CM June 2022

CREDIT MANAGEMENT
CM
JUNE 2022 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
TAKING
THE
STRAIN
The stress of being
a debt collector
Sean Feast FCICM speaks
to Phil Roberts FCICM
Page 16
Why is Intersectional
Equity important?
Page 38

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JUNE 2022
www.cicm.com
12
TAKE THE STRAIN
David Sheridan
FCICM
CONTENTS
10 – SUDDEN IMPACT
How has the credit industry been
impacted by COVID-19?
12 – TAKE THE STRAIN
David Sheridan FCICM considers
the current challenges facing front
line agents in managing consumer
collections and impact on mental
wellbeing.
16 – STAR QUALITY
Sean Feast FCICM speaks to Phil Roberts
FCICM about debt recoveries and why he
never became an astronaut.
16
INTERVIEW
Phil Roberts
FCICM
CICM GOVERNANCE
10
SUDDEN IMPACT
Gary Brown
President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad) / Vice Chair Phil Rice FCICM / Treasurer Glen Bullivant FCICM
Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM
Advisory Council: Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) / Brendan Clarkson FCICM
Larry Coltman FCICM / Niall Cooter FCICM / Bryony Crossland FCICM(Grad) / Peter Gent FCICM(Grad)
Victoria Herd FCICM(Grad) / Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)
/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM / Chris Sanders FCICM
Sarah Wilding FCICM / Atul Vadher FCICM(Grad)
View our digital version online at www.cicm.com. Log on to the Members’
area, and click on the tab labelled ‘Credit Management magazine’
Credit Management is distributed to the entire UK and international CICM
membership, as well as additional subscribers
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do
not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to
abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered
trade mark of the Chartered Institute of Credit Management.
Any articles published relating to English law will differ from laws in Scotland and Wales.
24 – BIBLICAL OPPORTUNITIES
Adam Bernstein discovers Israel, a land
of truly biblical opportunity.
35 – STRENGTHS AND
WEAKNESSES
How to tackle the most common
interview questions.
38 – BETWEEN THE LINES
What is Intersectional Equity and why is
it so important?
44 – OPPORTUNITY KNOCKS
Adam Bernstein considers the first steps
in international trade.
52 – DISPARATELY SEEKING
ANSWERS
Alastair Nicholas at Esker looks at the
challenge of managing disparate data.
56 – UNEXPLAINED WEALTH
Robert Lee considers how the invasion
of Ukraine is driving legal reforms in
the UK.
Publisher
Chartered Institute of Credit Management
1 Accent Park, Bakewell Road, Orton Southgate,
Peterborough PE2 6XS
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast FCICM
Deputy Editor
Iona Yadallee
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Imogen Hart, Rob Howard, Natalie Makin,
Laura Rhodes, Sam Wilson and Mona Yazdanparast
Advertising
Paul Heitzman
Telephone: 01727 739 196
Email: paul@centuryone.uk
Printers
Stephens & George Print Group
2022 subscriptions
UK: £112 per annum
International: £145 per annum
Single copies: £12.50
ISSN 0265-2099
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 3

EDITOR’S COLUMN
Broken ribs, abandoned husbands
and an elephant that needs shooting.
Sean Feast FCICM
Managing Editor
AS I sit here penning this
month’s editor’s column
I am doing so through
gritted – and now slightly
misaligned – teeth.
Having taken a tumble
a few weeks ago and cracking a couple of
ribs, it now transpires that the bash I took
to the side of my head has also resulted in a
condition with an unpronounceable name
(Temporomandibular joint disorder) that
will require physio and possibly surgery to
fix. It seems I have lost my bite. Then at the
weekend I went to help a neighbour who
had locked her dog in the kitchen and lost
the key. In the process of breaking down
the door and rescuing a very distressed
Terrier I have now got a frozen shoulder
and can’t raise my left arm beyond the
level.
And if things couldn’t get any worse, Mrs
Feast has left me. Now settle down, it’s
only temporary. She’s gone up to Whitby
with some of her mucky mates leaving
me with responsibility for the cat, the
green recycling bin (can someone remind
me it needs wheeling out on Tuesday?),
and a rather lonely looking pork chop in
the fridge which I believe is my food for
the week. (‘Sorry darling, not had time to
do any shopping. I’m sure you can find
yourself something….’)
But the reality is that however sorry
I might be feeling for myself right now,
there are people out there in a far worse
state and in real need of help. Data from
the Office for National Statistics (ONS)
suggests that nine out of ten people are
being impacted by the cost-of-living crisis.
It means they are not just cutting back
on non-essentials but are also spending
less on absolute essentials like food and
heating their homes (see news page
6). Those that have savings are already
dipping into them to make ends meet and
those that had hoped to put some money
aside for a rainy day have long-since
abandoned their plans.
Levels of borrowing have also increased,
according to Bank of England data, and
while on another occasion that might
have been a cause to celebrate, the
Money Advice Trust and StepChange Debt
Charity are both concerned that the rise in
consumer borrowing may be a sign of the
mounting pressure on household budgets.
Richard Lane, StepChange Director of
External Affairs, agrees with Joanna
Elson, Chief Executive of the MAT, that the
rise in borrowing may be in desperation
to make ends meet. Paul Heywood, Chief
Data & Analytics Officer at Equifax UK, is
also concerned that the figures suggest
that many more people in the UK are now
entering a state of financial vulnerability.
He calls it the elephant in the room,
and it might well be, because however
much the rest of us seem to be pointing
and shouting, the Government seems to
be behind the curve. Let us hope that in
the next few weeks we see some positive
action to address the shortfall between
consumer costs and their income. And if
the Chancellor needs a hand in shooting
the elephant, I’ve still got one good arm
capable of aiming the pistol.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 4

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM
Profitability ‘on a knife edge’
for the UK’s SMEs
AN annual SME Confidence
Tracker from Bibby Financial
Services (BFS) suggests that
profitability is on a knife edge
for the UK’s SMEs, with 2.1
million (38 percent) describing themselves
as ‘just about breaking even’ and only half
(52 percent) describing themselves as
‘profitable’.
While SMEs are ambitious for the
opportunity to regain lost ground postpandemic,
they risk being held back by a
myriad of mounting pressures including
rising costs and cashflow challenges. The
number of business reporting bad debt has
risen from 20 percent in 2021, to 28 percent
in 2022.
The worrying results have prompted
Derek Ryan, UK Managing Director for
BFS, to call for wider tax cuts and energy
grants to help SMEs support the UK’s
economic recovery. “UK businesses face
a heady cocktail of issues that threaten
to impact growth forecasts for 2022 and
beyond, including soaring inflation, skills
shortages, and a cost-of-living crisis not
seen on such a scale in the 21st century,”
he explains.
“While our report highlights a stoic
resilience amongst the UK SME
community, many are still struggling
to keep their heads above water and
operating on a day-to-day basis, rather
than looking ahead to growth.”
Exploring the views of 500 UK SME
owners and decision makers, Bibby
found that 82 percent of SMEs now feel
confident about their prospects this year,
a six-percentage point increase compared
to 2021, and over the past six months 56
percent of businesses have reported an
increase in sales.
But the report warns that while SMEs
have duly earned their resilient reputation,
this optimism is set against a backdrop of
continued uncertainty, notably regarding
inflation (42 percent), conflict in Europe
(37 percent) and supply chain disruption
(33 percent). A third (33 percent) still have
concerns over COVID-19.
Concerns vary by industry with SMEs
in the manufacturing sector most worried
about inflation, the rising costs of raw
materials – such as steel – and staff costs.
Construction and wholesale sector SMEs
are mostly pre-occupied by conflict in
Europe. While for transport businesses the
biggest worries include cashflow, Brexit
and staff shortages, as well as a lack of
lorry drivers and the impact of red tape on
cross-border trade.
Overall, more than a quarter of
businesses (26 percent) highlighted
cashflow as a concern. Almost one in
five (17 percent) said they need cashflow
support more now than before the
pandemic and nine percent said that they
don’t even have the cashflow they need to
operate on a day-to-day basis.
When cashflow is so critical to business
survival, late or failed payments can
be fatal to this new tribe of ‘Just About
Breaking Evens’. More than a quarter
(28 percent) – equating to 1.5million
businesses - say they have suffered
from bad debt in the previous 12 months,
where sums have been written off owing
to customer non-payment or protracted
default. This is significantly higher than
2021 when 20 percent reported bad debt
and the report finds that SMEs have
written-off an average of £10,329 in the
last year alone.
Derek told Credit Management that
while SMEs faced the pandemic with
fortitude, now they must continue to
adapt and change to carefully manage the
rising costs of doing business: “It’s evident
that cashflow challenges and payment
issues continue to plague businesses,
and it’s now more important than ever
that they have access to working capital
to support day-to-day operations, and to
repay debt taken on at the height of the
pandemic. But they cannot succeed alone.”
“UK businesses face
a heady cocktail of
issues that threaten
to impact growth
forecasts for 2022 and
beyond, including
soaring inflation, skills
shortages, and a costof-living
crisis not seen
on such a scale in the
21st century”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 5

NEWS ROUNDUP
ONS Data suggests cost-of-living
crisis most acute for the elderly
LATEST data from the Office
for National Statistics (ONS)
suggest the cost-of-living crisis
may be even more acute than
first imagined. More than nine
out of ten now say the cost of living is
more acute, with older people feeling
price rises more keenly.
The most common ways people
cut costs are spending less on nonessentials
(59 percent), cutting the
use of gas and electricity at home (54
percent), cutting back on non-essential
car journeys (44 percent), shopping
around (34 percent), and spending less
on essentials (33 percent).
Two in five (39 percent) are buying
less food and 44 percent believe they
are spending more to get the same.
Almost a quarter (24 percent) are
spending their savings and 42 percent
don’t think they’ll be able to save
anything in the coming year.
Sarah Coles, senior personal finance
analyst, Hargreaves Lansdown, says
some groups are being squeezed until
the pips squeak: “The number of people
saying their costs have risen peaks
among those aged 55-69. This may be
because this group includes a number
of retirees, who have to spend a larger
proportion of their income on the
essentials, so they’ve been hit harder
by the eye-watering hike in the energy
price cap. These rises are particularly
alarming if they’re on a fixed income
that’s not linked to inflation, because
their income will fall further and further
behind the expenses they need to cover.”
Women have also been hit hard, and
are more likely to say they have had
to employ almost every cost-cutting
measure: “The fact that women earn
less on average means more of them
are hit harder by price rises, and need to
take increasingly extreme steps to keep
costs down,” she adds.
Younger people have been more
sheltered from rising costs, partly
because those in the 16-29 age group
will include millions of people still
living with their parents, who don’t
have to worry as much about the cost
of running the household. “However, it’s
this group who are most likely to say
they have spent their savings to
make ends meet,” Sarah adds. “And
while it’s a great sign of the protection
that savings can give you, it’s essential
to address rising costs at the same
time.”
The most common price rise
mentioned is food (92 percent), followed
by energy bills (86 percent) and fuel
(80 percent). The number of people
who think they won’t be able to save
any money in the next 12 months has
risen from 34 percent in November
to 42 percent. More than a quarter (26
percent) say they couldn’t afford to pay
a £850 bill out of the blue.
GOOD start
THE Credit Services Association (CSA),
the voice of the UK debt collection and
debt purchase industry, has achieved an
Ofsted GOOD rating for its apprenticeship
training provision. The Ofsted report
praises the CSA’s delivery to over 200
apprentices across seven apprenticeship
programmes covering credit, collections,
compliance, risk, counter fraud and
debt advice. Ofsted’s verdict on CSA
Apprenticeships speaks to ‘a culture
of high expectations, characterised by
ambitious curriculum content, high
standards of integrity and professional
behaviour, and effective support for
apprentices, staff and employers.
Apprentices are prepared for their whole
careers, not just for their current jobs’.
Commercial success
ALLICA Bank – the fintech challenger
bank for Britain’s established small and
medium sized businesses – has added
fixed rate commercial mortgages to its
portfolio of SME lending products. The
bank says it has received heightened
demand from SMEs and its broker panel
for mortgages with a fixed rate amid
increasing uncertainty following the
Bank of England’s decision to increase
its Base Rate and rising business costs.
The launch comes after a number of
enhancements to Allica’s commercial
mortgage proposition in recent months
as it responds to changing market needs
and broker demand. As well as a pledge to
make £1 billion in committed loan offers
in 2022.
Broker confidencew
NEARLY one in three (30 percent) brokers
believe the UK SME lending market
has returned to levels seen before the
outbreak of the COVID-19 pandemic. Over
a third of brokers (34 percent) say small
businesses’ applications for finance were
up in April, compared to the four weeks
prior. Heightened demand for loans
amidst rising business costs, as 31 percent
of brokers cite ‘managing day-to-day
cashflow’ as the top motivator for small
business owners applying for finance, up
from 24 percent in Q4 2021. The statistics
come from iwoca’s latest SME Expert
Index.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 6

NEWS ROUNDUP
Acquis launches new
register to fight fraud
ACQUIS Data Services has
launched Acquis Lumia,
a register of asset finance
borrowing which it says
will provide a clear view
of a company’s current asset finance
arrangements to ‘empower confident
lending decisions’.
Developed with the cooperation of
lessors from across the industry, Acquis
Lumia will assist asset finance providers
to identify suspicious or irregular
balance-sheet borrowing on a large
scale. This provides a clear insight into a
customer’s lending exposure, alerting the
lender to possible fraudulent activity.
The solution is born out of industry
wide consensus to tackle the fraud
problem, and will bring together a wider
selection of lending data to address the
issue. Acquis Lumia has been developed
in consultation with a working party of
leading players in the UK’s asset finance
industry.
Nick Leader, CEO at Acquis, says that
recent high profile fraud investigations
have underlined an unfortunate reality:
“Fraud is an ever-present threat. It’s
estimated that as many as 50 asset
finance lenders recently fell victim to a
major financial crime of this nature, with
many now facing significant financial
losses.
There are tools and processes in
existence to help avoid and reduce
fraudulent activity, but the reality is
none of them provide a wide enough
view across the asset finance lending
market. More needs to be done to tackle
the issues and offer asset finance lenders
better insight and visibility to counter it.
“There are at least six credit reference
agencies being used by the industry to
try to spot suspicious activity, but the
reality is no single agency possesses
enough market share to provide the
level of oversight needed,” he continues.
“By looking at a borrower’s overall asset
finance exposure we can provide early
warnings for potentially suspicious
behaviour based on borrowers’ balance
sheets.”
“Fraud is an ever-present threat. It’s estimated that as
many as 50 asset finance lenders recently fell victim to a
major financial crime of this nature, with many now facing
significant financial losses’’.
>NEWS
IN BRIEF
New hires at Lowell
LOWELL Group, one of Europe’s leading
credit management services providers,
has appointed Louis Brook as UK
Chief Information Officer, Jill Maples
as UK People Director, Kevin Peirson
as Head of Customer Relations and
Naynesh Patel as Customer Insights
and Strategy Director. The company
says they join at a period of significant
growth for Lowell as the firm expands
its expertise in Financial Services.
Court promotion
COURT Enforcement Services has
promoted Jodie Martinelli-Oliver
to Director of Business Services
reporting directly to Managing Director,
Daron Robinson. Since joining Court
Enforcement Services in 2014, Jodie
has made a significant contribution to
the business and has played a key role
in its journey from being a new startup
to becoming one the UK’s leading
High Court enforcement companies.
Recruitment event
THE Thames Valley branch of the
CICM is to host an event with Hays
for a look into 'Recruitment in the
Credit Industry'. The event takes
place at 08:30 on 21 June at Hays
offices in Reading.
For further details, please contact
Committee Member Ruth Howard
MCICM at events@cicm.com.
Value of UK business loans written off by banks doubles
THE value of UK business loans written
off by banks nearly doubled in the last
quarter of 2021, rising 87 percent from
£190m in the third quarter to £356m in
the fourth quarter, according to ACP
Altenburg Advisory, the debt advisory
specialists.
Altenburg believes that write offs of
loans have been subdued throughout
the COVID crisis but are now rising as
businesses have struggled with factors
such as rising energy prices and the
impact of rising interest rates. The
end of Government backed lending
schemes such as CBILS and BBLS has
also made it harder for businesses to
roll over or refinance loans that are
maturing.
Dan Barrett, Partner at Altenburg,
says that not only do businesses face
rising costs but also intense uncertainty
over the situation in Ukraine and the
lifting of restrictions on commercial
landlords’ rights from the start of
April: “With an increasing number of
headwinds in the economy, businesses
will need to start contingency planning
around their finances and what impact
increased costs and/or interest rates
will have,” he explains. “Without
Government guarantees SMEs will find
it harder to get bank finance and will
have to look more closely at alternative
finance providers.”
The rise in business loans being
written off comes as 12,634 companies
went insolvent in the last quarter of
2021, nearly four times as many as the
previous quarter (3,471). As business
profits suffer from cost inflation more
will be in danger of breaching the terms
of their loan agreements, where those
covenants are based on the profitability
of that business. A breach of covenants
may lead to a lender demanding
repayment before the agreed maturity
date.
Dan says businesses need to talk to
their banks as early as possible if they
think there’s a possibility they may
breach any of the covenants of their
agreement: “Those looking to refinance
debt or acquire new funding will need
to ensure they get the right advice and
correct information on their options,
so they can find a funding solution that
best suits their needs.”
“Without Government guarantees SMEs will find it harder to get bank finance
and will have to look more closely at alternative finance providers.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 7

