Credit Management April 2022




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CM<br />



APRIL <strong>2022</strong> £12.50<br />

VOLUME<br />


Tackling high volume<br />

low balance debts<br />

Why CICMQ accreditation<br />

is so important<br />

Page 09<br />

Defining an effective<br />

Gender Equity strategy<br />

Page 38

21<br />


Ask The Experts<br />

APRIL <strong>2022</strong><br />

www.cicm.com<br />


24<br />


Adam Bernstein<br />

12<br />


Sean Feast FCICM<br />


Philip Roberts of Clarke Willmott<br />

describes why being CICMQ accredited<br />

is so important.<br />


Sean Feast FCICM concludes his look<br />

at the role of CRAs in the economic<br />

recovery.<br />

16 – BRAVE NEW WORLD<br />

David Andrews believes our present can<br />

learn much from our past.<br />



Adam Bernstein explores the<br />

challenges of public procurement.<br />

21 – HIGH FIDELITY<br />

Are courts the right approach to high<br />

volume low balance debts?<br />

24 – SPACE ODYSSEY<br />

Kazakhstan has a rich history of trade.<br />


A new era in benchmarking excellence<br />

has begun.<br />


16<br />


David Andrews<br />

President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM<br />

Executive Board: Chair Debbie Nolan FCICM(Grad) / Vice Chair Phil Rice FCICM / Treasurer Glen Bullivant FCICM<br />

Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM<br />

Advisory Council: Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) / Brendan Clarkson FCICM<br />

Larry Coltman FCICM / Niall Cooter FCICM / Bryony Crossland FCICM(Grad) / Peter Gent FCICM(Grad)<br />

Victoria Herd FCICM(Grad) / Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)<br />

/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM / Chris Sanders FCICM<br />

Sarah Wilding FCICM / Atul Vadher FCICM(Grad)<br />

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

area, and click on the tab labelled ‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

<strong>Credit</strong> <strong>Management</strong> is distributed to the entire UK and international CICM<br />

membership, as well as additional subscribers<br />

Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do<br />

not, unless stated, reflect those of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>. The Editor reserves the right to<br />

abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘<strong>Credit</strong> <strong>Management</strong>’ is a registered<br />

trade mark of the Chartered Institute of <strong>Credit</strong> <strong>Management</strong>.<br />

Any articles published relating to English law will differ from laws in Scotland and Wales.<br />


Gender equity strategies need to be<br />

intentional, prioritised, and measured.<br />


A round up of the apps you simply can’t<br />

be without.<br />

Publisher<br />

Chartered Institute of <strong>Credit</strong> <strong>Management</strong><br />

1 Accent Park, Bakewell Road, Orton Southgate<br />

Peterborough PE2 6XS<br />

Telephone: 01780 722900<br />

Email: editorial@cicm.com<br />

Website: www.cicm.com<br />

CMM: www.creditmanagement.org.uk<br />

Managing Editor<br />

Sean Feast FCICM<br />

Deputy Editor<br />

Iona Yadallee<br />

Art Editor<br />

Andrew Morris<br />

Telephone: 01780 722910<br />

Email: andrew.morris@cicm.com<br />

Editorial Team<br />

Imogen Hart, Rob Howard, Natalie Makin,<br />

Laura Rhodes, Sam Wilson and Mona Yazdanparast<br />

Advertising<br />

Paul Heitzman<br />

Telephone: 01727 739 196<br />

Email: paul@centuryone.uk<br />

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Single copies: £12.50<br />

ISSN 0265-2099<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 3


Carrying you through<br />

the vicissitudes of life<br />

Sean Feast FCICM<br />

Managing Editor<br />

THE world has gone mad:<br />

President Putin wants to<br />

turn back the clock and<br />

reconstitute the United<br />

Socialist Soviet Republic<br />

(USSR); President Macron<br />

sees himself as the great negotiator,<br />

capable of bringing the Russian bear<br />

to heel; and President Biden continues<br />

to talk about the great trouble coming<br />

Russia’s way, without convincing anyone<br />

anywhere that he could even tell you what<br />

he had for breakfast that morning.<br />

Now before I go off on a huge tangent<br />

simply to entertain myself (don’t get me<br />

started on Chelsea!), what’s happening<br />

on the world stage of course impacts<br />

the world of credit. The cost of energy –<br />

already a concern pre the Ukrainian crisis<br />

– is on the rise, impacting consumers<br />

and businesses alike. The debt charities<br />

are noticing a rising number of their<br />

customers who can no longer keep up<br />

with the energy payments to heat their<br />

homes (see news page 6); business<br />

leaders are warning that rising energy<br />

costs will ultimately mean higher prices<br />

in the shops, adding further woes to<br />

a mounting cost-of-living crisis. They<br />

are also concerned that at a time when<br />

Government is setting ambitious targets<br />

on the journey towards net zero, now<br />

might not be the time to pile on the<br />

pressure when they have other more<br />

urgent issues to contend with. (Mayor of<br />

London take note.)<br />

I also noticed recently how rising<br />

energy costs impact in other ways. It<br />

is putting people off buying an electric<br />

vehicle (EV), for example. Now while I<br />

am acutely aware this is a First World<br />

problem, I distinctly recall during the<br />

fuel crisis the smug tweets and posts from<br />

certain parts of the EV community that<br />

they were the future, and yah boo sucks<br />

to the gas guzzlers. Well chaps, the boot<br />

appears to be well and truly attached to<br />

the other foot now, doesn’t it? Or does it?<br />

The UK is perhaps more fortunate<br />

than other markets in Europe in that it is<br />

not over-reliant on energy from Russia.<br />

European countries perhaps looking to<br />

the Middle East for a bail-out might also<br />

struggle in the short term, as supplies<br />

generated by the likes of Qatar, Saudi<br />

Arabia and the UAE are already earmarked<br />

for trade or domestic consumption, and<br />

these countries do not have significant<br />

capacity to increase production on an<br />

immediate basis.<br />

There is a big lesson in all of this, and<br />

although it’s hardly a new one, perhaps<br />

it’s one worth repeating. What the current<br />

crisis goes to prove is what we’ve known<br />

all along: that an over-reliance on any<br />

one technology, fuel, customer or partner<br />

is rarely a good thing. And it also goes to<br />

prove what those of us in business know,<br />

that diversification – and spreading<br />

risk – is the way to achieve long-term,<br />

sustainable growth and carry you through<br />

the vicissitudes of life.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 4

CMNEWS<br />

A round-up of news stories from the<br />

world of consumer and commercial credit.<br />

Written by – Sean Feast FCICM<br />

House prices defy the gloom<br />

in an uncertain world<br />

HOUSE price growth accelerated<br />

in February, with the<br />

average price up £29,000<br />

over the last year (source:<br />

nationwidehousepriceindex.<br />

co.uk). Buyers defied the biggest squeeze<br />

on incomes in a generation, rising interest<br />

rates, increasingly expensive houses and a<br />

drop in confidence, to snap up their dream<br />

property.<br />

Sarah Coles, senior personal finance<br />

analyst, at Hargreaves Lansdown, however,<br />

believes the trend is highly unlikely to last:<br />

“The rise reflects the increase in mortgage<br />

approvals at the start of the year announced<br />

by the Bank of England, which is feeding<br />

through into more borrowing in February.<br />

It means buyers continued to throng to<br />

the market, and were willing to pay everhigher<br />

prices for the dwindling number of<br />

properties for sale.<br />

''However, in some cases, buyers were<br />

taking advantage of a small window of<br />

opportunity. The average new mortgage cost<br />

no more in January than it did in February,<br />

so they saw the chance to snap up a cheap<br />

mortgage before interest rates were hiked<br />

again. As February’s rate rise feeds through<br />

into new mortgages, we could see demand<br />

slow.”<br />

This twist in the tale could be the final<br />

hurrah of the market before the gloom sets<br />

in. The impact of the war between Ukraine<br />

and Russia will have a profound impact on<br />

sentiment. “Nobody likes uncertainty,” Sarah<br />

adds, “but house buyers loathe it.<br />

“When you’re about to make one of the<br />

biggest financial decisions of your life, fears<br />

about the possible escalation of war and the<br />

profound consequences it could have for<br />

the world and for your finances will weigh<br />

heavily on your mind.”<br />

The conflict also means the price of gas<br />

and oil is rising significantly, which is likely<br />

to push inflation up way beyond the Bank<br />

of England’s prediction of 7.25 percent.<br />

The conflict also<br />

means the price of<br />

gas and oil is rising<br />

significantly, which<br />

is likely to push<br />

inflation up way<br />

beyond the Bank of<br />

England’s prediction<br />

of 7.25 percent.<br />

Previous predictions<br />

that inflation would<br />

fall back by the<br />

end of the year are<br />

starting to look wildly<br />

optimistic.<br />

Previous predictions that inflation would fall<br />

back by the end of the year are starting to<br />

look wildly optimistic.<br />

“Buyers are aware that this could put<br />

banks under pressure to raise interest rates,<br />

which would make mortgage borrowing<br />

more expensive. Anyone considering a<br />

purchase needs to be comfortable with this<br />

risk – and not everyone will be.”<br />

Meanwhile, commentators on the global<br />

economy and the impact of the Ukrainian<br />

crisis are understandably concerned about<br />

the impacts on issues closer to home. Dr<br />

Arun Singh, Global Chief Economist at<br />

Dun & Bradstreet, told <strong>Credit</strong> <strong>Management</strong><br />

that as the crisis worsens, Europe’s energy<br />

security will represent a key risk to markets:<br />

“The threat or reality of supply disruption to<br />

hydrocarbon flows will lead to an increase<br />

in prices,” he explained. “Global energy<br />

markets are already tight, making nearto<br />

medium-term substitution extremely<br />

difficult.”<br />

That said, Dr Singh concedes that energy<br />

continued flowing from Russia to Europe<br />

even at the height of the Cold War: “Germany<br />

has taken action against the Nord Stream<br />

2 gas pipeline, impacting 30 billion metric<br />

cubes of gas expected to enter the continent<br />

in <strong>2022</strong>. In the event of further disruptions<br />

in supply from Russia, natural gas would<br />

need to be sourced from the US, Qatar,<br />

Saudi Arabia, or the UAE. However, most<br />

of these countries do not have significant<br />

capacity to increase production on an<br />

immediate basis, and most of their supply<br />

is already earmarked for trade or domestic<br />

consumption.”<br />

According to Gas Infrastructure Europe<br />

(GIE) Aggregate Gas Storage Inventory<br />

(AGSI) data, the European gas storage levels<br />

are critically low at around 28 percent of<br />

capacity as of March <strong>2022</strong>, exacerbating the<br />

situation: “Geopolitical tensions and supply<br />

shortages will underpin high gas prices in<br />

the short term,” he added.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 5


R3 seeks to explode insolvency<br />

fees myths with new paper<br />

INSOLVENCY and restructuring<br />

trade body R3 has published new<br />

research which aims to address<br />

a range of misconceptions about<br />

insolvency fees.<br />

R3’s paper, ‘Insolvency fees and<br />

the cost of regulation – the detail behind<br />

the headlines’, explains how insolvency<br />

fees are charged, paid and regulated, and<br />

provides an overview of the role of the<br />

regulatory framework and the scope of<br />

work involved in insolvency cases.<br />

R3 Immediate Past President Duncan<br />

Swift says that insolvency fees are one of<br />

the most misunderstood aspects of the<br />

profession’s work: “People don’t realise<br />

the difference between the costs that are<br />

reported and what is actually paid at the<br />

end of the day, the wide variance in fees<br />

depending on the size of cases, and how<br />

the complexity of cases contributes to<br />

costs.<br />

“These are the types of things we’re<br />

trying to highlight with this paper,<br />

which we hope will improve people’s<br />

understanding of how and why the<br />

profession charges the fees it does, dispel<br />

the myths around insolvency fees and<br />

help people realise the level of work and<br />

the results that are delivered by members<br />

of the profession for the fees they earn.”<br />

Duncan says that a key aspect of<br />

the report is the fact that insolvency<br />

practitioners will frequently not be paid in<br />

full for the work they have carried out, due<br />

to the nature of insolvency: “The headline<br />

grabbing amount in the reports as the total<br />

cost of the work carried out frequently<br />

bears little resemblance to the fees which<br />

are paid at the end of a case.<br />

“At a time when insolvency numbers<br />

are likely to rise and the skills of members<br />

of the profession are likely to be under<br />

increased demand from distressed<br />

businesses, we want to ensure there’s as<br />

much information out there as possible<br />

about the work the profession does and<br />

how it supports people, businesses, and<br />

the economy.”<br />

A more detailed report will follow in the<br />

May issue.<br />

Cost of living crisis shows through in charity data<br />

VISITS to the ‘emergency funding’ page<br />

managed by StepChange Debt Charity are<br />

on the rise, as the cost of living crisis begins<br />

to bite.<br />

While the level of demand for full debt<br />

advice remains lower than before the<br />

pandemic, potentially reflecting extended<br />

flexibility and forbearance among creditors<br />

and the strong rebound in employment, cost<br />

of living pressures are rising significantly.<br />

Cost of living is now in the top five reasons<br />

for debt, being cited by nearly one of every<br />

10 StepChange clients.<br />

Richard Lane, Director of external affairs<br />

at StepChange Debt Charity, says the<br />

next few months will be a challenge: “The<br />

months ahead look sobering in terms of<br />

the pressures on UK household finances,<br />

with the known rises in National Insurance<br />

and energy prices exacerbated further now<br />

by all the uncertainty in the geopolitical<br />

environment,” he said,<br />

“The months<br />

ahead look sobering<br />

in terms of the<br />

pressures on UK<br />

household finances,<br />

with the known<br />

rises in National<br />

Insurance and<br />

energy prices<br />

exacerbated<br />

further now by all<br />

the uncertainty<br />

in the geopolitical<br />

environment''<br />

Since the start of the New Year there<br />

have been a number of shocks – such as<br />

increased energy prices – and more are<br />

expected. These will result in more people<br />

experiencing the pressure of debt, and<br />

StepChange urges anyone in this position to<br />

seek help as soon as their situation starts to<br />

decline.”<br />

Elsewhere StepChange has reported that<br />

the COVID pandemic has had a very distinct<br />

impact on the progress of people seeking<br />

debt advice. Three months after advice,<br />

before the pandemic 75 percent of clients<br />

reported making progress towards resolving<br />

their debts. During the pandemic, this<br />

proportion fell to 67 percent. Nine months<br />

after advice, before the pandemic 65<br />

percent of clients reported being able to<br />

make ends meet either every<br />

month or most months. During the<br />

pandemic, this increased to 78<br />

percent.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 6


<strong>Credit</strong>safe acquires Graydon<br />

CREDITSAFE Nederland BV, the global<br />

credit data and risk intelligence expert, has<br />

acquired Graydon, the business information<br />

services provider, for an undisclosed sum.<br />

At the time of going to press it was<br />

not clear what the implications were for<br />

Graydon, its senior team, or its offices<br />

and employees across the Netherlands,<br />

Belgium, and the UK. The mood music from<br />

Cato Syversen, CEO of <strong>Credit</strong>safe, however,<br />

was very much that it was ‘business as<br />

usual’, and that the two businesses were<br />

combining their services to accelerate the<br />

long-term growth and economic stability of<br />

their clients.<br />

“In Graydon we saw an opportunity to<br />

invest in a well-recognised business and<br />

brand to help accelerate our growth in these<br />

markets and further develop our marketleadership<br />

position in Europe,” Cato told<br />

<strong>Credit</strong> <strong>Management</strong>.<br />

Graydon has been in operation for more<br />

than 130 years and for the last five years has<br />

been a 100 percent subsidiary of Atradius.<br />

David Capdevila, CEO of Atradius, was keen<br />

to stress the benefits of the sale: “Graydon<br />

and its employees have found a strong and<br />

solid partner in <strong>Credit</strong>safe," he said.<br />

"We are cooperating with <strong>Credit</strong>safe<br />

as one of our information providers<br />

successfully via our Iberian information<br />

CATHERINE Brown, the former Chief<br />

Executive of the Food Standards Agency<br />

and current Chair of environmental<br />

charity Hubbub, has been appointed the<br />

first Chair of the Enforcement Conduct<br />

Board.<br />

The Board is a new independent<br />

oversight body for the civil enforcement<br />

sector and will act to drive up<br />

standards, improve the effectiveness<br />

of enforcement and provide better<br />

protection to people struggling with debt.<br />

It has been created through a partnership<br />

provider Iberinform and we are convinced<br />

that Graydon will benefit from the unrivalled<br />

expertise and market reach of <strong>Credit</strong>safe.”<br />

Gertjan Kaart, Managing Director of<br />

<strong>Credit</strong>safe Nederland BV believes that<br />

Graydon and <strong>Credit</strong>safe together are in a<br />

strong position to accelerate sustainable<br />

growth and support for their customers<br />

locally and globally: “The fact that Graydon<br />

is now a <strong>Credit</strong>safe company will be very<br />

beneficial for all our clients to access<br />

advanced global <strong>Credit</strong>safe Solutions<br />

in combination with the recognised<br />

intelligence solutions of Graydon,” he said.<br />

A spokesperson for Graydon said he<br />

felt that joining the <strong>Credit</strong>safe family was<br />

an excellent fit: “<strong>Credit</strong>safe and Graydon<br />

together will benefit, and we will be able to<br />

accelerate our growth.”<br />

“In Graydon we saw an<br />

opportunity to invest in a<br />

well-recognised business<br />

and brand to help accelerate<br />

our growth in these markets<br />

and further develop our<br />

market-leadership position<br />

in Europe.''<br />

Brown appointed first chair<br />

of new enforcement body<br />

between the civil enforcement sector<br />

and leading debt advice charities, such<br />

as the Money Advice Trust, Christians<br />

Against Poverty and StepChange.<br />

The Board – which will operate<br />

independently of both the industry<br />

and the Government – will have a<br />

clear mandate to ensure fair treatment<br />

and appropriate protection for people<br />

subject to action by enforcement agents<br />

(bailiffs).<br />

Catherine Brown has been appointed<br />

for an initial three-year term.<br />

>NEWS<br />

IN BRIEF<br />

Gateway to collections<br />

BUSINESS Gateway has helped<br />

launch Know-it, a credit management<br />

platform, based in Glasgow, which is<br />

said to help give small businesses the<br />

ability to mitigate credit risk, increase<br />

cashflow and reduce debtor days. The<br />

product has three functions; Checkit,<br />

Chase-it, Collect-it and aims to<br />

help SMEs tackle the £61 billion late<br />

payment problem that is putting UK<br />

businesses at serious risk. Know-it<br />

was founded by Lynne Darcy Quigley,<br />

and through Business Gateway has<br />

been able to access grants of more<br />

than £90,000 to accelerate its growth.<br />

New Board team<br />

SARAH Whiteley, Group General<br />

Counsel & Company Secretary at Cabot<br />

<strong>Credit</strong> <strong>Management</strong>, has been elected<br />

to the board of the <strong>Credit</strong> Services<br />

Association – the trade association for<br />

the debt collection and debt purchase<br />

industry. Frank Horvath, Managing<br />

Director at Link Financial Outsourcing,<br />

and Joanne Cowens, Head of Conduct<br />

& Risk at NCO Europe, have been reelected.<br />

Former board member Ian Rea<br />

has stepped down. At the CSA AGM, the<br />

terms of office for current Chair Tom<br />

Chandos and Vice Chair Nick Cherry<br />

were also extended for a further year<br />

until 2023.<br />

Senior hires<br />

INDEBTED, which describes itself as<br />

the fast-growing global fintech aiming<br />

to transform the consumer experience<br />

of debt, has appointed Pierre Bergamin<br />

as Vice President of Engineering and<br />

Roger Almeida as Head of Product. The<br />

appointments are part of InDebted’s<br />

investment in its product and<br />

engineering functions which work<br />

closely with consumers and business<br />

partners across the globe.<br />

Take a chair<br />

JASON Incles, previously of TDX Group,<br />

has been appointed as the new Chair<br />

of Arum and Just. Jason succeeds<br />

Jamie Waller who recently retired<br />

after serving as Chair for the past four<br />

years. “I feel very excited to be taking<br />

on this role at such a pivotal time for<br />

our profession,” Jason said. The needs<br />

of our public and private sector clients<br />

in the credit and debt industries are<br />

changing rapidly against a backdrop<br />

of heightened economic pressures<br />

and consumer treatment expectations.<br />

Arum and Just are helping to address<br />

these challenges in thoughtful and<br />

innovative ways which I am pleased to<br />

be playing a part in.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 7


Signs of small business recovery<br />

after chaos of the pandemic<br />

BRITISH business is getting<br />

back on track – with<br />

resilient entrepreneurs<br />

up and down the country<br />

showing signs of recovery<br />

after overcoming the<br />

obstacles of the COVID-19 pandemic.<br />

The past two years have seen half<br />

of small businesses suffer significant<br />

financial setbacks, with 54 percent having<br />

to introduce new emergency revenue<br />

streams to survive the winter months after<br />

Omicron and supply chain troubles.<br />

But according to a new ‘How to<br />

Recover’ report from Small Business<br />

Britain and TSB Bank, four fifths (86<br />

percent) of entrepreneurs are fighting back<br />

and believe their business will survive<br />

this year, despite half admitting financial<br />

stability has taken a hit.<br />

Two thirds (66 per cent) of business<br />

owners are also optimistic that they will<br />

grow in <strong>2022</strong> – and Small Business Britain<br />

has launched an eight-step plan to help<br />

businesses rebuild and combat challenges.<br />

Michelle Ovens, founder of Small Business<br />

Britain, told <strong>Credit</strong> <strong>Management</strong>: “The last<br />

two years have brought a rollercoaster of<br />

fortunes for small businesses. Each time it<br />

seems a corner has been turned, another<br />

hurdle has arisen.<br />

“It is incredible how small businesses<br />

have used their entrepreneurial instincts<br />

to dig deep and keep going. But keep going<br />

they must! With the right mindset and<br />

the help of support networks, innovations<br />

like technology and new products and<br />

services, small businesses can make it<br />

through this crisis and be well positioned<br />

for recovery.”<br />

The guide includes embracing a<br />

growth mindset, with an openness to<br />

adapt, embrace change, and try new things<br />

to overcome crisis – something that has<br />

led half of small businesses to adopt new<br />

innovation, technology and skills to get<br />

through the troubling year, as 49 percent<br />

also used government grants to keep their<br />

businesses stable.<br />

Cucumber Clothing is one such<br />

business that has been able to combat<br />

the tough retail market using innovation,<br />

appealing to customers keen for<br />

lower upfront investment and greater<br />

sustainability with a new rental model.<br />

Co-founder Eileen Willett said it is so easy<br />

to procrastinate, but just go for it: “You’ll<br />

never be perfect just learn as you go and<br />

improve.”<br />

But as well as changing your mindset<br />

and embracing change to get businesses<br />

on the road to recovery in the unstable<br />

climate, Small Business Britain is also<br />

recommending that businesses get<br />

help from others through networking<br />

and taking advice from mentors to gain<br />

inspiration and solve problems, while also<br />

prioritising their staff and customers to<br />

gain a greater insight into where they can<br />

improve.<br />

Adopting new technologies to connect<br />

to a digital audience and build skills<br />

can also increase revenue and boost<br />

productivity, while flexible businesses that<br />

are prepared for any situation with backup<br />

plans in place are more likely to survive<br />

an unpredictable economy.<br />

And while the pandemic has posed a<br />

challenge for the whole of the business<br />

world, Small Business Britain encourages<br />

businesses to invest in core areas for<br />

future growth where possible, and to make<br />

sure mental health remains a priority for<br />

business owners.<br />

“We hope that the small firms out<br />

there struggling – and there are many<br />

still feeling very vulnerable – can use the<br />

practical advice in this guide as a roadmap<br />

to find a way back to growth,” Michelle<br />

added.<br />

“However, there is of course a limit to<br />

what small businesses can do. There is<br />

still a need for continued support – from<br />

the Government, bigger businesses, and<br />

the public. And it’s vital that this support<br />

is inclusive, so it reaches everyone across<br />

the small business community.”<br />

Business Minister Paul Scully said he<br />

was pleased to see that two-thirds of firms<br />

expect to grow this year: “The Government<br />

is doing everything it can to bolster small<br />

businesses with schemes like Help to<br />

Grow giving business leaders the expert<br />

management training and digital skills<br />

they need to boost their performance and<br />

profitability,” he concluded.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 8

