing they
can have you on career development.
No matter what’s on offer at work, this is
one of the ways employees can take control of
their progression. If relevant to your role, take
advantage of any training which is available to
you. Find yourself a mentor, take up shadowing
opportunities and keep a look out for webinars
and industry events. There is also a wealth of
accessible multimedia content online that can
offer easy to digest information. Expanding
your knowledge within your field will equip you
with the skills to take on more opportunities
which enable you to expand and advance your
role.
EMBRACE DECISION-MAKING
Being indecisive is permissible lower down the
career ladder, but there is no room for it as an
individual progresses and has to respond to
increasingly urgent and financially significant
demands. Procrastinating over a tough business
decision can mean losing out on advantageous
opportunities. Being decisive at the right
moment is crucial further up the ladder and
exhibiting this at any level will demonstrate
your potential to work at a senior level in credit
management.
However, decisiveness without the ability
to learn can seriously inhibit a professional’s
development. If you regularly make quick
decisions, this won’t always go to plan but it’s
crucial to learn from your errors to know the
correct course of action in a similar situation.
Strike a balance between showing you can be
decisive while also recognising the impact of
your decisions in order to demonstrate that you
can operate at a senior level.
TAKE PRIDE IN YOUR WORK
Having an admirable approach to work is
different to having achieved a lot in a particular
role or being willing to work extra hours
when required. Professionals who exhibit a
commendable work ethic get to the top by
showing how they go above and beyond to
benefit the business. This might take the form
of achieving extra qualifications, attending
network events, gaining international
experience, working closely with different
functions in the business or getting involved
with external industry events.
If you go the extra mile by doing these things
you’re revealing your ambition, self-motivation
and proactiveness through the way you work.
These qualities are present in senior leaders
across all professions so making sure they shine
through is key to advancing your role.
While you can’t write a prescriptive list
detailing you how to get to the top in credit
management, acting on the above points will
ensure you are doing what you can to reach your
potential. Along with personal traits, strategic
career moves and the occasional bit of luck,
you can propel yourself to where you want to
be while contributing to a workforce that works
harder and smarter and gets better results.
Karen Young is Director at Hays
Credit Management.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 54 The Recognised Standard / www.cicm.com / May 2019 / PAGE 55

NEW AND UPGRADED MEMBERS
Do you know someone who would benefit from CICM membership? Or have
you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more detail, or call us on 01780 722903
NEW MEMBERS
Are you a Leader
or follower?
Studying Members
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Congratulations to our current members who have upgraded their membership
Accounts Receivable Specialist at Shutterstock
AMAR PATEL ACICM
“I recently joined the CICM after completing some exams. Belonging
to the Institute will help with my career progression as it will open
doors in the future and employers have greater respect for those
people that are members.”
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
The Recognised Standard / www.cicm.com / May 2019 / PAGE 56

BRANCH NEWS
FULL NAME:
Matthew Schmid
CURRENT JOB TITLE:
Head of Credit Services
CURRENT COMPANY NAME:
Breedon Group
NUMBER OF YEARS IN CREDIT
MANAGEMENT: 18
60SECONDS
WITH
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 | +44 (0)1780 722900 | editorial@cicm.com
Brexit or Breakfast
Thames Valley Branch
THAMES Valley Branch’s AGM
took place this year at Dun &
Bradstreet in Marlow which, in
addition to hosting, supplied
speakers and ensured all 60
plus attendees were well fed with breakfast
and kept supplied with tea and coffee
throughout the morning.
A review of last year’s branch activities
was provided by the Chair, Secretary
and Treasurer and a few successes noted
– number of careers fairs attended; reorganisation
of our banking arrangements;
and our well-attended and very wellreceived
all day credit event jointly held
with Sussex and Surrey branch in June
2018.
Our first speaker was Dun & Bradstreet’s
Lead Economist Markus Kuger. Markus
gave an overview of D&B’s country risk
services which included some in depth
analysis and detail on subjects such as the
UK’s unemployment trends, investment
levels, business failures and payment
performance.