NEWS ROUNDUP
Rise in borrowing suggests mounting
pressure on UK households
THE Bank of England’s latest
Money and Credit figures
show consumer credit growth
increased to 5.2 percent in
March 2022 from 4.5 percent
in February 2022. The annual growth
rate of borrowing on credit cards was
10.6 percent. Outstanding balances for
consumer credit now stand at £200.8
billion.
Research from the Money Advice
Trust, the charity that runs National
Debtline and Business Debtline found
that one in four (25
percent) of UK adults
have used credit
to pay for bills or
essentials, such as
food, water, rent,
council tax and
energy in the last
three months.
One in five (19
percent) expect
to have to borrow
money to pay for
essentials in the
next three months.
The research also
shows that one in
ten (10 percent) have
borrowed from family
and friends as a result of
rising costs.
Joanna Elson CBE,
Chief Executive of the
Money Advice Trust, says
that the rise in consumer
borrowing may be a sign
of the mounting pressure
on household budgets:
“Set against a backdrop of
soaring energy costs and inflation at
a thirty-year high, our concern is that
more people are having to turn to credit
to plug gaps in their budget. The risk is
that this could be storing up problems
further down the line if repayments are
unable to be met.
“For households who are already
in financial difficulty and whose
incomes are unable to keep pace with
rising costs, the situation is more
urgent. Further support is needed now,
including significantly uprating benefits
and targeted help for people struggling
with rising
energy bills.”
Elsewhere,
new data from
StepChange
Debt Charity
shows that
the cost-ofliving
pressure
was the third
most commonly
cited reason for debt
in March, up from the
fourth most common
in February and the
sixth most common in
2021. While six percent of
clients in 2021 cited
the cost of living
as a driver of their
problem debt, this
had more than doubled
to 13 percent by March,
even before the main energy
price rises took effect in April.
A third of clients in March (33
percent) had a negative budget
– where income is insufficient
to meet essential costs – up by four
percentage points since January.
Richard Lane, StepChange Director
of External Affairs, agrees with Joanne
that the rise in borrowing may be in
desperation to make ends meet: “High
inflation in the cost of basic goods and
services, such as energy bills and food,
means that those households who
already have little ability to flex their
spending cannot absorb higher costs
without incurring debt or suffering
significant hardship.
“With the March data reflecting the
situation worsening even before April’s
energy price hikes, the months ahead
will be challenging for households on
tight budgets. We continue to urge the
Government to recognise the uniquely
problematic situation in which many
lower income households currently find
themselves, and introduce tangible,
targeted measures to address the
shortfall between their costs and their
income.”
Paul Heywood, Chief Data & Analytics
Officer at Equifax UK, is also concerned
that the figures suggest a worrying
trend: "Our data at Equifax suggests
that financial hardship is the elephant
in the room, with many more people
in the UK entering a state of financial
vulnerability and the number of people
falling behind on bills also rising.
These trends are set to become more
pronounced in May and June as the
energy price cap rise, council tax rises,
and the hike in national insurance
flow through to people’s wallets, so this
looks more like the end of the beginning
for the cost of living crisis than the
beginning of the end.”
New President at insolvency and restructuring trade body
CHRISTINA Fitzgerald has been
appointed President of insolvency
and restructuring trade body R3.
She will work with the R3 senior
management team to help shape R3’s
direction, as well as supporting its
day-to-day operations.
Her main areas of focus for her
year in office will be supporting
the delivery of R3’s Strategic Plan,
increasing its engagement with
other parts of the profession and
the different sectors that interact
with its members, and building
on R3’s existing diversity and
inclusion work to promote careers
in the profession to individuals from
different educational and personal
backgrounds.
Christina says this is a critical time
for insolvency and restructuring:
“The ongoing economic challenges
the UK faces, coupled with the
Government’s review of our
regulatory framework means the
profession will be under a bright
spotlight in the coming weeks and
months,” she says.
“The work we carry out to help
financially distressed business
and individuals, and the work R3
carries out to support and promote
the profession will be increasingly
important. I want to use my
presidency to ensure that as many
people as possible, from the media
to parliamentarians to policymakers,
understand just how valuable this
work is to the wider economy.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 8

CICMQ ROUNDUP
AB Agri feast on latest accreditation
KAREN Tuffs FCICM(Grad), CICM
Head of Accreditation, had the
pleasure of meeting the team at
AB Agri last month and presenting
them with the prestigious CICMQ
Accreditation. AB Agri is part of
the Associated British Foods plc
group, producing and supplying
animal feed and a range of
value added services to farmers,
feed and food manufacturers,
processors and retailers. It was one
of the first accredited companies
in 2010 and has impressively
maintained its accredited status
ever since. Frank Anderson and
the credit control team achieved
outstanding results despite the
challenges of the pandemic and
difficult trading conditions to
secure re-accreditation.
Roche Diabetes Care maintains
best practice with CICMQ
ROCHE Diabetes Care, the
part of Roche dedicated to
counter the diabetes epidemic,
has obtained the highest
industry standards with its
CICMQ reaccreditation, showcasing its
continuous commitment to quality.
In 2021, the organisation transformed
its local finance teams through its
Roche Affiliate Model Program. This
streamlined Finance across the entire
organisation and enabled local finance
teams to focus on business finance
activities. The workshops and meetings
with CICMQ, as well as following the
CICMQ rules, have all contributed to
the credit management department's
success in remaining ‘local’.
Isabelle Boulard, Credit Solutions
Manager at Roche Diabetes Care, led
the team through the accreditation
renewal process after the first CICMQ
accreditation in 2018, which had a
substantial impact on the organisation's
collections and reporting.
“Following the recommendations and
guidelines internally and from the CICM
we are consistent in our reporting and
ways of working, resulting in achieving
our targets. CICMQ accreditation is
helping to reduce internal and external
audit activity and helps in our bids for
“CICMQ accreditation is
a formal recognition of
Roche Diabetes Care’s
commitment to quality,
continuous improvement,
and best practice. It
establishes our company's
reputation in the credit
market for the business,
manager, and team."
Government tenders. Development
opportunities for the team as well as
regular workshops are also available,”
she says.
Nick Pearson, Head of Finance and
Services at Roche Diabetes Care, says
going through the certification process
again gives the team more credibility in
the industry.
“CICMQ accreditation is a formal
recognition of Roche Diabetes Care’s
commitment to quality, continuous
improvement, and best practice. It
establishes our company's reputation
in the credit market for the business,
manager, and team," he adds.
Pam Thomas, CICMQ Assessor, praises
the credit team for continually seeking
to improve services and processes
within the department: “The credit team
at Roche takes pride in providing an
excellent service to their customers
and stakeholder base. The team has
developed a first-rate reputation within
the company with their knowledge and
understanding of the business and team
members are trusted to initiate ideas to
ensure meaningful customer service is
sustained.
“Of particular note is their
collaboration with the Customer
Operations Team to continually
improve the service offered to their
customer base. The team demonstrate
excellent stakeholder involvement with
process developments, with both cash
generation and delivering exceptional
customer service at the forefront of their
activities. The team have achieved good
results despite the challenges of the
pandemic, difficult trading conditions
and organisational changes.”
Roche conducted its award
presentation with the CICM via a virtual
event. The team intends to return to the
office at Burgess Hill, Sussex, in the near
future where the award ceremony will
take place.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 9

SUDDEN
IMPACT
How has the credit industry been
impacted by the COVID-19 pandemic?
AUTHOR – Gary Brown
The impact of COVID has been felt across every part of the UK
economy and in every industry. This is especially true of the credit
industry, not least in the key area of assessing credit risk.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 10

OPINION
AUTHOR – Gary Brown
THE COVID-19 pandemic has
been arguably the single
most disruptive event to
impact the UK economy in
living memory, greater even
than the chaos caused by
the UK’s decision to leave the EU.
Latest figures from The Office for
National Statistics (ONS) illustrate the
disruption caused to global supply
chains with almost a third (30 percent) of
businesses in manufacturing, wholesale
and retail reporting issues and providing
anecdotal evidence of labour and product
shortages, reflecting shocks to the supply
capacity of businesses and/or the inability
to respond as quickly to the changes in
demand for goods and services. While
there are some positive signs, and some
data suggesting that the UK is more
resilient than other economies to supply
chain disruption (Source: OECD Trade
in Value Added estimates), very few
commentators are suggesting that the UK
can hang out the bunting just yet.
The impact of COVID has been felt
across every part of the UK economy and
in every industry. This is especially true of
the credit industry, not least in the key area
of assessing credit risk. While the shape
and performance of the UK economy at
a macro level is challenging the smartest
economic brains in Government, the
performance of individual businesses
at a micro level is now more difficult to
decipher than ever before. And this all
comes down to lack of reliable commercial
credit data.
UNRELIABLE DATA
Algorithms used to generate the bulk of
a commercial credit report are driven
by data. This would typically include a
company’s past trading history, trade
payment data, and a company’s most
recently available financial information.
It would also consider broader themes,
including Director/Board stability and
track record and any negative court/legal
proceedings that may have been reported.
Some of this data would be proprietary
to the credit reference agency, but a large
amount would also be sourced from
Companies House, and this is where the
big challenge lies. Information filed at
Companies House is necessarily historic.
Like the art of navigation, it tells you
where you have been, and not where you
are. Companies House data gives you
an historic view of how a business was
performing 12 or 18 months previously,
rather than how it is performing today.
During COVID, reporting restrictions
were relaxed, which means that the data
now used to assess trading performance
could be almost two years out of date, and
a great deal has happened in those last
two years.
A more accurate measure may be to
look at a company’s trade payment data
to provide a more reliable ‘snapshot’
of a company’s true financial risk.
Unfortunately, such data is extremely
difficult to come by, and those who do
report payment data tend only to be
those larger firms who are obliged to do
so in law. There are challenges too with
court data. A credit manager is blind
to a potential business partner going
through court action – and therefore
a potential credit risk – since data will
only be available once a judgment has
been awarded. Given the delays in court
proceedings, it could therefore be several
years before a company’s true risk is
known, with disastrous consequences for
those in the supply chain.
COLLAPSING COURT SYSTEM
Indeed, the second greatest impact of the
COVID pandemic on the credit industry
has been how it has affected the courts. A
system that was already creaking appears
now to be on the point of collapse. This
supposition seems to be supported by
the facts: between January – March 2019
the mean average time taken for small
claims (debts under £10,000) to go to trial
was 36.9 weeks. Multi/fast track claims
(debts over £10,000) took 58.5 weeks to
go to trial, up 3.9 weeks and 1.8 weeks
respectively compared to the same period
in 2018.
Fast forward to July – September
2021 and the mean time taken for small
claims and multi/fast track claims to go
to trial was 50.7 weeks and 70.6 weeks
respectively, 12.6 weeks longer and 11.3
weeks longer than the same period in 2019
and 1.9 weeks and 8.4 weeks longer for the
same quarter in 2020 respectively.
What this means in practice is that if a
business was to issue a legal claim today
for an outstanding commercial debt and it
is allocated to the multi/fast track within
the UK court, and that claim is defended,
it would be looking at a trial date around
October 2023. It means credit managers
run the risk of their customers raising
a spurious defence, simply to push out
their credit and/or avoid payment
altogether. And for a debt of £10,000.01,
the claimant would have to pay out over
£1,000 up front with no guarantees of
getting any of that back.
To that end, legal action is failing
businesses, failing the credit industry,
and failing credit managers at every
turn. Domestic legal action is simply too
expensive and requires the creditor to
speculate fees in advance. The net result
is that millions of pounds of commercial
debt is written off each year, and the
debtor gets away with it twice: once,
because they do not end up paying what’s
owed; and a second time, because in
the absence of any judgment, no stain is
recorded on their credit file.
THE PEOPLE FACTOR
The third significant impact that COVID
has had on the credit industry is not so
much about systems or processes, but
more about people. To be more specific, it
is about how poor credit performance can
be directly correlated to the absence of
competent staff to manage fundamental
data including emails.
In a recent survey conducted by
Debt Register, 61 percent of businesses
confirmed that the quality of email data
had deteriorated significantly since the
pandemic started more than two years
ago. That doesn’t mean that the remaining
39 percent have suffered no negative
impact; it could mean that they are not
aware they have a problem, which is
arguably more concerning. But whether
they are aware of a problem or not, fixing
the issue is causing a major headache.
Corporate machines are such that
deploying internal resources to achieve
a manual fix is unviable, since it takes
people away from the frontline and
chasing current debt. But this is a false
economy: the biggest single cause for the
non-collection of debt is poor data, and
specifically, the wrong email contact.
High staff turnover, furlough, and global
redundancies mean the email contacts
many firms had pre-COVID are now no
longer relevant. Many are simply no
longer in the business.
Simple solutions are available, not
least our own software platform that
automatically identifies and verifies email
contacts within a customer business
that are responsible for paying the bills.
Without fixing this fundamental flaw,
debts that might otherwise be easily
collected are again either written off or
passed to a third-party, directly impacting
a company’s bottom line.
Gary Brown is the founder
of Debt Register.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 11

TAKE THE
STRAIN
Who’d want to be a debt collector?
AUTHOR – David Sheridan FCICM
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 12

DEBT COLLECTION
DARE I say it? Debt collector.
The words – the job – provokes
immediate disdain from many
quarters, so much so that many
organisations adopt pseudo
alternatives, from customer service
agent to agent to a whole world of ‘near’ the mark
titles.
Whatever the title, the job today has never
been as demanding and when you really immerse
yourself in the activities of today’s front-line staff,
they do an incredible job helping people deal with
their debt problems.
We all know the cost of living is only going up.
Everyone has bills to pay, and many people have
to deal with unexpected events that can massively
impact their already fragile finances. People’s
emotions are also running high and no wonder!
The COVID pandemic has raised anxiety levels and
with world affairs as they are, the constant feed of
negative news seems unrelenting.
The job of the agent is to probe these issues to
understand the customer’s situation and how
they restrict their ability to deal with their debt
problem. The agent is then expected to pause
and reflect on the most appropriate action
including breathing space or referral to a
specialist organisation.
YOUNG STARTERS
We have many young people (between the ages of
20 and 25) working in our call centre who are just
starting out on life. Many still live at home with
parents or have just recently moved out of home and
are working hard to earn a living. Day-to-day, our
collection agents speak to a least 100 customers who
are in arrears with various high street organisations.
Customers do react differently to our calls and
letters and the agents bear the brunt of contact – be
it webchats or calls. Many customers just want to set
up an affordable repayment plan, some are angry
their account has been referred to us when they
believe it shouldn’t have been and, increasingly,
many customers are expressing serious medical
issues that they are dealing with.
The job of the agent is to probe these issues to
understand the customer’s situation and how they
restrict their ability to deal with their debt problem.
The agent is then expected to pause and reflect on
the most appropriate action including breathing
space or referral to a specialist organisation. But in
every case, they have to be sure that the customer
is safe. This is not scaremongering or being
melodramatic.
On average we are having to contact emergency
services at least twice a week to deal with an
imminent threat that a customer may have
expressed. This is a tough experience for anyone;
it is especially tough for a younger member of
staff to deal with on a regular basis. We train
our people as best we can to be helpful, how to
deal with these situations, and how to put the
customer first, but the increasing number of
distressing customer calls obviously take its toll on
agents and creates a serious business challenge into
the bargain.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 13 continues on page 14 >

DEBT COLLECTION
AUTHOR – David Sheridan FCICM
DETERIORATING SITUATIONS
Unfortunately, this is not a situation that is
going to improve any time soon. Indeed, it is
only likely to get worse. The macro indicators
show that inflation pressures are increasing
and will put serious pressure on a customer’s
ability to meet their day to day living expenses.
As a contact centre, we are not the most
attractive industry with the highest salaries
and fanciest offices. Yes, additional bonuses
can boost salaries (capped at ten percent of
salary), but because we want our agents to
be physically present in the workplace when
many firms are promoting hybrid working, it
means we face an ongoing retention challenge.
So how have we responded? It really does
come down to a number of connected actions
and ongoing commitment by the team. At the
heart of it sits our commitment to our values –
trust, respect, pride, team and customers and
that feeds into creating an office environment
that is warm, welcoming and passionate about
doing the right thing.
In terms of actions, it starts with the job
onboarding process, and recognising during
the recruitment process a candidate’s ability
to help/deal with customers in a professional
manner. Every business will have its strategy
here but if you hire well, you have a great
chance to retain. Training and ongoing
support are also important, particularly as
people get to grips with regulation, systems,
and then people in debt. This can be eye
opening and so the first few months are really
important. Surrounding this period will be a
range of activities to promote engagement and
awareness.
EMPLOYEE PROGRAMMES
We had already implemented an Employee
Assistance Programme (EAP) pre-pandemic.
This involved giving access to free counselling
to staff as an increase in the more severe
elements of call centre work were already
becoming prevalent. From our experience,
given the nature of collections work, the more
extreme aspects of customer interaction tend
to appear in our call centre before they do for
others.
We keep track of the customer interactions
through customer surveys, an independent
quality assurance function and keeping
accurate Management Information of calls
which involve vulnerability, from a disclosure
of depression to reference to suicide. This
gives us a snapshot of what the realities of the
contacts our front-line staff deal with.
We have created an in-house Wellbeing
team to raise awareness of mental health in
the workplace so staff can take maximum
advantage and support from measures we
have invested in. It’s a moving feast and
constantly adapts according to need. We
accept that there is never going to be a point
where we say ‘that’s all we can do!’.
We have four in-house Mental Health first
aiders accredited by St Johns Ambulance
which has allowed us to be more proactive
in supporting staff. While having access
to counselling is fine for some people who
realise that they need help, there will always
be people whose coping mechanisms may not
be as healthy.
Regular 121s are also vital in keeping a
temperature check on how people feel about
their role and how they are coping. Add to
this anonymised staff surveys to understand
where we are doing well and where we
could do better, and you gain further useful
information. Finally, we carry out confidential
exit interviews where we can gather candid
insight into what has made people leave their
role.
PROMOTING LEISURE
Another element of support is promoting
leisure activities. We have a running club
and following the results of staff surveys
have introduced a discounted food service
and cinema membership. It’s been about
promoting a work life balance.
A major client visited us recently and spent
the day in the business and talked about a
community spirit within the business which
felt like visiting a family. This was great
feedback to hear from a major client and
independently acknowledges the positive
environment that we have worked hard to
create. A recent leaver sent an email to the
business which said they will be forever
grateful for the support they received from the
business after ‘an awful year’.
While it is tough, we feel that in the right
conditions it is also a very rewarding job. We
emphasise to all staff that we can make a very
real and positive difference to our customers’
lives.
David Sheridan FCICM is the Operations
Director of ARC Europe, and is also a member
of the CICM Technical Committee.
We have created an in-house Wellbeing team to
raise awareness of mental health in the workplace
so staff can take maximum advantage and support
from measures we have invested in.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 14