Q&A<br />

In the first in a new series <strong>Credit</strong> <strong>Management</strong><br />

speaks to Philip Roberts FCICM about the<br />

importance of achieving CICMQ accreditation.<br />

THE debt recovery team at Clarke Willmott, a leading full-service UK law firm,<br />

has accomplished best practice with CICMQ accreditation, demonstrating its<br />

dedication to quality and continual progress.<br />

Philip Roberts FCICM<br />

is a Partner at Clarke Willmott.<br />

He was in conversation with<br />

Mona Yazpandarast and<br />

Laura Rhodes.<br />

Established in 1888,<br />

Clarke Willmott LLP is one<br />

of the earliest national law<br />

firms with seven offices<br />

across England and Wales.<br />

It has been awarded the<br />

Law Society’s Lexcel quality<br />

mark in recognition of<br />

its compliance and care<br />

standards. The firm consists of<br />

over 500 lawyers and support<br />

staff, including over 100<br />

partners. This accreditation<br />

comes as another feather<br />

in the hat for the company,<br />

congratulations to the<br />

whole team!<br />

CM: How big is your debt recovery<br />

team and what services do you provide?<br />

PR: The firm’s 29-strong debt recovery<br />

team is one of the largest in the UK<br />

and has been operating for 30 years.<br />

Our services range from high-volume,<br />

pre-legal debt collection through to all<br />

aspects of debt litigation and insolvency<br />

action. Clients include government<br />

departments, local authorities, utility<br />

companies, insurance companies,<br />

commercial businesses and FCA<br />

regulated companies. We are ranked as<br />

top tier in Legal 500 for Debt Recovery.<br />

CM: What are the advantages<br />

of being accredited to CICMQ?<br />

PR: The benefits of us gaining<br />

accreditation are twofold. For the team it<br />

is a real feather in our caps and a nod to<br />

the hard work they put in to continuously<br />

meet the high standards we set. To<br />

have an industry leading organisation<br />

like the CICM confirm this is a real<br />

achievement. But more, it also gave us<br />

a great opportunity to review ourselves<br />

and what we do and look for areas of<br />

improvement. Many new processes have<br />

been introduced since the workshop and<br />

we’ve seen great improvements in several<br />

areas because of this.<br />

CM: What are the reasons that<br />

you sought CICMQ accreditation?<br />

PR: CICM promotes best practice in<br />

industry standards and the CICMQ<br />

accreditation is confirmation that the<br />

team are achieving this. We wanted<br />

to go for the accreditation to prove to<br />

ourselves and show to clients that we<br />

meet the high standards set. Also, after<br />

initial discussions, we realised how<br />

much we could gain from the process<br />

by asking for the team’s thoughts, ideas<br />

and input and finding out if there<br />

were areas for improvement. It’s also a<br />

great opportunity to join many leading<br />

companies in the CICM Best Practice<br />

group which will be really beneficial in<br />

knowledge sharing.<br />

CM: What were the central<br />

challenges you faced in gaining<br />

accreditation?<br />

PR: Initial talks happened in the weeks<br />

leading up to the first lockdown of the<br />

pandemic in 2020 and the accreditation<br />

process was necessarily postponed due<br />

to this. When we decided we would do<br />

it remotely, we weren’t sure how the<br />

same level of staff engagement could<br />

be captured via video conferencing.<br />

However, CICM had already overcome<br />

any issues with this and had a great<br />

virtual alternative in place, which worked<br />

brilliantly.<br />

CM: Is there anything you will do<br />

differently next time now that you<br />

have gained accreditation? Any key<br />

lessons learned?<br />

PR: Following the workshop experience,<br />

we know that our team have some<br />

brilliant ideas for improvements. We<br />

will be more proactive, and team led in<br />

asking for those ideas to be put forward<br />

to us. As we will have another review in<br />

18 months, we will know how to properly<br />

document and display all adjustments<br />

and improvements that happen along the<br />

way so that we can demonstrate how we<br />

have developed. Our biggest lesson learnt<br />

is that the team want more and better<br />

communication, which is now very much<br />

a part of our everyday working.<br />

CM: Does the team receive any<br />

CICM Training and are there plans<br />

for this to begin or expand?<br />

PR: We are working with CICM to<br />

discuss team and individual training<br />

going forward and are excited about the<br />

benefits this could bring.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 9


AWARDS <strong>2022</strong><br />

In Partnership with<br />

Thursday 24th March, Royal Lancaster London<br />

MEET THE <strong>2022</strong> FINALISTS, THOSE WHO<br />



Sponsored by<br />

Finalists:<br />

• Aggregate Industries (UK) Limited<br />

• Anixter Ltd<br />

• Biffa Waste Services Ltd<br />

• Scottish Water Business Stream<br />

• Skyscanner<br />

• Stonegate Group<br />

• The Adecco Group UK & Ireland<br />

• Valor Hospitality Europe Ltd<br />

• Weightmans LLP<br />

Winner: Associated British Ports<br />


Sponsored by<br />

Finalists:<br />

• Cedar Rose International Services Ltd<br />

• CoCredo<br />

• Flint Bishop LLP<br />

• Forums International Ltd<br />

• Sidetrade<br />

• Softcat PLC<br />

Winner: Chaser<br />


Sponsored by<br />

Finalists:<br />

• CoCredo<br />

• Forums International Ltd<br />

• Payt Software<br />

Winner: Escalate Law<br />


Sponsored by<br />

Finalists:<br />

• Marston Holdings<br />

• Weightmans LLP (Highly Commended)<br />

Winner: Shoosmiths LLP<br />


Sponsored by<br />

Finalists:<br />

• Biffa Waste Services Ltd<br />

• Chaser<br />

• Debt Register<br />

• HighRadius<br />

• Themis Global<br />

• United Utilities<br />

Winner: IncomeMax<br />


Sponsored by<br />

Finalists:<br />

• Anixter Ltd<br />

• Exclusive Networks Ltd<br />

• Invictus Risk Solutions LLP<br />

• Royal Mail Group<br />

• RS Components Limited<br />

Winner: Company Watch<br />


Sponsored by<br />

Finalists:<br />

• Associated British Ports<br />

• RS Components Limited AR SSC<br />

• Saint-Gobain Ltd<br />

• Sidetrade<br />

• The Adecco Group UK & Ireland<br />

• WSP UK Ltd<br />

Winner: Biffa Waste Services Ltd<br />

<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 10


Sponsored by<br />

Finalists:<br />

• Athena Collections Ltd<br />

• Darcey Quigley & Co<br />

• Flint Bishop LLP<br />

• Global <strong>Credit</strong> Recoveries Ltd<br />

• Themis Global<br />

• Thornbury Collections<br />

• ZZPS Ltd<br />

Winner: Atradius Collections Ltd<br />


Sponsored by<br />

Finalists:<br />

• AJJB LAW<br />

• Blaser Mills LLP<br />

• Escalate Law<br />

• Flint Bishop LLP<br />

• MKB Law<br />

Winner: Clarke Willmott LLP<br />

Winner: DWF Law LLP<br />


Sponsored by<br />

Finalists:<br />

• Bryony Crossland FCICM(Grad), Anixter Ltd (Highly Commended)<br />

• Essentra Plc<br />

• Exclusive Networks Ltd<br />

• Lovetts Solicitors<br />

• The Adecco Group UK & Ireland<br />

Winner: Scottish Water Business Stream<br />


Sponsored by<br />

Finalists:<br />

• Abbie Carter ACICM, Aggregate Industries (UK) Limited<br />

• Amber Durrant, Shorterm Ltd<br />

• Jamie Barker, Oilfast Ltd T/A Fleetmaxx Solutions<br />

• Silvana Miljevic, RS Components Limited<br />

• Stacey Smith, Biffa Waste Services Ltd<br />

Winner: Ethan Court, Themis Global<br />



Sponsored by<br />

Finalists:<br />

• CoCredo<br />

• Essentra Plc<br />

• Marston Holdings<br />

• The Adecco Group UK & Ireland<br />

• Weightmans LLP<br />

• ZZPS Ltd<br />

Winner: Stonegate Group<br />


Winner: Liana Jones<br />



Finalists:<br />

• Lydia Morris, Anixter Ltd<br />

• Michelle Dacoron ACICM, Anixter Ltd<br />

Winner: Anita Pickersgill MCICM, Thornbury Collections<br />


Sponsored by<br />

Finalists:<br />

• Brendan Clarkson FCICM, Begbies Traynor<br />

• David Thornley FCICM(Grad), Fort Vale Engineering Ltd<br />

• Debra Pennington FCICM, Clarins UK Ltd<br />

• Lisa McKenzie MCICM(Grad), Tarmac Trading Ltd<br />

• Mike Darbyshire, Brabners LLP<br />

• Philip Roberts FCICM, Clarke Willmott LLP<br />

• Simon Quigley, The Adecco Group UK & Ireland<br />

• Steven Kershaw ACICM, Oilfast Ltd T/A Fleetmaxx Solutions<br />

• Tina Daulton MCICM, Biffa Waste Services Ltd<br />

Winner: Dee Weston FCICM, Exclusive Networks Ltd<br />


Sponsored by<br />

Finalists:<br />

• Andrea Baker FCICM, Sidetrade<br />

• Brenda Linger FCICM, <strong>Credit</strong> <strong>Management</strong> Ltd (Highly Commended)<br />

• Debra Pennington FCICM, Clarins UK Ltd<br />

• Lynne Darcey Quigley, Know-it Global/Darcey Quigley & Co<br />

• Mike Segall FCICM, Mike Segall Consulting Ltd<br />

• Mr John A. Smith FCICM<br />

Winner: Angela Widdup ACICM, Royal Mail<br />

Sponsored by<br />

Finalists:<br />

• Biffa Waste Services Ltd<br />

• Clarins UK Ltd<br />

• CoCredo<br />

• Optimum SME Finance Ltd<br />

• RS Components Limited<br />

• Stonegate Group<br />

Winner: Skyscanner<br />

Don't<br />

miss the awards<br />

supplement in<br />

next months<br />

issue of CM<br />

magazine<br />


Winners: Aggregate Industries (UK) Limited<br />

Veolia ES UK PLC<br />

RS Components Limited<br />

The Adecco Group UK & Ireland<br />

HSCNI - BSO Shared Services<br />

For more information visit www.cicmbritishcreditawards.com<br />

or scan the QR code below to be directed to our website<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 11



Sean Feast FCICM speaks to<br />

Cato Syversen, CEO of <strong>Credit</strong>safe,<br />

about the impact of COVID on the<br />

business information sector.<br />

PART 2<br />

The breadth of data needed,<br />

and the challenge in finding<br />

that data, will continue to<br />

grow over the next 12 months:<br />

“We know these processes<br />

are designed to safeguard<br />

businesses and the wider<br />

economy from corruption and<br />

fraud so restricting valuable<br />

data can be damaging.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 12


AUTHOR – Sean Feast FCICM<br />

‘‘By offering trusted intelligence and aiding decision-making,<br />

<strong>Credit</strong>safe and other business information providers will play a pivotal<br />

role in the economic recovery.”<br />

CATO Syversen believes the<br />

evolution and emergence of new<br />

legislation and regulations has<br />

raised significant challenges for<br />

the industry: “Much of the new<br />

legislation is, of course, a positive<br />

change and supports our industry,” he says. “The<br />

Payment Services Directive (PDS2), for example,<br />

and Commercial <strong>Credit</strong> Data Sharing (CCDS)<br />

provides visibility over consented banking data<br />

and enhances our ability to assess real-time<br />

liquidity.<br />

“Yet on the other hand, there are new regulations<br />

that restrict our access to vital business<br />

information and in turn reduces transparency.<br />

We are seeing it today for instance with the<br />

restrictions being imposed on Ultimate Beneficial<br />

Owner (UBO) registers due to privacy reasons in<br />

certain countries.”<br />

While Cato understands and welcomes<br />

legalisation and regulations that protect the<br />

identity of individuals, he recognises this causes<br />

problems for the industry and <strong>Credit</strong>safe’s clients:<br />

“The need for more information about companies<br />

and persons has grown in order for organisations<br />

to meet the requirements for Know your business<br />

(KYB) and Know Your Customer (KYC).”<br />

The breadth of data needed, and the challenge<br />

in finding that data, will continue to grow over<br />

the next 12 months: “We know these processes<br />

are designed to safeguard businesses and the<br />

wider economy from corruption and fraud so<br />

restricting valuable data can be damaging,” he<br />

continues. “When legalisation and regulations<br />

are being considered it is important that there is a<br />

balance to the decision process from Government<br />

authorities.<br />

“Organisations like <strong>Credit</strong>safe play a pivotal<br />

role in stimulating trade credit and safeguarding<br />

businesses, so we need as much information as<br />

possible to provide the right insights and guidance<br />

to our customers. To assist organisations with<br />

the ever-increasing complexity of compliance,<br />

<strong>Credit</strong>safe will provide new capabilities that<br />

simplify the interpretation of data and assist<br />

all functions in meeting their compliance<br />

requirements.”<br />


During the early stages of the pandemic, Cato<br />

admits there was some disruption in terms of data<br />

availability. However, these were quickly resolved<br />

with many suppliers utilising technology more<br />

and settling into working from home.<br />

As the pandemic progressed, there were also<br />

issues with the availability of information from<br />

Government agencies relating to support packages<br />

which had been given to companies over the<br />

last two years: “A number of countries provided<br />

financial support to businesses in terms of grants,<br />

loans, and the ability to defer taxation, which was<br />

crucial to the survival of some business during the<br />

unprecedented times,” he says.<br />

“This lack of visibility, however, continues to<br />

cause us some challenges as we do not always<br />

know what financial support has been provided<br />

to what company, and how this might impact<br />

their ability to continue to trade. We source this<br />

information where it is available and consider this<br />

within our assessments.”<br />

Cato says the business is now receiving this<br />

information based on companies submitting their<br />

financial statements which include the financial<br />

support they have received: “In a perfect world<br />

this information would have been made available<br />

by all Government agencies,” he continues, “but<br />

of course we understand during such times this<br />

cannot always be achieved.”<br />

Alternative data is another area in which<br />

<strong>Credit</strong>safe has been investing to deliver greater<br />

value and insights: “For over a decade <strong>Credit</strong>safe<br />

has made significant efforts to collect payment<br />

performance data. This type data is invaluable<br />

when analysing risk in terms of cashflow and this<br />

has really supported our customers during the<br />

pandemic. In the past two years over 60 percent<br />

of the reports we have supplied to our customers<br />

have given insights into the company’s payment<br />

performance.”<br />

Crucially, Cato says, he recognised the<br />

pandemic was changing the landscape of trade<br />

credit virtually overnight, and they had to<br />

respond: “We introduced our COVID-impact score<br />

in 2020; developed by our Analytics and Data<br />

Teams the score helps companies to understand<br />

the immediate and long-term impact that the<br />

pandemic and restrictions is likely to have across<br />

all sectors globally.”<br />

Trade finance tends to be highly vulnerable<br />

in times of economic crises, especially in the<br />

short-term, leading to increased prices and<br />

reduced overall availability. This presents both an<br />

opportunity and a threat: “Now more than ever,<br />

business information providers play a pivotal role<br />

in providing companies with guidance, insights<br />

and confidence when providing trade credit. We<br />

have seen even during the pandemic that the<br />

usage of our services has continued to grow, even<br />

with sectors that have been regularly closed for<br />

business due to restrictions being imposed on<br />

them.<br />

“Trade finance serves as the lifeblood of the dayto-day<br />

international trade in goods and services by<br />

enabling transactions between buyers and sellers<br />

around the globe. More specifically, it provides<br />

the fluidity and security needed to allow for the<br />

movement of goods and services,” Cato adds.<br />


Although precise figures on the magnitude of<br />

trade finance are unavailable, it is assumed to<br />

be significant: in 2009, it was estimated to have<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 13


AUTHOR – Sean Feast FCICM<br />

contributed to between 80 percent to 90<br />

percent of all world trade.<br />

“By offering trusted intelligence and<br />

aiding decision-making, <strong>Credit</strong>safe and<br />

other business information providers<br />

will play a pivotal role in the economic<br />

recovery,” Cato continues. “We did the<br />

same during the 2008 Global Finance<br />

Crisis by providing accessible services<br />

and solutions that continue to support<br />

our clients with their risks and<br />

opportunities.”<br />

Cato says that the business has been<br />

sourcing additional and alternative data<br />

and developing new solutions: “With<br />

the recent addition of CCDS and Open<br />

Banking Data in our services we have<br />

been able to confidently recommend<br />

higher credit limits to certain businesses<br />

and in particularly SMEs, which naturally<br />

promotes growth all the while reducing<br />

overall exposure to risk. Additions like<br />

these,” he continues, “allow our clients<br />

to respond to new economic challenges,<br />

continue to make informed decisions,<br />

remain resilient and even thrive in times<br />

of uncertainty.”<br />

In the context of a challenged and<br />

challenging world, <strong>Credit</strong>safe has found<br />

ways of working smarter. In the credit<br />

world this has translated into a drive<br />

or expectation to onboard more clients<br />

in record speed while simultaneously<br />

reducing exposure to risk: “At <strong>Credit</strong>safe<br />

we are enabling businesses to achieve this<br />

by continually acquiring new sources and<br />

types of data and combining this with new<br />

technologies and analytical capabilities to<br />

create holistic and intelligent solutions,”<br />

Cato says.<br />

“The Open Banking and Commercial<br />

<strong>Credit</strong> Data Sharing initiatives in the<br />

UK are revolutionary for the lending<br />

market in particular, and we are helping<br />

businesses incorporate this data into<br />

their credit policies to allow them to<br />

extend more trade finance to businesses<br />

without an increase in risk. As one of<br />

only four credit reference agencies with<br />

access to Open Banking Data, we are in<br />

a unique position to support businesses<br />

in growing faster and more sustainably.<br />

When we combine this data with our<br />

new technologies and capabilities it truly<br />

changes the landscape.”<br />

An example Cato gives is of its new<br />

automated credit decisioning solution<br />

Check & Decide. This can be configured<br />

to include compliance checks, Open<br />

Banking data, credit reports and any<br />

third-party data source: “Checks which<br />

previously could have taken a company<br />

up to 30 days to perform manually, can<br />

now be performed by this technology<br />

within seconds,” he concludes. “Our<br />

clients have a universe of data at their<br />

fingertips and <strong>Credit</strong>safe enables them to<br />

use it on-demand at the right time for the<br />

right decision.”<br />

Working lives<br />

<strong>Credit</strong> <strong>Management</strong> speaks to Craig Evans about life after Lockdown.<br />

CM: What is the biggest single issue<br />

facing your industry today and over the<br />

next 12 months?<br />

CE: Probably the biggest issues facing our<br />

industry today, like many industries, is<br />

the need to adopt a new way of working.<br />

The pandemic has triggered seismic<br />

shifts in how we work, causing many<br />

companies to transition from an officecentric<br />

culture to more flexible ways of<br />

working. This shift is largely still in the<br />

experimental phase, as businesses across<br />

our industry try to conceive of and test<br />

effective post-pandemic working models<br />

for their operations and staff. Of course,<br />

what works for one company may not<br />

work for another; business needs will vary<br />

depending on size and structure. I know<br />

many organisations in our industry are<br />

doing their best to make working more<br />

flexible – as well as less burnout-prone,<br />

thanks to recent conversations about<br />

mental health, work-life balance and<br />

burnout.<br />

CM: To what extent has the pandemic<br />

impacted the sector? How have you<br />

responded? How have you remained<br />

relevant?<br />

CE: The pandemic has stimulated the<br />

industry to look at how data drives<br />

organisations. As the need for more<br />

current data grew, the industry reacted<br />

with new scores based around the<br />

impact the pandemic was having on<br />

businesses, creating new analytic models<br />

for customer and supplier impact risks,<br />

fraud risks, social risks, growth risks etc.<br />

Graydon was quick to respond to this,<br />

creating and releasing the first Impact<br />

score in the industry, followed by new<br />

predictive risk scores and fraud scores.<br />

The customers’ demand for these scores<br />

and insights put Graydon’s data-driven<br />

insights at the centre of the key decisions<br />

being undertaken to manage risks across<br />

all industries.<br />

CM: What role can your business play in<br />

supporting the economic recovery?<br />

CE: For me, the role Graydon can play is<br />

in several parts: we can help to create and<br />

make businesses ready for investment,<br />

through our scores and insights; help<br />

companies to grow their revenues,<br />

through our data-driven analytics; and<br />

allow our customers to reduce their costs,<br />

by deploying automation and business<br />

process flows to onboard customers and<br />

suppliers far quicker and with minimal<br />

manual intervention. To encourage<br />

innovation, using our scoring and<br />

analytics as a service offering, we can<br />

help to create a strong enabling<br />

environment and encourage workforce<br />

readiness by facilitating upskilling and<br />

reskilling programs for risk management,<br />

digital platforms, and new industry<br />

expertise.<br />

CM: What new ‘products’ or initiatives<br />

have you launched/are you planning to<br />

launch that will benefit credit managers/<br />

businesses?<br />

CE: In 2021 we launched our Insights<br />

platform – our next-generation data<br />

intelligence platform. All our products<br />

on this platform have been created and<br />

deployed since the start of the pandemic.<br />

Enhanced and improved searching and<br />

identification intelligence. New scores for<br />

business risk, corporate fraud risk, impact<br />

risk, growth scores, payment scores. New<br />

linkages to identify the networks and<br />

ownerships of businesses, the people<br />

and entities behind them. An enhanced<br />

rules-based credit decisioning tool. New<br />

solutions for automation of onboarding<br />

customers/suppliers using a single API<br />

and a dedicated platform for managing<br />

the fraud risk, credit risk and AML/<br />

KYC risk. A completely new solution for<br />

managing compliance risks. A new suite<br />

of API solutions to allow our customers<br />

to integrate. Wider and deeper data for<br />

insights on international businesses and<br />

a new marketing data product, allowing<br />

our customers to access over nine million<br />

companies.<br />

Craig Evans is Commercial Director<br />

for Graydon UK.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 14

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Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 15