There were highlights, such as
‘unemployment is still falling with
wages growing robustly’ but probably
more lowlights! For example, ‘business
investment fell in the last three quarters’
and ‘the forward-looking indicators are
deteriorating’. Markus noted that payment
performance overall was improving with 36
percent of UK companies paying to terms
but added that both the Netherlands and
Germany figure reach 70 percent. Markus
ended with a view on the economics of the
Thames Valley region.
After a short break Charlie Reith, Account
Director at Portland Communication,
brought everyone up to speed on Brexit and
explained how he had to change his slides
with regularity leading up to this event,
including only a day or so before when we
learnt that some MPs broke away to form
the Independent Group. Charlie explained
what had happened recently, gave details
of all the various options, potential
outcomes, ramifications and time lines
involved. Charlie finished with taking some
questions and offered a wider view on how
over 50 percent of people polled in the UK,
France and the US consider their countries
‘broken’. He followed up by saying that
sensational news now seems commonplace
with ‘crisis’ being an overused word.
Rob Coulton and his colleague Ian
Maitland from Acumen Credit Insurance
Brokers ended proceedings with an
insightful look at how Brexit has so far
affected their market. They shared statistics
on how credit insurance has changed
recently, with uncertainty over Brexit and
losses incurred by large company failures
such as Carillion. They also shared with the
audience how ships laden with goods from
the UK are setting off to Asia without the
knowledge of what tariffs/duties may be
payable in the future.
This very well attended event concluded
around 10:00. with thanks being given to
attendees, speakers and to Dun & Bradstreet
for hosting a highly enjoyable morning.
Author: Gary Baker FCICM
NUMBER OF YEARS IN CURRENT ROLE: Nine
HOW DID YOU GET INTO CREDIT
MANAGEMENT?
I was trying to find my place in the world
and fell into a credit role. Best move I ever
accidentally made!
WHAT IS THE BEST THING ABOUT WHERE
YOU WORK?
Definitely the people. I know it’s a cliché but
we have some great people here at Breedon,
from top to bottom.
WHAT MOTIVATES YOU?
Problems to be solved and challenges to be
met, there’s always something happening
here at Breedon! I’m a creative person so
building teams, systems and processes is a
good outlet.
WHAT SKILL DO YOU THINK HAS HELPED YOU
MOST IN YOUR CREDIT CAREER SO FAR?
Credit control isn’t really about transactions,
it’s about people. Understanding people, and
what motivates them goes a long way.
WHAT IS YOUR FAVOURITE PASTIME/
RELAXATION ACTIVITY?
I enjoy playing guitar, anything from
acoustic blues to heavy metal.
WHAT IS THE BEST QUALITY IN A LEADER?
Passion and commitment to the cause is a
great quality to have.
WHAT’S BEEN YOUR MOST REWARDING
MOMENT IN YOUR CREDIT CAREER?
I’m not sure I can put my finger on one
moment. The process of developing people
and helping them to bring out the best in
themselves really does make me happy.
WHAT HAS SURPRISED YOU THE MOST ABOUT
WORKING IN CREDIT?
I’m always surprised by the range of
activities we get involved in across the
business, credit control is certainly not
boring!
IF YOU WEREN’T WORKING IN CREDIT
MANAGEMENT, WHAT WOULD YOU BE DOING?
Busking.
WHERE DO YOU SEE YOUR CAREER IN FIVE
YEARS’ TIME?
I’d like to be working at director level, helping
to bring the commercial and credit functions
closer together to increase our effectiveness
as a business.
WHAT IS THE CAREER OR PROFESSIONAL
ACHIEVEMENT YOU ARE MOST PROUD OF?
I’m proud that people trust me to get the job
done, on the basis that I’ve always got the
job done. There’s something very satisfying
about that.