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Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 15

INTERVIEW
STAR QUALITY
Sean Feast FCICM speaks to Phil Roberts
FCICM about debt recovery, the impact
of COVID, and why he never became a
professional footballer or an astronaut.
AUTHOR – Sean Feast FCICM
GROWING up, like a number of
kids, Phil Roberts always wanted
to be a professional footballer or
an astronaut and a career in debt
recovery and law wasn’t on the
radar. He says it didn’t take long
to realize he didn’t have the talent or skills to
become a professional footballer and his hopes
of becoming an astronaut were similarly dashed
through a fear of heights. Happily, the decision
to study Law at A level proved to be his salvation,
and in the last 20 years he has risen through the
ranks of the profession to become a Chartered
Legal Executive, Fellow of the CICM and Partner
at Clarke Willmott, responsible for the firm’s debt
recovery team.
Born and raised in Torbay, Phil’s mother was a
civil servant, an area manager for what was then
the Job Centre, and his father worked in building
design and construction. Schooled locally, he
completed his studies at the 6th Form College
before looking for a job. He remembers little or
nothing by way of any careers’ advice, beyond the
odd unread brochure in a cupboard: “There was
talk of me following my father into the building
trade,” he explains, “but there was not a great deal
of opportunity in the southwest.”
BENCH JOINERY
Phil completed a 12-month bench joinery course
with a firm but they went into liquidation. He then
became a window fabricator for a short while, but
that business also went bust. Ironically, perhaps,
their failure piqued a latent interest Phil had
always had in the legal system: “I never knew what
I wanted to do and law and debt recovery were
certainly not on the list of potential careers. But I
had my A Levels and found a Government scheme
that enabled me to spend six-months unpaid at
Torbay Council in the Legal and Debt Recovery
team.”
It was at the Council that Phil first learned the true
value of mentors: “I had a very good supervisor,” he
explains, “who invested a considerable amount of
time in my development.”
Unfortunately, a permanent position within
the team wasn’t immediately available, but at the
end of the six-month work experience placement,
Phil did find full employment in the Council’s
administrative department. His patience paid off,
however, and two years later a role came up in the
Legal and Debt Recovery team, Phil applied, was
successful, and has never looked back since. He
began studying in the evening and at weekends
to become a Legal Executive and settled down to
ply his trade, learning the complexities of debt
collection and litigation as part of a recoveries
strategy.
With a desire to move into private practice,
Phil answered a job advertisement to join Clarke
Willmott in 2004, steadily building his skills and
knowledge base, progressing from standard cases
to more complex claims. He was also promoted
from supervisor to senior associate, becoming part
of the debt recoveries senior management team,
before finally becoming a Partner and Head of
Debt Recovery.
IMPORTANT MENTORS
Among Phil’s mentors within Clarke Willmott was
the late Jane Dunlop: “It was Jane who recruited
me and I can honestly say I don’t think there was
anything she didn’t know about debt recovery,
insolvency, litigation and enforcement. She was
inspiring and taught me pretty much everything
I know and I would certainly not be where I was
today without her.
“In every role you need to have a good mentor,
and I have been very fortunate. Today I have the
support of our managing director Philippa Hann
and the senior team who I continue to learn from
through this stage of my career. My colleagues,
and the great team I work in, seem to teach me
something new on a daily basis and even clients
and suppliers provide valued insight. I surround
myself with good people. It is what has made it
such a good career choice for me.”
Phil is responsible for a team of 30 within a business
that specialises in all forms of debt recovery
including defended, high profile and complex
“I never knew what I wanted to do and law and debt recovery were certainly not
on the list of potential careers. But I had my A Levels and found a Government
scheme that enabled me to spend six-months unpaid at Torbay Council in the
Legal and Debt Recovery team.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 16

“In every role you need to have a good mentor, and I have been very fortunate.
Today I have the support of our managing director Philippa Hann and the senior
team who I continue to learn from through this stage of my career.’’
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 17 continues on page 18 >

INTERVIEW
AUTHOR – Sean Feast FCICM
debt recovery litigation and insolvency
actions for both individuals and commercial
entities. It means they take on not just
the high-volume cases, but also smaller,
one-off projects. Phil’s own sector expertise
includes working with managing agents,
utility companies, commercial businesses,
insurance companies, government bodies,
local authorities and even independent
schools. He likes to be at the coal face,
supporting his team wherever he can and
creating an environment where everyone
can contribute to resolving their clients’
issues.
The team have opened 35,0000 new cases
in the last year alone and currently act for
218 clients of various sizes and in a number
of different sectors.
Since joining Clarke Willmott, he has seen
a great many changes: the centralisation
of court services; the introduction of the
Pre-Action Protocol (PAP); changes to the
enforcement regime. Some changes have
been for the good, and others perhaps have
not had the impact they intended, but Phil
is understandably guarded in his opinion:
“Suffice to say that our industry is always
evolving, and we have to evolve with it,” he
says, perhaps with tongue placed firmly in
cheek.
Investments in technology have certainly
paid off and made the challenge of COVID
less stressful to manage: “The IT team
were nothing short of brilliant,” he says,
“in getting new systems in place so that
we could manage documents, calls, and
processes seamlessly, all quality checked
and supervised. The speed with which they
responded was incredible and we all reaped
the benefits.
“It meant we were able to move to
working remotely without too much
difficulty,” he explains, “and continue to
service our clients where they needed our
help. Our business operated throughout
the pandemic in recovering debts for our
clients and winding up petitions have since
returned to pre-pandemic levels.”
ADAPTING PROCESSES
Of course, Phil explains, certain approaches
had to be adapted: “We had to be mindful
when issuing proceedings as to what extent
those customers had been affected by
COVID, and how much that had impacted
their ability to pay. There were also certain
rule changes we all had to follow, and
so tailored our letters, for example, to
accommodate greater collaboration and
resolution, and encouraged engagement
from the start.”
This concept of ‘early engagement’ is an
important one, and echoes the strategy
followed by the wider debt collection
industry: “We want to persuade customers
that doing nothing and simply burying
their heads in the sand is not the answer
and reassure them that engaging with us
is to their advantage,” Phil adds. “What the
pandemic has taught us is the importance
of flexibility – being flexible in how we
work with clients and their customers,
and in not being overly prescriptive. At
the end of the day, it’s all about achieving
successful outcomes.”
Phil has been happy to share his
experiences at a recent CICM Think Tank,
of which he has been a long-standing
member. He also finds it valuable to learn
from others: “What I especially like about
the Think Tank is the real insight it gives
me from every part of the credit industry,
the different challenges we face, and how
those challenges are being addressed.”
As a Fellow of the Institute, alongside
his colleagues Anna O’Reilly FCICM and
Kate Huish FCICM, they are looking at
opportunities for the wider team to
study for CICM qualifications. Phil
attaches particular importance to
the recent CICMQ accreditation
(see Credit Management April
issue page 9): “It has been an
excellent process for us to go
through and given us plenty to
think about, not least how we
communicate as a team,” he
continues. He was similarly
delighted for the team to
have been recent winners
in the CICM’s British
Credit Awards.
So what advice would
the present day Phil
give to his younger
self? “One of the
important lessons I
have learned is that
when you are young,
qualifications are important, but they
needn’t define you or hold you back.
There is always the opportunity to add
to your learning and your skills through
professional qualifications as you get
older. Having good mentors can make a
huge impact provided you are willing to
learn and it is certainly what has made
the difference in my career. ”
Referring to his A Level choices, Phil
says Law was a lucky pick: “I also studied
English Literature but was caught out
when studying Bram Stoker’s Dracula
for basing my work more on the films
than the book,” he laughs. And does
he still harbour hopes of becoming a
professional footballer? It appears not:
“Asides from the lack of natural talent, as a
central midfielder I picked up one broken
ankle too many,” he says, “so now I am just
focused on becoming a better runner.”
“Asides from the lack of
natural talent, as a central
midfielder I picked up one
broken ankle too many,
so now I am just focused
on becoming a better
runner.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 18

Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 19

HIGH COURT ENFORCEMENT OFFICERS ASSOCIATION
Reaching positive outcomes
Speed of action is key to gaining a positive outcome.
AUTHOR – Alan J. Smith
AS we enter a period of uncertainty
and inflation, coming off the
back of a global pandemic, it is
likely that credit management
will become even more vital
to prevent losses caused by
potential increased debtor instability.
Speed of action is a key factor in gaining a
positive outcome.
There is not a one size fits all solution when
it comes to enforcement, so choosing the most
appropriate option for the debtor’s circumstances
is vital. You should consider factors like their
credit history and current financial and personal
circumstances, as well as the needs of yourself or
your business as the creditor.
A good first step is running a trace on the
debtor through a credit reporting agency. It can
help you to gauge how likely a positive outcome
will be before you spend additional time and
money pursuing a judgement. If you decide to
proceed, there are several enforcement options.
It’s complicated, or at least it may appear that
way. Let’s take a look at what these different
options mean:
CHARGING ORDER
With a charging order the debt will be secured
against the debtor’s property. However, you may
have to wait years for the property to be sold
or re-mortgaged, as the circumstances would
have to be exceptional for a sale to be enforced
immediately. It’s worth remembering that if a
charging order is granted you can still pursue
other enforcement options at the same time to
recoup some or all the money owed to you.
ATTACHMENT OF EARNINGS ORDER
With an Attachment of Earnings Order (AEO),
the court will set a weekly amount which will be
paid to you directly from the debtor’s wages. The
debtor must remain in their job for payments to
continue, so you should consider whether they
are in stable and regular employment before
pursuing an AEO, as once it’s granted you may
not use any other form of enforcement.
WINDING UP ORDERS
A winding up order is a court order that
forcibly closes or ‘winds up’ a limited
company. It means the end of the company,
the sale of any assets, and its eventual
dissolution at Companies House. Winding up
orders, or compulsory liquidation, and
bankruptcy petitions are all about leverage. If
the debtor takes no notice, you are unlikely to see
much or any of your money.
THIRD-PARTY DEBT ORDER
A third-party debt order requests the debtor’s
funds held by a third-party are paid to the creditor
directly. This could be from trade debts owed
to a business, a lump sum like a redundancy
settlement or inheritance, but more usually it is
the bank or building society holding the money.
If the funds are not available at the moment
that the request is made, you have to restart the
process, which can make it time consuming,
costly and not very effective.
ENGAGING PROFESSIONALS
Engaging a County Court bailiff or a High Court
Enforcement Officer is the most commonly
used form of enforcement, as they are trained
professionals who can be flexible by organising
payment plans or taking control of goods if a
debtor is unable to make a payment in full.
It’s worth remembering there are important
differences between the two.
County Court bailiffs are salaried civil servants
operating under a Warrant of Control and can
enforce judgments to a value of £5,000. However,
there are significant delays in the County Court
system due to years of under resourcing and
backlogs, which means debtors can potentially
move on and need to be traced again before
a County Court bailiff can secure a positive
outcome.
While County Court bailiffs can only enforce
judgments to a value of £5,000, non-regulated
judgments above £600 (and with no upper limit)
can be transferred to the High Court. Similar to
County Court bailiffs, High Court Enforcement
Officers (HCEOs) operate under a National
Code of Conduct, complying with the Taking
Control of Goods regulations. Their training and
qualifications are at a high level, enabling them
to navigate the more complex cases seen in the
High Court.
Unlike County Court bailiffs, HCEOs run private
businesses with a remunerative and reputational
investment in securing a positive outcome for
creditors. If they aren’t successful, then they don’t
get paid. Engaging with debtors at the earliest
opportunity is crucial to ensure that enforcement
is effective, and that any vulnerabilities are
identified at the earliest opportunity. We
believe that in many cases HCEOs offer the best
chance of achieving positive outcomes through
enforcement by helping creditors to navigate the
often complex circumstances of the debtor and
recover what is owed to them.
Alan J. Smith FCICM is Chairman of the
High Court Enforcement Officers Association.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 20

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Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 22

AWARDS
A Night to Remember
Credit Professional of the Year – Dee Weston FCICM
AUTHOR – Sam Wilson
AWARDS, trophies, accolades, gongs,
whatever you call them, some
people spend their lives trying to
achieve the highest honours in
their chosen fields.
It's not often you come across
someone who finds their joy, their happiness, and
their fulfilment in their everyday job; however,
that's what you come across when you meet Dee
Weston.
Dee is one of the more humble people you could
ever hope to meet. When we sat down to talk
about her win, and her career, it proved to be quite
the (pleasant) challenge as she was too focused on
praising the team around her and emphasising
her love for credit rather than her own successes.
"Even now, part of me feels very happy, but then
a bigger part of me feels quite embarrassed! It's
very weird," she says.
"I think it's because I've never really put myself
out there. I genuinely enjoy my job so much, and
I do it because I believe in what we're doing. So,
when some lovely person nominates you for an
award, you almost feel like a fraud for winning
because you're doing something almost for fun!"
CONSTANT DEDICATION
One reason the judges awarded Dee with this year's
'gong' was her constant dedication to finding new
ways to solve problems and challenge perceptions.
Dee admitted this was a big motivation for her.
"I've been in the credit industry since I was 17
or something ridiculous like that, starting out as a
collector, and the industry has changed so much
and has equally become more important. The
credit function within a business is a multi-tool;
you're a line of defence, it aids productivity, and, as
a team, you are enablers within the business. I've
evolved with it, and I still look for new solutions or
new ideas to continue to evolve.
"The other thing about this industry many
people underestimate is that you meet such
fabulous people who share your passion for
improvement. They inspire you. Whether old or
new, internal or external, in this industry it’s the
people that make it what it is."
Dee did admit the win has validated her career
choice and the work she and her team have put in
over the years to make positive change.
"I've never stopped loving what I do, despite all
the challenges, so it was a fantastic validation, and
I cannot ignore that. And because it came from
someone else who thought I had made a valid
contribution – it means the world to me. It makes
me feel as though it wasn't wasted energy and my
time was worth it. "It was a lovely moment to win
and a memory I'll always cherish."
Since Dee and her team completed the CICMQ
last year, most of her colleagues are either now
Presenters : Andy Lilley, VP Product Global AR at BlackLine
Collector of award : Dee Weston FCICM, Credit Manager at
Exclusive Networks Ltd
studying, about to begin studying, or already in
the process of taking their exams.
"This career is a stepping-stone and the team
I work with are super smart, and their careers
could go anywhere. I think the fact that their work
was also nominated on the night will inspire them
for years to come. I'm really proud of them."
Dee also also heaps praise on the CICM team
for creating and hosting the awards: ‘‘There are
awards for every industry so I'm immensely proud
we have our own. But not only that, these awards
show young people that there's so much they can
achieve within a career in credit. They stand as
a bastion of credit and show it isn't a back-office
function anymore. It's a business-critical support
function and it’s important credit is recognised in
such a way. It's a career now, no longer a job you
'fall 'into.’’
For future awards, Dee’s team should be on the
lookout: "I’ll definitely be nominating my team
and people within our business. I work with some
wonderful people who are committed, dedicated
and enthusiastic about their future. I would love
to see them recognised for their ability and see
their confidence in their own skills grow. I’ll be
writing submissions galore!”
Sue Chapple, Chief Executive of the CICM, is
the first to recognise Dee’s reputation within the
world of credit: “Dee has been a stalwart of our
industry for over 30 years, consistently going
above and beyond to move the world of credit
forward.
“I was very proud to see her win the award. It
was a bit emotional to see how much it meant to
her! Congratulations, Dee. It is very well deserved.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 23