Brave New World?<br />

Our present can learn much from our past.<br />

AUTHOR – David Andrews<br />

AS the years flash and blur<br />

one into the other, it is<br />

not always easy to have<br />

perfect recall.<br />

But it was – I think –<br />

2000, and I was perched<br />

outside a little cafe in Brighton’s Seven<br />

Dials, hoping to catch the last few rays<br />

of a fading sun. I was reading And Quiet<br />

Flows the Don, which remains one of the<br />

great works of 20th century literature.<br />

Mikhail Sholokhov’s magisterial<br />

work examines the lives of a Cossack<br />

community, just prior to the outbreak of<br />

WW1.<br />

It is not an easy read, but like those<br />

other great works, War and Peace and<br />

Anna Karenina, the novel delivers an<br />

extraordinary perspective as to the inner<br />

character of the Russian people. Strong,<br />

noble... proud. And desperately loyal to<br />

the notion of the Motherland.<br />

As the shadows spread, the guy who I<br />

had clocked sitting opposite me, inclined<br />

his head in my direction.<br />

‘Excuse,’ he said, in faltering English.<br />

‘May I ask….’<br />

‘Yes,’ I said, thinking, dude is from<br />

Eastern Europe…ask away…<br />

‘May I ask…do you like book?’<br />

‘I do,’ I said. ‘It is long and difficult. But<br />

yes, I like it.’<br />

‘So do I,’ he said. ‘But I have only read<br />

it in Russian,’ he added with a beaming<br />

smile.<br />

‘Well,’ I said, ‘I guess that it is always<br />

preferable to read in the vernacular.’<br />

‘Sure,’ said my new friend. ‘I am<br />

Russian – from Moscow – so it is not<br />

so hard for me.’ Again with the wide<br />

beaming grin.<br />

So we talked. About the book, about<br />

Russia then and in its illustrious past.<br />

And then we talked about President<br />

Putin.<br />

Back then Vladimir Putin was<br />

something of an untried head of state.<br />

He had risen to power through the<br />

murky mechanisms of the KGB and the<br />

impenetrable protocols of the Kremlin.<br />

‘We do not know anything about him,’<br />

said my friend. ‘But in Russia sometimes<br />

it does not do to ask too many questions.’<br />

I nodded. For despite the effective<br />

toppling of the former Soviet Union<br />

empire, many of the old guard Russians<br />

were still trying to cling on to increasingly<br />

outmoded notions of State power.<br />

‘Apparently the guy had to drive a taxi<br />

for awhile,’ said my chum, cackling at<br />

the thought of Vlad behind the wheel of<br />

a Lada ferrying a bunch of vodka-fuelled<br />

Muscovites around town.<br />

‘But hey,’ he said, ‘this is the brave new<br />

face of Russia.’ Nodding in the direction<br />

of my book, he whispered: ‘I wonder<br />

what Sholokhov would have made of it<br />

all?’<br />


Who knows? But I would bet my last rouble<br />

that neither he nor contemporaries like<br />

Alexander Solzhenitsyn would have<br />

figured modern Russia for the aggressive<br />

expansionist regime it appears to<br />

have become under the ailing Putin<br />

administration.<br />

Much water has flowed through the<br />

Don over the past weeks, and whichever<br />

way the conflict takes us, we can be<br />

sure of one thing – our erstwhile cosy<br />

relationship with the Russian oligarch<br />

elite in Londongrad and the complexities<br />

of the Russian banking system in the City<br />

will almost certainly be dismantled.<br />

As James Joyce said, there are no<br />

certainties – only outcomes – and no<br />

commentator can accurately predict<br />

where we will all be as <strong>2022</strong> unfolds.<br />

Hard though, following two years of a<br />

pandemic crisis which has seen millions<br />

disenfranchised around the globe, to<br />

now be countenancing a major conflict<br />

which will impact on all our ways of life.<br />

Sure, we will be hit with higher energy<br />

bills, filling our vehicles with fuel will be<br />

eye wateringly expensive, and for those<br />

whose livelihoods have been shaped by<br />

commercial relationships with Russian<br />

firms and tourism – the hotel and travel<br />

industry was just getting back on its feet<br />

– lean times stretch ahead.<br />

Assuming our leaders can maintain<br />

an uneasy peace going forward in the<br />

face of Russian expansionism, there are<br />

some positives for the UK economy as we<br />

finally emerge from the pandemic.<br />

In the first quarter of the year UK GDP<br />

was the highest in Europe, eclipsing<br />

even the powerhouse that is the German<br />

economy. We have a full employment<br />

economy for the first time since 1988,<br />

and in more ‘normal’ times this would<br />

have stood us in good stead.<br />


What a difference a few months makes.<br />

Most of us waking up on New Year’s Day<br />

probably did not envisage a threat to<br />

world peace as being high on the <strong>2022</strong><br />

agenda. Funny, is it not, how the spectre<br />

of the pandemic, which once dominated<br />

every news bulletin, has now receded<br />

into the distance.<br />

The economic triple whammy of<br />

COVID-19, rising energy prices – and<br />

now a full-blown conflict will ensure that<br />

<strong>2022</strong> is a turbulent year.<br />

But we have been here before. Most<br />

obviously in the early 1960s with the<br />

Cuban missile crisis, and with endless<br />

wars in the intervening 60 years. As<br />

Aldous Huxley said, it is our world. It<br />

is a brave new world. Let us hope it is a<br />

secure world.<br />

David Andrews is a<br />

freelance Journalist.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 16

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Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 17

Managing<br />

procurement<br />

challenges<br />

Is it a regulatory framework that is<br />

complex and inefficient or one that<br />

is a force for good competition?<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 18


AUTHOR – Adam Bernstein<br />

WHETHER a public body is looking<br />

for providers of goods or<br />

services, or a potential provider<br />

is trying to obtain a contract to<br />

supply these, there’s a process<br />

to follow and it is not infallible.<br />

As a result, contracts may be challenged. But in contrast<br />

to other forms of legal claim, the timescales in<br />

challenging public tenders are extremely short.<br />


Procurement is the process of obtaining products or<br />

services from a third party and occurs every day in<br />

both the public and private sectors. Although it is advisable<br />

that those involved within procurement in the<br />

private sector develop clear processes and documentation,<br />

Nathan Talbott, a partner at law firm Wright<br />

Hassall, advises that it is only the process of public<br />

procurement that is specifically regulated.<br />

He outlines how, since the 1970s, the World Trade<br />

Organisation (WTO) and the European Union (EU)<br />

have regulated the procurement of goods and services<br />

by public authorities in order to protect openness,<br />

transparency and non-discrimination in these transactions.<br />

He says that the UK is bound to these principles<br />

by its treaty obligations and has since developed<br />

defined UK procurement regulations accordingly.<br />

It's natural to question whether Brexit may have<br />

changed the landscape but Talbot says the UK’s international<br />

commitment still stand: “even though the UK<br />

has now left the EU, UK procurement regulations still<br />

apply. The UK became a member of the WTO’s Agreement<br />

on Government Procurement in January 2021.<br />

So, going forward, any national laws relating to public<br />

procurement will continue to be made within the<br />

framework of these international commitments.”<br />

For the record, the main regulations currently applicable<br />

to public procurement are the Public Contracts<br />

Regulations 2015, the Concession Contracts<br />

Regulations 2016, the Utilities Contracts Regulations<br />

2016, and the Defence and Security Public Contracts<br />

Regulations 2011.<br />



As to how the rules surrounding public procurement<br />

apply, Talbot explains that there are three conditions<br />

to be met. Firstly, the contracting authority must be a<br />

public authority explains Talbot: “state, regional and<br />

local authorities, and other bodies governed by public<br />

law are subject to procurement regulations.”<br />

That said, Talbot explains that a distinction is made<br />

between central Government authorities – which includes<br />

Government departments and non-departmental<br />

Government bodies, such as the British Library, the<br />

Competition and Markets Authority, and NHS Trusts –<br />

and sub-central authorities which includes local Government,<br />

police and fire authorities, and universities.<br />

“These distinctions,” he says, “are important as they<br />

affect the threshold value of contracts that require<br />

compliance with the regulations.” The second condition<br />

which Talbot explains is that the tender must<br />

be for works, products, services or concessions and<br />

the contracts envisaged must be for public supplies,<br />

public services or public works. In contrast, there are<br />

There are time limits for challenges.<br />

Court proceedings must start 30 days<br />

from when the bidder first knew 'or<br />

strongly suspected,' that the contracting<br />

authority had breached the regulations.<br />

separate regulations when it comes to defence and security<br />

matters, as well as contracts for utility activities<br />

such as water, energy, transport and postal services.<br />

There are also separate regulations when the contract<br />

related to a concession and operating risk is to be<br />

transferred to a concessionaire.<br />

The third condition Talbot mentions is that the value<br />

of the tender must be above specified thresholds.<br />

“Most procurement regulations only apply to contracts<br />

above certain thresholds,” he explains. “However,<br />

public contract opportunities below the threshold values,<br />

but over £10,000 (central Government) or £25,000<br />

(sub-central Government) must still be published on<br />

the Government’s Contracts Finder website to allow<br />

interested parties the opportunity to respond.”<br />

For works contracts or concessions, the current<br />

threshold is £5,336,937 regardless of the type of contracting<br />

authority. For supplies and services for defence<br />

and security, the threshold is £426,955, again<br />

regardless of the type of authority. But for general<br />

supplies and services, the central Government threshold<br />

is £138,760, sub-central Government threshold is<br />

£213,477, and for utilities, it’s £426,955. All are current<br />

from 1 January <strong>2022</strong>.<br />

Understanding whether a tender is subject to public<br />

procurement regulations not only enables authorities<br />

to follow the correct processes and but it also helps<br />

bidders to know what to expect, and, should they have<br />

any concerns about decisions, they know when they<br />

may bring a challenge.<br />


It’s important to understand that tenders regulated by<br />

public procurement law must use one of several specified<br />

processes to evaluate and award a contract. Each<br />

involves minimum time limits, selection and award<br />

criteria, and the obligation to disclose various details<br />

when announcing the results. And as for announcing<br />

the results of tenders, the contracting authority must<br />

notify all bidders individually of the criteria for an<br />

award, the reasons for selecting the successful bid,<br />

the scores of the winning and the unsuccessful bidder,<br />

and when a standstill period will end. This must<br />

be at least 10 days from the notification during which<br />

time the awarded contract may not be finalised as unsuccessful<br />

bidders may want to review the feedback<br />

from the tender.<br />

There’s a big ‘but’ here though: Tenders can be challenged<br />

for a number of reasons – before or even after<br />

the outcome has been decided – that include the design<br />

of the tender being partial to certain suppliers;<br />

tender documents containing a mistake; inappropriate<br />

negotiation with potential suppliers; valuation of<br />

the bids wrongly excluding a bidder, or not applying<br />

award criteria correctly; the process specified by the<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 19<br />

continues on page 20 >


AUTHOR – Adam Bernstein<br />

regulations was not followed; or the required information<br />

was not provided to all bidders.<br />

And Talbot has seen challenges come from individuals,<br />

public entities or groups who made a bid, and these<br />

challenges can also be made by key sub-contractors or<br />

bid consortia partners may. Also, if a procurement contract<br />

is being modified, those involved in the original<br />

tender may bring a challenge, and this can also be said<br />

for those who were not involved but can show they had<br />

sufficient interest in the procurement process at the<br />

time of the attempted modification.<br />


With this in mind, can a challenge be mounted before<br />

a contract is concluded? In answer, Talbot advises<br />

that it can: “A court may set aside the decision of the<br />

contracting authority or order that the contacting<br />

authority amends or reissues a document.” But where<br />

a challenge is made after a contract is concluded, he<br />

says that a court may declare that contract ineffective,<br />

and/or impose a financial penalty on the contracting<br />

authority. In both situations damages may also be<br />

awarded.<br />

But there are, necessarily, time limits for challenges.<br />

Court proceedings must start 30 days from when the<br />

bidder first knew, 'or strongly suspected,' that the<br />

contracting authority had breached the regulations.<br />

Talbot has seen this happen when notification of an<br />

award decision is received. But, if an infringement<br />

becomes apparent sooner, he recommends that a<br />

bidder should not wait for the award notification to<br />

bring a challenge: “the clock starts ticking as soon<br />

as a bidder is aware of the breach, and incorrectly<br />

calculating this will usually prevent a challenge being<br />

made.” It should be remembered that there are tight<br />

timescales in public procurement disputes and so<br />

there is limited scope for pre-litigation actions or<br />

negotiation. Nevertheless, in Talbot’s experience,<br />

courts have recommended that unsuccessful bidders<br />

send contracting authorities a letter of claim before any<br />

formal proceedings are issued to grant an opportunity<br />

for a challenge to be settled without litigation. “Quick<br />

decisions may need to be made about bringing more<br />

formal challenge proceedings,” he explains, "which<br />

always involve significant expenses.” This means that<br />

the merits of any challenge and the sums involved must<br />

be carefully considered before issuing a claim.<br />

It’s worth pointing out that in replying to a claim,<br />

contracting authorities have been encouraged by<br />

the courts to respond promptly while providing the<br />

claimant with all information which it is entitled to.<br />

Authorities will need to establish whether there are<br />

good grounds for the challenge; if more time is needed<br />

for this it may extend the standstill period.<br />

As to what may happen next: “legitimate challenges<br />

may be dealt with by corrective action such as<br />

suspending or setting aside the contract award,” says<br />

Talbot. “But, if after investigation the contracting<br />

authority believes that the contract award was lawful,<br />

unless the claimant is prepared to drop its challenge,<br />

litigation may be unavoidable.”<br />

Practically speaking, if legal proceedings are issued<br />

before a contract has been entered into with a successful<br />

bidder, the conclusion of that contract is automatically<br />

suspended. But a contracting authority may apply to<br />

a court to end this suspension if it can show that the<br />

claimant does not have an arguable case, that damages<br />

will be an adequate remedy, and that the suspension<br />

would inhibit vital public services for a significant time.<br />


Protecting confidential information, such as the price<br />

of the winning bid, is important in procurement challenges<br />

– just as it is in other commercial situations.<br />

Even so, while unsuccessful bidders want to determine<br />

whether bids have been correctly marked, contracting<br />

authorities want to avoid pointless disclosure<br />

and breaches of confidentiality. This means that they<br />

must disclose enough for the unsuccessful bidder to<br />

understand why it has lost. “Refusing this level of disclosure<br />

may,” in Talbot’s view, “prevent an authority<br />

from later using that evidence in support of an application<br />

to lift the automatic suspension imposed when<br />

proceedings are issued.”<br />

Talbot adds that it should also be remembered that<br />

a successful tenderer may be joined with a contracting<br />

authority in any court proceedings to protect its confidentiality<br />

and any damages claim it may have because<br />

of the delay caused by an unsuccessful challenge.<br />

“Courts manage litigious proceedings carefully,” Talbot<br />

says, “to balance the protection of confidentiality and<br />

open justice; parties are encouraged to use confidentiality<br />

rings and undertakings to facilitate the disclosure<br />

of confidential information.” All of this should give all<br />

some assurance, but they can also add to the length,<br />

complexity, and cost of proceedings.<br />


While this process has been set in stone for some time<br />

now, it should be noted that the procurement process<br />

could be changing soon. In December 2020, the Government<br />

published its Green Paper: Transforming<br />

Public Procurement. In June 2021 the Cabinet Office,<br />

which is responsible for public procurement, published<br />

new information and guidance that requires contracting<br />

authorities to consider national strategic priorities<br />

when undertaking procurement, rather than simply<br />

awarding the most economically advantageous tender.<br />

These priorities include creating new businesses,<br />

new jobs, and new skills; tackling climate change and<br />

reducing waste; and improving supplier diversity, innovation,<br />

and resilience. Talbot says that the Government<br />

intends to make this law.<br />

“It has also outlined its intention in the Green Paper<br />

to consolidate the four different sets of procurement<br />

regulations currently in operation, while simplifying the<br />

seven possible procurement procedures that may now<br />

be used into three streamlined procedures,” explains<br />

Talbot. Furthermore, new Civil Procedure Regulations<br />

are also envisioned to fast-track legal challenges and to<br />

clarify issues of disclosure and confidentiality.<br />


Making public procurement processes faster and<br />

simpler will be good news for both public authorities<br />

and potential suppliers. But, for now the existing rules<br />

apply, and anyone involved in public procurement<br />

should be aware of the processes, time limits and<br />

challenges, and the need for expert advice and support<br />

as expeditiously as possible.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 20


High Fidelity<br />

What’s the best way of managing a high<br />

volume of low balance debts?<br />

MANAGING large volumes<br />

of low value accounts can<br />

be challenging and hard to<br />

manage. Various options are<br />

open to the hard-pressed<br />

credit manager. They could<br />

outsource to a commercial debt collection agency.<br />

They could decide to litigate themselves. Or they<br />

could adopt a hybrid approach, selling their debt<br />

to a debt buyer which then collects and/or litigates<br />

on their behalf.<br />

Technology is another solution. Collections<br />

systems are available that can be implemented<br />

within minutes and collecting debts within hours,<br />

and from all over the world. They<br />

recognise that the biggest reason<br />

for non-payment of an invoice is<br />

often because it has simply been<br />

lost in the system, addressed to<br />

the wrong person, or just that<br />

the right person is no longer<br />

contactable because of COVID.<br />

So looking at the options, what<br />

are the benefits to a finance team<br />

in selling their debt? How is it that<br />

a third party is better positioned<br />

to use the court system than the<br />

businesses they represent? Has<br />

the court system really ground<br />

to a halt? And could credit managers avoid selling<br />

their debts or using the court process altogether<br />

by adopting new technologies?<br />


A credit manager in any credit team will have a<br />

continual flow of new arrears accounts/unpaid<br />

invoices to deal with. There comes a point,<br />

however, when chasing the aging historical debt<br />

ends, and focus turns onto newer debt with a<br />

better chance of collection. So what do they do<br />

with a tranche of debt they cannot collect? Karen<br />

Savage of Azzurro Law, believes selling those<br />

debts can be a good solution: “Selling the older<br />

debt provides a cash injection into the business<br />

and transfers customer management to the debt<br />

buyer,” she explains. “Importantly though, the<br />

seller does not lose control after sale and certain<br />

collection strategies can be agreed or excluded<br />

post sale.”<br />

Karen says that credit teams that want to keep<br />

their internal collection team overhead down<br />

do this very well: “Some creditors sell us their<br />

debts after six weeks beyond terms. Selling at this<br />

earlier stage achieves a higher price because it<br />

is still relatively ‘fresh’ in terms of the collection<br />

AUTHOR – Sean Feast FCICM<br />

“By selling to<br />

a commercial<br />

debt purchaser,<br />

management and<br />

collection of the<br />

customer then<br />

becomes their<br />

responsibility’’<br />

cycle. After purchase of the accounts and sending<br />

the notice of assignment to the customer, we use a<br />

variety of data sources to help place the accounts<br />

into the most appropriate collections strategy, and<br />

into litigation where appropriate.”<br />

A credit manager could, of course, litigate<br />

themselves, but to do so – especially in volume<br />

– requires a sophisticated case management<br />

system: “Whilst it is possible for a credit manager<br />

to deal with litigation for small volumes via<br />

Money Claims on-Line, this is not efficient for<br />

higher volumes of claims,” she says. “By selling to<br />

a commercial debt purchaser, management and<br />

collection of the customer then becomes their<br />

responsibility. Taking action<br />

themselves through court, even<br />

assuming they are successful,<br />

can take many months to<br />

achieve payment where sale can<br />

generate immediate cash and<br />

allow the credit team to focus on<br />

the current outstanding debts.”<br />


Karen, a veteran litigator for<br />

almost 30 years, believes that<br />

talk of a failing court system has<br />

been greatly exaggerated: “Use of<br />

litigation strategies on the right<br />

accounts is still very much integral to what we<br />

do and has been through COVID,” she says. “We<br />

have been issuing court claims throughout the<br />

pandemic.”<br />

By way of example, Karen says that while<br />

enforcement activity did indeed pause at various<br />

points in the pandemic, they still managed to<br />

issue 2,200 court claims and recover £10 million<br />

in the last two years within Azzurro Law, and that<br />

doesn’t include the amount collected by Azzurro<br />

Associates’ wider DCA and legal panel and/or the<br />

debt collection agencies associated with its parent<br />

business.<br />

But what about the expense? “Utilising litigation<br />

is very effective, but there is often an arbitrary<br />

limit set within a business as to what size of debt<br />

to incur court fees on,” Karen continues. “Because<br />

we have access to multiple sources of credit<br />

bureau data, we make sure that we litigate on the<br />

cases with the best propensity to pay and allow<br />

forbearance and breathing space where required.<br />

“Utilising a blend of multiple bureau<br />

information together with years of commercial<br />

litigation experience helps us to achieve<br />

significant recoveries. The investment we and<br />

others have made in case management systems,<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 21 continues on page 22 >