The Recognised Standard / www.cicm.com / May 2019 / PAGE 59

TAKE CONTROL
OF YOUR CREDIT
CAREER
GLOBAL BILLINGS AND
COLLECTIONS MANAGER
SUCCESS THROUGH EXPERTISE
Kingston upon Thames, c.£75,000
A multi-national insight consultancy is now in a period
of growth and development and requires a qualified
CICM billings/collections manager to lead a team
across the UK, APAC and MENA region. You will have
a proven track record of leading projects on global
O2C implementation, change transformation, systems
implementation or process streamlining. This is a
fantastic opportunity for a forward-thinking senior credit
professional to challenge the mould and be part of this
company’s global transformation.
Ref: 3556540
Contact Mark Ordoña 020 8247 4042
or email mark.ordona@hays.com
CREDIT CONTROL AND
OPERATIONS MANAGER
MAKE AN IMPACT
Cardiff, up to £35,000 + performance related bonus
This exciting new credit management consultancy
based in central Cardiff has a number of large global
corporations within its client base. It is now looking for
an experienced credit control and operations manager
to join the company in its infancy. You will be required to
oversee an on-site team of five people initially as well as
a number of remote workers. You will assist with training
in credit control, putting processes into place, overseeing
any litigation requirements and deal with the day-to-day
running of the operation. The company is expected
to expand over the next couple of years and you will
be instrumental in supporting the growth of the team.
Previous experience in a similar role is required.
Ref: 3564902
Contact Jessica Dando on 02920 222500
or email jessica.dando@hays.com
CREDIT CONTROL SUPERVISOR
ESTABLISH A WINNING TEAM
Glasgow, £32,000-£38,000 + benefits
An opportunity has arisen for a credit supervisor on
a permanent basis. Reporting to the Credit Manager
and Head of Credit, you will be responsible for a
range of tasks including managing a team of seven
credit controllers, appraisals, setting KPIs, managing
attendance, training and development of the team,
weekly reporting for senior management, implementing
new projects and designing processes. You will be an
experienced people manager with an excellent track
record that understands the designing and implementing
of credit processes. The hours of work are Monday
to Friday 9am-5pm and the organisation has onsite
parking available. Ref: 3559589
Contact Lauren Hamilton on 0141 212 3665
or email lauren.hamilton@hays.com
CREDIT CONTROLLER
JOIN A GLOBAL ORGANISATION
Bradford, up to £28,000 + benefits
A unique opportunity has arisen to be part of a start-up
business, within a globally recognised brand, offering
equally exciting career development opportunities.
Working with local finance teams and customers based
throughout Continental Europe, Asia and Australia, you’ll
collect monies due on its accounts receivable ledger,
bringing queries to a swift resolution, ensuring accounts
are up to date and credit limits are not unduly affected.
Whether you have experience working in credit control or
want to start your career in finance, it’s your exceptional
customer service, communication and data entry skills
that will give you the edge in this role. Ref: 3549590
Contact Michael Stocchero on 0127 473 1666
or email michael.stocchero@hays.com
CREDIT CONTROLLER
MANAGE YOUR OWN LEDGER
Watford, up to £28,000 + benefits
A rapidly growing recruitment company with over
40 successful years in the industry is looking for a credit
controller. This company takes pride in its employees and
has a ‘family business’ feel. This role involves managing
your own ledgers and running your own desk to achieve
a low DSO and steady cash flow. You will be responsible
for a portfolio of B2B accounts, this role is predominately
managing the accounts rather than chasing on the phone.
You will need previous experience in credit control and
intermediate excel skills and be proactive and open
to change. Ref: 3528049
Contact Charlotte Clarke on 01923 205286
or email charlotte.clarke@hays.com
CREDIT CONTROLLER
ESTABLISH STRATEGY AND STRUCTURE
Sheffield, £25,000 + benefits
Hays Credit Management is supporting a market leading
nationwide business recruiting several new positions into
its credit team. You will be responsible for managing your
own portfolio of 500-800 live accounts whilst resolving
invoice queries and providing excellent customer service.