COUNTRY FOCUS
Israel: a land
of diversity and
opportunity.
Biblical opportunities
AUTHOR – Adam Bernstein
THERE’S so much to say about Israel
and it’s much more than most would
expect from a land so detailed in the
Bible.
There’s evidence – near the Sea
of Galilee – of man having settled
1.5m years ago after dispersing from Africa, and
also 120,000-year-old fossils of modern humans
in northern Israel. 2000 years BCE the region
was dominated by the Egyptians who were then
followed by the Romans after whom came the
Byzantines, Muslims, Crusaders and Mongols,
Mamluks and Ottomans. More recently, a British
Mandate controlled the area until the creation of
the State of Israel in 1948.
In other words, it’s almost impossible to
succinctly summarise the history and background
of Israel in a piece as short as this.
But beyond Israel’s past is its present, and
depending on a bystander’s perspective, it is either
a legitimate state or an occupier of another’s
land. While it’s outside the remit of this profile to
discuss the underlying tensions in the region, an
understanding of the region’s politics is helpful.
This aside, Israel has been described by
Thomson Reuters as: “one of the most robust and
technologically advanced market economies in
the world. The country enjoys a skilled and highly
qualified labour force, and a concentration of
venture capital allows the country to lead in all
areas high-tech.”
LOCATION
Israel is geographically located on the eastern
flank of the Mediterranean, south of Lebanon,
west of Syria and Jordan and north of Egypt. In
terms of landmass, it is narrow and short – 100km
at its widest and just 400km top to bottom and
occupies just 20,770 sq.km – excluding the land
it captured in the 1967 Six-Day War. If all lands
that Israel controls are included, it covers an area
of 27,927 sq. km. Interestingly, the CIA World
Factbook makes no distinction between land in
the State of Israel itself and the land it controls.
But no matter how Israel is viewed, it’s not a very
large country.
With a central position in the Middle East,
temperatures and climate can vary. Coastal areas
see cool wet winters but hot summers. The north
and northern Negev is arid with hot summers,
cool winters, and little rain. In contrast, the
south of the Negev is more desert-like with very
hot summers and very little in the way of rain.
With a central
position in the
Middle East,
temperatures and
climate can vary.
Coastal areas see
cool wet winters but
hot summers. The
north and northern
Negev is arid with
hot summers, cool
winters, and little
rain.
The more mountainous parts of the country –
including Jerusalem – often see snow.
THE PEOPLE
Demographically speaking, estimates of Israel’s
population vary according to source. World
Population Review cites UN data which counts
the population at 8.89m currently (May 2022);
the Jewish Virtual Library reckons it to be around
9.45m.
The population is set to reach 10m by the end
of 2024, according to Israel's Central Bureau
of Statistics. The US Government expects that
number to rise to 13m by 2040.
It’s ethnically quite diverse with – again, quoting
2019 CIA data – 74.1 percent of the population
being Jewish (of which 78.1 percent were born
in Israel; 15.2 percent from Europe, the US and
Oceania; 4.3 percent from Africa; 2.4 percent from
Asia); 21 percent Arab; and 4.9 percent classified
as other.
Hebrew is the official language spoken,
but Arabic and English are spoken too – the
latter being the most used. As for age and sex
distribution, 2022 data from the U.S. Census
Bureau’s International Database, points to Israel
being a young country with a median age of 30.4
years. It also highlights that 26.76 percent of its
people are aged 14 or under; 15.67 percent aged
15-24; 37.2 percent aged 25-54 years; 8.4 percent
aged 55-64 years; and 11.96 percent over 65 years.
The ratio of males to females in each grouping is
similar.
The World Bank lists the birth rate as being
2.9 children per woman (2020 data) which is
much higher than that for the West which sits
around 1.2 to 1.7 children per woman.As to
levels of urbanisation, most – some 92.5 percent
according to World Bank 2020 data – live in
urban environments. That rate has been stable
since 2010. In terms of where the population
lives, 2019 data from the Israel Central Bureau of
Statistics, estimates that 936,425 live in the capital
Jerusalem, 460,613 in Tel Aviv-Yafo and 285,316 in
Haifa. There are another six conurbations with
more than 200,000 residents, seven with between
100,000 and 200,000, and 57 with between 18,000
and 97,000 inhabitants. On top of that are,
according to the Embassy of Israel in Georgia,
some 267 kibbutz (agricultural communities) with
around a combined 150,000 people, and some 441
moshavim (settlements) with a combined 315,000
residents.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 24

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Israel has more than 1,800 food processing
facilities and counts multinational food
manufacturers in its number. In 2019, food
accounted for more than 17.5 percent of Israel’s
total manufacturing revenues.
Jerusalem is a city in Western Asia.
Situated on a plateau in the Judaean
Mountains between the Mediterranean
and the Dead Sea, it is one of the oldest
cities in the world, and is considered holy
for the three major Abrahamic religions:
Judaism, Christianity, and Islam.
ECONOMY
The Israeli economy, notwithstanding
COVID, is on a positive upward curve.
According to an October 2021 report from
Credit Agricole, Israel’s economy is one
of the best performing of OECD countries
in recent years. Much of this, reckons the
report, is due to an increase in the workingage
population and the participation rate.
GDP in 2019 stood at $397.94bn with
growth of 3.8 percent. Despite COVID
and a drop in growth of 2.2 percent, GDP
rose in 2020 to an estimated $407.1bn. It’s
estimated that the figures will rise again
and will sit at a GDP of $529.32bn and
growth of 3.6 percent in 2023.
These figures are supported by a recovery
in tourism, improved economic ties with
Gulf neighbours, and a rising technology
industry.
KEY INDUSTRIES
It’s notable that the Israeli Government’s
own website – the Ministry of Foreign
Affairs – offers little contemporaneous
data; the Ministry of Economy and Industry
is unhelpful to say the least. That leaves us
piecing together information from other
sources.
According to the Fanack Foundation,
a Dutch NGO, Israel’s industrial sector is
diverse and ranges from high-tech products
in fields such as aviation, communications,
design, computer-assisted manufacturing,
medical electronics, and fibre
optics, wood products, paper, potash, phosphates,
food, beverages, tobacco, cement,
medicines, construction and metals, chemical
products, plastics, diamond parts, and
textiles.
However, Israel lacks natural resources
and raw materials and so must rely on,
as its key advantage, skilled employment,
scientific institutes, and research and
development centres. It follows then, that
industry focuses on manufacturing highvalue-added
products developed locally.
It's notable that according to a June 2021
report from the Hebrew economic website
Calcalist, that 2020 was the second-best
year in the history of Israeli arms exports
which jumped by about 14 percent to
$8.3bn.
A 2017 report from Flanders Investment
and Trade commented that Israel’s
chemical industry is recognised for its
production of minerals and fertilisers. As
above, limited natural resources has led the
sector to find innovative ways of producing
high-quality products through technology.
With more than 170 companies in the
sector, they represent 29 percent of the
entire industrial production of Israel and
about 34 percent of the Israeli industrial
export.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 25
continues on page 26 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
On pharmaceuticals, Statista states
that revenue in 2021 for pharmaceuticals
is estimated as being $6.64bn. Calcalist
reckons that of the sector’s 85,000 Israeli
employees, most are divided among
only 145 Israel-based companies, each
employing 50 people or more.
Another sector of interest in Israel
is diamonds. The Israeli Diamond
Industry’s own website says that the
sector contributes approximately $800m
annually to Israel’s balance of payments
and that more than 20,000 families earn
their livelihood directly through the
industry. Further, it’s spawned urban and
economic development of Ramat-Gan
around the exchange.
However, COVID took its toll on the
sector and Government data for 2020
states that net imports of rough diamonds
were about $1bn, and net exports were
approximately $860m, a decrease of
about 40 percent from 2019. Similarly, net
imports of polished diamonds were about
$1.5bn (37 percent down on 2019), while
net exports of polished diamonds were
about $2.3bn (30.5 percent down on 2019).
Agriculture is a sector to note, and it’s
characterised by intensive production
– a result of scarce natural resources
such as water and arable land. However,
increased agricultural production is a
result of cooperation between researchers,
farmers, and agro-based industries.
UN data suggests that the agricultural
sector in Israel contributed about 1.2
percent of the country’s total value added
in 2021 and employs 0.9 percent of the
working population.
However, the US Government’s trade
department says that although Israel
exports food ($2.18bn in 2019) it is also
dependent on imports of food ($6.78bn in
2019).
Israel has more than 1,800 food processing
facilities and counts multinational
food manufacturers in its number. In
2019, food accounted for more than 17.5
percent of Israel’s total manufacturing
revenues.
Tourism is another key sector for Israel.
The OECD in a 2020 document noted that
tourism accounted for 2.8 percent of
Israel’s GVA productivity and 3.6 percent
of total employment or 141,000 jobs.
Adding in the indirect impact of tourism
on Israel’s economy, the total number
of tourism-related jobs is estimated at
230,000 (which is approximately 6 percent
of total employment). In 2018, total
inbound tourism receipts stood at $5.8bn.
The OECD highlighted that in 2018 there
were 4.1m international tourist arrivals,
up 14.1 percent on the previous year.
BUSINESS OPPORTUNITIES
Construction is worth, according to 2021
US trade department data, some $43bn
and is driven by demand for new housing
and infrastructure. Further, the Israeli
Central Bureau of Statistics, expects
Israel’s population to reach 15.7m by 2050
and the Israeli Government needs to build
2.6m apartments.
While housing is the largest part of
Israel’s construction sector, a Government
plan, Infrastructure for Growth 2020,
details projects in rail, roads, highcapacity
buses, seaports and so on.
Given Israel’s position and climate
environmental projects are high on the
Government’s agenda. Water resources
are maximised and there are several
desalination plants that provide much of
what is used. Israel also treats and reclaims
around 90 percent of wastewater and has
a strong domestic water technologies
sector. This said, low rainfall, droughts
and a rising population means more
investment in water technologies is
required.
As for waste, it’s the polar opposite
of water in that some 80 percent goes
to landfill. Further, the Ministry of
Environmental Protection announced
in 2021 a strategic plan to enhance
waste treatment industry. The goal is
for a transition by 2050 to a circular
economy with minimal waste production
and maximum efficiency in the use of
resources.
Energy is constantly being developed.
With a growing population and therefore
a greater number of vehicles on the road,
demand for electricity will rise. This point
is exacerbated by the fact that Israel is not
connected to other countries’ networks
– it’s self-sufficient. According to the
Electricity Authority, installed capacity
in 2030 should reach 23.35 GW to support
electricity consumption forecasts. In June
2018, the Government of Israel approved
a comprehensive structural reform in
the Israeli electricity sector, planned to
be implemented over the course of eight
years to 2026.
Beyond this, there’s the development
of offshore natural gas; Israel has moved
from being a net importer to an exporter.
Further, coal is being phased out and the
US Government notes that by 2030 this
fuel will be replaced so that electricity
generation will be 70 percent gas and
30 percent renewables. To get to this
position, the Government plans $23bn in
investments, approximately half of which
will be in power plants, and the remainder
in storage facilities and development of
the electricity infrastructure. Overall,
Renewables Now commented in 2020 that
the Government wants 16 GW of solar
capacity by 2030.
While Israel has just 0.1 percent of the
world’s population, it attracts – says the
US Government – 19 percent of global
investment in cybersecurity, ranks
number one globally in R&D expenditures
per GDP, and attracts the highest rate of
venture capital funding per capita in the
world (Trade Policy Information System
data). It should be pointed out that the
Israeli Government states that around 40
percent of the private global investment
in cyber security funding rounds are in
Israel. There are more than 6,700 start-ups
in Israel’s connected economy – a much
greater level of concentration compared to
Europe; software development, telecoms,
and artificial intelligence are key growth
sectors.
Lastly, considering Israel’s geographic
location and political concerns, securityrelated
products are of great importance.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 26

COUNTRY FOCUS
AUTHOR – Adam Bernstein
Tel Aviv, a city on Israel’s Mediterranean
coast, is marked by stark 1930s Bauhaus
buildings, thousands of which are
clustered in the White City architectural
area. Museums include Beit Hatfutsot,
whose multimedia exhibits illustrate the
history of Jewish communities worldwide.
The Eretz Israel Museum covers the
country’s archaeology, folklore and crafts,
and features an on-site excavation of 12thcentury-B.C.
ruins.
Al-Aqsa Mosque located in the Old City of
Jerusalem, is the third holiest site in Islam.
Current imports of safety and security products
to Israel, reckons the US trade department, are
worth an estimated $1.2bn, with almost half
going to US firms and much being bought by
the Government. That said, Israel has some 600
exporters of security technologies and services,
including integrators and service companies.
Opportunities lie in products for first
responders, detection systems, drone-related
technologies, and the detection of concealed
weapons systems.
TAX RATES
Turning to tax, Israel-incorporated companies
and foreign companies that have a branch presence
in Israel are both subject to Israeli corporate
tax. An Israeli-resident entity is subject to
Israeli corporate tax on worldwide income while
a non-resident entity is subject to Israeli corporate
tax only on income accrued or derived in
Israel. The corporate tax rate is 23 percent in
2022, unchanged from 2021. Taxation of individuals
is imposed in graduated rates ranging up
to 47 percent. Additionally, a 3.0 percent surtax
“One of the
most robust and
technologically
advanced market
economies in the
world. The country
enjoys a skilled and
highly qualified
labour force, and
a concentration of
venture capital allows
the country to lead in
all areas high-tech.”
applies on annual taxable income exceeding
647,640 Israeli shekels, resulting in a 50 percent
maximum income tax rate. Non-residents are
taxed at the same rates as Israeli residents.
There are no local income taxes, but there
is VAT which is charged at 17 percent. Exports
of goods and certain services and various
other transactions are zero-rated, and certain
transactions are exempt. Banks and other
financial institutions pay VAT-equivalent taxes
at the standard rate based on their total payroll
and on profits. Not-for-profit organisations pay
VAT-equivalent tax (wage tax) at the rate of 7.5
percent of their total payroll.
IN SUMMARY
Israel might be small in both size and
population, but through necessity it needs to
punch above its weight. It’s militarily strong
and has a modern and advanced economy that
makes it a worthwhile destination for any would
be exporter.
Adam Bernstein is a freelance writer.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 27

CICM TRAINING
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Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 28

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On-Demand training can be viewed anytime, anywhere with our
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Online training will be for those who find it easy to learn from the space
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Face-to-face training It’s been a long time coming but now you can mingle
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Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 29

International Trade
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
Nepal limits imports
PERSPECTIVES are everything
and the news that Nepal is
to limit imports following a
fall in tourism spending and
money sent home by Nepalis
working overseas – both of
which have pushed up Government debt –
seems bad.
But while some have compared
Nepal's situation to the crisis in Sri
Lanka (where the public are protesting
against economic mismanagement by
the Government, rising inflation and fuel
shortages – economic collapse is possible
if the IMF doesn’t help out), the reality is
very different.
The country's central bank, Nepal
Rastra Bank, says its foreign currency
reserves fell by more than 16 percent to
1.17tn Nepali rupees (£7.36bn) in the seven
months to the middle of February.
In an attempt to hold its foreign
currency reserves stable, the import of
non-essential goods is to be restricted.
Importers are allowed to bring in 50
‘luxurious goods’ if they pay for them in
full.
Now where this gets interesting is
when looking at Government debt in
Nepal – it’s ‘only’ 43 percent of its GDP.
Capital Economics points to its foreign
currency reserves as being double what
is considered "a comfortable minimum"
and Government debt "is not particularly
high". Put into context, the Visual
Capitalist reckons that Japan owes 257
percent of GDP, Italy owes 159 percent, and
the UK 109 percent.
Even so, if you’re an exporter to Nepal it
may be time to consider your position.
Queen’s Awards winners
THE 2022 list of Queen’s Awards
winners was published late April and
shows an increased number of
exporting businesses represented in
the International Trade category.
A complete list of winners across all
categories can be found in the London
Gazette, however, International Trade
– the competition’s largest – saw 141
winners.
Greater London had the largest
number of export winners (26),
followed by the South East (16),
Yorkshire & Humberside (15), the West
Midlands (14) and the East Midlands
(13). Products that did well included
baby clothing, food, and lubricants,
additives, and cleaners for the
automotive trade.
The Institute of Export picked out
several key winners such as CT2
Holdings whose overseas sales of its
thermal containers for the pharma
sector increased by 250 percent in
three years; clinical trials specialist
Medical Research Network which
boosted its annual overseas sales by
119 percent in three years; and Auto
Integrate whose fleet management
software is now being used by eight
out of 10 of the top firms in North
America which led to overseas
earnings increasing by 161 percent.
There were winners in metals,
technology and science, architects,
environmental technologies, and
manufacturing.
Overall winners, by vertical
sector stood at technology/science
- 40; services - 27; manufacturing
- 17; health - 14; food & drink - 13;
engineering - 14; leisure/sport - 6;
education - 4; and textiles - 6.
IT looks like the UK isn’t faring so
well against competitors in global
exports, according to data from the
CPB Netherlands Bureau for Economic
Policy Analysis. Global goods exports
are now 8.2 percent higher than they
were before the pandemic struck, with
advanced economies up an average
of five percent. However, the UK
has exported 14 percent less goods
compared with the start of 2020.
David Smith, economics editor at The
Due to consequences of Brexit
Times noted that “the UK’s trade deficit
in January was easily the biggest on
record, at a huge £26.5bn for goods, and
£16.2bn for goods and services together.”
He thinks the reason is obvious: “UK
exporters are operating with one hand
tied behind their backs” due to “an
economically damaging Brexit done in
such a way that little or no thought was
given to the consequences.”
At the same time came more bad
news. Data from HMRC found that the
number of UK businesses exporting
goods to the EU fell 33 percent to 18,357
in 2021, down from 27,321 in 2020.
Accountancy firm UHY Hacker Young
believes that the fall is due to the extra
red tape UK businesses must now
comply with when exporting to the EU;
many SMEs can’t afford professional
advice to cope with Brexit-related
red tape and many are likely to have
decided that trading with the EU is not
worth the cost.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 30