AUTHOR – Sean Feast FCICM<br />

specialist collectors and bureau data would<br />

likely be beyond the reach of many credit teams.<br />

Much investment is made in the underwriting<br />

and customer onboarding process within a<br />

business, but less so in the collections team.”<br />


Philip Roberts, Partner within the Business<br />

Recovery Unit in Clarke Wilmott, believes that<br />

every effort should be made to obtain settlement<br />

of a debt prior to litigation, particularly with<br />

lower balance/higher volume debts: “A debt preaction<br />

protocol (PAP) letter is a very persuasive<br />

tool to prompt payment or engagement from<br />

a customer and will often lead to an amicable<br />

settlement,” he explains.<br />

There will however always be cases that do not<br />

settle at the pre-action stage despite a creditor’s<br />

best efforts: “Provided a focussed approach is<br />

taken and the ultimate recoverability of the debt<br />

is considered, then litigation is a good solution<br />

for these debts. Customers will often choose<br />

to ignore the debt and will not appreciate the<br />

gravity of the situation until such time that they<br />

receive a claim from the court. The future credit<br />

reference implications that a CCJ could bring<br />

also become more apparent at this stage.”<br />

With costs largely recoverable and with<br />

enforcement methods becoming available once<br />

a judgment is obtained, Philip says that debt<br />

litigation is an effective step when sometimes<br />

the only other option is for the debt to be written<br />

off. He also agrees with Karen that the court<br />

system has not necessarily ground to a halt but<br />

more cautiously describes it as a ‘mixed bag’.<br />

“It depends on what court function you are<br />

using,” he explains. “The more process-driven<br />

aspects such as issuing claims, obtaining<br />

default/agreed instalment judgments are subject<br />

to delays – but only a matter of weeks generally.<br />

Where we are experiencing difficulty is when<br />

a case is defended or there is a requirement<br />

for judicial involvement. It depends on the<br />

particular county court hearing centre, but<br />

sadly, it is not uncommon for hearings to be<br />

cancelled at the very last minute due to ‘a lack of<br />

judicial availability’ i.e. there is no District Judge<br />

to hear the proceedings. This is at a point where<br />

the parties are prepared for the hearing and the<br />

costs of instructing counsel have already been<br />

“There are hundreds of<br />

businesses out there who generate<br />

large volumes of often low value<br />

debt, where their only solution to<br />

late payment is to write it off or go<br />

through the courts. There has to be<br />

a better way.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 22


AUTHOR – Sean Feast FCICM<br />

incurred. It can be several months before<br />

the claims are then relisted.”<br />

Philip says the court system seems to<br />

be coping better with dealing with cases<br />

remotely but it seems to be a simple case<br />

of capacity and having the judges available<br />

to deal with the volume: “In respect of<br />

enforcement,” he continues, “the delays<br />

with county court bailiffs have been evident<br />

for many years and the pandemic has<br />

certainly not done anything to help this.<br />

Other types of enforcement such as charging<br />

orders are less affected but again, if a<br />

hearing is required, they are subject to<br />

the same issues in terms of District Judge<br />

availability.”<br />

Paula Swain, Partner at Shoosmiths, is in<br />

agreement with Philip in that the ability or<br />

otherwise of the court system to cope with<br />

the current workload is mixed: “I’ve heard<br />

that CCJs are back up to pre-pandemic<br />

levels,” she says. “However, the courts are<br />

dealing with a backlog of work – particularly<br />

getting cases through to a hearing stage.”<br />

Notwithstanding those challenges,<br />

Paula is still confident that litigation can<br />

be an effective strategy for low-value high<br />

volume debts: “Where there is high volume<br />

there is usually a large unpaid sum sitting<br />

on a ledger,” she says. “Often the costs of<br />

litigation are seen as a barrier to taking<br />

steps to enforce low value sums. However,<br />

if we zoom out, this often leaves a large sum<br />

of money uncollected. This helicopter view<br />

is a better starting point when considering<br />

which strategy to adopt.”<br />

Paula says that a good way to start is<br />

with a trial of cases to test for ‘gone aways,<br />

disputes or requests for time to pay. This,<br />

she says, will help to inform the likely<br />

performance of the remainder of the ledger<br />

should you choose litigation for some of<br />

those accounts: “While court fees and fixed<br />

costs can be recoverable (with interest and<br />

late payment charges where applicable),<br />

this does depend on the Defendant’s ability<br />

to pay,” she adds.“Categorising debt (where<br />

possible, and with support from litigation<br />

experts) can be an important investment of<br />

time.”<br />


Gary Brown, Founder of Debt Register,<br />

comes at the issue of collecting high volumes<br />

of low-balance debts from a different angle.<br />

He agrees with Karen’s point that it is not<br />

viable for a business’ credit team to litigate a<br />

high volume of low balance debts in the vast<br />

majority of cases. Litigation is both time<br />

consuming and costly to conduct in-house,<br />

without any guarantee of success.<br />

His reasoning is supported by some<br />

interesting statistics: between January –<br />

March 2019 the mean time taken for small<br />

claims (debts under £10,000) to go to trial<br />

was 36.9 weeks. Multi/fast track claims<br />

(debts over £10,000) took 58.5 weeks to go to<br />

trial, up 3.9 weeks and 1.8 weeks respectively<br />

compared to the same period in 2018.<br />

Fast forward to July – September 2021<br />

and the mean time taken for small claims<br />

and multi/fast track claims to go to trial was<br />

50.7 weeks and 70.6 weeks respectively, 12.6<br />

weeks longer and 11.3 weeks longer than the<br />

same period in 2019 and 1.9 weeks and 8.4<br />

weeks longer for the same quarter in 2020<br />

respectively.<br />

“This means that if we issue a legal<br />

claim today for an outstanding commercial<br />

debt and it is allocated to the multi/fast<br />

track within the UK court, and that claim<br />

is defended, then we would be looking<br />

at a trial date around September 2023. It<br />

means credit managers run the risk of<br />

their customers raising a spurious defence,<br />

simply to push out their credit and/or avoid<br />

payment altogether. And for a debt of<br />

£10,000.01, the claimant would have to pay<br />

out over £1,000 up front with no guarantees<br />

of getting any of that back.”<br />

Gary’s solution is a new software platform<br />

that automatically identifies and verifies<br />

email contacts within a customer who is<br />

responsible for paying the bills. (Incorrect<br />

emails are still the biggest cause of requests<br />

for collections going unanswered.) It<br />

asks for that bill to be settled, with the<br />

consequence that failing to do so will<br />

result in the company being reported<br />

to the leading credit reference agencies<br />

(CRAs). This damages their credit score,<br />

as well as their reputation, in an age when<br />

payment performance has to be reported to<br />

shareholders.<br />

“Debt Register delivers a tangible and<br />

direct consequence for those companies<br />

should they continue not to pay an<br />

undisputed, overdue invoice,” he adds,<br />

“and it is this ‘consequence’ that seems to<br />

concentrate the mind!”<br />

Gary used his system recently to<br />

successfully collect a £2,502 debt that was<br />

more than four years (1,499 days) overdue –<br />

and it did it within 45 minutes of the new<br />

software-as-a-service platform going live<br />

and the debt being uploaded. Gary invented<br />

the system having spent his life working in<br />

credit management and becoming fed up<br />

with customers who sat on their invoices<br />

without paying them: “It’s an industrywide<br />

problem and I was determined to do<br />

something about it,” he explains.<br />

“There are hundreds of businesses out<br />

there who generate large volumes of often<br />

low value debt, where their only solution to<br />

late payment is to write it off or go through<br />

the courts. There has to be a better way.”<br />

“Whilst it is<br />

possible for a<br />

credit manager<br />

to deal with<br />

litigation for<br />

small volumes<br />

via Money Claims<br />

on-line, this is<br />

not efficient for<br />

higher volumes of<br />

claims.”<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 23


Kazakhstan has a<br />

rich history of trade<br />

past and present.<br />

Space Odyssey<br />

AUTHOR – Adam Bernstein<br />

IT’S very easy for the media to typecast or<br />

malign a subject whether that is a person,<br />

organisation, or country. And so, it falls<br />

to this opening paragraph to explain that<br />

Kazakhstan, or officially, the Republic<br />

of Kazakhstan, is not as the fictional<br />

character Borat Sagdiyev would have observers<br />

believe.<br />

Rather, it is a large country with much in the<br />

way of resources and an interesting heritage. It<br />

needs to be pointed out that Kazakhstan has the<br />

world’s largest space launch facility, possesses<br />

five UNESCO World Heritage sites with another 14<br />

on a tentative list, is on the ancient Silk Road, and<br />

became the first former Soviet republic to repay<br />

all its debt to the International Monetary Fund in<br />

2000, seven years before it was due.<br />

So, yes, Borat is a comedic characterisation<br />

of Kazakhstan, but he isn’t in the slightest bit<br />

representative.<br />


Bordering five countries in central Asia – Russia,<br />

China, Kyrgyzstan, Uzbekistan and Turkmenistan,<br />

Kazakhstan is the world’s largest landlocked<br />

country, at 2,724,900 km2, and is larger than all<br />

Western Europe. Statistically, it’s the world nineth<br />

largest country and occupies slightly less than<br />

four times the area of Texas – yet it maintains a<br />

small navy which operates with 3000 sailors and<br />

14 patrol boats on the Caspian Sea.<br />

It’s history, considering the Silk Road,<br />

reaches far back in time. Nomadic tribes roamed<br />

the steppes and between the 13th and 15th<br />

century the land was under the rule of the Mongol<br />

Empire. The Kazakhs became preeminent by the<br />

16th century and raided Russian lands throughout<br />

the 18th century. Russia responded and in the<br />

19th century ruled the area as part of its empire.<br />

Reorganised after the 1917 Russian Revolution, it<br />

became a Soviet republic in 1936 and was the last<br />

of the Soviet republics to declare independence in<br />

1991.<br />

The country is a member of several organisations<br />

including the Eurasian Economic Union, World<br />

Trade Organisation, United Nations, Organisation<br />

for Security and Cooperation in Europe, Euro-<br />

Atlantic Partnership Council, and Organisation of<br />

Islamic Cooperation.<br />

The World Bank found that in 2019 Kazakhstan<br />

was placed 25th for the ease of doing business;<br />

something that is no doubt aided with 12 special<br />

economic zones that offer tax incentives.<br />

Kazakhstan has the world’s<br />

largest space launch facility,<br />

possesses five UNESCO World<br />

Heritage sites with another 14<br />

on a tentative list.<br />


Kazakhstan is one of the most populous countries<br />

in the world in terms of ethnicities, with,<br />

according to the Embassy of the Republic of<br />

Kazakhstan in Washington DC, 130 represented,<br />

from Kazakh (58.9 percent of the population) to<br />

Russian (25.9 percent), Ukrainian (2.9 percent),<br />

Uzbek (2.8 percent), and Uighur, Tatar and<br />

German (1.5 percent each). Although a secular<br />

state Indexmundi suggests (2009 data) that the<br />

country is 70.2 percent Muslim and 26.2 percent<br />

Christian.<br />

In population size, the CIA World Factbook,<br />

estimated the population to be around 19.2m in<br />

July 2021. However, census data from 1999 noted<br />

a population of 13.7m and in 2009, 14.8m. While<br />

this indicates a strong growth rate, statistics can<br />

prove almost anything. The reality, according to<br />

World Bank data covering the period 1961 to 2020,<br />

is somewhat different with a declining growth<br />

rate from four percent in 1961 to one percent<br />

in 1990 and negative two percent in 1995. From<br />

then onwards the growth rate rose to nearly two<br />

percent in 2010. Thereafter it has flatlined.<br />

The population pyramid of the country is<br />

Christmas tree-like in profile with 2020 estimates<br />

from the data from the US Census Bureau<br />

International Database suggesting that 26.1<br />

percent of the population is aged 14 or under, 12.9<br />

percent aged 15-24 years, 42.2 percent aged 25-54<br />

years, 10.2 percent 55-64 years and just 8.4 percent<br />

aged over 65 years. Kazakhstan is, in other words,<br />

a young country – a fact illustrated by a median<br />

age of 30.9 years. In the UK the median age is 40.5<br />

years.<br />

As to where the population is located, it’s<br />

estimated that 58 percent is urban with, according<br />

to the CIA World Factbook, a rate of urbanisation<br />

between 2020 and 2025 of 1.19 percent.<br />

Only three cities have more than 1m inhabitants<br />

– Almaty, the capital, Nur-Sultan and Shymkent.<br />

Only 19 cities have more than 100,000 residents<br />

and of those, only 11 have more than 200,000.<br />

Another 60 have five-digit populations.<br />


When it comes to business sectors, World Bank<br />

data says that services accounts for 55.5 percent<br />

of Kazakhstan’s GDP and employs 64.1 percent of<br />

the working population. In comparison, industry<br />

generates 33 percent of GDP and employs 20.5<br />

percent of the population and agriculture makes<br />

up 4.5 percent of GDP and 15.4 percent of workers.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 24


AUTHOR – Adam Bernstein<br />

The yurt is a nomadic dwelling used among<br />

the Kazakh and Kyrgyz people. It has a wooden<br />

circular frame covered with felt and braided<br />

with ropes, and can be easily assembled and<br />

dismantled within a short period of time.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 25<br />

The economy’s GDP in 2020, according<br />

to the World Bank, was $171.2bn. In<br />

comparison, the UK’s GDP is $2.87tn.<br />

Looking to industry first, with vast<br />

swathes of land, it shouldn’t surprise that<br />

Kazakhstan is rich in mineral resources.<br />

Indeed, according to The Observatory<br />

of Economic Complexity, albeit citing<br />

data from 2019, the top exports from<br />

Kazakhstan were crude petroleum<br />

($34.3bn), petroleum gas ($3.52bn), refined<br />

copper ($2.7bn), ferroalloys ($1.92bn),<br />

and radioactive chemicals ($1.71bn).<br />

It was also the world's biggest exporter<br />

of chromium oxides and hydroxides<br />

($145m). Exports mainly went to China,<br />

Italy, Russia, Netherlands, and France.<br />

The US Government offers up a little<br />

more detail, and notes that the country is<br />

the world’s largest producer of uranium<br />

and possesses enormous deposits of a<br />

wide range of metals, including gold, iron,<br />

chrome, copper, zinc, vanadium and rare<br />

earths. Kazakhstan also has the second–<br />

largest oil reserves and the second–largest<br />

oil production after Russia among the<br />

former Soviet republics.<br />

Kazakhstan has an embryonic motor<br />

sector that started with a June 2014 project<br />

to assemble 3,000 Toyota Fortuner vehicles<br />

a year. The Kazakhstan Autos Market<br />

Report 2010-2019, from Focus2Move,<br />

noted that the Kazakh car industry was<br />

developing rapidly producing $2bn<br />

worth of products annually. However,<br />

the industry experienced a decline with<br />

sales dwindling to only 46,000 in 2016.<br />

That said, The Astana Times, wrote that<br />

in 2020 the Kazakh economy observed the<br />

biggest growth in its automotive industry<br />

and saw a 53.6 percent growth, despite the<br />

COVID-19 pandemic.<br />

Agriculture features heavily in<br />

Kazakhstan and a 2020 <strong>Credit</strong> Agricole<br />

report states that the country’s large<br />

agricultural area ranks it 6th in the world.<br />

It’s made up of arable land and pasture.<br />

However, the sector suffered from a<br />

serious decline following the fall of the<br />

Soviet Union but has recovered in the last<br />

20 years.<br />

While Agriculture in Kazakhstan is<br />

extensive, ageing infrastructure limits<br />

its development. More than half of the<br />

products are vegetable crops along<br />

with cereals, wheat, and oilseeds – in<br />

fact, Kazakhstan is one of the world's<br />

leading wheat producers. Livestock and<br />

dairy make up a significant share of the<br />

agricultural sector. Kazakhstan is almost<br />

self-sufficient in agri-food.<br />

In relation to services, the financial<br />

sector, transport, and technology are the<br />

most important. Tourism, although not<br />

yet very developed – it represented just 0.3<br />

continues on page 26 >


AUTHOR – Adam Bernstein<br />

percent of GDP in 2014 – was experiencing<br />

strong growth until COVID-19 took hold of<br />

the world; the World Economic Forum's<br />

Travel and Tourism Competitiveness<br />

Report 2017 stated that travel and tourism’s<br />

GDP in Kazakhstan was worth $3.08bn or<br />

1.6 percent of total GDP. Unfortunately, as<br />

<strong>Credit</strong> Agricole commented, the pandemic<br />

halted development and has, in fact,<br />

severely hit retail, hospitality, wholesale,<br />

and transport sectors, which account for<br />

around 30 percent of employment, mostly<br />

concentrated in cities.<br />

It's also notable that the US Government<br />

suggests that the country has a growing<br />

middle class which, combined with a rise<br />

in real incomes has increased demand for<br />

quality products and brand names. So,<br />

while inexpensive Russian and Chinese<br />

goods flow across Kazakhstan’s borders,<br />

Western goods and expertise are also in<br />

demand. In some cases, consumers are<br />

willing to pay more for imported goods<br />

and services that offer higher quality<br />

and innovation. That aside, it is said<br />

that customer service in Kazakhstan is<br />

sometimes lacking; providing customers<br />

with after-sales service could give<br />

businesses an edge in the market.<br />


The tax rate for corporations is set at 20<br />

percent and is assessed over the calendar<br />

year. All Kazakhstan legal entities and<br />

branches of foreign legal entities are<br />

subject to Corporate Income Tax (CIT).<br />

Taxable income is determined on a<br />

taxpayer's aggregate annual income less<br />

allowable deductions.<br />

There is a reduced CIT rate of 6 percent<br />

which applies to the qualified agricultural<br />

income of legal entities producing<br />

agricultural products.<br />

There are no regional or local income<br />

taxes in Kazakhstan.<br />

A Mineral Extraction Tax applies to<br />

subsurface contracts on production and/<br />

or combined exploration and production<br />

of oil and gas products. The tax rate is<br />

progressive (from 0 to 30 percent) and<br />

depends on the world price fluctuations<br />

of crude oil.<br />

The current rate of VAT is 12 percent<br />

and applies to goods, works and services.<br />

Exports and transport services attract a<br />

zero rate of VAT as do other items such as<br />

medicines, financial and legal services.<br />

Kazakhstan has gone down the route<br />

of e-invoicing when it comes to VAT as<br />

well for certain types of goods; it’s done<br />

this to the point of requiring such items<br />

to be registered in a virtual warehouse –<br />

without registration invoices cannot be<br />

raised and goods cannot be sold.<br />

As for customs duties, the Kazakhstan<br />

Customs Code and the Customs Code of<br />

the Eurasian Economic Union brought<br />

in several provisions from January<br />

2018 to simplify procedures, integrate<br />

information technology, and reduce 'red<br />

tape' issues in customs control procedures.<br />

Customs duties apply to goods imported<br />

to the Customs Union countries from third<br />

countries. Goods from Customs Union<br />

countries should be generally exempt<br />

from Kazakhstan customs duties. Income<br />

tax is a single flat rate of ten percent (in<br />

some cases 20 percent) is applicable;<br />

five percent is applicable on dividends<br />

received in Kazakhstan.<br />

Employees also pay Obligatory Pension<br />

Contributions at a rate of ten percent out<br />

of their gross income to the State Pension<br />

Centre of Pension Payments. This is<br />

capped at 50 times the minimum monthly<br />

wage per month.<br />

And since January 2021, employees have<br />

had Obligatory Social Medical Insurance<br />

contributions withheld at a rate of two<br />

percent out of their gross income which is<br />

paid to the Social Health Insurance Fund.<br />

This is capped at ten times the minimum<br />

monthly wage per employee per month.<br />

As for employers, they need to pay<br />

Obligatory Social Insurance Contributions<br />

at the rate of 3.5 percent to the State<br />

Pension Centre of Pension Payments<br />

to a cap of seven times the minimum<br />

monthly wage. Employers must also pay<br />

social tax at the rate of 9.5 percent of<br />

gross remuneration (salaries and certain<br />

benefits provided) of all employees (local<br />

and expatriate).<br />

They must also pay Obligatory Social<br />

Medical Insurance Contributions which,<br />

from January 2020, increased to the rate<br />

of two percent to a limit of ten times the<br />

minimum monthly wage.<br />


Kazakhstan has much going for it but the<br />

country is not without its challenges.<br />

Firstly, it is a landlocked country and<br />

has no direct access to Western European<br />

markets; it can only be accessed via<br />

China and Russia, the latter of which<br />

may become problematic considering<br />

its activities in Ukraine. And let’s not<br />

forget that in January <strong>2022</strong> Russia ‘helped’<br />

stabilise Kazakhstan after civil unrest.<br />

With this in mind, the lack of sea access<br />

and high transport costs can hamper<br />

the country’s competitiveness in the<br />

international market and also the cost of<br />

imports.<br />

The post-Soviet infrastructure needs<br />

further upgrades, and the Kazakh<br />

Government is looking at developing<br />

Astan<br />

forwarding services, expanding toll<br />

roads, implementing competitive tariffs,<br />

and is involved in projects such as the<br />

UNECE Euro-Asian Transport Links, and<br />

TRACECA – an international transport<br />

programme involving the European<br />

Union and 12 member states of the<br />

Eastern European, Caucasus and Central<br />

Asian region.<br />

Competition is strong and Russia,<br />

China and EU countries are all seeking<br />

to make inroads in the market. But again,<br />

with only two real routes to market, one<br />

of which could be cut off, there could be<br />

problems for those wanting to do business<br />

in Kazakhstan.<br />

Eurasian economic integration<br />

hasn’t really taken off. What started<br />

as a Customs Union between Russia,<br />

Kazakhstan and Belarus in 2010 became<br />

the Single Economic Space in 2012 only to<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 26


AUTHOR – Adam Bernstein<br />

Nur-Sultan, originally known as<br />

Akmolinsk, Tselinograd, and most<br />

recently Astana, is the capital city<br />

of Kazakhstan. The city acquired<br />

its present name on 23 March 2019,<br />

following a unanimous vote in<br />

Kazakhstan's parliament. It was named<br />

after Nursultan Nazarbayev, President of<br />

Kazakhstan from 1990 to 2019.<br />

a, Kazakhstan<br />

be superseded by the Eurasian Economic Union<br />

(EAEU) in 2015, when Kyrgyzstan and Armenia<br />

joined.<br />

However, the EAEU has not added much to<br />

Kazakhstan’s trade with the other member<br />

countries. This is partly due to a nonstandardised<br />

common customs code and<br />

unclear documentation requirements.<br />

The Kazakh economy still relies on oil and<br />

is vulnerable to external shocks. It follows that<br />

external demand – especially from China and<br />

Russia – and global oil demand and prices, will<br />

determine Kazakhstan’s future until it can find<br />

other sources of revenue.<br />

Corruption is a challenge in Kazakhstan, despite<br />

an improvement in its ranking in the Corruption<br />

Perception Index rank from 124 in 2018<br />

to 94 in 2020; the judiciary, police, and customs<br />

are often cited as the source of problems. And<br />

lastly, there are still concerns, in the US Government’s<br />

view, in relation to systemic issues<br />

Competition is<br />

strong and Russia,<br />

China and EU<br />

countries are all<br />

seeking to make<br />

inroads in the<br />

market. But again,<br />

with only two real<br />

routes to market,<br />

one of which could<br />

be cut off, there<br />

could be problems<br />

for those wanting<br />

to do business in<br />

Kazakhstan.<br />

such as the rule of law and an independent<br />

judiciary; intellectual property protection;<br />

the interpretation of laws by officials –<br />

especially with regard to taxation, collection<br />

of revenues, and customs procedures;<br />

outdated Soviet-era regulations; and the<br />

criminal liability and investigations for<br />

incidental tax violations.<br />


So, Kazakhstan is not as Borat has<br />

portrayed, but instead a country<br />

with serious potential. It has its<br />

challenges, not least of which<br />

is its reliance on Russia and<br />

China for access. But nevertheless,<br />

it’s a market that is<br />

worth investigation.<br />

Adam Bernstein is a<br />

freelance writer.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 27


A Higher Standard<br />

Professional Standards will advance the<br />

credit industry and the people working in it.<br />

AUTHOR – Sean Feast FCICM<br />

AS credit professionals and members<br />

of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong>, we strive to be the<br />

very best we can be. Upholding the<br />

Standards by which we operate and<br />

ensuring best practice is our modus<br />

operandi.<br />

Yet finding a commonly accepted way of measuring<br />

best practice has always been a challenge. Until now.<br />

In February <strong>2022</strong>, the CICM launched its official<br />

Professional Standards to members of the Institute,<br />

thanks to the time and dedication of the Institute’s<br />

Chief Professional Development Advisor, Dr Debbie<br />

Tuckwood.<br />

The Professional Standards are a definitive and<br />

comprehensive learning tool globally for CICM<br />

members, giving them the help and support they need<br />

to further their careers.<br />

Thanks to the hard work of Debbie and her team,<br />

as well as the input of fellow industry professionals,<br />

academia and Government, the credit and debt<br />

management industry now has an outstanding<br />

advertisement for the skills our people possess and use<br />

every day.<br />

“<strong>Credit</strong> <strong>Management</strong> is a very<br />

wide profession with 100's of job<br />

types and titles however these<br />

Professional Standards are relevant<br />

to us all whatever position we<br />

currently hold or aspire to.”<br />

“Reading through the Standards makes me<br />

very proud to be a member of CICM, our<br />

professional body, showing the way and<br />

setting the Standards. This is excellent work<br />

and defines our contribution to each finance<br />

department and the economy.”<br />

Sharon Adams FCICM (Grad),<br />

Open Market <strong>Credit</strong> Control Manager at Beazley<br />

FOR a long-time, many outside the industry have struggled to<br />

fully appreciate the breadth of a credit and debt management<br />

professional's skills and because of that, they’re often undervalued or<br />

underrepresented, especially in junior or entry-level roles.<br />

This is one of the many challenges the Professional Standards aim<br />

to fix, by providing a clearly defined checklist of the skills many credit<br />

and collections managers possess and in doing so, giving employers<br />

and recruitment teams a greater understanding of the profession.<br />

Considering the sheer size of the credit and debt management<br />

industry, and the thousands of jobs within it, being able to give<br />

recruiters a greater understanding of what we do and how we do it will<br />

not only increase the prospects of many members but also provide a<br />

much wider appreciation of the industry and the contributions our<br />

members make to protecting and growing the organisation’s they<br />

represent.<br />

Laurie Beagle FCICM,<br />

Director of Forums International Ltd<br />

AS part of the CICMs commitment to learning and<br />

continual professional development, the Professional<br />

Standards will not only show the world what CICM<br />

members are capable of but will also provide those<br />

members with their own professional development<br />

plan.<br />

Designed to be applicable to each membership level,<br />

the Standards define CICM expectations for each level.<br />

Beginning with Affiliate and spanning through to<br />

Fellow, the Standards clearly define what each member<br />

should aim to achieve within their time as a member.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 28