You will also be hands on with reconciling payments
made against current credits for each account, improving
cashflow for the business and meeting KPIs (debtor days,
DSO, reduction of bad debt provision) supporting the
sales ledger team, investigating and resolving any
mis-allocated cash. In return, you will be offered
a fantastic salary and excellent benefits. Ref: 3524006
Contact Daniel Cherry on 0114 273 8775
or email daniel.cherry@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.
SENIOR CREDIT CONTROLLER
FAST PACED, FTSE 100 ENVIRONMENT
Birmingham, £25,000-£27,000 + benefits
A large FTSE 100 business, implementing change, is
looking for an experienced and talented individual
to transform the order to cash process. The role will
support the team of credit managers in the day-to-day
supervision of the credit controllers and will manage
their key account ledgers. Ideally, you will have previous
credit experience within a large shared service centre
environment. In return, you will have access to free
parking, great commuting links and study support for
both AAT and CICM.
Ref: 3516757
Contact Peter Kidd on 0121 212 3301
or email peter.kidd@hays.com
CREDIT CONTROLLER
JOIN A GROWING ORGANISATION
Castle Donnington, £negotiable
Breedon is a leading construction materials group in UK&I
and is currently recruiting for a credit controller to join its
team. You will join a team of 15 credit professionals and
will be responsible for building relationships with clients to
drive cash collection, dealing with supplier queries. This is
an exciting opportunity to join a growing organisation with
state of the art offices and great career opportunities.
Ref: 3462686
Contact Philippa Smith on 01332 290890
or email philippa.smith@hays.com
hays.co.uk/creditcontrol
The Recognised Standard / www.cicm.com / May 2019 / PAGE 60 The Recognised Standard / www.cicm.com / May 2019 / PAGE 61

FORTHCOMING EVENTS
Full list of events can be found on our website: www.cicm.com/events
We are inviting all members to bring a colleague to a CICM membership
event, free of charge. For more information, email events@cicm.com
CICM EVENTS
16 May
CICM East of England
WHERE
Business Fraud Breakfast Seminar – 2CPD
08:30 – 10:45
We are delighted to invite you to our breakfast
seminar in Chelmsford, with our expert speakers
from Hastings & Co and Advanced Collection
Systems.
Contact : Please visit our online events calendar
for booking details by 15 May 2019.
VENUE : Hays Specialist Recuitment
(Chelmsford) Summit House, Waterloo Lane,
Chelmsford CM1 1BD United Kingdom
21 May
CICM Northern Ireland Branch
BELFAST
Interactive Technical Seminar – Small Claims
and Insolvency – 6 CPD
This event is FREE event for Members and
£25 for non- members – which includes
refreshments throughout.
Contact : Paul Taylor: +44 7979992110
To book please contact the branch direct at
northernirelandbranch@cicm.com – nonmembers
please book through Eventbrite.
VENUE : Crumlin Road Gaol, 53-55 Crumlin
Road, Belfast, BT14 6ST
7 June
CICM Fellows’ Celebratory Lunch.
London
We invite all Fellows to help us celebrate
80 years of CICM at this year’s special
Fellows’ Celebratory Lunch.
Contact : Email fellowslunch@cicm.com to book.
VENUE : Churchhill War Rooms, Clive Steps,
King Charles Street, London, SW1A 2AQ.
11 June
CICM Sheffield and Yorkshire Ridings Branch
WAKEFIELD
Credit Circuit Training
Contact : Paula Uttley (0114) 2518850
(239) / 0771 3367588
VENUE : Yorkshire Sculpture Park, West Bretton,
Wakefield, WF4 4LG United Kingdom
UP AND COMING EVENTS
OTHER EVENTS
16 May
C2FO Webinar
ONLINE
Technology in trade finance – take control of
your working capital
Contact : Please visit our online events calendar
for booking details.