Firms at risk in Germany
FIRMS that export to Germany need to
plan for what has been termed by some
as “Day X” – when Russian gas will stop
flowing into the country.
There are two scenarios being mooted
– either Russia cuts off or reduces
supplies in retaliation for sanctions or
Germany supports an EU energy embargo
and cuts itself off from Russian supplies.
While homes without heat is a key part
of the issue, another and bigger worry is
the effect on German manufacturers and
the hundreds of thousands of SMEs –
Mittelstand businesses – which are tied
to them.
The taps being turned off would
affect every product from construction
material, synthetics, pesticides,
disinfectant, packaging, and
Ukraine’s economy tanks
A report in CityAM has highlighted what
most are expecting – that the Ukrainian
economy will end up this year half the size
of last year’s following Russia’s invasion.
The report cites calculations form the
World Bank. The numbers are based
on output that has been dented by the
closure of businesses all over the country.
Consider Georgia
MONEYWEEK is tipping Georgia (the
country, not US state) as an economy that
exporters should watch.
Once, and briefly invaded by Russia
in 2008, it’s weaned itself off Russia as
an export market with only 14 percent of
sales going there. It has a rich volcanic
soil and so is less exposed to rising wheat
prices or a shortage in fertiliser. And it’s
less vulnerable to higher energy costs
following a decade of investment in hydropower
dams which made up 70 percent of
energy production last year.
The economy showed real GDP growth
of five percent per year for the three years
preceding the pandemic and is forecast
to be three percent in 2022 if the Russia/
Ukraine situation is resolved soon. Georgia
also seems to be benefitting from the flight
of skilled Russians fleeing Putin’s regime.
So, while Russia is off limits – for quite
a while – there’s nothing to stop firms
looking to business in other countries in
the region.
semiconductors to the production of
antibiotics and cancer drugs – and
beyond. Some firms are working
overtime to manufacture before
gas is turned off while others have
reduced production to a minimum.
The Government is planning on a gas
rationing regime and firms are being
asked by the Government to put a case
forward on how ‘system relevant’ they are
– why they should be a priority.
It’s possible that supply chains –
already under pressure due to the
pandemic – could collapse altogether,
forcing firms into bankruptcy creating
mass unemployment. Trade union IG
Metall has warned of “a recession deeper
than any of the recessions we have
known until now.”
And matters aren’t helped by incredible
damage – some £60bn – to Ukrainian
infrastructure. The World Bank states that
“the war has added to mounting concerns
of a sharp global slowdown, surging
inflation and debt, and a spike in poverty
levels.” There’s still business to be done in
Ukraine, however.
Saudi private sector grows
EXPORTERS have another reason to target
Saudi Arabia – its non-oil private sector
expanded at the fastest rate in over four
years according to the seasonally adjusted
S&P Global Saudi Arabia Purchasing
Managers’ Index (PMI). The index rose
to 56.8 in March from 56.2 in February,
exactly in line with the series average
since August 2009.
When it comes to supply chains, S&P
Global said that they: “displayed strength,
with lead times shortening to the greatest
extent for three years. In turn, companies
raised their purchasing at the fastest rate
since December 2017, supporting higher
capacity levels.” The firm added: “Sectorlevel
data indicated that reductions in
staffing at construction and wholesale &
retail firms contrasted with expansions
in services and manufacturing.” While
Saudi Arabia is suffering cost pressures
– like everyone else – because sales have
improved, so businesses have been able to
increase output prices accordingly.
Welsh business
secures £2m export contract
WREXHAM-based Global Attractions has,
according to UK Export Finance (UKEF),
just won its largest ever contract in
South-East Asia with £2m in Government
backing.
Global Attractions is a designer,
manufacturer, and distributor of family
entertainment units. It secured the
international contracts to build and export
soft play centres to shopping malls in
Thailand’s Pattaya City and Bangkok.
Its soft play centre will feature in one
of the Pattaya City’s largest malls, with
four floors dedicated to family friendly
activities that attract 1m residents in the
city just south of Bangkok.
The deal, says UKEF, has opened a new
trading market for Global Attractions. The
company secured another deal to supply a
softplay centre to be shipped and installed
in Bangkok, also with UKEF support.
New £200 ‘Global Britain
tax’ on flights
IT appears that the left hand of
Government is slightly disconnected from
the right. On the one hand it wants British
businesses to explore the world now
that the UK has left the EU, but then it’s
planning on taxing travellers going on long
distance flights. In other words, with up to
£200 in additional taxes being put on the
cost of a flight, it’s going to be more expensive
for exporters to forge new economic
ties with long-distance overseas partners.
Passengers flying to fast-growing
destinations over 5,500 miles away will
face a cumulative annual bill of nearly £1bn
based on 2019 pre-pandemic flight data,
according to an analysis by the Global
Britain Commission.
Destinations affected include many
potential key trading partners such as
Australia, New Zealand, Japan, South
Korea, and Argentina. The same applies
to fastest-growing emerging economies,
including the Philippines, Malaysia, and
Vietnam.
Global Britain Commission worries that
the increased costs may stop these routes
flying altogether.
CURRENCY UK
EXCHANGE RATES VISIT CURRENCYUK.CO.UK
OR CALL 020 7738 0777
Currency UK is authorised and regulated
by the Financial Conduct Authority (FCA).
HIGH LOW TREND
GBP/EUR 1.20674 1.16068 Down
GBP/USD 1.30780 1.21661 Down
GBP/CHF 1.24402 1.20810 Down
GBP/AUD 1.78695 1.72289 Flat
GBP/CAD 1.64263 1.57820 Down
GBP/JPY 168.369 155.976 Down
This data was taken on 20th May and refers to the month
previous to/leading up to 19th May 2022.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 31

PAYMENT TRENDS
The Only Way Is Up…
Late payments are on the rise right across the board.
THE latest late payment statistics are
not particularly pretty, littered with
increases across almost all regions
and sectors. The average Days Beyond
Terms (DBT) across regions and sectors
in the UK increased by 1.2 and 2.7 days
respectively. In Ireland, the figures rose by 4.8 and
3.7 days respectively. Average DBT across the four
provinces of Ireland increased by 9.8 days.
SECTOR SPOTLIGHT
In the UK, 16 of the 22 sectors are moving in the
wrong direction, with increases to late payments.
International Bodies saw the biggest jump, with an
increase of 9.3 days taking its overall DBT to 24.2
days, meaning it is now the worst performing sector
in the UK. Elsewhere, the Education (+7.4 days),
Transportation and Storage (+7.3 days), Mining and
Quarrying (+6.6 days) and the Hospitality (+5.9 days)
sectors all experienced sizeable shifts. Of the six
sectors on the up, the Real Estate sector deserves to be
singled out. A reduction of 11.3 days to late payments
means it is now the best performing sector by a bit of
a distance, with an overall DBT of 3.4 days.
Over in Ireland, the overall picture isn’t perhaps
as dreary with just under half (nine) of the 20 sectors
on the slide. However, the sheer scale of some of the
increases is possibly more alarming. The Water &
Waste sector, for instance, saw a huge hike of 56 days
to late payments, meaning it is far and away the worst
performing sector in the country with an overall DBT
of 90 days. The Business Admin & Support (+17.7
days), Entertainment (+17.2 days) and Professional
and Scientific (+10.1 days) sectors also experienced
steep rises.
REGIONAL SPOTLIGHT
The UK regional standings may not be as bad as they
look. All but three of the 11 regions saw increases
to late payments, but it’s fair to say that they are all
marginal. The South West saw the biggest increase
(+2.6 days) but remains the best performing region
with an overall DBT of 10.0 days.
The regional figures in Ireland, however, are a
case of extremes, both good and bad. On a positive
note, a small handful of regions made significant
reductions to late payments. Louth and Monaghan,
for example, cut their DBT by a massive 101.0 and
81.3 days respectively. On the flip side, a number of
regions saw significant increases to late payments.
Laois (+62.5 days), Kildare (+60.1 days), and Wexford
(+53.4 days) experiencing the biggest moves in the
wrong direction.
The four provinces of Ireland are all in the red.
Munster remains the worst performing region
following a further increase of 14.3 days. Ulster is no
longer the best performing region after a jump of 13.6
to its DBT. Connacht (+6.8 days) and Leinster (+4.4
days) are also going backwards.
AUTHOR – Rob Howard
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 32

STATISTICS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region April 22 Change from March 22
South West 10 2.6
Yorkshire and Humberside 10.4 1.6
Wales 11.9 1.2
East Midlands 13 2.1
South East 13 -0.5
Bottom Five Poorest Payers
Region April 22 Change from March 22
Northern Ireland 16.5 -0.5
East Anglia 16.2 1.8
London 15.5 -1.6
West Midlands 14.6 2.5
Scotland 14.3 1.7
Top Five Prompter Payers
Sector April 22 Change from March 22
Real Estate 3.4 -11.3
Business from Home 8.4 1.6
Agriculture, Forestry and Fishing 9.8 0.9
Construction 11.5 -0.1
Energy Supply 12.2 -2.4
Bottom Five Poorest Payers
Sector April 22 Change from March 22
International Bodies 24.2 9.3
Mining and Quarrying 23.6 6.6
Education 20.8 7.4
Health & Social 20.6 5
Other Service 20.5 5
Getting better
Real Estate -11.3
Energy Supply -2.4
Business Admin & Support -1.3
Dormant -0.4
Professional and Scientific -0.4
Construction -0.1
Getting worse
International Bodies 9.3
Education 7.4
Transportation and Storage 7.3
Mining and Quarrying 6.6
Hospitality 5.9
Public Administration 5.5
Entertainment 5.3
Health & Social 5
Other Service 5
Financial and Insurance 4.3
IT and Comms 4.3
Water & Waste 3.5
Wholesale and retail 3.5
SCOTLAND
1.7 DBT
Manufacturing 1.7
Business from Home 1.6
NORTHERN
IRELAND
-0.5 DBT
SOUTH
WEST
2.6 DBT
WALES
1.2 DBT
NORTH
WEST
2.4 DBT
WEST
MIDLANDS
2.5 DBT
YORKSHIRE &
HUMBERSIDE
1.6 DBT
EAST
MIDLANDS
2.1 DBT
LONDON
-1.6 DBT
SOUTH
EAST
-0.5 DBT
EAST
ANGLIA
1.8 DBT
Agriculture, Forestry and Fishing 0.9
Region
Getting Better – Getting Worse
-1.6
-0.5
-0.5
2.6
2.5
2.4
2.1
1.8
1.7
1.6
1.2
London
Northern Ireland
South East
South West
West Midlands
North West
East Midlands
East Anglia
Scotland
Yorkshire and Humberside
Wales
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 33

PAYMENT TRENDS
Getting worse / no change
MUNSTER
14.3 DBT
SLIGO
-0.2 DBT
CONNACHT
6.8 DBT
GALWAY
0 DBT
DONEGAL
0 DBT
LEITRIM
0 DBT
LONGFORD
0 DBT
CARLOW
0 DBT
ULSTER
13.6 DBT
LEINSTER
4.4 DBT
WESTMEATH
0 DBT
WEXFORD
53.5 DBT
DUBLIN
15.6 DBT
LEINSTER
4.4 DBT
Water & Waste 56
Business Admin & Support 17.7
Entertainment 17.2
Wholesale and retail 10.4
Professional and Scientific 10.1
Health & Social 5.8
Financial and Insurance 3.3
IT and Comms 2.3
Hospitality 2
Education 0
Top Five Prompter Payers – Ireland
Region April 22 Change from March 22
Donegal 0 0
Leitrim 0 0
Longford 0 0
Sligo 0 -0.2
Westmeath 0 0
Energy Supply 0
International Bodies 0
Mining and Quarrying 0
Other Service 0
Public Administration 0
Bottom Five Poorest Payers – Ireland
Region April 22 Change from March 22
Wexford 101.6 53.4
Kildare 81.4 60.1
Laois 67.5 62.5
Carlow 65 0
Dublin 28.4 15.6
Top Four Prompter Payers – Northern Ireland
Region April 22 Change from March 22
Connacht 11.6 6.8
Ulster 13.6 13.6
Leinster 14.6 4.4
Munster 31.9 14.3
Over in Ireland, the overall
picture isn’t perhaps as
dreary with just under half
(nine) of the 20 sectors
on the slide. However, the
sheer scale of some of the
increases is possibly more
alarming.
Top Five Prompter Payers – Ireland
Sector April 22 Change from March 22
International Bodies 0 0
Other Service 0 0
Transportation and Storage 0.1 -3.3
Hospitality 2 2
Financial and Insurance 3.7 3.3
Bottom Five Poorest Payers – Ireland
Sector March 22 Change from Feb 22
Water & Waste 90 56
Business Admin & Support 45.7 17.7
Real Estate 35.7 -12.1
Energy Supply 26 0
Public Administration 25.5 0
Getting better
Construction -16.8
Real Estate -12.1
Agriculture, Forestry and Fishing -12
Manufacturing -6.9
Transportation and Storage -3.3
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 34

CAREERS
Strengths and weaknesses
Advice on how to tackle the common
interview questions.
AUTHOR – Natascha Whitehead
WHAT are your strengths
and weaknesses? It is
a common interview
question, but one which
many professionals
may find daunting.
When discussing your weaknesses, whilst
you don’t want to undersell yourself,
you’re equally conscious to convey a level of
self-understanding.
Comparatively, articulating your strengths
may be easier than talking about weaknesses,
but it can be tempting to reel off qualities you
feel might make you look good, even if they
are not necessarily relevant to the role or
industry itself.
To be clear, there is no correct answer to
this question, however, there are certain tips
I can share which should help you approach
and structure your answer in a way that will
show to a hiring manager that you’re the credit
professional that they should hire.
I would highly recommend planning for
this type of interview question as it’s one
that employers use regularly; self-awareness
is a desirable trait for employers, and if
you’re hesitant this may translate as a lack of
preparation.
Let’s divide up the question and start with
how to successfully communicate your
strengths to an employer.
This can be an exciting moment in an
interview to show off the attributes and skills,
you might have not been able to get across in
previous points.
However, I’d ensure that you use the job
specification as a reference to link where your
technical and transferable skills, as well as
personality traits, will highlight that you can
be a success in the credit management role.
This part of the interview is also an
opportunity to stand out from other applicants
so refrain from generic jargon, such as ‘I’m
a hard worker’, as this should naturally be
somewhat of a given.
Finally, my last point on strengths is to be
specific – I’d focus on a specific area of credit
management where you can explain with
sturdy examples that you excel in, drawing
attention to those soft and hard skills.
Now, when discussing weaknesses, I would
suggest communicating a weakness that
you’re currently working on – to break this
down, provide an example of a previous work
or academic issue that you had, and how you
went about learning or upskilling as a result.
For example, within credit management if
this is negotiating change to payment terms
When discussing
weaknesses, I
would suggest
communicating a
weakness that you’re
currently working on
– to break this down,
provide an example
of a previous work
or academic issue
that you had, and
how you went
about learning or
upskilling as a result.
with clients you may recognise that you were
previously not the most outgoing person
naturally, but you made a conscious effort
to work on your confidence, and as a result,
were granted with additional opportunities to
become more client-facing.
In addition to the above, I’d avoid using
words that can be deemed as ‘too negative’, for
example ‘failed’ or ‘unsuccessful’. Instead, you
can use phrases such as the ‘results of the task/
project could have been improved by X’. Not
only does this show that you’ve understood
where you can develop, but it also depicts that
you hold yourself to a high standard.
Another important tip is to avoid showcasing
any weaknesses that form a large part of
the role – this is where research around the
company is important.
For example, if the role doesn’t require
you to speak on stage or camera too often,
admitting that you’re working on your public
speaking skills, as you believe it to be one of
your weaknesses, should not be as detrimental
in comparison to not having the necessary
software or hardware knowledge.
Next time you are preparing for an
interview, remember that interviewers choose
this question frequently as it often gives them
an insight into an applicant’s personality,
skills, and self-awareness. Taking the time to
structure your answer will help to provide a
desired outcome, enhancing your chances of
being hired.
Natascha Whitehead is Business Director
& UK Channel Lead of Hays Credit
Management.
Brave | Curious | Resilient / www.cicm.com /June 2022 / PAGE 35