AUTHOR – Sean Feast FCICM<br />

“I feel that the CICM is leading the<br />

way in ensuring its members and the<br />

wider industry are at the forefront of<br />

professional Standards and ensuring<br />

the members remain confident in all<br />

business activity.”<br />

Vince Butler MCICM,<br />

Managing Director at VTK Investigations Limited<br />

NOT only does this give a clear definition of what’s expected<br />

of members, but it gives budding and long-serving members a<br />

roadmap that they can follow to develop their career further.<br />

And while to some this may seem rudimentary, in the credit<br />

and debt management industry development is often pegged<br />

to a certain career path rather than the wider sector. With<br />

specific skills and disciplines such as debt recovery, litigation<br />

services and others often collectively summarised as ‘credit’, a<br />

clear roadmap is imperative.<br />

“I am so proud, that I am part of<br />

a professional body, that strives<br />

for continuous improvement<br />

in the development of <strong>Credit</strong><br />

<strong>Management</strong>, and its importance in<br />

companies.”<br />

Dee Weston FCICM,<br />

<strong>Credit</strong> Manager at Exclusive Networks Ltd<br />

“The CICM Professional Standards<br />

provide a robust framework for credit<br />

management professionals at all stages<br />

of their career. The Standards are a vital<br />

benchmark for self-reflection and help to<br />

identify knowledge/skills gaps to assist<br />

continued progression.”<br />

Karen Tuffs FCICM (Grad),<br />

Head of Accreditation, CICM<br />

THE benefits of a roadmap like this can be seen in the choices<br />

it presents to new or younger members on the cusp of their<br />

future development. Considering the CICM has the broadest<br />

range of qualifications and courses available to members and<br />

non-members alike, providing young members with early<br />

access to ‘what they need to do’ to achieve the higher levels<br />

of membership grants them control over how and what they<br />

study in the future. It’s something, many current Fellows had to<br />

painstakingly discover for themselves.<br />

Outside of offering a roadmap for professional development<br />

and a clear advertisement for how qualified CICM members<br />

are, the Standards also give both insiders and outsiders a look<br />

at the skills and behaviours of those working in credit and debt<br />

management and what makes them ‘tick’.<br />

Split into key sections, the Standards identify what’s required<br />

of a CICM member within Business Skills, Personal Skills and<br />

Behaviour Skills.<br />

Each section outlines the key knowledge, skills and behaviours<br />

credit and debt management professionals must work to develop<br />

in order to have a successful career including the likes of:<br />

Business Skills:<br />

• Business & Regulatory Acumen<br />

• Knowing your customer/client<br />

• Financial and Data Interpretation<br />

• Innovation & Change<br />

• Policy and Strategy<br />

Personal Skills<br />

• Communication & Relationships Building<br />

• Problem Solving and Decision Making<br />

• Support & Influencing<br />

• Team building & Leadership Passion for Learning and Drive<br />

Behavioural Skills:<br />

• Inquiring • Future Focus • Ethical • Resilience • Resolute<br />

As well as looking into behaviours and business and personal<br />

skills, the Standards also delve into skills within specific<br />

technical areas and specialisms. These sectors include, but<br />

are not limited to:<br />

• Consumer <strong>Credit</strong> Risk <strong>Management</strong> • Trade <strong>Credit</strong> <strong>Management</strong><br />

• Cash Collections • Enforcement • Debt Recovery.<br />

The Professional Standards are now available<br />

online at: www.cicm.com/cicm-professional-Standards/<br />

A Special thanks go to the following for their support and input to<br />

Professional Standards: The UK Government’s Cabinet Office and<br />

Department of Work and Pensions, Imperial College London, Johnson<br />

and Johnson, Aggregate Industries, nPower, United Utilities, Adecco,<br />

Arvato Financial Solutions and HSBC UK.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 29

International Trade<br />

Monthly round-up of the latest stories<br />

in global trade by Andrea Kirkby.<br />

Peopleforce shows the power of Government<br />

THE Government naturally<br />

welcomes any opportunity to<br />

broadcast its successes and<br />

the activities of the UK Export<br />

Finance (UKEF) department are<br />

no exception.<br />

At the end of January, it wrote about a<br />

firm – Peopleforce Recruitment – that it<br />

had recently helped win, or rather retain,<br />

business. As the story goes, Brightonbased<br />

Peopleforce Recruitment, a<br />

company that provides specialist contract<br />

workers to organisations in the aviation<br />

and healthcare sectors, both in the UK and<br />

Europe, needed some help in carrying on<br />

business overseas. The company is an<br />

experienced exporter and places close to<br />

90 percent of its candidates with overseas<br />

organisations looking for skilled recruits.<br />

The problem that Peopleforce Recruitment<br />

faced is not unique – the delay before<br />

it gets paid. Like others in the same<br />

situation, Peopleforce Recruitment had<br />

to rely on advanced payment schemes<br />

to ensure its candidates get paid on time,<br />

which are themselves protected by trade<br />

credit insurance in case a client cannot<br />

pay them.<br />

However, Peopleforce Recruitment<br />

needed Government backing after its<br />

credit insurer withdrew cover for a £2m<br />

contract with an aircraft maintenance<br />

company, in Estonia, after the outbreak<br />

of COVID-19 and the imposition of global<br />

travel restrictions which had had a<br />

significant impact on the aviation industry.<br />

The company had to cover advance<br />

payments to 50 contractors in Turkey and<br />

100 contractors in Estonia. The deal was<br />

worth hundreds of thousands of pounds<br />

and an Export Insurance Policy from UKEF<br />

helped bridge the financing gap.<br />

Exporters say Brexit trade deal is stopping growth<br />

AS we all know, the Government’s post-<br />

Brexit trade deal sought to ensure that<br />

UK exporters could continue to sell into<br />

the EU without facing tariffs. However,<br />

selling in Europe still requires exporters<br />

to fill out plenty of paperwork.<br />

But according to a new survey from<br />

the British Chambers of Commerce<br />

(BCC), exporters believe the UK-EU post-<br />

Brexit trade deal is not helping them<br />

increase sales.<br />

The survey found that 71 per<br />

cent of businesses disagreed with<br />

the statement that Prime Minister<br />

Boris Johnson’s trade deal was<br />

“enabling their business to grow or<br />

increase sales”, while the majority<br />

of respondents said, “it has pushed<br />

up costs, increased paperwork and<br />

delays, and put the UK at a competitive<br />

disadvantage.” As for the main<br />

complaints noted in the survey, they<br />

related to increased costs of paperwork,<br />

a lack of time or resources within small<br />

firms to handle the new bureaucracy,<br />

and that some EU customers are put off<br />

by the new regulations.<br />

The BCC wants the government<br />

to negotiate with the EU to remove<br />

the need to acquire export health<br />

certificates if sending food overseas<br />

and to simplify the costs of EU-imposed<br />

VAT.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 30

Latin America’s digital revolution<br />

A region that was once an innovation<br />

desert is changing rapidly and as<br />

MoneyWeek has commented: “billions of<br />

dollars of venture capital funding and the<br />

impact of the pandemic are creating new<br />

tech giants.”<br />

While many assume that the region<br />

is an innovation desert – 'a barren,<br />

bureaucratic, venture capital-starved<br />

landscape with few successful tech<br />

start-ups' – partly because of its rich<br />

mineral resources and poor education,<br />

weak internet coverage and excessive<br />

bureaucracy, it looks like the opposite<br />

is true. In fact, as the report notes: “the<br />

terrible quality of local services makes the<br />

region a fertile ground for start-ups with<br />

good solutions.”<br />

It also appears that Latin America has<br />

several things going for it. The middleclass<br />

population expanded from 33m<br />

households in 2008 to 46m households in<br />

2018; urbanisation is rising and cities are<br />

growing – some 260m, around 40 percent<br />

of the total population in the region live<br />

in the 200 largest cities and generate<br />

60 percent of its GDP. Internet usage in<br />

the region has risen exponentially and<br />

covered 450m in 2019, up from just 200m<br />

in 2010. On top of that, social-media use<br />

there is higher than any other in the world<br />

and is almost double the North American<br />

average.<br />

The bottom line is that with rising<br />

purchasing power and increasingly<br />

widespread internet access, people are<br />

more willing to purchase products and<br />

services through new tech platforms. And<br />

it’s this that is spurring on tech in the<br />

region.<br />

Supply chains are moving again<br />

A report in The Times recently commented<br />

that the great supply-chain crisis which<br />

is behind the rise in inflation may be over<br />

soon. The report was referring to the Baltic<br />

Dry index which measures the price of<br />

shipping bulk goods around the world.<br />

The Times noted that the index can<br />

be used to measure the stability and<br />

efficiency of global supply chains. In<br />

troubled times the index rises sharply -<br />

last October , for example, it rose to 5,700<br />

because of high demand and busy ports.<br />

But recently, the index has fallen back to<br />

1,900 – a level last seen in March 2021 -<br />

which is not too far off the average seen<br />

over the past thirty-five years.<br />

The issues that plague supply chains are<br />

still present, but logistics firms can cope<br />

with them.<br />

Lidl and below the middle?<br />

SUCCESSFUL discounters make a good<br />

living by working with razor thin margins,<br />

huge volumes, and high levels of capex.<br />

But not all make success of it. Consider<br />

Tesco’s recent announcement that it cannot<br />

compete with Aldi and Lidl at the bottom of<br />

the grocery market; it’s closed it’s “Jack’s”<br />

chain set up only four years ago. Think also<br />

of BA’s low budget airline Go that couldn’t<br />

take on the likes of Ryanair. And then<br />

there’s the 1980s US automotive sector that<br />

lost out to cheaper Japanese cars flooding<br />

the US market.<br />

Firms that want to aim low need to be<br />

savvy about how they tackle such markets<br />

says MoneyWeek. And it offers two tips.<br />

First, with tiny margins every penny<br />

counts. Firms need to be penny efficient<br />

and be able to manage stocks with<br />

All aboard<br />

IN a country as vast as India, a good<br />

railway is essential. And it appears that<br />

the Indian Government has recognised<br />

as much with a budget for the coming<br />

year that includes a big increase in<br />

infrastructure. In more detail, Nikkei<br />

Asia believes that this includes a 35.4<br />

percent increase in capital expenditure<br />

to 7.5trn rupees (around £74bn), or about<br />

2.9 percent of GDP, with the money to be<br />

spent on railways, roads, power, telecoms,<br />

and affordable housing in a bid to boost<br />

growth and jobs.<br />

India is also planning to spend an<br />

additional 195bn rupees (£1.9bn) to<br />

increase local manufacturing of solar<br />

modules as it attempts to reduce imports<br />

from China; the Government has pledged<br />

to meet 50 percent of India’s energy<br />

requirements from non-fossil fuel sources<br />

by 2030.<br />

The Government is hoping for growth<br />

in the next fiscal year of between eight<br />

and 8.5 percent.<br />

precision while getting staff to perform to<br />

their best.<br />

Next, it’s important to recognise that<br />

punters at the low end of the market are<br />

most likely cash-poor and susceptible to<br />

inflation. Endless rounds of special offers<br />

are critical and there’s no room for errors<br />

which can wipe out profits. Similarly, sight<br />

shouldn’t be lost of the fact that sales<br />

growth will be a function of more outlets<br />

rather than increased prices or sales per<br />

head.<br />

While firms that get their offer right may<br />

not see huge year-on-year sales growth,<br />

they should be able to churn out revenue<br />

every year and could be almost impossible<br />

to beat. If German retailers Aldi and Lidl<br />

can do that in the UK, there’s no reason<br />

why UK firms cannot do the same overseas.<br />

Israel bound<br />

THE UK is looking to a new trade deal<br />

with Israel and Secretary of State Anne-<br />

Marie Trevelyan recently met her Israeli<br />

counterpart, Orna Barbivai.<br />

Having left the EU, the Government is<br />

targeting fast-growing economies with<br />

wealthy middle classes in the hope that<br />

there will be demand for premium exports<br />

and professional services.<br />

Initially the UK signed deals just to<br />

keep existing trade arrangements in<br />

place. However, it is now revisiting those<br />

in search of better terms – including that<br />

with Israel. But prior to any trade talks,<br />

the Government launched an eight-week<br />

consultation that is seeking views from<br />

the public and business on the priorities<br />

for any deal. The consultation closes on 30<br />

March.<br />

Trevelyan said of the talks that “unlike<br />

in the past, we can now work with friends<br />

and allies like Israel to strike deals that are<br />

truly tailored to our strengths in areas like<br />

digital trade, services and life sciences.”<br />

UK exports to EU plunge<br />

RECENT data from the Office for National<br />

Statistics (ONS) has illustrated what many<br />

know – that UK exports to the EU have<br />

fallen. In truth, they’ve fallen by £20bn in<br />

the first full year after Brexit as a result of<br />

increased costs and red tape.<br />

Putting the level of UK exports into<br />

context, those to the EU fell by 12 percent<br />

between January and December 2021<br />

compared with 2018 figures, whereas those<br />

to non-EU destinations were down by just<br />

six percent.<br />

It does appear that the UK is trading<br />

with partners further afield: Imports from<br />

the EU also fell – by 17 percent to £222bn<br />

– the lowest in five years, but imports from<br />

non-EU countries rose from £206bn in 2020<br />

to £254bn in 2021, the highest on record.<br />

And there’s more trouble in store for UK<br />

firms. From July there will be new physical<br />

checks on plants, health certificates will<br />

be needed for animal products, and all<br />

imports will need safety and security<br />

declarations.<br />



OR CALL 020 7738 0777<br />

Currency UK is authorised and regulated<br />

by the Financial Conduct Authority (FCA).<br />


GBP/EUR 1.21749 1.14688 Flat<br />

GBP/USD 1.42267 1.30012 Down<br />

GBP/CHF 1.30379 1.21222 Down<br />

GBP/AUD 1.91848 1.77583 Down<br />

GBP/CAD 1.75788 1.65718 Down<br />

GBP/JPY 158.099 148.906 Flat<br />

This data was taken on 17th March and refers to the<br />

month previous to/leading up to 16th March <strong>2022</strong>..<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 31


Back on the horse<br />

Steady improvements to late payments across<br />

regions and sectors.<br />

AUTHOR – Rob Howard<br />

LAST month’s late payment statistics<br />

did not make for pleasant reading.<br />

The latest figures, however, show<br />

a number of regions and sectors<br />

moving in the right direction once<br />

again. The average Days Beyond<br />

Terms (DBT) across regions and sectors in the<br />

UK reduced by 1.6 and 3.1 days respectively.<br />

In Ireland, the figures dropped by 0.9 and 0.4<br />

days respectively. Average DBT across regions in<br />

Northern Ireland reduced by 3.7 days.<br />


The UK sector statistics are indeed encouraging,<br />

with 20 of the 22 sectors moving back in the<br />

right direction and reducing late payments.<br />

The Water & Waste sector saw the biggest<br />

improvement, reducing its overall DBT by 11.6<br />

days. The Public Administration sector also<br />

saw an upturn, cutting its late payments by<br />

7.1 days. Real Estate (-5.8 days), Transportation<br />

and Storage (-5.4 days) and Manufacturing (-4.8<br />

days) sectors also made necessary reductions.<br />

Business from Home is the new best performing<br />

sector, following a reduction of 4.3 days, with an<br />

overall DBT of 8.1 days.<br />

Over in Ireland, only four sectors managed<br />

to reduce DBT, but they do include notable<br />

improvements for the Transportation and<br />

Storage and Real Estate sectors, with reductions<br />

of 17.7 and 14.5 days respectively. Some 11<br />

sectors saw no change, including five that have<br />

an overall DBT of zero days. Of those moving in<br />

the wrong direction, the Agriculture, Forestry<br />

and Fishing saw the biggest increase (+12.3<br />

days), while the Professional and Scientific (+5.6<br />

days) and Construction (+5 days) sectors also<br />

saw unwanted increases to late payments.<br />


As with the sector standings, the majority of<br />

UK regions are improving, with nine of the 11<br />

making reductions to late payments. Wales<br />

made the biggest improvement, and moves<br />

off the bottom of the standings following a<br />

reduction of 8.9 days. Elsewhere in the UK, the<br />

North West (-2.9 days), South East (-2.5 days),<br />

Scotland (-2.3 days) and East Midlands (-1.9<br />

days) all made steady improvements.<br />

The regional figures are mixed, with 16<br />

regions seeing no change to their DBT, seven<br />

improving and only three seeing increases.<br />

Kildare saw the biggest improvement, reducing<br />

its DBT by a huge 63.6 days. Mayo also saw a<br />

sizeable reduction of 42.7 days, which means it<br />

is now one of 14 regions with an overall DBT of<br />

zero days. At the other end of the scale, however,<br />

a frankly unfathomable increase of 103.5 days<br />

means Louth now has an overall DBT of 120<br />

days.<br />

In Northern Ireland, businesses in Leinster<br />

have made strides to reduce late payments. A<br />

reduction of 13.2 days means its overall DBT<br />

is down to 9.2 days. Ulster is back as the best<br />

performing region with zero DBT overall, with<br />

Munster not far behind on 0.2 days.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 32


Data supplied by the <strong>Credit</strong>safe Group<br />

Top Five Prompter Payers<br />

Region Feb 22 Change from Jan 22<br />

South West 10.8 -0.8<br />

Yorkshire and Humberside 11.1 -1.1<br />

Wales 13.7 -8.9<br />

East Midlands 14 -1.9<br />

North West 15.2 -2.9<br />

Bottom Five Poorest Payers<br />

Region Feb 22 Change from Jan 22<br />

Northern Ireland 24.2 3.2<br />

East Anglia 19.9 -0.2<br />

London 17.7 -1.1<br />

West Midlands 16.1 1<br />

Scotland 15.6 -2.3<br />

Top Five Prompter Payers<br />

Sector Feb 22 Change from Jan 22<br />

Business from Home 8.1 -4.3<br />

Financial and Insurance 10 -3.7<br />

Public Administration 10.4 -7.1<br />

Entertainment 11.8 -2<br />

Education 12.7 -3.9<br />

Bottom Five Poorest Payers<br />

Sector Feb 22 Change from Jan 22<br />

International Bodies 23.6 1.2<br />

Mining and Quarrying 22 -2.6<br />

Energy Supply 20.9 -0.1<br />

Professional and Scientific 18.5 -1.3<br />

Other Service 18 -2.4<br />

Getting better<br />

Water & Waste -11.6<br />

Public Administration -7.1<br />

Real Estate -5.8<br />

Transportation and Storage -5.4<br />

Dormant -5.1<br />

Manufacturing -4.8<br />

Business from Home -4.3<br />

Education -3.9<br />

Financial and Insurance -3.7<br />

IT and Comms -3.7<br />

Business Admin & Support -3<br />

Health & Social -3<br />

Construction -2.6<br />

Mining and Quarrying -2.6<br />

Other Service -2.4<br />

Entertainment -2<br />

Professional and Scientific -1.3<br />

Agriculture, Forestry and Fishing -0.6<br />

Hospitality -0.4<br />

Energy Supply -0.1<br />

Getting worse<br />


-2.3 DBT<br />

International Bodies 1.2<br />

Wholesale and retail trade 0.8<br />



3.2 DBT<br />

SOUTH<br />

WEST<br />

-0.8 DBT<br />

WALES<br />

-8.9 DBT<br />

NORTH<br />

WEST<br />

-2.9 DBT<br />

WEST<br />


1 DBT<br />



-1.1 DBT<br />

EAST<br />


-1.9 DBT<br />

LONDON<br />

-1.1 DBT<br />

SOUTH<br />

EAST<br />

-2.5 DBT<br />

EAST<br />

ANGLIA<br />

-0.2<br />

DBT<br />

Region<br />

Getting Better – Getting Worse<br />

-8.9<br />

-2.9<br />

-2.5<br />

-2.3<br />

-1.9<br />

-1.1<br />

-1.1<br />

-0.8<br />

-0.2<br />

3.2<br />

1<br />

Wales<br />

North West<br />

South East<br />

Scotland<br />

East Midlands<br />

London<br />

Yorkshire and Humberside<br />

South West<br />

East Anglia<br />

Northern Ireland<br />

West Midlands<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 33


Getting worse / no change<br />


0 DBT<br />

KERRY<br />

0 DBT<br />

CLARE<br />

0 DBT<br />

GALWAY<br />

0 DBT<br />

CORK<br />

0 DBT<br />


1.5 DBT<br />


4 DBT<br />


0 DBT<br />


-13.2 DBT<br />


0 DBT<br />

CAVAN<br />

0 DBT<br />

CARLOW<br />

0 DBT<br />

ULSTER<br />

-2.9 DBT<br />

LOUTH<br />

103.5 DBT<br />



0 DBT<br />


0 DBT<br />

Transportation and Storage -17.7<br />

Real Estate -14.5<br />

Wholesale and retail trade -2.5<br />

IT and Comms -0.5<br />

Business Admin & Support 0<br />

Education 0<br />

Energy Supply 0<br />

Entertainment 0<br />

Health & Social 0<br />

Hospitality 0<br />

Top Five Prompter Payers – Ireland<br />

Region Feb 22 Change from Jan 22<br />

Cavan 0 0<br />

Clare 0 0<br />

Cork 0 0<br />

Donegal 0 0<br />

Kerry 0 0<br />

Bottom Five Poorest Payers – Ireland<br />

Region Feb 22 Change from Jan 22<br />

Louth 120 103.5<br />

Monaghan 91.8 0<br />

Carlow 65 0<br />

Wexford 48.2 0<br />

Roscommon 12.7 4<br />

Top Four Prompter Payers – Northen Ireland<br />

Region Feb 22 Change from Jan 22<br />

Ulster 0 -2.9<br />

Munster 0.2 0<br />

Connacht 6 1.5<br />

Leinster 9.2 -13.2<br />

International Bodies 0<br />

Mining and Quarrying 0<br />

Other Service 0<br />

Public Administration 0<br />

Water & Waste 0<br />

Getting better<br />

Agriculture, Forestry and Fishing 12.3<br />

Professional and Scientific 5.6<br />

Construction 5<br />

Manufacturing 3.4<br />

Financial and Insurance 0.1<br />

Top Five Prompter Payers – Ireland<br />

Sector Feb 22 Change from Jan 22<br />

Entertainment 0 0<br />

Health & Social 0 0<br />

Hospitality 0 0<br />

International Bodies 0 0<br />

Other Service 0 0<br />

Bottom Five Poorest Payers – Ireland<br />

Sector Feb 22 Change from Jan 22<br />

Entertainment 0 0<br />

Health & Social 0 0<br />

Hospitality 0 0<br />

International Bodies 0 0<br />

Other Service 0 0<br />

The regional figures are mixed,<br />

with 16 regions seeing no change<br />

to their DBT, seven improving and<br />

only three seeing increases.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 34