12 - 14 May
ICTF – International Credit Professionals
Symposium
KRAKOW
Global Credit Management Excellence, Expert
Perspectives and Best Practices.
Contact : Please visit our online events calendar
for booking details.
VENUE : Sheraton Grand Krakow Hotel
7 Powisle Street, Krakow 31-101, Poland
14 May
Forums International
WHERE
Export / International Credit Forum
Contact : For an information pack email
ecf@forumsinternational.co.uk
VENUE : Moore Stephens, London
15 May
Forums International
NORTHAMPTONSHIRE
Annual Golf Tournament
Contact : For more information email
info@forumsinternational.co.uk
VENUE : Whittlebury Park Golf Club
Nr. Towcester, Northamptonshire
16 May
Fraud Protection Network (FPN)
LONDON
Inaugural Meeting
Contact : Please visit our online events calendar
for booking details.
VENUE : DLA Piper160 Aldersgate Street, London,
EC1A 4HT
More reasons to be a member
16 May
ICTF – Webinar: Establishing and Managing
Customer Credit Limits
ONLINE
In this interactive 60-minute webinar we will
discuss the various ways creditors establish
credit limits, factors to consider when setting
credit limits for applicants and the preferred way
to set up customer credit limits.
CICM members can obtain a US$50 discount
against the advertised registration fees by
emailing tim.lane@ictfworld.org.
Contact : Please visit our online events calendar
for booking details.
22-14 May
R3 Annual Conference
HEXHAM
Broadening Horizons
Contact : Please visit our online events calendar
for booking details.
VENUE : Slaley Hall, Coal Rd, Hexham, NE47 0BX
23 May
ICTF
ONLINE
Webinar: Conflict Management for Credit Team
Members
CICM members can obtain a US$50 discount
against the advertised registration fees by
emailing tim.lane@ictfworld.org.
Contact : Please visit our online events calendar
for booking details.
6 June
Forums International
STRATFORD UPON AVON
Senior Management Forum
Contact : For an information pack email
smf@forumsinternational.co.uk
VENUE : TBC
11 June
Forums International
STRATFORD UPON AVON
Pharmaceuticals & Medical Devices Credit Forum
Contact : For an information pack email pmf@
forumsinternational.co.uk
VENUE : TBC
Credit Management is distributed to the entire UK and international
CICM membership, as well as additional subscribers
CICM
KNOWLEDGE
HUB
Access over 1,000 credit
and collection resources
anytime, anywhere.
CICM Knowledge Hub is a new online platform for credit
professionals, providing one location to easily find the tools
and information you need to help you in your job.
‣ Tailored elearning courses ‣ CM Magazine articles
‣ Research papers from industry experts ‣ Webinars
‣ Best practice guidance.
CICM Members get free access to CICM Knowledge Hub and much
more from just £8* a month. Join now to explore all the benefits of
CICM Membership.
National and
regional events
Qualifications
and training
Mentor
Hub
Monthly
e-newsletter
Branches around
the country
The Recognised Standard / www.cicm.com / May 2019 / PAGE 62
*Price shown is for Affiliate Grade. Does not include joining fee. Subject to Terms & Conditions.

Cr£ditWho?
CICM Directory of Services
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
grace@cabbell.co.uk
COLLECTIONS
COLLECTIONS LEGAL
COURT ENFORCEMENT SERVICES
CREDIT INFORMATION
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
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).
INTERNATIONAL COLLECTIONS
Premium Collections Limited
3 Caidan House, Canal Road
Timperley, Cheshire. WA14 1TD
T: +44 (0)161 962 4695
E: paul.daine@premiumcollections.co.uk
W: www.premiumcollections.co.uk
For all your credit management requirements Premium Collections
has the solution to suit you. Operating on a national and international
basis we can tailor a package of products and services to meet your
requirements.