Apprentice profile
TELFORD Whitfield started his career
at United Utilities in August 2014 as a
young, enthusiastic and keen customer
advisor on the billing department. He
was a permanent agent by March 2015.
Since August 2018, he has been
working in the Income Department as an Advanced
Customer Advisor: “In the multiple years of customer
services and collections experience, I have developed
a wide range of interpersonal and negotiation skills
which allows me to provide an excellent customer
experience whilst achieving our main goal of collecting
cash,” he explains.
“I joined the apprenticeship scheme in June 2021
as I wanted to progress further in my career in credit
and collections. The new skills and learning which I
have already received in the apprenticeship have been
brilliant. I have always been eager to learn new things
and didn’t hesitate when the opportunity of joining the
apprenticeship came about.”
The way which the apprenticeship has been
delivered including the ‘on the job’ learning time
Telford has received has been a great way to link his
working day with his apprenticeship: “I believe the
apprenticeship is helping me strive to greater things
in my work. My communication techniques, customer
satisfaction feedback and confidence has hugely
increased.”
The first part of the apprenticeship was about
consumer collections: “I thoroughly enjoyed learning
about the principles and regulations involved in debt
collections,” he continues. “The support I am receiving
from my employer, United Utilities, our Collections
Manager Paul Taylor FCICM and Kaplan has been
outstanding. Everyone involved has made it very easy
to learn and for that I am truly thankful.
“Over the next ten to twelve months, I am determined
to achieve my Level 3 Diploma and earn the coveted
letters ACICM,” he concludes.
Latest in a new series
of how CICM-led
Apprenticeships are
supporting professional
development.
Telford Whitfield
United Utilities
Advanced Customer Advisor
“I joined the apprenticeship scheme in June
2021 as I wanted to progress further in my
career in credit and collections. The new
skills and learning which I have already
received in the apprenticeship have been
brilliant. I have always been eager to learn
new things and didn’t hesitate when the
opportunity of joining the apprenticeship
came about.”
Apprenticeships in Credit
Control and Collections
There are five apprenticeships for those working in the credit
profession. At each Level of apprenticeship you will be able to
gain professional CICM qualifications
• Credit Controller/Collector
• Advanced Credit Controller and Debt Collection Specialist
Apprenticeship
• Compliance/Risk Officer Apprenticeship
• Senior Compliance/Risk Specialist Apprenticeship
• Financial Services Degree Apprenticeship
For more details on how CICM can help you start your
apprenticeship journey, visit cicm.com/apprenticeships
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 36

ENFORCEMENT
Energy poverty
– the looming debt crisis
High energy prices have been
hitting the news headlines for
several months now. There are
a number of factors in play – low
gas reserves in the UK, lower wind
generation over recent months,
delays to Nord Stream 2, now
frozen by Germany due to the
war in Ukraine.
Impact on households
This is already having a significant impact
on household expenditure, particularly
among lower income households in
“energy poverty”.
The energy cap for households has been
increased twice, first in October 2021
and then April 2022, pushing energy
bills far higher. The cap increase in October
resulted in an average increase of £139
for direct debit customers and £153 for
pre-payment customers, but April’s was
far higher with average increases of £693
and £708 respectively, according to Ofgem.
It is highly likely that the cap will rise yet
again this October.
Impact on business customers
The situation is as bad, if not worse,
for business customers, where there
is no price cap. Businesses, especially
high energy users such as manufacturing
and hospitality, are seeing such large
increases that it may become unviable
to continue operating.
Business energy consultants, Control
Energy Costs, are seeing a six-fold increase
in gas and a four-fold increase in electricity
prices compared with those available
12 months ago. For any business, that
is an enormous increase, particularly in
manufacturing where profit margins are
generally very slim and energy use is high.
To make matters worse, there are
several energy suppliers either pulling
out of the retail market altogether or
temporarily putting a hold on taking on
new business until the markets settle,
which limits options.
Challenge for credit management
Potentially this leaves utility companies
with an alarming level of both consumer
and business debt, where lower income
households simply cannot pay and
businesses close, leaving creditors in
their wake.
The credit management systems in place
may be put under considerable pressure
by a significant increase in the volume
of energy debt across both consumer and
business customers.
The ideal is for customers in financial
difficulty to engage with their provider
to find a mutually agreeable approach.
However, many do not engage, meaning
that there is very little that can be done,
other than pursuing and escalating the debt
through normal channels.
We think it very likely that there will be an
increase in judgments and subsequently
enforcement instructions, over the coming
months and years, as a result of the
significant increases in energy prices.
If enforcement is part of your approach
to debt management, you may want
to consider how you work with your
enforcement partner, to explore ways
to improve early engagement and obtain
payment arrangements that provide a
manageable solution for the customer,
whilst also reducing the negative impact
on the organisation.
As High Court Enforcement Officers
(HCEO), HCE Group approaches all
enforcement action from a starting point
of engaging with the customer to resolve
the debt as quickly as possible.
Sometimes, the fact that the debt has been
escalated to a judgment and an HCEO
instructed can make engagement attempts
more successful, as the customer realises
the seriousness of the matter and the need
to address it to prevent further fees being
added to the debt.
We use a systematic approach to customer
engagement, using technology based on
behaviour analysis to find the channel and
timing that is best suited to that customer.
We use tools including SMS, automated
call backs, email, live chat and have
developed a debtor app to make payment
as easy as possible.
We also can develop our systems and
procedures to align with our clients and
can integrate our reporting into their case
management system, to make the process
smooth and seamless.
In conclusion
The combined impact of high inflation,
rising energy prices and the resulting
cost of living increase, will mean that
many consumers and businesses will
struggle financially.
Whilst the impact may be first felt in the
utility sector, this is likely to spread over
into other sectors. Enhancing the tools to
encourage engagement is the starting point
that will deliver better outcomes.
Alan J. Smith
Authorised HCEO and Director
of Corporate Governance at
High Court Enforcement Group
If you would like to learn more, you can
download our eBook guides from the CICM
members' area or call us on 08450 999666.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 37

ESG
Between the Lines
What is meant by Intersectional Equity
and why does it matter?
AUTHOR – Aniela Unguresan
TECHNOLOGY is everywhere,
from playrooms to boardrooms.
But people – individuals – are
the hands, hearts, and minds of
an organisation. Every person
is unique and has a distinct
identity with defined characteristics. As a
result, workplace life is not homogenous,
but beautifully and richly heterogenous. It is
certainly rarely, if ever, binary where choices
can be said to be either one way or its direct
opposite.
Years ago, conversations tended to revolve
solely around workplace gender equality. But
times and perspectives have moved on and we
need to no longer think of the workplace as
being staffed by homogenous groups of ‘men’
and homogenous groups of ‘women’ with those
in either grouping being identical in every way.
It is logical that for practical reasons
organisations consider and categorise people by
their sex at birth – their gender. HR systems in
organisations are set to manage this binary view
and people can be lawfully tracked accordingly,
regardless of geographical location or industrial
sector. It’s fair to say that statistical analysis by
gender is universal.
But the realisation is dawning on organisations
that the terms ‘male’ and ‘female’ oversimplify
matters, and that those within these two
groups have very diverse cognitive identities,
behaviours and expectations.
Put simply, in addition to physical gender,
each one of us possesses individual identifiers
based on, for example, gender identity, sexual
orientation, ethnic background and origin, age,
abilities and disabilities, as well as nationality.
Each of these traits makes it a nonsense to
consider a workforce as being homogenous
precisely because the identity of each one of us is
wonderfully complex and clearly differentiated.
CONSIDER EVERYTHING
We think it important to acknowledge all
components of an individual’s identity as each
can shape a contribution to the workplace just
as much it can shape an employee’s experience
of the workplace. By removing homogeneity and
looking at an individual’s own and unique traits
– known conceptually as ‘intersectional equity’
– we can expressly recognise the differences
that determine how a person experiences their
time in, and contribution to, the workplace.
But in recognising individual uniqueness,
we should not be restricted to looking at each
one of us through one defined prism at a time
(e.g age, sex, skin color and nationality for
example) either. Rather, we should consider all
The UK Government,
for example, has
moved from a stance
of not seeking to
have organisations
measure gaps in pay
relating to gender,
race, and ethnicity to
the exact opposite – a
legally prescribed
requirement to
measure and disclose.
of our traits in their dynamic interaction.
So, how do we consider what makes up our
amazingly complex and phenomenally rich
identities?
It is interesting that gender at birth is usually
disclosed by default, but that other elements
that make up an individual’s identity are not as it
might be natural to consider it an imposition to
ask an individual, in the context of a professional
environment, about elements of their identity
that may be perceive as being very intimate and
private to them.
It makes sense there are many areas of
a person’s life that they may wish to keep
private – their socio-economic background and
religion, for example, as well as those previously
highlighted as our individual ‘identifiers’.
But beyond the desire to maintain privacy is
the very real concern held by some of us that
the more an employer knows about such aspects
of our identity, the higher the risk of a potential
discrimination to occur. And in some cases –
still too many, and still too often – this is exactly
what happens.
However, that doesn’t have to be so, and
change can and shall happen.
A PERSONALISED EXPERIENCE
We have now moved away from the worry
of workplace discrimination to a belief in
information being used to create a more
personalised workplace experience. The UK
Government, for example, has moved from
a stance of not seeking to have organisations
measure gaps in pay relating to gender, race,
and ethnicity to the exact opposite – a legally
prescribed requirement to measure and
disclose.
The beauty of this concept – this
intersectionality – is that it considers people
holistically and has the power to change the
moral contract that individuals maintain with
their employer. They see that disclosure of
this information can lead to the customisation
of careers and more personalised workplace
experiences. Rather than holding them back, it is
something that can support their advancement
and development in a highly personalised way.
So, armed with an understanding of
how important intersectionality is in the
workplace, EDGE now invites organisations to
add additional layers, based on diversity, to the
analysis of their workplaces. This adds depth
and completes the binary view based on gender
– which is, as we have said, universal and can
be measured in the same way across the globe.
It’s essential to recognise that while aspects
of diversity may be important, they do differ
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 38

ESG
AUTHOR – Aniela Unguresan
according to operational geography, specificities
of the available talent pool, and business focus.
By extension, some personality traits may be
perceived as more pressing to organisations than
others, but for best results, the whole spectrum of
traits should be analysed.
ASK FOR VIEWS
Practically speaking, the starting point for
determining intersectional equity is to ask
employees across the whole diversity spectrum
for their opinions about their experience of the
workplace. But it should be done in such a way as
to be anonymous so that all can participate freely.
Organisations may find it interesting to see who
engages and who shares both their frustrations
and positive thoughts.
Organisations will find it highly relevant on which
topics the views or experiences of different groups
converge and where they diverge. And, needless
to say, organisations will need to customise their
questions according to geographical location and
to account for local specificities as responses
will differ across the world. The results have the
potential to be very illuminating.
Consider gender identity. There are unique
layers of complexity in relation to gender identity
and non-binary gender identity in the Silicon
Valley compared to that found in the rest of
the US, or elsewhere in the world for example.
This makes it critically important to make the
discovery process very personal. Success very much
depends on choosing the identity categories that
matter and examining the results for similarities
and differences. Organisations armed with such
knowledge, can review their policies and practices
to craft a highly tailored and highly inclusive
approach.
Obviously, employees need to be assured that
this disclosed information about their identities
is protected so that, for example, personal selfdisclosed
aspects of their identity is only accessible
by a chief diversity officer, CHRO, and maybe one
other person.
Indeed, it is fundamental that employees
feel that those who make day-to-day decisions
on matters such as salary, promotions, and on
leadership trajectories, cannot access this sensitive
information and that it is only used to define their
experience in the workplace and for no other
purpose.
Aniela Unguresan is the Founder
of the EDGE Certified Foundation.
Practically
speaking, the
starting point
for determining
intersectional
equity is to
ask employees
across the
whole diversity
spectrum for
their opinions
about their
experience of
the workplace.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 39

Introducing our
CORPORATE PARTNERS
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact corporatepartners@cicm.com
High Court Enforcement Group is the largest
independent and privately owned High Court
enforcement company in the country, with more
authorised and experienced officers than anyone
else. This allows us to build and manage our
business in a way that puts our clients first.
Clients trust us to deliver and service is paramount.
We cover all aspects of enforcement –writs of
control, possessions, process serving and landlord
issues - and are committed to meeting and
exceeding clients’ expectations.
T: 08450 999 666
E: clientservices@hcegroup.co.uk
W: hcegroup.co.uk
YayPay makes it easy for B2B finance teams to stay
ahead of accounts receivable and get paid faster –
from anywhere.
Integrating with your ERP, CRM, and billing
systems, YayPay presents your real-time data
through cloud-based dashboards. Automation
improves productivity by 3X and accelerates
collections by up to 34 percent. Predictive analytics
provide insight into payor behavior and an online
portal enables customers to access their accounts
and pay at any time.
T: +44 (0)7465 423 538
E: marketing@yaypay.com
W: www.yaypay.com
HighRadius provides a cloud-based Integrated
Receivable Platform, powered by machine learning
and AI. Our Technology empowers enterprise
organisations to reduce cycle time in the order-tocash
process and increase working capital availability
by automating receivables and payments processes
across credit, electronic billing and payment
processing, cash application, deductions, and
collections.
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.com
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools, automated
workflows for payment processing and bill review
and state of the art fraud detection, behavioural
analytics and regulatory compliance. Every day, we
help our customers by making complex business
payments simple, secure and seamless.
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
Our Creditor Services team can advise on the best
way for you to protect your position when one of
your debtors enters, or is approaching, insolvency
proceedings. Our services include assisting with
retention of title claims, providing representation at
creditor meetings, forensic investigations, raising
finance, financial restructuring and removing the
administrative burden – this includes completing
and lodging claim forms, monitoring dividend
prospects and analysing all Insolvency Reports and
correspondence.
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Key IVR provide a suite of products to assist companies
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform
delivering automated messages by voice and SMS.
In a credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
With 130+ years of experience, Graydon is a leading
provider of business information, analytics, insights
and solutions. Graydon helps its customers to make
fast, accurate decisions, enabling them to minimise
risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon
uses 130+ international databases and the information
of 90+ million companies. Graydon has offices in
London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s
largest credit insurance companies.
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 40

Each of our Corporate Partners is carefully selected for
their commitment to the profession, best practice in the
Credit Industry and the quality of services they provide.
We are delighted to showcase them here.
They're waiting to talk to you...
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Court Enforcement Services is the market
leading and fastest growing High Court Enforcement
company. Since forming in 2014, we have managed
over 100,000 High Court Writs and recovered more
than £187 million for our clients, all debt fairly
collected. We help lawyers and creditors across all
sectors to recover unpaid CCJ’s sooner rather than
later. We achieve 39 percent early engagement
resulting in market-leading recovery rates. Our
multi-award-winning technology provides real-time
reporting 24/7.
T: +44 (0)1992 367 092
E: a.whitehurst@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
Forums International has been running Credit and
Industry Forums since 1991 covering a range of
industry sectors and international trading. Attendance
is for credit professionals of all levels. Our forums
are not just meetings but communities which
aim to prepare our members for the challenges
ahead. Attending for the first time is free for you to
gauge the benefits and meet the members and we
only have pre-approved Partners, so you will never
intentionally be sold to.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Data Interconnect provides corporate Credit Control
teams with Accounts Receivable software for bulk
e-invoicing, collections, dispute management and
invoice finance. The modular, cloud-based Corrivo
platform can be configured for any business model.
It integrates with all ERP systems and buyer AP
platforms or tax regimes. Customers can self-serve
on mobile friendly portals, however their invoices are
delivered, and Credit Controllers can easily extract
data for compliance, audit and reporting purposes.
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Serrala optimizes the Universe of Payments for
organisations seeking efficient cash visibility
and secure financial processes. As an SAP
Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience
and thousands of successful customer projects,
including solutions for the entire order-to-cash
process, Serrala provides credit managers and
receivables professionals with the solutions they
need to successfully protect their business against
credit risk exposure and bad debt loss.
T: +44 118 207 0450
E: contact@serrala.com
W: www.serrala.com
American Express® is a globally recognised
provider of business payment solutions, providing
flexible capabilities to help companies drive
growth. These solutions support buyers and
suppliers across the supply chain with working
capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
The Company Watch platform provides risk analysis
and data modelling tools to organisations around
the world that rely on our ability to accurately predict
their exposure to financial risk. Our H-Score®
predicted 92 percent of quoted company insolvencies
and our TextScore® accuracy rate was 93
percent. Our scores are trusted by credit professionals
within banks, corporates, investment houses
and public sector bodies because, unlike other credit
reference agencies, we are transparent and flexible
in our approach.
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a
timely manner. From credit management to cash
allocation, Esker automates each step of the orderto-cash
cycle. Esker’s automated AR system helps
companies modernise without replacing their
core billing and collections processes. By simply
automating what should be automated, customers
get the post-sale experience they deserve and your
team gets the tools they need.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 41