Modernising through<br />

life-long learning<br />

How can professional development ensure High Court<br />

enforcement remains ethical and responsible in <strong>2022</strong>?<br />

AUTHOR – Michael Jackson<br />

AS with any profession, High<br />

Court enforcement has undergone<br />

some radical changes<br />

over the last 20 years. The<br />

old-fashioned misconceptions<br />

of the burly bailiff are long<br />

gone, replaced by responsible, informed and<br />

well-respected enforcement professionals dedicated<br />

to helping creditors, informing debtors,<br />

and supporting Government.<br />

An integral part of this shift is the new and<br />

ongoing collaborative relationships between<br />

the High Court Enforcement Association<br />

(HCEOA), the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> and other organisations and<br />

leading bodies such as CIVEA, Centre for<br />

Social Justice and debt advice agencies.<br />

This includes the development of a new<br />

independent oversight body for enforcement,<br />

the Enforcement Conduct Board, which<br />

recently announced the appointment of its<br />

first chair, Catherine Brown. We’re looking<br />

forward to engaging with her and that new<br />

body as things progress.<br />

The latest output from some of these ongoing<br />

collaborations is the publication of CICM’s new<br />

Professional Standards for credit, collection<br />

and enforcement professionals. A first for the<br />

profession, the new Professional Standards<br />

define the unique skills and contribution that<br />

these professionals deliver in protecting and<br />

growing business and the economy.<br />

Representatives of HCEOA worked closely<br />

with CICM on the development of the new<br />

Professional Standards, which will help guide<br />

qualified High Court Enforcement Officers,<br />

enforcement agents, and others in credit and<br />

collections as they grow and develop into the<br />

profession.<br />

We have enjoyed a close working<br />

relationship with the CICM for many years<br />

and our education working group was<br />

integral to the development of several of<br />

the CICM’s enforcement qualifications to<br />

ensure all enforcement agents and High<br />

Court Enforcement Officers are appropriately<br />

qualified.<br />

We’re looking forward to continuing this<br />

collaboration as we undertake a joint review<br />

of the Level 2, 3 and 4 qualifications to ensure<br />

prospective enforcement agents are being<br />

given all the tools they need to navigate difficult<br />

situations appropriately and responsibly.<br />

All High Court Enforcement Officers<br />

(HCEOs) must complete a Level 4 Diploma<br />

in High Court Enforcement in order to gain<br />

full membership to the HCEOA and apply<br />

for authorisation. However, it’s an essential<br />

requirement that all members of the HCEOA<br />

continue with their professional development<br />

once they’ve completed their initial training.<br />

This is to ensure they stay up to date with<br />

changes in legislation and the application of<br />

these, along with updates on best practice. In<br />

turn, this helps them to deal with the handling<br />

of customers and clients and dealing with<br />

enforcement process on a day-to-day basis.<br />

During the training phase of the<br />

qualification there is a period where a trainee<br />

must work with an authorised HCEO, who acts<br />

as a mentor to the student. The experienced<br />

HCEO will help to demonstrate the application<br />

of the law and build the student’s experience<br />

in enforcement, dealing with the various<br />

challenges that arise on the job.<br />

As an Association we have our own code of<br />

best practice, which states that High Court<br />

Enforcement Officers must ensure that all<br />

enforcement agents and other employees<br />

engaged in the enforcement process are<br />

provided with appropriate training. We<br />

annually run training sessions specifically on<br />

High Court Enforcement for all our members<br />

to help support in their continuous<br />

professional development. In addition, all<br />

members have access to the members’ area<br />

of our website, where we have extensive<br />

resources available to help find answers to<br />

any questions as well as access to a support<br />

network of other experienced HCEOs.<br />

While it’s not compulsory for all HCEOs to<br />

become members of the CICM once they’ve<br />

finished their qualifications, we recognise<br />

the importance that these shared standards<br />

have in supporting professional development<br />

and giving clear training pathways for those<br />

looking to enhance their skills.<br />

‘Ethical and responsible’ are easy words for<br />

organisations to bandy around. In order to<br />

live and breathe them, it’s important for us<br />

as High Court Enforcement Officers that we<br />

‘walk the walk’ as well as ‘talk the talk’. We all<br />

have to continuously work at professional and<br />

personal development. Engaging proactively<br />

and comprehensively with the likes of CICM<br />

and the new Enforcement Conduct Board<br />

ensures that we do just that.<br />

Michael Jackson is Vice-chair of the High Court<br />

Enforcement Officers Association (HCEOA).<br />

Brave | Curious | Resilient / www.cicm.com /<strong>April</strong> <strong>2022</strong> / PAGE 35

Apprentice profile<br />

MILLIE Singleton is a Level 2<br />

Apprentice <strong>Credit</strong> Controller at<br />

United Utilities who started her<br />

career in September 2021, fresh out<br />

of School. She admits to having had<br />

no prior experience or knowledge<br />

regarding the world of work at all: “After researching<br />

about the <strong>Credit</strong> Industry it truly inspired me to get out<br />

of my comfort zone and expand my knowledge, this<br />

made me eager to learn more,” she explains.<br />

“Straight after learning that I would gain my<br />

qualification through the CICM I realised that I have been<br />

given an excellent opportunity for now and throughout<br />

my career as it is internationally recognised.”<br />

The Level 2 Apprenticeship Scheme, she believes,<br />

leads to endless opportunities to develop her career.<br />

She hopes to move on to achieve her Level 3, with the<br />

long-term goal to gain Level 5 and progress to senior<br />

management: “Having been on the programme for six<br />

months, I have already learned so much about the role<br />

and how every single job role plays a vital part within the<br />

credit industry,” she continues.<br />


Millie says she is excited about building a career within<br />

credit management and to working more closely with<br />

the CICM as her professional body: “It has been around<br />

for more than 80 years, although it was originally known<br />

as the Institute of <strong>Credit</strong> Men... thankfully things have<br />

changed!” she adds.<br />

So far, Millie has learned a variety of different things<br />

whilst studying: “I have learned about the policies and<br />

procedures at United Utilities and also within credit<br />

management and how our day-to-day work relates to the<br />

wider credit community.<br />

“I have gained knowledge on the risks the company<br />

faces daily and how we work to mitigate them and<br />

achieve our end goal of cash collection, while still<br />

providing outstanding customer service. Everything we<br />

have covered so far has given me a greater insight into<br />

regulation and compliance, so why we do what we do.”<br />

The Apprenticeship has been delivered by tutors and<br />

talented coaches within the business: “They are very<br />

supportive and informative, and have helped us learn so<br />

much already,” she says, “and I am looking forward to<br />

learning so much more with the support that CICM and<br />

Kaplan are providing. I know that I am receiving the best<br />

possible training to help me complete my qualification<br />

and progress my career.”<br />

Latest in a new series<br />

of how CICM-led<br />

Apprenticeships are<br />

supporting professional<br />

development.<br />

Millie Singleton<br />

Level 2 Apprentice <strong>Credit</strong> Controller<br />

at United Utilities<br />

‘‘I am looking forward to learning so<br />

much more with the support that CICM<br />

and Kaplan are providing. I know that I<br />

am receiving the best possible training to<br />

help me complete my qualification and<br />

progress my career.”<br />

Apprenticeships in <strong>Credit</strong><br />

Control and Collections<br />

There are five apprenticeships for those working in the credit<br />

profession. At each Level of apprenticeship you will be able to<br />

gain professional CICM qualifications<br />

• <strong>Credit</strong> Controller/Collector<br />

• Advanced <strong>Credit</strong> Controller and Debt Collection Specialist<br />

Apprenticeship<br />

• Compliance/Risk Officer Apprenticeship<br />

• Senior Compliance/Risk Specialist Apprenticeship<br />

• Financial Services Degree Apprenticeship<br />

For more details on how CICM can help you start your<br />

apprenticeship journey, visit cicm.com/apprenticeships<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 36

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ESG<br />


Gender equity strategies have to be intentional,<br />

prioritised, and measured.<br />

AUTHOR – Aniela Unguresan<br />

EVERY organisation is unique, and<br />

each is, or should be, on a journey<br />

towards gender balance, diversity and<br />

inclusion.<br />

The problem for those looking to<br />

improve their standing in this area<br />

is that there are just so many variables. Different<br />

starting points, different national specificities<br />

in terms of policies and cultures, and different<br />

opportunities for industries when it comes to the<br />

available talent pool are just some of the hurdles<br />

to overcome. And this can either help or hinder<br />

an organisation in its efforts to implement gender<br />

balance, diversity and inclusion.<br />

But despite these differences, there are three<br />

fundamental characteristics required to successfully<br />

implement change and they apply, regardless of the<br />

maturity of an organisation, to its location, and the<br />

industry it operates in.<br />

Simply stated, they are that a programme needs to<br />

be intentional, prioritised, and must be measured.<br />


Looking at the first, it’s clear that in fostering gender<br />

diversity and inclusion today, workplaces still need<br />

to evolve, even though they look completely different<br />

compared to those of 20 years ago. The pace of change<br />

is not as fast as many would like, and it’s easy to be<br />

lured into thinking that change happens naturally<br />

and there is never any need for intervention because<br />

change always happens regardless.<br />

However, there is nothing natural about<br />

changing the distribution of power and authority<br />

within an organisation between a historically<br />

overrepresented group and that which is historically<br />

underrepresented. While we’re talking here about<br />

gender, it applies equally to race and ethnicity, sexual<br />

orientation, or gender identity. In fact, inequity<br />

can relate to anything which makes one group<br />

historically overrepresented in an organisation and<br />

another underrepresented.<br />

Because change does not happen naturally there<br />

needs to be a very clear intention to implement<br />

change based on a well-defined view of why we are<br />

making it. We need to understand why we want to<br />

redistribute power authority, why we want to have<br />

broader representation, and why we want to have<br />

gender balance diversity inclusion.<br />

In other words, behind the intention to change<br />

there must be an understanding of why we are<br />

acting. This means considering the benefits to the<br />

organisation, employees, men – the historically<br />

overrepresented group, and similarly, women, the<br />

historically underrepresented group.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 38

ESG<br />

AUTHOR – Aniela Unguresan<br />


The second characteristic is a need for changed-related actions to be<br />

prioritised. Organisations are fascinating. They are in a constant state<br />

of flux as priorities shift, leadership changes, and requirements change.<br />

There is much that happens in the life of an organisation and its energy<br />

and attention can become polarised towards something that feels more<br />

urgent precisely because it is more immediate.<br />

This is why it is important for gender balance diversity inclusion<br />

programmes to be considered as strategic and vital for the organisation in<br />

achieving its mission. And when a programme is prioritised, three things<br />

happen as a result. The first is that the programmes gain the support<br />

of the top leadership team. Next, it gains the allocation of necessary<br />

resources. And thirdly, accountability for results becomes entrenched.<br />


And it’s this accountability for results that demands the third<br />

characteristic – measurement. So, when we talk about accountability,<br />

which is key for progress, we need to be able to measure what has<br />

changed. This is why actions need to be intentional, prioritised, and<br />

have a very clear set of quantitative and qualitative measurements that<br />

allow an organisation to understand what works, and why. We need to<br />

be able to reproduce actions and behaviours that lead to positive results.<br />

Likewise, by measuring change we can understand what does not work,<br />

and why, so that we can fine tune actions or discontinue them.<br />

Following the EDGE methodology establishes a framework of<br />

measurement that looks at diversity-related indicators such as<br />

representation, talent in the pipeline, and where men and women are in<br />

relation to the jobs and functions that they occupy.<br />

Once this is complete, we can consider equity related indicators<br />

around, for example, equal pay for equivalent work. But we also need<br />

to consider the effectiveness of policies and practices with the aim of<br />

constructing an organisational infrastructure which creates equitable<br />

career flows.<br />

From here we are able to examine the all-important indicators that<br />

are linked to inclusion. By this we mean diversity-related indicators and<br />

representation, equity-related indicators and equity of pay, and equitable<br />

career flows supported by the organisational framework. Once these are<br />

in place, it is possible to then scrutinise inclusion-related indicators such<br />

as how employees feel about career development opportunities.<br />

This robust framework of measurement – which is holistic and looks<br />

at both quantitative and qualitative indicators as well as processes and<br />

outcome – forms the backbone of a process that will sustainably support<br />

attention, focus, and energy on those actions which are, by definition,<br />

both intentional and prioritised.<br />


EDGE has established a global standard which drives organisations to<br />

not be introspective. While it’s a natural tendency for organisations to<br />

compare themselves with their peers within their own business sector or<br />

country, this might not be the right standard to use as a gauge, especially<br />

if it’s referring to the median of a very average performing group. It’s<br />

for this reason that global standards and independent third-party<br />

verification are valuable and powerful instruments of change.<br />

Ultimately, no organisation should adopt mediocre business practices<br />

just to fall in line with mediocrity in their industry. On the contrary, when<br />

it comes to the lifeblood of an organisation it should want to be the best.<br />

And this is exactly what EDGE seeks to do in diversity equity and<br />

inclusion. With a standard that highlights what are good employee<br />

representation, pay equity, effective policies and practices the appearance<br />

of what an inclusive culture looks like will become apparent.<br />

Aniela Unguresan is Founder of the<br />

EDGE Certified Foundation.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 39

Introducing our<br />


For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com<br />

High Court Enforcement Group is the largest<br />

independent and privately owned High Court<br />

enforcement company in the country, with more<br />

authorised and experienced officers than anyone<br />

else. This allows us to build and manage our<br />

business in a way that puts our clients first.<br />

Clients trust us to deliver and service is paramount.<br />

We cover all aspects of enforcement –writs of<br />

control, possessions, process serving and landlord<br />

issues - and are committed to meeting and<br />

exceeding clients’ expectations.<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

YayPay makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster –<br />

from anywhere.<br />

Integrating with your ERP, CRM, and billing<br />

systems, YayPay presents your real-time data<br />

through cloud-based dashboards. Automation<br />

improves productivity by 3X and accelerates<br />

collections by up to 34 percent. Predictive analytics<br />

provide insight into payor behavior and an online<br />

portal enables customers to access their accounts<br />

and pay at any time.<br />

T: +44 (0)7465 423 538<br />

E: marketing@yaypay.com<br />

W: www.yaypay.com<br />

HighRadius provides a cloud-based Integrated<br />

Receivable Platform, powered by machine learning<br />

and AI. Our Technology empowers enterprise<br />

organisations to reduce cycle time in the order-tocash<br />

process and increase working capital availability<br />

by automating receivables and payments processes<br />

across credit, electronic billing and payment<br />

processing, cash application, deductions, and<br />

collections.<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

Bottomline Technologies (NASDAQ: EPAY) helps<br />

businesses pay and get paid. Businesses and banks<br />

rely on Bottomline for domestic and international<br />

payments, effective cash management tools, automated<br />

workflows for payment processing and bill review<br />

and state of the art fraud detection, behavioural<br />

analytics and regulatory compliance. Every day, we<br />

help our customers by making complex business<br />

payments simple, secure and seamless.<br />

T: 0870 081 8250<br />

E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Our <strong>Credit</strong>or Services team can advise on the best<br />

way for you to protect your position when one of<br />

your debtors enters, or is approaching, insolvency<br />

proceedings. Our services include assisting with<br />

retention of title claims, providing representation at<br />

creditor meetings, forensic investigations, raising<br />

finance, financial restructuring and removing the<br />

administrative burden – this includes completing<br />

and lodging claim forms, monitoring dividend<br />

prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Key IVR provide a suite of products to assist companies<br />

across Europe with credit management. The<br />

service gives the end-user the means to make a<br />

payment when and how they choose. Key IVR also<br />

provides a state-of-the-art outbound platform<br />

delivering automated messages by voice and SMS.<br />

In a credit management environment, these services<br />

are used to cost-effectively contact debtors and<br />

connect them back into a contact centre or<br />

automated payment line.<br />

T: +44 (0) 1302 513 000<br />

E: sales@keyivr.com<br />

W: www.keyivr.com<br />

With 130+ years of experience, Graydon is a leading<br />

provider of business information, analytics, insights<br />

and solutions. Graydon helps its customers to make<br />

fast, accurate decisions, enabling them to minimise<br />

risk and identify fraud as well as optimise opportunities<br />

with their commercial relationships. Graydon<br />

uses 130+ international databases and the information<br />

of 90+ million companies. Graydon has offices in<br />

London, Cardiff, Amsterdam and Antwerp. Since 2016,<br />

Graydon has been part of Atradius, one of the world’s<br />

largest credit insurance companies.<br />

T: +44 (0)208 515 1400<br />

E: customerservices@graydon.co.uk<br />

W: www.graydon.co.uk<br />

Tinubu Square is a trusted source of trade credit<br />

intelligence for credit insurers and for corporate<br />

customers. The company’s B2B <strong>Credit</strong> Risk<br />

Intelligence solutions include the Tinubu Risk<br />

<strong>Management</strong> Center, a cloud-based SaaS platform;<br />

the Tinubu <strong>Credit</strong> Intelligence service and the<br />

Tinubu Risk Analyst advisory service. Over 250<br />

companies rely on Tinubu Square to protect their<br />

greatest assets: customer receivables.<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com.<br />

Building on our mature and hugely successful<br />

product and world class support service, we are<br />

re-imagining our risk awareness module in 2019 to<br />

allow for hugely flexible automated worklists and<br />

advanced visibility of areas of risk. Alongside full<br />

integration with all credit scoring agencies (e.g.<br />

<strong>Credit</strong>safe), this makes Credica a single port-of-call<br />

for analysis and automation. Impressive results<br />

and ROI are inevitable for our customers that also<br />

have an active input into our product development<br />

and evolution.<br />

T: 01235 856400<br />

E: info@credica.co.uk<br />

W: www.credica.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 40

Each of our Corporate Partners is carefully selected for<br />

their commitment to the profession, best practice in the<br />

<strong>Credit</strong> Industry and the quality of services they provide.<br />

We are delighted to showcase them here.<br />

They're waiting to talk to you...<br />

Hays <strong>Credit</strong> <strong>Management</strong> is a national specialist<br />

division dedicated exclusively to the recruitment of<br />

credit management and receivables professionals,<br />

at all levels, in the public and private sectors. As<br />

the CICM’s only Premium Corporate Partner, we<br />

are best placed to help all clients’ and candidates’<br />

recruitment needs as well providing guidance on<br />

CV writing, career advice, salary bench-marking,<br />

marketing of vacancies, advertising and campaign<br />

led recruitment, competency-based interviewing,<br />

career and recruitment trends.<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Court Enforcement Services is the market<br />

leading and fastest growing High Court Enforcement<br />

company. Since forming in 2014, we have managed<br />

over 100,000 High Court Writs and recovered more<br />

than £187 million for our clients, all debt fairly<br />

collected. We help lawyers and creditors across all<br />

sectors to recover unpaid CCJ’s sooner rather than<br />

later. We achieve 39 percent early engagement<br />

resulting in market-leading recovery rates. Our<br />

multi-award-winning technology provides real-time<br />

reporting 24/7.<br />

T: +44 (0)1992 663 399<br />

E: wayne@courtenforcementservices.co.uk<br />

W: courtenforcementservices.co.uk<br />

Shoosmiths’ highly experienced team will work<br />

closely with credit teams to recover commercial<br />

debts as quickly and cost effectively as possible.<br />

We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

• Pre-litigation services to effect early recovery and<br />

keep costs down • Litigation service • Insolvency<br />

• Post-litigation services including enforcement<br />

As a client of Shoosmiths, you will find us quick to<br />

relate to your goals, and adept at advising you on the<br />

most effective way of achieving them.<br />

T: 03700 86 3000<br />

E: paula.swain@shoosmiths.co.uk<br />

W: www.shoosmiths.co.uk<br />

Forums International has been running <strong>Credit</strong> and<br />

Industry Forums since 1991 covering a range of<br />

industry sectors and international trading. Attendance<br />

is for credit professionals of all levels. Our forums<br />

are not just meetings but communities which<br />

aim to prepare our members for the challenges<br />

ahead. Attending for the first time is free for you to<br />

gauge the benefits and meet the members and we<br />

only have pre-approved Partners, so you will never<br />

intentionally be sold to.<br />

T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Data Interconnect provides corporate <strong>Credit</strong> Control<br />

teams with Accounts Receivable software for bulk<br />

e-invoicing, collections, dispute management and<br />

invoice finance. The modular, cloud-based Corrivo<br />

platform can be configured for any business model.<br />

It integrates with all ERP systems and buyer AP<br />

platforms or tax regimes. Customers can self-serve<br />

on mobile friendly portals, however their invoices are<br />

delivered, and <strong>Credit</strong> Controllers can easily extract<br />

data for compliance, audit and reporting purposes.<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

Serrala optimizes the Universe of Payments for<br />

organisations seeking efficient cash visibility<br />

and secure financial processes. As an SAP<br />

Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience<br />

and thousands of successful customer projects,<br />

including solutions for the entire order-to-cash<br />

process, Serrala provides credit managers and<br />

receivables professionals with the solutions they<br />

need to successfully protect their business against<br />

credit risk exposure and bad debt loss.<br />

T: +44 118 207 0450<br />

E: contact@serrala.com<br />

W: www.serrala.com<br />

American Express® is a globally recognised<br />

provider of business payment solutions, providing<br />

flexible capabilities to help companies drive<br />

growth. These solutions support buyers and<br />

suppliers across the supply chain with working<br />

capital and cashflow.<br />

By creating an additional lever to help support<br />

supplier/client relationships American Express is<br />

proud to be an innovator in the business payments<br />

space.<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

The Company Watch platform provides risk analysis<br />

and data modelling tools to organisations around<br />

the world that rely on our ability to accurately predict<br />

their exposure to financial risk. Our H-Score®<br />

predicted 92 percent of quoted company insolvencies<br />

and our TextScore® accuracy rate was 93<br />

percent. Our scores are trusted by credit professionals<br />

within banks, corporates, investment houses<br />

and public sector bodies because, unlike other credit<br />

reference agencies, we are transparent and flexible<br />

in our approach.<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Esker’s Accounts Receivable (AR) solution removes<br />

the all-too-common obstacles preventing today’s<br />

businesses from collecting receivables in a<br />

timely manner. From credit management to cash<br />

allocation, Esker automates each step of the orderto-cash<br />

cycle. Esker’s automated AR system helps<br />

companies modernise without replacing their<br />

core billing and collections processes. By simply<br />

automating what should be automated, customers<br />

get the post-sale experience they deserve and your<br />

team gets the tools they need.<br />

T: +44 (0)1332 548176<br />

E: sam.townsend@esker.co.uk<br />

W: www.esker.co.uk<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 41

Introducing our<br />


Each of our Corporate Partners is carefully selected for their commitment<br />

to the profession, best practice in the <strong>Credit</strong> Industry and the quality of<br />

services they provide. We are delighted to showcase them here.<br />

For further information and to discuss the opportunities of entering into a<br />

Corporate Partnership with the CICM, please contact corporatepartners@cicm.com<br />

The Atradius Collections business model is to support<br />

businesses and their recoveries. We are seeing a<br />

deterioration and increase in unpaid invoices placing<br />

pressures on cashflow for those businesses. Brexit is<br />

causing uncertainty and we are seeing a significant<br />

impact on the UK economy with an increase in<br />

insolvencies, now also impacting the continent and<br />

spreading. Our geographical presence is expanding<br />

and with a single IT platform across the globe we can<br />

provide greater efficiencies and effectiveness to our<br />

clients to recover their unpaid invoices.<br />

T: +44 (0)2920 824700<br />

W: www.atradiuscollections.com/uk/<br />

Chris Sanders Consulting – we are a different<br />

sort of consulting firm, made up of a network of<br />

independent experienced operational credit and<br />

collections management and invoicing professionals,<br />

with specialisms in cross industry best practice<br />

advisory, assessment, interim management,<br />

leadership, workshops and training to help your<br />

team and organisation reach their full potential in<br />

credit and collections management. We are proud to<br />

be Corporate Partners of the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong> and to manage the CICM Best<br />

Practice Accreditation Programme on their behalf.<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

VISMA | Onguard is a specialist in credit management<br />

software and market leader in innovative solutions for<br />

order-to-cash. Our integrated platform ensures an optimal<br />

connection of all processes in the order-to-cash<br />

chain. This enhanced visibility with the secure sharing<br />

of critical data ensures optimal connection between<br />

all processes in the order-to-cash chain, resulting<br />

in stronger, longer-lasting customer relationships<br />

through improved and personalised communication.<br />

The VISMA | Onguard platform is used for successful<br />

credit management in more than 70 countries.<br />

T: 020 3868 0947<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 42

collections learning initiative<br />

•<br />

•<br />

•<br />

•<br />

•<br />

•<br />

•<br />

•<br />

•<br />

collections learning initiative<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 43


Virtual Classes<br />

for <strong>2022</strong><br />

Get CICM qualified by attending<br />

Virtual Classes: The best of both worlds.<br />

Home study does not mean you have to study alone. Our ‘gold standard’ distance<br />

learning offer, our Virtual Classes have the greatest success rate of all our packages.<br />

Your study will be supported and led by one of our experienced CICM Tutors via a<br />

series of virtual classes and activities, which are interactive, challenging and fun.<br />

LEVEL<br />

3<br />

Accounting Principles<br />

28 <strong>April</strong><br />

Business Environment<br />

Classes start in June<br />

<strong>Credit</strong> <strong>Management</strong> (Trade, Export and Consumer<br />