Services include B2B collections, B2C collections, international
collections, absconder tracing, asset repossessions, status reporting
and litigation support.
Managed from our offices in Manchester, Harrogate and Dublin our
network of 55 partners cover the World.
Contact Paul Daine FCICM on +44 (0)161 962 4695 or
paul.daine@premiumcollections.co.uk
www.premiumcollections.co.uk
COLLECTIONS LEGAL
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...”
Yuill + Kyle
Capella, 60 York Street, Glasgow, G2 8JX, Scotland, UK
T: 0141 572 4251
E: scowan@yuill-kyle.co.uk
W: www.debtscotland.com
Do You Have Trouble Collecting Debts in
Scotland? We Don’t
Yuill + Kyle is one of Scotland’s leading debt recovery and credit
control law firms. With over 100 years of experience, we are
specialists in resolving disputed and undisputed debts. Our track
record for successful recoveries means you have just moved one step
closer to getting your money back.
How we can help you:
• Specialist advice for all of your legal matters
• A responsive and straightforward approach
• Providing you with solutions-driven advice
• Delivering cost certainty and value for money
Our services
• Pre-sue • Fast track collections • Judgement enforcement
• Insolvency • Bankruptcy • Liquidation
CONSULTANCY
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
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 industryleading
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.
Experian
The Sir John Peace Building, Experian Way
NG2 Business Park, Nottingham NG80 1ZZ
T: 0844 481 9920
W: www.experian.co.uk/business-information/
For over 30 years Experian have been processing, matching and deriving
insights to provide accurate, up-to-date information that helps B2B
organisations to make more effective, fact based decisions, reduce
risks and meet regulatory standards. We turn complex data into clear
insights that help manage UK and international businesses to maximise
opportunities for growth and identify and minimise the associated risks.
Blending our business and consumer data we can offer a truly blended
score for sole traders and enhanced scoring on SME’s to tell you more
about the business and the people behind the business. Experian can
support with new business, acquisition through to collections while
managing KYC requirements online or via our suite of APIs.
Graydon UK
66 College Road, 2nd Floor, Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Graydon UK is a specialist in Credit Risk Management and Intelligence,
providing access to business information on over 100 million entities
across more than 190 countries. Its mission is to convert vast amounts
of data from diverse data sources into invaluable information. Based
on this, it generates economic, financial and commercial insights that
help its customers make better business decisions and ultimately
gain competitive advantage. Graydon is owned by Atradius, Coface
and Euler Hermes, Europe's leading credit insurance organisations. It
offers a comprehensive network of offices and partners worldwide to
ensure a seamless service.
THE ONLY AML RESOURCE YOU NEED
SmartSearch
SmartSearch, Harman House,
Station Road,Guiseley, Leeds, LS20 8BX
T: +44 (0)113 238 7660
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.
Keyivr
T: +44 (0) 1302 513 000
E: sales@keyivr W: www.keyivr.com
Key IVR are proud to have joined the Chartered Institute of Credit
Management’s Corporate partnership scheme. The CICM is a
recognised and trusted professional entity within credit management
and a perfect partner for Key IVR. We are delighted to be providing
our services to the CICM to assist with their membership collection
activities. Key IVR provides a suite of products to assist companies
across the Europe with credit management. Our service is based
around giving the end-user the means to make a payment when and
how they choose. Using automated collection methods, such as a
secure telephone payment line (IVR), web and SMS allows companies
to free up valuable staff time away from typical debt collection.
ONGUARD
T: +31 (0)88 256 66 66
E: ruurd.bakker@onguard.com
W: www.onguard.com
Onguard is specialist in credit management software and market
leader in innovative solutions for order to cash. Our integrated
platform ensures an optimal connection of all processes in the order
to cash chain and allows sharing of critical data.
Intelligent tools that can seamlessly be interconnected and offer
overview and control of the payment process, as well as contribute to
a sustainable customer relationship.