Introducing our
CORPORATE PARTNERS
Each of our Corporate Partners is carefully selected for their commitment
to the profession, best practice in the Credit Industry and the quality of
services they provide. We are delighted to showcase them here.
For further information and to discuss the opportunities of entering into a
Corporate Partnership with the CICM, please contact corporatepartners@cicm.com
Chris Sanders Consulting – we are a different
sort of consulting firm, made up of a network of
independent experienced operational credit and
collections management and invoicing professionals,
with specialisms in cross industry best practice
advisory, assessment, interim management,
leadership, workshops and training to help your
team and organisation reach their full potential in
credit and collections management. We are proud to
be Corporate Partners of the Chartered Institute of
Credit Management and to manage the CICM Best
Practice Accreditation Programme on their behalf.
T: +44(0)7747 761641
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
VISMA | Onguard is a specialist in credit management
software and market leader in innovative solutions for
order-to-cash. Our integrated platform ensures an optimal
connection of all processes in the order-to-cash
chain. This enhanced visibility with the secure sharing
of critical data ensures optimal connection between
all processes in the order-to-cash chain, resulting
in stronger, longer-lasting customer relationships
through improved and personalised communication.
The VISMA | Onguard platform is used for successful
credit management in more than 70 countries.
T: 020 3868 0947
E: edan.milner@onguard.com
W: www.onguard.com
The CICM Benevolent Fund is
here to support members of
the CICM in times of need.
Some examples of how CICM have helped our members are:
• Financed the purchase of a mobility scooter for a disabled member.
• Helped finance the studies of the daughter of a member who
became unexpectedly ill.
• Financed the purchase of computer equipment to assist an
unemployed member set up a business.
• Contributed towards the purchase of an orthopaedic bed for one
member whose condition was thereby greatly eased.
• Helped with payment for a drug, not available on the NHS, for
medical treatment of another member.
If you or any dependants are in need or in distress, please apply today – we are here to
help. (Your application will then be reviewed by the CICM Benevolent Fund committee and
you will be advised of their decision as quickly as possible)
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 42

HR MATTERS
Controversial practices
Clamping down on fire and rehire tactics, and
questioning bonus schemes for notice periods.
AUTHOR – Gareth Edwards
THE UK Government has
announced that a new
Statutory Code of Practice
will be published on the
use of 'fire and rehire'
practices following the
mass redundancies carried out by P&O
Ferries in March.
A Statutory Code of Practice is a
written code approved by the Secretary
of State and laid before Parliament. It
contains guidance rather than strict
legal obligations, but tribunals and
courts are required to take compliance
with a code into account in determining
relevant legal proceedings, including
unfair dismissal claims. They will have
the power to apply an uplift of up to 25
percent of an employee's compensation
if a code applies and the employer had
unreasonably failed to follow it.
To recap, on 17 March 2022, P&O
Ferries fired 800 seafarers via a prerecorded
message to replace them
with lesser paid agency staff. The CEO
admitted the company decided not to
follow any sort of consultation process
prior to firing its staff, stating the
decision was necessary for the business
to survive. The company offered
enhanced payments to redundant
employees if they enter into settlement
agreements.
As for the obligation to inform and
consult, if 20 or more employees are to
be made redundant within any 90-day
period at a single establishment, the
employer is under a duty to collectively
consult with recognised trade unions, or
employee representatives if there is no
recognised union.
Although there are no set rules to
follow if there are a smaller number
of redundancies planned, employers
should also consult individually with
staff before any redundancy.
The Government has previously
confirmed it has no plans to legislate
against fire and rehire. Given this, it is
likely that the emphasis of the new code
will not be on preventing employers
from taking action, but on adding extra
protection for staff who might suffer
unfair treatment.
Resignation, bonus and PILON
CAN a pay in lieu of notice (PILON) clause
exercised after an employee has already
resigned, change a resignation into a
dismissal? It cannot according to the
Employment Appeal Tribunal (EAT).
In the case of Fentem v Outform EMEA
Ltd, Mr Fentem resigned on nine months’
notice which was due to expire on 16
January 2020. His contract of employment
contained a PILON clause and provided
that he needed to work his entire notice
period in order to receive his bonus.
On 19 December 2019, his employer
decided to bring his employment to an
end with immediate effect, making a
payment in lieu of the outstanding period
of notice as permitted under the PILON
clause.
Section 95 of the Employment Rights Act
1996 sets out the circumstances in which
an employee will be treated as dismissed
for the purposes of unfair dismissal. One
of those circumstances is if ‘‘the contract
under which (the employee) is employed
is terminated by the employer (whether
with or without notice)’’. On the face of
it, this would appear to apply when an
employer exercises a contractual PILON
clause, even if the employee has already
resigned.
However, in the 1994 case of Marshall
(Cambridge) Ltd v Hamblin the EAT held
that an employee's resignation was not
subsequently converted into a dismissal
under Section 95 when the employer
exercised its contractual right to make a
PILON.
Fentem sought to bring an unfair
dismissal claim in light of his termination
date having been brought forward. The
tribunal, being bound by the Marshall
case, found that there had also been no
dismissal in Fentem, and his employment
had terminated by reason of resignation.
Fentem appealed unsuccessfully to the
EAT. The EAT found that the effect of a
PILON in cases where the employee has
already resigned will be to alter the date
on which the resignation takes effect,
rather than to replace the resignation
with a dismissal in law.
The EAT remarked that it found fault
with some of the reasoning in the Marshall
case. However, despite there being flaws
in the reasoning of the Marshall case,
the EAT found the outcome of the case
was not 'manifestly wrong'. This meant
the EAT was bound by the Marshall case
when considering Fentem's claim. His
appeal was dismissed.
Fentem is seeking permission to
apply to the Court of Appeal against the
decision.
The learning point for employers is to
consider whether to make bonus schemes
accessible to staff working out their
notice periods. In Fentem's case, if no
bonus was due because he was working
out his notice, his employer might not
have invoked the PILON clause, and might
have avoided the dispute altogether.
Gareth Edwards is a partner in
the employment team at VWV
www.gedwards@vwv.co.uk
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 43

INTERNATIONAL TRADE
Opportunity knocks
First time exporters need to plan for the basics.
AUTHOR – Adam Bernstein
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 44

INTERNATIONAL TRADE
AUTHOR – Adam Bernstein
THE eighteenth century saw
Britain termed a ‘nation of
shopkeepers’. But now, more
than two centuries on, the
country has transformed
into a nation of exporters.
So great is the change that a February 2022
House of Commons research briefing,
Trade: Key Economic Indicators, noted
that the total value of the UK’s exports of
goods and services in 2021 stood at £619bn,
with 42 percent of that value heading
toward the European Union.
Using World Bank Data for 2020, it’s
possible to see just how well the UK is
doing. For a country so diminutive in size,
the UK is the world’s fifth largest exporter
and is placed behind – in reverse order
– Japan, Germany, the US and first place
China.
But the Government wants, and is
encouraging, more. Consider what it’s
done for agriculture. In June 2021, the
Department for International Trade
announced a mentorship programme
in partnership with the Agriculture and
Horticulture Development Board and
the National Farmers Union to help UK
farmers and food producers boost their
exports.
According to the Government, the UK
exported £21.7bn worth of food and drink
in 2020 and it says that within the next
decade: “two-thirds of the world’s middle
classes will be in Asia, creating new
export opportunities for British farming”.
By pairing farmers and other food
producers with experienced exporters,
the Government hopes that this will lead
to an increase in sales for UK agricultural
businesses and the chance to open new
customer bases abroad.
For many businesses seeking to take
advantage of this scheme, and others
that serve different sectors, this could
be the first time they have contemplated
exporting their goods abroad. But what
are the basics that they should consider?
Patrick McCallum, an associate at
Wright Hassall outlines several key
considerations.
TERRITORY
One of the first things Patrick discusses is
the importance of knowing the territory,
that is, the destination for exported goods.
“It involves a considerable amount of
market research to identify, for example,
in which countries and regions there is
a particular demand for products,” he
explains.
He talks also of recent opportunities that
post-Brexit trade deals may have created for
UK businesses, as well as those countries
and regions it is cheaper to export to.
“Exporters would do well to think if they
have existing contacts in any territories
that could help get an initial foothold
quicker than they otherwise could
achieve.”
AGENT OR DISTRIBUTOR
With targets pinpointed, Patrick turns next
to the need to appoint a representative
in the chosen territory – someone who
possesses all the local knowledge,
networks, and commercial standing to
help an exporter market and sell goods.
As to whom is picked to carry out this
task, “they will play a massive part in the
success of a firm’s sales abroad, so due
diligence is key,” he says. “Once identified,
thought will need to be given to the basis
on which they are to be appointed – are
they to be an agent or a distributor?”
There are pros and cons to both
approaches.
“An agent will seek out customers in
the territory and, where they have been
granted authority to do so, enter into
contracts on the exporter’s behalf.”
This means that an exporter would have
a direct contractual relationship with
customers in the agent’s territory. In most
cases, the agent will receive a commission
based on a fixed percentage of all fees
generated from sales within their territory.
Patrick cautions, however, that an agent
would be entitled to compensation on
termination of their contract to reflect the
goodwill it has generated for the exporter.
In contrast, while a distributor will also
seek out customers in their territory, they
purchase goods from the exporter to resell.
“It is the distributor that has the
contractual relationship with customers
in their territory,” he explains. “The
exporter would not pay a distributor
any commission on sales they generate.
Instead, they would look to apply a markup
to the goods when they sell them on.”
LOGISTICS AND TRANSPORT
Another element that Patrick draws
attention to is logistics and transport. And
post-Brexit, he says that exports and legal
responsibility is no longer a simple matter.
He points out that if an agent or
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 45
distributor is to take the lead, the exporter
will need to clarify “who will bear the
cost of transportation, insurance during
transit, and import and export duties.”
With a multitude of international rules
and regulations to comply with – along
with different languages to contend with
– it can be time consuming and expensive
to negotiate the various commercial
issues involved in the international
transportation of goods.
This is why, to save time, he recommends
the use of one of 11 sets of Incoterms
(which can be found on https://iccwbo.
org/) that set out default positions for
the parties to adopt. There are multiple
sets of Incoterms because, as Patrick
says: “each strikes a different balance of
responsibilities between the parties. But as
to which set are adopted, this will depend
on who has more bargaining power and
who wants to accept responsibility for
what.
“Ultimately, if the exporter is to be
responsible for transporting goods to
their destination, it may want to engage
a third-party logistics services provider
(3PL). It’s possible that delivery may need
to take place in stages for which there may
be a need to engage multiple 3PLs and
warehousing providers.”
BRANDING AND MARKETING
Not as obvious as it might appear, but
exporters need to consider the branding
that should appear on goods, along with
how they are packaged and promoted.
A distributor is likely to want to attach
its own branding as well as the exporter’s
own. This may not be a bad thing as Patrick
explains: “Given that the distributor will
have an established reputation in the
territory, their branding may help increase
sales as customers are more likely to
respond positively to their branding than
the exporter’s.”
But it’s just as important to consider
what should happen if a distributor
wants to remove an exporter’s branding
entirely as this will prevent them gaining
a market presence in the territory. For
Patrick, “this may be acceptable so long as
the distributor is purchasing a sufficient
quantity of goods to make up for the
demand.”
Beyond this is the question of how
exporters control the promotion of their
goods. Will agents or distributors be
required to only use marketing materials
continues on page 46 >

INTERNATIONAL TRADE
AUTHOR – Adam Bernstein
provided by the exporter? Is there to be a brand
guideline that needs to be followed? If agents
or distributors are going to be permitted to
produce their own marketing, will this need
exporter sign off before use in any campaign?
COMMISSION AND PRICING
Where an agency is the chosen route,
commercial consideration will need to be
given as to what rate of commission that will
be paid on sales generated in the territory.
Here Patrick says that an option is to “offer a
higher rate of commission on all sales over a
minimum number within a specified period
or where they secure particularly large orders.”
When it comes to distributors, a similar
consideration will need to be given to price
charged by the exporter to enable profits for
both parties. It may be, as Patrick says, that
a distributor is offered discounts on goods
ordered above a minimum number placed
within a specified period.
But no matter the deal struck, Patrick says
that payment terms are crucial. He adds
that for agents: “exporters need to think how
frequently they will account for commission
agents will have earned. And for distributors,
the same thought will need to be applied to
how many days they will be granted to pay
invoices.”
Currency is another key term to discuss,
regardless of whether an agent or distributor
is used, for exchange rates fluctuate and can
turn thin margins into a large loss. “It will need
to be agreed as to which party will bear the
risk of any significant fluctuations between
sterling and the agent’s or distributor’s
currency,” he says. “This can be problematic if
the negotiating power of the parties is unequal
- one party may end up bearing all the risk.”
It may be possible for the parties to
eventually agree that each accepts a degree of
risk within specified parameters, but that one
bears the risk if there is a currency fluctuation
outside of these parameters.
MINIMUM SALES TARGETS
In any sales agreement – agency or
distributorship – it’s logical that there need to
be incentives for the representative to want to
maximise sales in the territory.
While high rates of commission on sales
generated can spur on agents, and competitive
prices for goods drive distributors, further
inducements may be necessary. On this
Patrick thinks minimum sales targets can
have a positive effect. “They reward the agent
or distributor by offering extra commission
on goods sold or greater discounts on goods
purchased above a minimum sales target.”
Conversely, he has seen such targets used
“to penalise poor performance through
the termination of an agreement and/or
withdrawing any exclusivity rights they may
enjoy within the territory where they fail to
meet such minimum sales target.”
Allied to this is the option to grant
exclusivity to an agent or distributor as an
added incentive. “However, if an agent or
distributor is appointed on an exclusive basis,
no one else – not even the exporter – can sell
or promote in the territory. This gives the
agent or distributor complete control over
customers in their territory and removes the
risk of any of their competitors stealing their
commission or undercutting their prices,”
Patrick warns.
It shouldn’t be forgotten that there is an
element of risk in appointing on an exclusive
basis – the exporter will be completely
beholden to them for sales in the territory.
This is why he says that “if considering an
appointment on an exclusive basis, exporters
should include a minimum sales target and
other triggers which allow the withdrawal
of exclusivity if they are not performing as
expected.”
GOVERNANCE
The last area that Patrick discusses relates to
trust – that appointing an agent or distributor
means placing faith in that business to act in
the exporter’s best interests.
As such, he says that “it is wise to put in
place a governance structure whereby each
party will have a designated representative
to deal with the day-to-day running of the
relationship. Further, the agent or distributor
should be obliged to regularly report on
concluded sales, potential sales, the success of
marketing campaigns, issues with the goods
and other important information.”
Outside of this, it makes sense for both
sides to hold regular meetings to assess the
relationship, resolve any ongoing issues, and
plans for the future.
CONCLUSION
Choosing to export for the first time is a big
step for any organisation. Profitable as it may
be, it is important to be aware of the issues
involved and to record what all have agreed in
the contract. Parties can refer to this as and
when any dispute arises.
Adam Bernstein is a freelance
business writer.
“Ultimately, if the exporter is to be responsible for
transporting goods to their destination, it may want to
engage a third-party logistics services provider (3PL). It’s
possible that delivery may need to take place in stages for
which there may be a need to engage multiple 3PLs and
warehousing providers.”
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 46

ig thank you to everyone who came to our
recent CICM North East Branch Quiz, we are
so happy to be back with our first face-to-face
event after two years! Sustained by excellent
food and drink served up by the staff at the
A.. prestigious city venue at St James Park, the
Quiz-Mistress and Branch Chair, Angie Deverick, dusted off the
notorious green folder and put 40 hardy souls through some
fun paces, ably assisted by Paul Card's tricky music round. The
victorious ‘Muckle 1’ (Muckle LLP) beat off stiff competition
from teams representing local businesses, ‘Muckle 2’, James
Burrell Builders Merchants, Interpath Advisory and Paul Card
Recruitment, Hays Accountancy, Frank Recruitment Group,
Sintons Law Firm, Darchem Engineering, Inchcape and
Robson Laidler, to take the title back from FRG, and claim the
pick of the team prizes.
No-one went home empty-handed: the originally intended
Chocolate Santas mysteriously morphed into Easter Bunnies
but the legendary Christmas mugs made it unscathed! Thanks
also to generous spot prizes donated by Hays Accountancy &
Finance, Global Credit Recoveries Ltd., Paul Card Recruitment,
and Muckle LLP – their support is much appreciated.
Keep posted on all of our branch events in the upcoming
events section of the website at www.cicm.com and make sure
you are signed up for CICM emails to receive your invitations!
BRANCH NEWS
Return of the Quiz
North East Branch
AUTHOR – Angie Deverick
ANNUAL
GENERAL MEETING
The eighth Annual General Meeting of the Chartered
Institute of Credit Management will be held on
Thursday, 16 June 2022 at 1 Accent Park, Bakewell
Road, Orton Southgate, Peterborough PE2 6XS at
13:00 (or at the rising of the Advisory Council from
its preceding meeting, whichever is later).
If you plan to attend, please advise via email to
governance@cicm.com as soon as you are able, and
no later than 13:00 on Wednesday, 15 June 2022.
By order of the Executive Board
Sue Chapple FCICM
Chief Executive
To read the Notice, visit:
http://www.cicm.com/about-cicm/governance/
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 47