Classes start in June<br />

LEVEL<br />

5<br />

Compliance with legal, regulatory,<br />

ethical and social requirements<br />

Classes start in June<br />

Strategic Planning<br />

Classes start in June<br />

Process Improvement<br />

Classes start in June<br />

Book your place today, visit www.cicm.com<br />

or contact a member of our team on 01780 722900<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 44


These are pre-recorded training sessions that<br />

you can access anywhere and at anytime.<br />

These are live, interactive sessions,<br />

delivered virtually by a qualified trainer.<br />

Upcoming Virtual Workshops<br />

<strong>Credit</strong> Boot Camp<br />

Register your interest today<br />

Effective communication<br />

4 <strong>April</strong> @ 9:30am<br />

Collect that cash<br />

Register your interest today<br />

Reflect and develop<br />

Register your interest today<br />

Collection skills<br />

Register your interest today<br />

Advanced collection skills<br />

Register your interest today<br />

Best practice skills<br />

to assess credit risk<br />

Register your interest today<br />

MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher,<br />

trainer and credit manager with experience in credit and debt specialisms across the<br />

O2C spectrum and ancillary businesses, in consumer, B2B and export markets.<br />

Book your place today, visit www.cicm.com<br />

or contact a member of our team on 01780 722900<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 45

CICM Resource Centre<br />

Delivering the best<br />

Resources for you<br />

and your team<br />

Member Exclusive resources<br />

Whether you’re completely new to credit<br />

management or want to take your skills to the next<br />

level, our free guides, toolkits,<br />

Serrala<br />

blogs and tips are<br />

CP<br />

designed to help you enhance your knowledge,<br />

stay informed about developments and gain advice<br />

from a range of experts.<br />

Keeping you up-to-date with:<br />

Help and Advice from our Corporate Partners<br />

Money and Debt Advice / Wellbeing / Legal Advice<br />

Log in to your members area for<br />

Member Exclusive resources<br />

For details contact: info@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 46



Your CICM lapel badge<br />

demonstrates your commitment to<br />

professionalism and best practice<br />



If you haven’t received your badge<br />

contact: cicmmembership@cicm.com<br />

NOMINATIONS There's still time...<br />

The Advisory Council influences the future direction of the Institute. Its members reflect the diverse range<br />

of skills and experience amongst the Institute’s membership, and bring valuable expertise and knowledge.<br />

Being a member of the Advisory Council is your opportunity to:<br />

Share your knowledge and expertise to support your professional body in advancing the credit profession<br />

Assist in steering the strategy and future direction of the Institute<br />

Contribute to raising the profile of the largest recognised professional body in the world for the credit<br />

management community<br />

There are up to 23 Advisory Council positions open for nomination representing our 11 regions and the<br />

trade, consumer, international and credit services sectors.<br />

Please visit: www.mi-nomination.com/cicm to stand for Nomination<br />

or email elections@cicm.com to find out more<br />

There is still time to put yourself forward, to give something back<br />

NOMINATIONS CLOSE 13 APRIL <strong>2022</strong>.<br />

The Chartered Institute<br />

of <strong>Credit</strong> <strong>Management</strong><br />

Elections<br />

<strong>2022</strong><br />

Brave | Curious | Resilient<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 47


Get ahead in <strong>Credit</strong> and have Forums International by your side.<br />

The goal of Forums International is to provide you with the tools you<br />

need to ensure your future success. We have a wealth<br />

CREDIT<br />

of<br />

FORUMS<br />

Members<br />

<strong>2022</strong><br />

that<br />

can help you succeed in your career and offer:<br />

Quarterly<br />

Forum<br />

Groups<br />

Roundtables<br />

on<br />

hot topics<br />

Drop-in<br />

sessions and<br />

other ad-hoc<br />

events online<br />

Access to<br />

INFO-Hub<br />

24/7 to post<br />

questions &<br />

experiences<br />

Access to the<br />

Forums<br />

archive<br />

Become a Member today and see the power of Forums International:<br />

E mail: info@forumsinternational.co.uk or visit:<br />


Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 48



Keep an eye on our events calendar at CICM.COM for all CICM events!<br />

Visit our website and book online at: www.cicm.com/cicm-events<br />

Many of our events are now<br />

available online, along with a new<br />

series of live recorded webinars<br />

for the credit profession.<br />

Visit our website for updates<br />

and instructions on how to register...<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 49


Booking your<br />

exams has never<br />

been easier<br />

Head over to our new exam pages<br />

for all the information you need to prepare,<br />

book and take your CICM exams<br />

www.cicm.com/exams/<br />

Brave | Curious | Resilient / www.cicm.com / March <strong>2022</strong> / PAGE 50

18 th Annual<br />

UK AML & Financial Crime Seminar<br />

CPD points<br />

7 for Main Seminar<br />

3.5 for each Masterclass Stream<br />

Certificate of Attendance is provided.<br />

Who should attend?<br />

Essential updates from the Home Office, FCA, HMRC, OFSI,<br />

FCDO, JMLSG, Companies House, CPS, Met Police and leading<br />

cross-industry experts – all you need to know in <strong>2022</strong>!<br />

27/28 <strong>April</strong> <strong>2022</strong>, hosted by Herbert Smith Freehills.<br />

Held hybrid – delegates can choose to participate in person or virtually.<br />

Speakers<br />

• All parts of the financial sector Alexandria Reich, Senior Research Fellow, Royal United Services Institute (RUSI),<br />

• Accountants<br />

• Gambling sector<br />

• Government<br />

• High value dealers<br />

• Insurance sector<br />

• Law enforcement<br />

• Law firms<br />

• Money service businesses<br />

• Real estate agencies<br />

• Regulators<br />

• TCSPs<br />


and Lead of RUSI report on Illegal Wildlife Trade and Illicit Finance in the UK<br />

Carol Smit, Executive Secretary, JMLSG<br />

Clive Gordon, Head of Financial Crime Specialist Supervision Department, FCA<br />

Debbie Price, Deputy Head of Division, Proceeds of Crime, CPS & until recently Head<br />

of the UK FIU, NCA<br />

Dhar Solanki, Global Anti-Financial Crime Officer & MLRO, Europe Arab Bank<br />

James Siswick, Chief Officer, Efficient Frontiers International<br />

John Roch, DS, Central Specialist Crime Head of Economic Crime, Met Police<br />

Kevin Kelly, Chief Inspector & Head of UK’s National Wildlife Crime Unit<br />

Linda Baskett, Financial Crime Director, Aon UK<br />

Luke Fothergill, EMEA Head of AML, Citigroup<br />

Matt Allen, Head of Financial Crime Strategy, Policy and Frameworks, Santander UK<br />

Matthew Touzel, MSB & HVD Strategic Lead, Economic Crime Supervision, HMRC<br />

Martin Swain, Director of Policy, Strategy and Planning, Companies House<br />

Marta Lia Requeijo, Head of Financial Crime & MLRO, ClearBank<br />

Marcus Wogart, Group Head Financial Crime Risk, NatWest Group<br />

Mike Green, Senior Guidance & Sanctions Advisor, The Office of Financial Sanctions<br />

Implementation (OFSI)<br />

Neil Tyson, Director, Rightway Compliance, Fraud Resource <strong>Management</strong> Centre<br />

Nick Sharp, Deputy Director Economic Crime, HM Revenue & Customs<br />

Owen Rowland, Deputy Director & Head of Economic Crime Unit, Home Office<br />

Pete Maydon, Assistant Director, Strategy AML Supervision, HMRC<br />

Paul Munson, Head of Compliance & MLRO, Solidi Crypto Currency Exchange &<br />

previously Senior Associate at EMA and the FCA<br />

Perpetua Gitungo, MLRO & Financial Crime Lead, Wise Ltd<br />

Rob Wishart, Regional Coordinator AML - Global Investigations Unit EMEA, Citibank &<br />

previously CoLP DS and Head of Economic Crime Directorate<br />

Simon Murphy, Head of Sanctions Unit’s Strategy and Engagement Team, Foreign<br />

Commonwealth and Development Office (FCDO)<br />

Susannah Cogman, Partner & MLRO, Herbert & Smith Freehills<br />

events@amlpforum.com – www.amlpforum.com<br />

events@amlpforum.com – www.amlpforum.com



When time runs out and practical jokes go wrong.<br />

AUTHOR – Gareth Edwards<br />

ANOTHER case involving the<br />

Court of Appeal, confirmed<br />

in the case of Andrew Chell<br />

v Tarmac Cement and Lime<br />

Ltd, that an employer was<br />

not liable for the personal<br />

injury sustained by a contractor when a<br />

practical joke went wrong.<br />

Mr Chell and Mr Heath were colleagues<br />

working on a site run by Tarmac. Chell was<br />

a contractor supplied by a third party, and<br />

Heath was Tarmac’s employee. Tensions<br />

arose between Tarmac’s employees and the<br />

contractors. Chell raised concerns about the<br />

tensions with his supervisor, who in turn<br />

raised the issue with Tarmac.<br />

A few weeks after Chell raised his concerns,<br />

Heath played a prank on him involving<br />

exploding pellet targets close to Chell’s ear<br />

which led to him suffering a perforated<br />

eardrum, hearing loss and tinnitus as a result.<br />

Heath was dismissed by Tarmac as a result.<br />

Chell brought a personal injury claim<br />

against Tarmac, arguing it was both directly<br />

and vicariously liable for Heath's actions. The<br />

claim was rejected by both the County Court<br />

and the High Court.<br />

Chell appealed to the Court of Appeal<br />

which rejected the appeal. It agreed there<br />

was not a sufficiently close connection<br />

between Heath's actions and his work to<br />

make it fair, just and reasonable to hold<br />

Tarmac vicariously liable for the prank and<br />

resulting injury to Chell. The explosive pellets<br />

were not Tarmac’s equipment, nor used in<br />

any part of Heath's work, and he was not<br />

authorised to use them. He was not working<br />

on the same task as Chell or supervising him<br />

at the time of the prank. The risk created by<br />

the prank was also not inherent in Tarmac’s<br />

business.<br />

On the issue of direct liability, the Court of<br />

Appeal also found no reasonably foreseeable<br />

risk of injury to Chell by Heath’s actions.<br />

If there was a duty of care, there was no<br />

breach by Tarmac. Whilst Chell had reported<br />

concerns around tensions with Tarmac’s<br />

employees, there was no indication Heath<br />

would play the prank or exhibit violence<br />

towards Chell. There was a general site<br />

rule prohibiting the intentional or reckless<br />

misuse of equipment. As Heath had hit the<br />

pellets with a hammer, it was he that had<br />

broken this rule.<br />

THE Court of Appeal has determined that<br />

the demotion of an equity partner who<br />

had reached the employer's contractual<br />

retirement age was a one-off act rather<br />

than the continuing application of a<br />

discriminatory rule.<br />

In Parr v MSR Partners LLP, Mr Parr<br />

was an equity partner at accountants’<br />

firm, MSR Partners LLP (formerly Moore<br />

Stephens LLP). Under the terms of the<br />

members’ agreement, partners had a<br />

normal retirement age of 60. Parr wanted<br />

to work beyond that, and his request was<br />

agreed, subject to him continuing to work<br />

for a further two years only, and on the<br />

basis that he would continue as a salaried<br />

partner.<br />

Parr agreed to this change but found<br />

out the business was to be sold and that,<br />

as a salaried partner, he would miss out<br />

on any share of the sale proceeds. He<br />

One-off or continued act<br />

brought a claim for age discrimination in<br />

the Employment Tribunal (ET).<br />

The parties have argued over whether<br />

Parr was in time to bring his claim.<br />

The usual deadline to lodge a claim is<br />

three months starting with the date of<br />

the act complained of. Where an act of<br />

discrimination is a ‘continuing act’, it will<br />

be treated as having occurred at the end<br />

of that period, meaning the time limit for<br />

bringing a claim will only start to run at<br />

the end of the ‘continuing act’.<br />

The ET considered the act of demoting<br />

Parr to be a continuing act and found the<br />

claim to have been brought in time. Moore<br />

Stephens (as it was) appealed successfully<br />

to the Employment Appeal Tribunal<br />

(EAT), which differentiated between a<br />

continuing act and a one-off conduct,<br />

leading to ongoing losses.<br />

Parr then appealed to the Court of<br />

Appeal which upheld the EAT decision.<br />

There is a distinction between a one-off<br />

decision and a continuing act. In Parr’s<br />

case, his demotion was a one-off act. Had<br />

Parr been dismissed rather than demoted,<br />

it would have been clear when the time<br />

limit for a claim started to run. The Court<br />

of Appeal says demotion should be treated<br />

in the same way as dismissal would have<br />

been, i.e., as a one-off act. This means<br />

Parr’s claim was indeed out of time, as the<br />

EAT had said.<br />

From an employer’s perspective, it is<br />

likely to be beneficial to construe any<br />

acts of alleged discrimination as one-off<br />

acts as far as possible, in order to start the<br />

time running on the deadline for bringing<br />

a claim.<br />

Gareth Edwards is a partner in the<br />

employment team at VWV www.<br />

gedwards@vwv.co.uk<br />

The Court of Appeal says demotion should be treated in the same way as dismissal<br />

would have been, i.e., as a one-off act. This means Parr’s claim was indeed out of time,<br />

as the EAT had said.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 52



How to set up a great one click link to the CICM website<br />

on your mobile phone. Follow these four simple steps...<br />

Step 1 Step 2 Step 3 Step 4<br />

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

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

Step 1 Step 2 Step 3 Step 4<br />

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

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


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




London, competitive salary + bonus<br />

This legal firm is looking for an experienced candidate to<br />

join a senior role in their e-billing team. This role will involve<br />

day-to-day management of the e-billing team and submitting<br />

bills and invoices onto e-billing software. Additionally, this<br />

candidate will undertake system and process analysis to<br />

improve the team’s productivity.<br />

Ref: 4159703<br />

Contact Daniel Lee on 020 3465 0020<br />

or email daniel.lee1@hays.com<br />


Port Talbot, competitive salary + benefits<br />

A growing organisation with a strong national presence has<br />

opened a new office in Port Talbot to support their continued<br />

expansion and they are now looking for a Regional <strong>Credit</strong><br />

Manager. You will lead an office-based team and deliver support<br />

to branch managers across Wales. Your role will be a highly<br />

visible member of the management team and you will spend<br />

time out and about in the region. With a proven background in<br />

credit management, you will be accountable for maintaining and<br />

driving the company objectives to deliver outstanding results.<br />

Ref: 4147467<br />

Contact Emma Lewis on 01792 642042<br />

or email emma.lewis@hays.com<br />


Cumbria, up to £60,000 + benefits<br />

This is a well-established, highly regarded and expanding<br />

business, operating UK wide, with its Head Office function in<br />

Carlisle. This role is part of the senior finance management<br />

team, managing credit risk and credit control across a<br />

high volume of customers. We are looking to speak with<br />

experienced credit managers, particularly those who are<br />

familiar with high-volume environments and change processes.<br />

This is a fantastic opportunity where you can achieve results<br />

and be rewarded accordingly.<br />

Ref: 4160899<br />

Contact Heidi Wright on 01228 515795<br />

or email heidi.wright@hays.com<br />


Chelmsford (hybrid working, 3 days in the office),<br />

£40,000-£55,000<br />

A fantastic opportunity to join a leading international law firm<br />

and be part of the leadership structure of a successful finance<br />

department. You will split your time between managing a team<br />

of 13, at varying experience levels, and supporting the Billing<br />

Manager with strategy and ongoing improvement projects. This is<br />

a great opportunity for an experienced legal billing professional or<br />

someone looking to take their first step into management.<br />

Ref: 4161290<br />

Contact William Plom on 01603 760141<br />

or email william.plom@hays.com<br />

hays.co.uk/creditcontrol<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 54



My Learning – free skills<br />

training from Hays<br />

To find out more visit<br />

hays.co.uk/mylearning<br />


Basildon, £25,000-£30,000<br />

Working for a leading international accountancy practice you<br />

will handle the collection of debt from a wide-ranging number<br />

of clients as part of their credit services team. Clients range from<br />

SMEs to large corporate businesses, within both the public and<br />

private sector. You will have previous experience in a similar<br />

collections or credit control role and be comfortable operating<br />

in a high-volume environment.<br />

Ref: 4165759<br />

Contact William Plom on 01603 760141<br />

or email william.plom@hays.com<br />


Farnham, up to £27,000<br />

Working in a sole charge role, you will be responsible for<br />

minimising aged debt and maximising company cash flow.<br />

Your varied duties will include accurately producing invoices,<br />

chasing payments, resolving queries and processing payments.<br />

This role would suit a skilled credit controller who enjoys<br />

working autonomously and taking control of the entire order<br />

to cash process.<br />

Ref: 4235961<br />

Contact Natascha Whitehead on 07770 786433<br />

or email natascha.whitehead@hays.com<br />

This is just a small selection of the many opportunities<br />

we have available for credit professionals. To find out more<br />

visit us online or contact Natascha Whitehead, Hays <strong>Credit</strong><br />

<strong>Management</strong> UK Lead on 07770 786433<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 55

www.tcmgroup.com<br />

Probably thebest debt collection network worldwide<br />

Certificate of Compliance<br />

This is to certify that TCM Exchange Platform has successfully complied Penetration Testing<br />

conducted by Pentest-Tools SRL. No critical dangers have been found.<br />


001/08/2021<br />


20th of August 2021<br />


TCM Group International ehf.<br />


20th of August <strong>2022</strong><br />

Head of Professional Services<br />

Razvan-Costin Ionescu<br />

Moneyknows no borders—neither do we<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 56


Do you know someone who would benefit from CICM membership? Or have<br />

you considered applying to upgrade your membership? See our website<br />

www.cicm.com/membership-types for more details, or call us on 01780 722903<br />

Studying Member<br />

Alliyah Mcateer<br />

Simon Varley<br />

Millicent Rodman<br />

Kerry Soper-Dyer<br />

Anthony Morrow<br />

Reza Khalaji<br />

Suvendu Ghosh<br />

James Knight<br />

Emma-Louise Schofield<br />

Stacy Williams<br />

Zuzana Holden<br />

Jack Allen<br />

Modupe Fakunle<br />

Yvonne Gander<br />

Capucine New<br />

Sally Tagg<br />

Fiona Instance<br />

Sharon Reynolds<br />

Ronan O'Neill<br />

Lisa Marie Kerr<br />

Ashleigh Scully<br />

Lewis Hudson<br />

Marzena Kondraciuk<br />

Gavin Handman<br />

Affiliate<br />

Gillian Crotty Miriam Turton Luke Boorman Melanie Phillips<br />

Members<br />

Raj Gill Sylwia Chaber Ahmed Nazif Diya Pardasani<br />

Congratulations to our current members who have upgraded their membership<br />

Upgraded member<br />

Abdelaziz Eshra MCICM Harvey Fielding MCICM Chris Hardman MCICM<br />


Congratulations to the following, who successfully achieved Diplomas<br />

Level 3 Diploma in <strong>Credit</strong> <strong>Management</strong> (ACICM)<br />

Candice Marlen Julie Coghlan Kimblerley Morgan<br />

Level 3 Diploma in <strong>Credit</strong> & Collections (ACICM)<br />

Leo Rossiter Glenn Langdown Mona Rathod<br />

Level 5 Diploma in <strong>Credit</strong> & Collections <strong>Management</strong> MCICM (Grad)<br />

Satya Oleti<br />

Harvey Fielding<br />

Raise your credibility and boost your career prospects<br />

– Apply for your upgrade today<br />

Contact: info@cicm.com for more details<br />


Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports.<br />

Please only send up to 400 words and any images need to be high resolution to be printable, so 1MB plus.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 57


Better by Application<br />

A round-up of apps you simply cannot do without!<br />

MEETER (for Zoom, Teams & Co) lets you<br />

easily manage your calls – you can join<br />

scheduled meetings from your calendar<br />

(Zoom) Hangouts, Webex, Teams and many<br />

more, and also initiate 1:1 audio calls.<br />

Simply connect your calendar and Meeter<br />

will automatically pull all your upcoming<br />

calls and let you manage them in one place,<br />

as well as sending ‘join here’ notifications.<br />

No more last-minute searches through your<br />

calendar to find the right link.<br />

CHRONICLE is described as the easiest<br />

and fastest bill manager in the App Store. In<br />

addition to reminding you to pay your bills,<br />

Chronicle keeps track of all your payment<br />

history, including confirmation numbers,<br />

so you always have proof of payments. With<br />

Chronicle Pro, there are many additional<br />

features, such as intelligently estimating<br />

amounts due, creating monthly & annual<br />

reports and custom making repeat intervals<br />

to make bills less of a chore.<br />

SIMPLIFY GMAIL is a browser extension<br />

that transforms the Gmail website into a<br />

more serene experience, with additional<br />

white space, cleaner compose menus, and<br />

the ability to group emails by date. At the<br />

same time, it adds new features, such as<br />

extra keyboard shortcuts, email tracker<br />

blocking and a ‘hide inbox’ feature to help<br />

you focus. This extension gives Gmail’s<br />

desktop website a much-needed facelift.<br />

LEGION NETWORK is described as an allin-one<br />

super app for all blockchain services<br />

– crypto, NFTs, gaming and software. The<br />

app combines Legion Network’s blockchain<br />

ecosystem with cutting edge technology.<br />

It mostly functions as a crypto wallet, but<br />

also has an NFT marketplace. It also offers<br />

materials and resources for individuals<br />

interested in learning more about NFT,<br />

GameFi, Defi, etc. and even has an in-built<br />

wallet in the app.<br />

ITSETTLED is a new automated credit<br />

control app which the developers say<br />

provides a legally compliant process for<br />

chasing invoices. You simply submit your<br />

invoices to the app, and the app will guide<br />

you through the following steps. You have<br />

the option of sending your invoice letters<br />

yourself or having the app do it for you.<br />

Itsettled can be integrated with accounting<br />

softwares such as FreeAgent, QuickBooks<br />

and Xero.<br />

SNOOP is a mobile app that helps people<br />

save money on bills and subscriptions.<br />

It provides a one-of-a-kind stream of<br />

customised money-saving tips. The app sorts<br />

your spending, keeps tab of payments in the<br />

payment hub, and suggests live discounts<br />

and money saving ideas on day-to-day basis.<br />

It also keeps check of mortgage deals and<br />

has an insurance checker feature, providing<br />

a fully integrated and streamlined money<br />

management platform.<br />

KIWI FOR GMAIL is a desktop application<br />

that is said to save your time in and out of<br />

Google by remembering what you had up,<br />

where you had it and how you left it. The 3.0<br />

update filters your view by Date, Importance,<br />

Unread, Attachments and starred or combine<br />

filters to create a shortlist of your most<br />

relevant emails. The app introduces new<br />

toolbar on the left side of the traditional<br />

Gmail interface, providing quick access to all<br />

G suite applications and documents.<br />

KEAP MOBILE is positioned as an all-inone<br />

email marketing platform that includes<br />

features like marketing automation and CRM<br />

service to assist small businesses with their<br />

growth. The app allows you to sync Gmail and<br />

Outlook accounts to manage data and send<br />

emails in a single location. Quote templates,<br />

invoices, payments, reports, proposal<br />

templates, and an advanced marketing<br />

campaign builder are among the additional<br />

features.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 58

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 59

Cr£ditWho?<br />

CICM Directory of Services<br />




Controlaccount Plc<br />

Address: Compass House, Waterside, Hanbury Road,<br />

Bromsgrove, Worcestershire B60 4FD<br />

T: 01527 386 610<br />

E: sales@controlaccount.com<br />

W: www.controlaccount.com<br />

Controlaccount plc has been providing efficient, effective and<br />

ethical pre-legal debt recovery for over forty years. We help our<br />

clients to improve internal processes and increase cashflow,<br />

whilst protecting customer relationships and established<br />

reputations. We have long-standing partnerships with leading,<br />

global brand names, SMEs and not for profits. We recover<br />

over 30,000 overdue invoices each month, domestically and<br />

internationally, on a no collect, no fee arrangement. Other<br />

services include credit control and dunning services, international<br />

and domestic trace and legal recoveries. All our clients have<br />

full transparency on any accounts placed with us through our<br />

market leading cloud-based management portal, ClientWeb.<br />

Guildways<br />

T: +44 3333 409000<br />

E: info@guildways.com<br />

W: www.guildways.com<br />

Guildways is a UK & International debt collection specialist with over<br />

25 years experience. Guildways prides itself on operating to the<br />

highest ethical standards and professional service levels. We are<br />

experienced in collecting B2B and B2C debts. Our service includes:<br />

• A complete No collection, No Fee commission based service<br />

• 10% plus VAT commission for UK debts<br />

• Commission from 22% plus VAT for International debts<br />

• 24/7 online access to your cases through our CaseManager portal<br />

• Direct online account-to-account payments, to speed up<br />

collections and minimise costs<br />

If you are unable to locate your customer, we also offer a no trace, no<br />

fee, trace and collect service.<br />

For more information, visit: www.guildways.com<br />


BlaserMills Law<br />

London – High Wycombe – Amersham – Silverstone<br />

T: 01494 478660<br />

E: jar@blasermills.co.uk<br />

W: www.blasermills.co.uk<br />

Blaser Mills Law’s commercial recoveries team is internationally<br />

recognised, regularly advising large corporations, multinationals<br />

and SMEs on pre-legal collections, debt recovery, commercial<br />

litigation, dispute resolution and insolvency. Our legal services<br />

are both cost-effective and highly efficient; Our lawyers are also<br />

CICM qualified and ranked in the industry leading law firm rankings<br />

publications, Legal 500 and Chambers UK.<br />

Keebles<br />

Capitol House, Russell Street, Leeds LS1 5SP<br />

T: 0113 399 3482<br />

E: charise.marsden@keebles.com<br />

W: www.keebles.com<br />

Keebles debt recovery team was named “Legal Team of the Year”<br />

at the 2019 CICM British <strong>Credit</strong> Awards.<br />

According to our clients “Keebles stand head and shoulders<br />

above others in the industry. A team that understands their client’s<br />

business and know exactly how to speedily maximise recovery.<br />

Professional, can do attitude runs through the team which is not<br />

seen in many other practices.”<br />

We offer a service with no hidden costs, giving you certainty and<br />

peace of mind.<br />

• ‘No recovery, no fee’ for pre-legal work.<br />

• Fixed fees for issuing court proceedings and pursuing claims to<br />

judgment and enforcement.<br />

• Success rate in excess of 80%.<br />

• 24 hour turnaround on instructions.<br />

• Real-time online access to your cases to review progress.<br />

Chris Sanders Consulting<br />

T: +44(0)7747 761641<br />

E: enquiries@chrissandersconsulting.com<br />

W: www.chrissandersconsulting.com<br />

Chris Sanders Consulting – we are a different sort of consulting<br />

firm, made up of a network of independent experienced<br />

operational credit & collections management and invoicing<br />

professionals, with specialisms in cross industry best practice<br />

advisory, assessment, interim management, leadership,<br />

workshops and training to help your team and organisation reach<br />

their full potential in credit and collections management. We are<br />

proud to be Corporate Partners of the Chartered Institute of <strong>Credit</strong><br />