In more than 50 countries the Onguard platform is successfully used
for successful credit management.
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
Founded in 2000, Tinubu Square is a software vendor, enabler of the
Credit Insurance, Surety and Trade Finance digital transformation.
Tinubu Square enables organizations across the world to significantly
reduce their exposure to risk and their financial, operational and technical
costs with best-in-class technology solutions and services. Tinubu
Square provides SaaS solutions and services to different businesses
including credit insurers, receivables financing organizations and
multinational corporations.
Tinubu Square has built an ecosystem of customers in over 20 countries
worldwide and has a global presence with offices in Paris, London, New
York, Montreal and Singapore.
Data Interconnect Ltd
Units 45-50
Shrivenham Hundred Business Park
Majors Road, Watchfield
Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Data Interconnect provides Intelligent Invoice to Cash Automation.
Corrivo Billing, Collection and Dispute modules seamlessly integrate
for a rich, end-to-end A/R user experience. Branded customer
portals, real-time dashboards, advanced reporting, available in 15
languages as standard; are some of the reason why global brands
choose Data Interconnect.
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
Operating globally across any sector, Rimilia provides intelligent,
finance automation solutions that enable customers to get paid on time
and control their cashflow and cash collection in real time. Rimilia’s
software solutions use sophisticated analytics and artificial intelligence
(AI) to predict customer payment behaviour and easily match and
reconcile payments, removing the uncertainty of cash collection. The
Rimilia software automates the complete accounts receivable process
and eliminates unallocated cash, reducing manual activity by an
average 70% and achieving best in class matching rates recognised
by industry specialists such as The Hackett Group.
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.
Blaser Mills Law
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
A full-service firm, Blaser Mills Law’s experienced Commercial
Recoveries team offer pre-legal collections, debt recovery,
litigation, dispute resolution and insolvency. The team includes
CICM qualified staff, recommended in both Legal 500 and
Chambers & Partners legal directories.
Offices in High Wycombe, Amersham, Rickmansworth, London
and Silverstone
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 business-to-consumer markets, his
innovative and enthusiastic approach delivers pragmatic people and
process lead solutions and significant working capital improvements to
clients. Sanders Consulting are proud to manage CICMQ on behalf of
and under the supervision of the CICM.
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
CoCredo’s award winning credit reporting and monitoring systems have
helped to protect over £27 billion of turnover on behalf of our customers.
Our company data is updated continually throughout the day and access
to the online portal is available 365 days a year 24/7.
At CoCredo we aggregate data from a range of leading providers in
the UK and across the globe so that our customers can view the best
available data in an easy to read report. We offer customers XML
Integration and D.N.A Portfolio Management as well as an industry-first
Dual Report, comparing two leading providers opinions in one report.
CEDAR
ROSE
R
Cedar Rose
3, Georgiou Katsonotou Street,3036, Limassol, Cyprus
E: info@cedar-rose.com T: +357 25346630
W: www.cedar-rose.com
Cedar Rose has been globally recognised as the expert for
credit reports, due diligence and data for the Middle East
and North African countries since 1997. We now cover over
170 countries with the same high quality, expert analysis
and attention to detail we are well-known and trusted for.
Making best use of artificial intelligence and technology, Cedar
Rose has won several awards including Credit Excellence
& European Business Awards. Our website is a one-stopshop
for your business intelligence solutions. We are the
ultimate source; with competitive prices and friendly customer
service - whether you need one or one thousand reports.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: 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 3 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.
DATA AND ANALYTICS
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
Dun & Bradstreet Finance Solutions enable modern finance
leaders and credit professionals to improve business performance
through more effective risk management, identification of growth
opportunities, and better integration of data and insights across the
business. Powered by our Data Cloud, our solutions provide access
to the world’s most comprehensive commercial data and insights
- supplying a continually updated view of business relationships
that helps finance and credit teams stay ahead of market shifts and
customer changes. Learn more here:
www.dnb.co.uk/modernfinance
The Recognised Standard / www.cicm.com / May 2019 / PAGE 64 The Recognised Standard / www.cicm.com / May 2019 / PAGE 65 continues on page 66 >

Cr£ditWho?