<strong>Management</strong> and to manage the CICM Best Practice Accreditation<br />

Programme on their behalf. For more information please contact:<br />

enquiries@chrissandersconsulting.com<br />


CoCredo<br />

Missenden Abbey, Great Missenden, Bucks, HP16 0BD<br />

T: 01494 790600<br />

E: customerservice@cocredo.com<br />

W: www.cocredo.co.uk<br />

Celebrating its 20th year in business, CoCredo has extensive<br />

experience in providing online company credit reports and<br />

related business information within the UK and overseas. In 2014<br />

and 2019 we were honoured to be awarded <strong>Credit</strong> Information<br />

Provider of the Year at the British <strong>Credit</strong> Awards and have been<br />

finalists every other year. Our company data is continually updated<br />

throughout the day and ensures customers have the most current<br />

information available. We aggregate data from a range of leading<br />

providers across over 235 territories and offer a range of services<br />

including the industry first Dual Report, Monitoring, XML Integration<br />

and DNA Portfolio <strong>Management</strong>.<br />

We pride ourselves in offering award-winning customer service and<br />

support to protect your business.<br />

Atradius Collections Ltd<br />

3 Harbour Drive,<br />

Capital Waterside, Cardiff, CF10 4WZ<br />

Phone: +44 (0)29 20824397<br />

Mobile: +44 (0)7767 865821<br />

E-mail:yvette.gray@atradius.com<br />

Website: atradiuscollections.com<br />

Atradius Collections Ltd is an established specialist in business<br />

to business collections. As the collections division of the Atradius<br />

Crédito y Caución, we have a strong position sharing history,<br />

knowledge and reputation.<br />

Annually handling more than 110,000 cases and recovering over<br />

a billion EUROs in collections at any one time, we deliver when<br />

it comes to collecting outstanding debts. With over 90 years’<br />

experience, we have an in-depth understanding of the importance<br />

of maintaining customer relationships whilst efficiently and<br />

effectively collecting monies owed.<br />

The individual nature of our clients’ customer relationships is<br />

reflected in the customer focus we provide, structuring our service<br />

to meet your specific needs. We work closely with clients to<br />

provide them with a collection strategy that echoes their business<br />

character, trading patterns and budget.<br />

For further information contact Yvette Gray Country Director, UK<br />

and Ireland.<br />

Lovetts Solicitors<br />

Lovetts, Bramley House, The Guildway,<br />

Old Portsmouth Road,<br />

Guildford, Surrey, GU3 1LR<br />

T: 01483 347001<br />

E: info@lovetts.co.uk<br />

W: www.lovetts.co.uk<br />

With more than 25yrs experience in UK & international business<br />

debt collection and recovery, Lovetts Solicitors collects £40m+<br />

every year on behalf of our clients. Services include:<br />

• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%<br />

of cases)<br />

• Advice and dispute resolution<br />

• Legal proceedings and enforcement<br />

• 24/7 access to your cases via our in-house software solution,<br />

CaseManager<br />

Don’t just take our word for it, here’s some recent customer<br />

feedback: “All our service expectations have been exceeded.<br />

The online system is particularly useful and extremely easy to<br />

use. Lovetts has a recognisable brand that generates successful<br />

results.”<br />

Company Watch<br />

Centurion House, 37 Jewry Street,<br />

LONDON. EC3N 2ER<br />

T: +44 (0)20 7043 3300<br />

E: info@companywatch.net<br />

W: www.companywatch.net<br />

Organisations around the world rely on Company Watch’s<br />

industry-leading financial analytics to drive their credit risk<br />

processes. Our financial risk modelling and ability to map medium<br />

to long-term risk as well as short-term credit risk set us apart<br />

from other credit reference agencies.<br />

Quality and rigour run through everything we do, from our unique<br />

method of assessing corporate financial health via our H-Score®,<br />

to developing analytics on our customers’ in-house data.<br />

With the H-Score® predicting almost 90 percent of corporate<br />

insolvencies in advance, it is the risk management tool of choice,<br />

providing actionable intelligence in an uncertain world.<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 60



paul@centuryone.uk 01727 739 196<br />




identeco – Business Support Toolkit<br />

Compass House, Waterside, Hanbury Road, Bromsgrove,<br />

Worcestershire B60 4FD<br />

Telephone: 01527 386 607<br />

Email: info@identeco.co.uk<br />

Web: www.identeco.co.uk<br />

identeco Business Support Toolkit provides company details<br />

and financial reporting for over 4m UK companies and<br />

business. Subscribers can view company financial health and<br />

payment behaviour, credit ratings, shareholder and director<br />

structures, detrimental data. In addition, subscribers can also<br />

download unlimited B2B marketing and acquisition reports.<br />

Annual subscription is only £79.95. Other services available<br />

to subscribers include AML and KYC reports, pre-litigation<br />

screening, trace services and data appending, as well as many<br />

others.<br />


HighRadius<br />

T: +44 (0) 203 997 9400<br />

E: infoemea@highradius.com<br />

W: www.highradius.com<br />

HighRadius provides a cloud-based Integrated Receivable<br />

Platform, powered by machine learning and AI. Our Technology<br />

empowers enterprise organisations to reduce cycle time in the<br />

order-to-cash process and increase working capital availability by<br />

automating receivables and payments processes across credit,<br />

electronic billing and payment processing, cash application,<br />

deductions, and collections.<br />

Tinubu Square UK<br />

Holland House, 4 Bury Street,<br />

London EC3A 5AW<br />

T: +44 (0)207 469 2577 /<br />

E: uksales@tinubu.com<br />

W: www.tinubu.com<br />

Founded in 2000, Tinubu Square is a software vendor, enabler<br />

of the <strong>Credit</strong> Insurance, Surety and Trade Finance digital<br />

transformation.<br />

Tinubu Square enables organizations across the world to<br />

significantly reduce their exposure to risk and their financial,<br />

operational and technical costs with best-in-class technology<br />

solutions and services. Tinubu Square provides SaaS solutions<br />

and services to different businesses including credit insurers,<br />

receivables financing organizations and multinational corporations.<br />

Tinubu Square has built an ecosystem of customers in over 20<br />

countries worldwide and has a global presence with offices in<br />

Paris, London, New York, Montreal and Singapore.<br />

Credica Ltd<br />

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT<br />

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk<br />

Our highly configurable and extremely cost effective Collections<br />

and Query <strong>Management</strong> System has been designed with 3 goals<br />

in mind:<br />

•To improve your cashflow • To reduce your cost to collect<br />

• To provide meaningful analysis of your business<br />

Evolving over 15 years and driven by the input of 1000s of<br />

<strong>Credit</strong> Professionals across the UK and Europe, our system is<br />

successfully providing significant and measurable benefits for our<br />

diverse portfolio of clients.<br />

We would love to hear from you if you feel you would benefit from<br />

our ‘no nonsense’ and human approach to computer software.<br />

Data Interconnect Ltd<br />

45-50 Shrivenham Hundred Business Park,<br />

Majors Road, Watchfield. Swindon, SN6 8TZ<br />

T: +44 (0)1367 245777<br />

E: sales@datainterconnect.co.uk<br />

W: www.datainterconnect.com<br />

We are dedicated to helping finance teams take the cost,<br />

complexity and compliance issues out of Accounts Receivable<br />

processes. Corrivo is our reliable, easy-to-use SaaS platform<br />

for the continuous improvement of AR metrics and KPIs in a<br />

user-friendly interface. <strong>Credit</strong> Controllers can manage more<br />

accounts with better results and customers can self-serve on<br />

mobile-responsive portals where they can query, pay, download<br />

and view invoices and related documentation e.g. Proofs of<br />

Delivery Corrivo is the only AR platform with integrated invoice<br />

finance options for both buyer and supplier that flexes credit<br />

terms without degrading DSO. Call for a demo.<br />

ESKER<br />

Sam Townsend Head of Marketing<br />

Northern Europe Esker Ltd.<br />

T: +44 (0)1332 548176 M: +44 (0)791 2772 302<br />

W: www.esker.co.uk LinkedIn: Esker – Northern Europe<br />

Twitter: @EskerNEurope blog.esker.co.uk<br />

Esker’s Accounts Receivable (AR) solution removes the all-toocommon<br />

obstacles preventing today’s businesses from collecting<br />

receivables in a timely manner. From credit management to cash<br />

allocation, Esker automates each step of the order-to-cash cycle.<br />

Esker’s automated AR system helps companies modernise<br />

without replacing their core billing and collections processes. By<br />

simply automating what should be automated, customers get the<br />

post-sale experience they deserve and your team gets the tools<br />

they need.<br />


Serrala UK Ltd, 125 Wharfdale Road<br />

Winnersh Triangle, Wokingham<br />

Berkshire RG41 5RB<br />

E: r.hammons@serrala.com W: www.serrala.com<br />

T +44 118 207 0450 M +44 7788 564722<br />

Serrala optimizes the Universe of Payments for organisations<br />

seeking efficient cash visibility and secure financial processes.<br />

As an SAP Partner, Serrala supports over 3,500 companies<br />

worldwide. With more than 30 years of experience and<br />

thousands of successful customer projects, including solutions<br />

for the entire order-to-cash process, Serrala provides credit<br />

managers and receivables professionals with the solutions they<br />

need to successfully protect their business against credit risk<br />

exposure and bad debt loss.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />


T: 020 3966 8324<br />

E: edan.milner@onguard.com<br />

W: www.onguard.com<br />

VISMA | Onguard is a specialist in credit management software<br />

and market leader in innovative solutions for order-to-cash. Our<br />

integrated platform ensures an optimal connection of all processes<br />

in the order-to-cash chain. This enhanced visibility with the secure<br />

sharing of critical data ensures optimal connection between all<br />

processes in the order-to-cash chain, resulting in stronger, longerlasting<br />

customer relationships through improved and personalised<br />

communication. The VISMA | Onguard platform is used for<br />

successful credit management in more than 70 countries.<br />


Court Enforcement Services<br />

Wayne Whitford – Director<br />

M: +44 (0)7834 748 183 T : +44 (0)1992 663 399<br />

E : wayne@courtenforcementservices.co.uk<br />

W: www.courtenforcementservices.co.uk<br />

Court Enforcement Services is the market leading and fastest<br />

growing High Court Enforcement company. Since forming in 2014,<br />

we have managed over 100,000 High Court Writs and recovered<br />

more than £187 million for our clients, all debt fairly collected. We<br />

help lawyers and creditors across all sectors to recover unpaid<br />

CCJ’s sooner rather than later. We achieve 39% early engagement<br />

resulting in market-leading recovery rates. Our multi-awardwinning<br />

technology provides real-time reporting 24/7. We work in<br />

close partnership to expertly resolve matters with a fast, fair and<br />

personable approach. We work hard to achieve the best results<br />

and protect your reputation.<br />

High Court Enforcement Group Limited<br />

Client Services, Helix, 1st Floor<br />

Edmund Street, Liverpool<br />

L3 9NY<br />

T: 08450 999 666<br />

E: clientservices@hcegroup.co.uk<br />

W: hcegroup.co.uk<br />

Putting creditors first<br />

We are the largest independent High Court enforcement company,<br />

with more authorised officers than anyone else. We are privately<br />

owned, which allows us to manage our business in a way that<br />

puts our clients first. Clients trust us to deliver and service is<br />

paramount. We cover all aspects of enforcement – writs of control,<br />

possessions, process serving and landlord issues – and are<br />

committed to meeting and exceeding clients’ expectations.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 61

Cr£ditWho?<br />

CICM Directory of Services<br />



paul@centuryone.uk 01727 739 196<br />


LEGAL<br />


Gravity Global<br />

Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB<br />

T: +44(0)207 330 8888. E: sfeast@gravityglobal.com<br />

W: www.gravityglobal.com<br />

Gravity is an award winning full service PR and advertising<br />

business that is regularly benchmarked as being one of the<br />

best in its field. It has a particular expertise in the credit sector,<br />

building long-term relationships with some of the industry’s bestknown<br />

brands working on often challenging briefs. As the partner<br />

agency for the <strong>Credit</strong> Services Association (CSA) for the past 22<br />

years, and the Chartered Institute of <strong>Credit</strong> <strong>Management</strong> since<br />

2006, it understands the key issues affecting the credit industry<br />

and what works and what doesn’t in supporting its clients in the<br />

media and beyond.<br />

FORUMS<br />


T: +44 (0)1246 555055<br />

E: info@forumsinternational.co.uk<br />

W: www.forumsinternational.co.uk<br />

Forums International Ltd have been running <strong>Credit</strong> and Industry<br />

Forums since 1991. We cover a range of industry sectors and<br />

International trading, attendance is for <strong>Credit</strong> Professionals of all<br />

levels. Our forums are not just meetings but communities which<br />

aim to prepare our members for the challenges ahead. Attending<br />

for the first time is free for you to gauge the benefits and meet the<br />

members and we only have pre-approved Partners, so you will<br />

never intentionally be sold to.<br />


Menzies<br />

T: +44 (0)2073 875 868 - London<br />

T: +44 (0)2920 495 444 - Cardiff<br />

W: menzies.co.uk/creditor-services<br />

Our <strong>Credit</strong>or Services team can advise on the best way for you<br />

to protect your position when one of your debtors enters, or<br />

is approaching, insolvency proceedings. Our services include<br />

assisting with retention of title claims, providing representation<br />

at creditor meetings, forensic investigations, raising finance,<br />

financial restructuring and removing the administrative burden<br />

– this includes completing and lodging claim forms, monitoring<br />

dividend prospects and analysing all Insolvency Reports and<br />

correspondence.<br />

For more information on how the Menzies <strong>Credit</strong>or Services<br />

team can assist, please contact Bethan Evans, Licensed<br />

Insolvency Practitioner, at bevans@menzies.co.uk or call<br />

+44 (0)2920 447 512.<br />

Cr£ditWho?<br />

CICM Directory of Services<br />

Shoosmiths<br />

Email: paula.swain@shoosmiths.co.uk<br />

Tel: 03700 86 3000 W: www.shoosmiths.co.uk<br />

Shoosmiths’ highly experienced team will work closely with credit<br />

teams to recover commercial debts as quickly and cost effectively<br />

as possible. We have an in depth knowledge of all areas of debt<br />

recovery, including:<br />

•Pre-litigation services to effect early recovery and keep costs down<br />

•Litigation service<br />

•Post-litigation services including enforcement<br />

•Insolvency<br />

As a client of Shoosmiths, you will find us quick to relate to your goals,<br />

and adept at advising you on the most effective way of achieving<br />

them.<br />


American Express<br />

76 Buckingham Palace Road,<br />

London. SW1W 9TQ<br />

T: +44 (0)1273 696933<br />

W: www.americanexpress.com<br />

American Express is working in partnership with the CICM and is a<br />

globally recognised provider of payment solutions to businesses.<br />

Specialising in providing flexible collection capabilities to drive a<br />

number of company objectives including:<br />

• Accelerate cashflow • Improved DSO • Reduce risk<br />

• Offer extended terms to customers<br />

• Provide an additional line of bank independent credit to drive<br />

growth • Create competitive advantage with your customers<br />

As experts in the field of payments and with a global reach,<br />

American Express is working with credit managers to drive growth<br />

within businesses of all sectors. By creating an additional lever<br />

to help support supplier/client relationships American Express is<br />

proud to be an innovator in the business payments space.<br />

Bottomline Technologies<br />

115 Chatham Street, Reading<br />

Berks RG1 7JX | UK<br />

T: 0870 081 8250 E: emea-info@bottomline.com<br />

W: www.bottomline.com/uk<br />

Bottomline Technologies (NASDAQ: EPAY) helps businesses<br />

pay and get paid. Businesses and banks rely on Bottomline for<br />

domestic and international payments, effective cash management<br />

tools, automated workflows for payment processing and bill<br />

review and state of the art fraud detection, behavioural analytics<br />

and regulatory compliance. Businesses around the world depend<br />

on Bottomline solutions to help them pay and get paid, including<br />

some of the world’s largest systemic banks, private and publicly<br />

traded companies and Insurers. Every day, we help our customers<br />

by making complex business payments simple, secure and<br />

seamless.<br />


Key IVR<br />

T: +44 (0) 1302 513 000 E: sales@keyivr.com<br />

W: www.keyivr.com<br />

Key IVR are proud to have joined the Chartered Institute of<br />

<strong>Credit</strong> <strong>Management</strong>’s Corporate partnership scheme. The<br />

CICM is a recognised and trusted professional entity within<br />

credit management and a perfect partner for Key IVR. We are<br />

delighted to be providing our services to the CICM to assist with<br />

their membership collection activities. Key IVR provides a suite<br />

of products to assist companies across the globe with credit<br />

management. Our service is based around giving the end-user<br />

the means to make a payment when and how they choose. Using<br />

automated collection methods, such as a secure telephone<br />

payment line (IVR), web and SMS allows companies to free up<br />

valuable staff time away from typical debt collection.<br />

YayPay by Quadient<br />

T: + 44 (0) 7465 423 538<br />

E: r.harash@quadient.com<br />

W: www.yaypay.com<br />

YayPay by Quadient makes it easy for B2B finance teams to stay<br />

ahead of accounts receivable and get paid faster – from anywhere.<br />

Integrating with your existing ERP, CRM, accounting and billing<br />

systems, YayPay organizes and presents real-time data through<br />

meaningful, cloud-based dashboards. These increase visibility<br />

across your AR portfolio and provide your team with a single<br />

source of truth, so they can access the information they need to<br />

work productively, no matter where they are based.<br />

Automated capabilities improve team efficiency by 3X and<br />

accelerate the collections process by making communications<br />

customizable and consistent. This enables you to collect cash<br />

up to 34 percent faster and removes the need to add additional<br />

resources as your business grows.<br />

Predictive analytics provide insight into future payer behavior to<br />

improve cash flow management and a secure, online payment<br />

portal enables customers to access their accounts and pay at any<br />

time, from anywhere.<br />


Hays <strong>Credit</strong> <strong>Management</strong><br />

107 Cheapside, London, EC2V 6DN<br />

T: 07834 260029<br />

E: karen.young@hays.com<br />

W: www.hays.co.uk/creditcontrol<br />

Hays <strong>Credit</strong> <strong>Management</strong> is working in partnership with the CICM<br />

and specialise in placing experts into credit control jobs and<br />

credit management jobs. Hays understands the demands of this<br />

challenging environment and the skills required to thrive within<br />

it. Whatever your needs, we have temporary, permanent and<br />

contract based opportunities to find your ideal role. Our candidate<br />

registration process is unrivalled, including face-to-face screening<br />

interviews and a credit control skills test developed exclusively for<br />

Hays by the CICM. We offer CICM members a priority service and<br />

can provide advice across a wide spectrum of job search and<br />

recruitment issues.<br />



Portfolio <strong>Credit</strong> Control<br />

1 Finsbury Square, London. EC2A 1AE<br />

T: 0207 650 3199<br />

E: recruitment@portfoliocreditcontrol.com<br />

W: www.portfoliocreditcontrol.com<br />

Portfolio <strong>Credit</strong> Control, a 5* Trustpilot rated agency, solely<br />

specialises in the recruitment of Permanent, Temporary & Contract<br />

<strong>Credit</strong> Control, Accounts Receivable and Collections staff<br />

including remote workers. Part of The Portfolio Group, an awardwinning<br />

Recruiter, we speak to <strong>Credit</strong> Controllers every day and<br />

understand their skills meaning we are perfectly placed to provide<br />

your business with talented <strong>Credit</strong> Control professionals. Offering<br />

a highly tailored approach to recruitment, we use a hybrid of faceto-face<br />

and remote briefings, interviews and feedback options.<br />

We provide both candidates & clients with a commitment to deliver<br />

that will exceed your expectations every single time.<br />

FOR<br />





paul@centuryone.uk<br />

01727 739 196<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 62

View our digital version online at www.cicm.com<br />

Log on to the Members’ area, and click on the tab labelled<br />

‘<strong>Credit</strong> <strong>Management</strong> magazine’<br />

Just another great reason to be a member<br />

<strong>Credit</strong> <strong>Management</strong> is distributed to the entire UK and international<br />

CICM membership, as well as additional subscribers<br />

Brave | Curious | Resilient<br />

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com<br />

Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 63

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Brave | Curious | Resilient / www.cicm.com / <strong>April</strong> <strong>2022</strong> / PAGE 64

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