CICM Directory of Services
FINANCIAL SERVICES
C2FO
15 Statton Street, Mayfair,
London W1J 8LQ
T: 07799 692193
E: anna.donadelli@c2fo.com W: www.c2fo.com
C2FO turns receivables into cashflow and payables into income,
uniquely connecting buyers and suppliers to allow discounts in
exchange for early payment of approved invoices. Suppliers access
additional liquidity sources by accelerating payments from buyers
when required in just two clicks, at a rate that works for them.
Buyers, often corporates with global supply chains, benefit from the
C2FO solution by improving gross margin while strengthening the
financial health of supply chains through ethical business practices.
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: a.velzian@serrala.com W: www.serrala.com
T: +44 1182 070 464 M: +44 7802 881 797
Serrala optimizes the Universe of Payments for organisations seeking
efficient cash visibility and secure financial processes. As an SAP
Partner, Serrala supports over 3,500 companies worldwide. With
more than 30 years of experience and thousands of successful
customer projects, including solutions for the entire order-tocash
process, Serrala provides credit managers and receivables
professionals with the solutions they need to successfully protect
their business against credit risk exposure and bad debt loss.
FORUMS
FORUMS INTERNATIONAL
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Forums International Ltd have been running Credit and Industry
Forums since 1991. We cover a range of industry sectors and
International trading, attendance is for Credit Professionals of all
levels. Our forums are not just meetings but communities which
aim to prepare our members for the challenges ahead. Attending
for the first time is free for you to gauge the benefits and meet the
members and we only have pre-approved Partners, so you will never
intentionally be sold to.
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 •Reduce risk
•Offer extended terms to customers
•Provide an additional line of bank independent credit to drive
growth •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.
FOR INFORMATION,
OPTIONS AND PRICING
PLEASE EMAIL:
grace@cabbell.co.uk
ATTENTION
PRODUCT AND
SERVICE PROVIDERS
GET YOUR BUSINESS IN
CREDITWHO AND ON THE
ONLINE DIRECTORY.
For only £1,250 + VAT for the year
- your business will be listed in
Credit Management magazine,
which goes out to all our members
and subscribers.
To book your listing
in CreditWho contact:
Grace Ghattas
T: 02036037946
E: grace@cabbell.co.uk
or Russell Bass
E: Russell@cabbells.uk
T: 0203 603 7937
BE ONE CLICK AWAY
FROM OUR WEBSITE
How to set up a great one click link to the CICM website on
your mobile phone. Follow these four simple steps...
Step 1 Step 2 Step 3 Step 4
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ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk
LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope
Esker.blog
Esker’s Accounts Receivable (AR) solution removes the all-toocommon
obstacles preventing today’s businesses from collecting
receivables in a timely manner. From invoice delivery to cash
application, Esker automates each step. Esker's automated AR
system powered by TermSync helps companies modernise without
replacing their core billing and collections processes. By simply
automating what should be automated, customers get the post-sale
experience they deserve and your team gets the tools they need.
FINANCIAL PR
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.
RECRUITMENT
For even greater exposure to
our membership and a closer
association with CICM, why
not enquire about becoming a
Corporate Partner.
To find out more contact
Sue Chapple 07741 884 916.
CICM CORPORATE
PARTNERS NOW GET
CREDITWHO INCLUDED.
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.
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.
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
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.
Step 1 Step 2 Step 3 Step 4
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> Icon will appear on your screen. Menu button on other Android devices may be displayed differently.
THE RECOGNISED STANDARD IN CREDIT MANAGEMENT
T: +44 (0)1780 722900 | WWW.CICM.COM
The Recognised Standard / www.cicm.com / May 2019 / PAGE 66

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