THRIVING IN TURBULENT TIMES
CICM AND MENZIES ROUNDTABLE OUTCOMES
menzies.co.uk/creditor-services
ust as the challenges brought on positions offering higher salaries. open and transparent way helps them
Just as the challenges brought on positions offering higher salaries. open and transparent way helps them
y the global pandemic began to Employers that are unable to meet to feel more accountable to the
by the global pandemic began to Employers that are unable to meet to feel more accountable to the
ane, economic sanctions
employees’ salary expectations are business,” commented Sue Chapple.
wane, economic sanctions
employees’ salary expectations are business,” commented Sue Chapple.
troduced in response to Russia’s experiencing debilitating worker
introduced in response to Russia’s experiencing debilitating worker
vasion of Ukraine and persisting shortages.
In an attempt to beat worker shortages
invasion of Ukraine and persisting shortages.
In an attempt to beat worker shortages
upply chain disruption have piled
and recruit talented people, a growing
supply chain disruption have piled
and recruit talented people, a growing
et more pressure on businesses. Yvette Gray, Collections Country number of businesses are looking
yet more pressure on businesses. Yvette Gray, Collections Country number of businesses are looking
ome have been pushed to the Director for the UK and Ireland at further afield. Prior to the pandemic,
Some have been pushed to the Director for the UK and Ireland at further afield. Prior to the pandemic,
rink of insolvency, but should we trade credit insurer, Atradius, said: many employers may not have
brink of insolvency, but should we trade credit insurer, Atradius, said: many employers may not have
xpect things to get worse before
considered recruiting workers based
expect things to get worse before
considered recruiting workers based
ey start to get better?
“Retaining and recruiting staff has overseas, but this is becoming more
they start to get better?
“Retaining and recruiting staff has overseas, but this is becoming more
become a major challenge for many common. James Armitage, Chief
become a major challenge for many common. James Armitage, Chief
ising energy and fuel prices,
businesses, particularly small and Operating Officer at Zero Deposit,
Rising energy and fuel prices,
businesses, particularly small and Operating Officer at Zero Deposit,
ombined with the soaring cost of medium-sized enterprises that struggle which offers deposit-free renting, said:
combined with the soaring cost of medium-sized enterprises that struggle which offers deposit-free renting, said:
ommodities such as grain,
to match the remuneration and reward
commodities such as grain,
to match the remuneration and reward
edstocks, sunflower oil, and a host of packages of larger companies. Worker “Developers are among those workers
feedstocks, sunflower oil, and a host of packages of larger companies. Worker “Developers are among those workers
re earth elements used in the
shortages are impacting trading most likely to work remotely, and we
rare earth elements used in the
shortages are impacting trading most likely to work remotely, and we
roduction of semiconductors and performances, particularly in sectors currently employ staff based in Spain
production of semiconductors and performances, particularly in sectors currently employ staff based in Spain
thium-ion batteries, are causing that offloaded staff in large numbers at and Poland. Flying them in for key
lithium-ion batteries, are causing that offloaded staff in large numbers at and Poland. Flying them in for key
ignificant disruption across many the height of the pandemic, such as meetings is more affordable than many
significant disruption across many the height of the pandemic, such as meetings is more affordable than many
dustries. The fact that many
hospitality & leisure and non-food employers might think and this way we
industries. The fact that many
hospitality & leisure and non-food employers might think and this way we
usinesses are facing demands to start retail.”
gain access to a wider talent pool.”
businesses are facing demands to start retail.”
gain access to a wider talent pool.”
paying pandemic-related business
repaying pandemic-related business
ans is adding to the financial
When it comes to managing debt at a
loans is adding to the financial
When it comes to managing debt at a
ressures.
time of rising inflation, businesses in
pressures.
time of rising inflation, businesses in
sectors worst affected by the fallout
sectors worst affected by the fallout
ome businesses are being forced to
from the Ukraine conflict are taking a
Some businesses are being forced to
from the Ukraine conflict are taking a
ass on price increases to their
cautious approach. Many
pass on price increases to their
cautious approach. Many
ustomers, despite understanding the
are choosing not to increase credit
customers, despite understanding the
are choosing not to increase credit
eed to stay competitive to protect
limits in line with inflation and the
need to stay competitive to protect
limits in line with inflation and the
eir market position. In some cases, Employers are trying new things to increased cost of commodities, and
their market position. In some cases, Employers are trying new things to increased cost of commodities, and
is is having a negative impact on attract and retain employees. Menzies most have credit insurance in place.
this is having a negative impact on attract and retain employees. Menzies most have credit insurance in place.
emand and revenues are entering a LLP has implemented ‘Make a
However, collection issues are
demand and revenues are entering a LLP has implemented ‘Make a
However, collection issues are
ownward spiral.
Difference Week’ where staff are becoming more prevalent for those
downward spiral.
Difference Week’ where staff are becoming more prevalent for those
encouraged to spend a day of the businesses that are reliant on
encouraged to spend a day of the businesses that are reliant on
peaking at a roundtable hosted by firm’s time making a difference in their commodities or other supplies typically
Speaking at a roundtable hosted by firm’s time making a difference in their commodities or other supplies typically
ccountancy firm, Menzies LLP, Sue local communities by supporting a sourced from Ukraine or Russia. The
accountancy firm, Menzies LLP, Sue local communities by supporting a sourced from Ukraine or Russia. The
happle, Chief Executive of the charitable initiative or environmental products in short supply include
Chapple, Chief Executive of the charitable initiative or environmental products in short supply include
hartered Institute of Credit
project. “It’s a great way of giving feedstocks, grain, sunflower oil and
Chartered Institute of Credit
project. “It’s a great way of giving feedstocks, grain, sunflower oil and
anagement (CICM), said:
people something more than a
certain rare earth metals and gases,
Management (CICM), said:
people something more than a
certain rare earth metals and gases,
financial rewards package that enables such as palladium and neon, which are
financial rewards package that enables such as palladium and neon, which are
or credit managers and finance them to make a difference locally, and used in the production of
“For credit managers and finance them to make a difference locally, and used in the production of
aders, balancing the need to recover more than half of the firm’s employees semiconductors. In some cases, prices
leaders, balancing the need to recover more than half of the firm’s employees semiconductors. In some cases, prices
ebts with maintaining supply lines and have opted into the scheme in its first have more than doubled since Russia
debts with maintaining supply lines and have opted into the scheme in its first have more than doubled since Russia
elping to keep the business on an year,” said Bethan Evans, Business invaded Ukraine.
helping to keep the business on an year,” said Bethan Evans, Business invaded Ukraine.
ven keel has never been more Recovery Partner at the firm. Other
even keel has never been more Recovery Partner at the firm. Other
hallenging.
popular strategies that businesses are
challenging.
popular strategies that businesses are
o some extent, businesses have introducing include a greater focus on
“To some extent, businesses have introducing include a greater focus on
een held in aspic during the
flexible working, childcare support and
been held in aspic during the
flexible working, childcare support and
andemic, but the removal of
optional benefits intended to promote
pandemic, but the removal of
optional benefits intended to promote
andemic support measures, including work-life balance. More sabbaticals,
pandemic support measures, including work-life balance. More sabbaticals,
oronavirus Bounce Back Loans, has paid and unpaid, are among the With large numbers of container ships
Coronavirus Bounce Back Loans, has paid and unpaid, are among the With large numbers of container ships
iven way to a complex web of global benefits on offer.
currently held up in ports and no
given way to a complex web of global benefits on offer.
currently held up in ports and no
conomic and geopolitical constraints.”
indication of when the situation might
economic and geopolitical constraints.”
indication of when the situation might
“Pay and benefits are important when it start to improve, supply chain
“Pay and benefits are important when it start to improve, supply chain
ith inflation at a 30-year high, one of comes to keeping talented people, but disruption is expected to stay. The
With inflation at a 30-year high, one of comes to keeping talented people, but disruption is expected to stay. The
e key problems many businesses are employers should aim to give
longer this situation continues, the
the key problems many businesses are employers should aim to give
longer this situation continues, the
cing is unrealistic salary
individuals greater sense of ownership greater the financial pressure it will
facing is unrealistic salary
individuals greater sense of ownership greater the financial pressure it will
xpectations. The buoyant job market, by ensuring they understand what the place on UK-based businesses. The
expectations. The buoyant job market, by ensuring they understand what the place on UK-based businesses. The
riven by low unemployment and business does, how it makes money number of corporate insolvencies in
driven by low unemployment and business does, how it makes money number of corporate insolvencies in
creases in the cost of living is
and how it is performing.
March rose by 39.4%, according to the
increases in the cost of living is
and how it is performing.
March rose by 39.4%, according to the
ncouraging workers to pursue
Communicating with workers in a more insolvency body R3, up by 111.6% on
encouraging workers to pursue
Communicating with workers in a more insolvency body R3, up by 111.6% on
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 48

March 2021. The majority of these
insolvencies are Company Voluntary
Liquidations (CVLs), which are
initiated by directors who have made
the difficult decision to wind up the
business because it is no longer
viable.
Bethan Evans, Business Recovery
Partner at Menzies LLP, said:
“We have been expecting a
spike in corporate
insolvencies coming out of the
pandemic and the numbers are
starting to rise.
“Few businesses have
managed to survive the
pandemic unscathed - many
have loans that need repaying
and reduced cash reserves
and revenues available to
them. HMRC is also petitioning
more in cases where there is
significant underpayment.
“Compounding this situation,
the impact of Russian
sanctions and ongoing supply
chain disruption has
depressed economic growth
forecasts and businesses are
facing significant cost
inflation, and in some
instances, they are no longer
viable. More insolvencies are
already coming through in the
construction, manufacturing
and retail sectors, and it is
important that finance teams
seek advice as soon as they
can.”
Following Russia’s invasion of
Ukraine, the Bank of England was the
first central bank to tighten monetary
policy by raising interest rates from
0.5% to 0.75% in March 2022.
Tommaso Aquilante, Associate
Director of economic research at
Dun & Bradstreet, commented:
“The Bank of England was the first
major central bank to take steps
against rising inflation. The US Federal
Reserve also increased interest rates
for the first time since 2018 in March
2022 and the European Central Bank
(ECB) has yet to do so, despite
soaring inflation in Europe.
“In terms of where we are heading, the
UK economy is less reliant on Russian
gas than some other European
countries, such as Germany or Italy,
for example. As such, it is unlikely we
will see negative growth in Q1 and Q2.
However, whether central banks will
HOW WE CAN CICM HELP MEMBER YOU
EXCLUSIVE
reviewing paperwork and beginning a process that you may not have
When a customer fails to pay and enters liquidation, administration or
CVA, it’s often easier to write off the debt rather than waste time
experience of or the time for. However, before simply discarding the
debt, why not consider utilising our Creditor Services offering.
Our award winning team can help you to remove the administrative
burden and can assist with the following:
Reviewing and analysing all
Insolvency Reports and
correspondence
Fully explaining the process,
your rights and likely outcomes
in user friendly terms
Completing and lodging your
claim forms and proxy forms
Furthermore, if you believe any financial
misconduct has taken place, our specialist in
house forensics team can assist.
menzies.co.uk/creditor-services
be able to prevent inflation from
becoming engrained hinges critically
on their ability to influence
expectations. Inflation has two
engines. One has to do with energy
prices and supply bottlenecks, for
example, and the other has to do with
how firms and households think prices
will evolve - their expectations. Central
banks can decisively affect the latter if
they act in a timely and credible way.”
For credit managers and finance
teams, there is light at the end of the
tunnel, although careful management
to help businesses to stay cashflow
positive is going to be critical in the
short to medium term. For those
businesses with Coronavirus Bounce
Back Loans, the option to take a
six-month payment holiday was
granted in February 2021, which
means that some businesses will have
capital repayments falling due for the
first time in May this year. The term
over which the loans can be repaid
was also extended from six to ten
years.
In the coming months, credit
managers will need to focus more
closely than ever on managing
internal stakeholders and supporting
their decision making. Getting the right
information to the right people at the
right time and working with them to
deliver changes that will de-risk
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 49
Representing you at Creditor
Meetings and on Creditors'
Committees
Assisting you with any
Retention of Title Claims
Providing you with our expert
advice
Your CICM lapel badge
demonstrates your commitment to
professionalism and best practice
TAKE PRIDE IN
WEARING YOUR BADGE
If you haven’t received your badge
contact: cicmmembership@cicm.com
operations, could enable businesses
to thrive in turbulent times.
This report is based on a
roundtable event for employers and
credit management professionals,
chaired by the CICM and hosted by
accountancy firm, Menzies LLP.
Menzies LLP’s Business Recovery
team offers practical support and
advice to credit managers and
businesses of all sizes, across all
industry sectors. Where possible,
the firm’s experts provide practical
solutions for improving cash
management and operational
resilience and early engagement is
key to improving outcomes.
BETHAN EVANS
Partner
bevans@menzies.co.uk
+44 (0)2920 447 512
GIUSEPPE PARLA
Director
gparla@menzies.co.uk
+44 (0)20 7465 1919

POETRY
IN MOTION
How a lover of language fell for numbers.
AUTHOR – Sam Wilson
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 50

YOUNG MONEY
AUTHOR – Sam Wilson
NUMBERS by day and
words by night. That’s the
way Anita Foxall describes
her passions. Her love
of language is so great
that after leaving The
University of Lisbon, she began teaching
English and German during the day and
engrossed herself in writing poetry at
night.
‘‘I love writing poetry. It’s a hobby I’ve
managed to turn into a social event after
moving to the UK through a spoken
word open mic night I organise in
Southampton.”
However, numbers captivated Anita so
much that she turned a similar passion
into a career.
‘‘After leaving school and studying
languages, I began teaching English and
German, but quickly realised it wasn't
the career I wanted. Instead, I started
working for a company helping people in
financial difficulty. We would help them
develop financial plans and provide debt
advice to help stabilise their situation as
much as possible.’’
After her brief fling with debt advice
and financial planning, Anita moved
into credit control with one of Europe's
biggest insurers. She began her journey to
discovering her passion for credit control.
‘‘After I moved into credit control, I
realised I really enjoyed it – it became a
career, not a job. After working at a few
different companies in similar positions, I
decided to train for a formal qualification.’’
BACK TO SCHOOL
After choosing to ‘go back to school’ and
study credit management, Anita decided
that an apprenticeship was the right route
forward, thanks to the support of her
colleagues.
‘‘I mentioned to my line manager that
I'd always wanted to do an apprenticeship.
She became this great force behind it,
helping me get things started, contacting
the right people, and always giving me
time to study and make sure my workload
was balanced, which was helpful.”
The balance between work and study
was extremely important for Anita. She
admits her way of studying often involves
plenty of detailed note-taking and editing,
so time to focus on her studies was crucial
to her success.
‘‘I began the course in lockdown, so it
kept me busy at a time when there wasn’t
much to do. I was, however, working
throughout, so I really needed to structure
my day and make sure I had time outside,
away from my desk before I began
studying, so that support enabled me to
get the best of my studies.’’
The benefit of working and studying
at the same time was evident to Anita.
Whilst the work-load was challenging, the
benefits of learning new skills allowed
her to create different ways of solving
complex problems: ‘‘Learning really
helped clarify some things – the why’s of
what we do - and it raised questions that
I could discuss with my managers and
wider team. It complemented our day-today
process.
‘‘Even when I wasn't working at home,
I could just log in and attend classes,” she
adds. “The freedom of learning virtually
reduced the stress of having to be
somewhere at a certain time. Of course,
you have to focus and adapt to a new
style, but that suits me, it was strange not
seeing classmates or your tutors, but the
few zoom classes we did were really fun.’’
‘‘I mentioned to my line manager that I'd always
wanted to do an apprenticeship. She became this
great force behind it, helping me get things started,
contacting the right people, and al-ways giving
me time to study and make sure my workload was
balanced, which was helpful.”
But for Anita, it was her fellow students
and her tutors that were the best part of
her apprenticeship: ‘‘It was really helpful
to study alongside other people and
engage with tutors when possible. All of
the tutors made the classes interactive,
starting discussions and debates to make
you think about different scenarios. Most
importantly, your opinion mattered and
seeing how other people think changes
the way you look at things.’’
Anita’s apprenticeship has helped her
learn new skills and meet new people.
It has also enabled her to take on new
responsibilities at work: ‘‘One of the
sections I liked was credit risk, and now
my line managers are happy for me to
start doing little bits of credit risk here
and there for the team I work with. It's
allowing me to use the new skills I've
learned and develop my career further,
and that's the most exciting thing about
completing the course.’’
So, what advice does Anita have for
potential apprenticeship candidates?
‘‘Learning takes time and dedication
but it's really rewarding. If you are going
to begin studying for a qualification,
regardless of what it is, I would advise
dedicating a little bit of time each day
to learning. That's when you don't find
yourself constantly playing catch up. Most
importantly, enjoy it!’’
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 51

TECHNOLOGY
Disparately
seeking answers
Meeting the industry challenge of customer
onboarding, credit risk and ‘disparate data’.
AUTHOR – Alastair Nicholas
THE last two years has demonstrated
just how quickly businesses can be
thrown into significant disruption
and uncertainty.
While some customers saw little
change to their operations, others
were heavily impacted. The unique response to the
pandemic caused flourishing businesses to shut
their doors and cease operations, almost overnight.
Certain industries, such as food distributors
and retailers, did better in the crisis and struggled
to meet unprecedented levels of demand. Others
were relatively unscathed. But as we all know,
certain sectors such as commercial aviation, tourism,
and hospitality have been severely affected.
The crisis was a game-changer for credit
management practices; whilst conventional sources
of data remain vital, credit managers quickly needed
to source and analyse a whole new range of
information to accurately determine customer
credit risk. Any existing financial or market data
that had previously been relied upon could no
longer help in assessing the creditworthiness of
new, or existing, customers.
Credit teams had to adapt – and fast to source
real-time credible data to employ in decision
making and risk assessments. As we begin to
emerge from the effects of the pandemic, it is
evident there are economic challenges ahead and
many teams will look to further improve their
practices.
At a recent Esker and CICM panel event Sarah
Cook, Director at FRP Advisory Services shared
her insight: “Whilst winding up petitions are still
relatively low; the majority of insolvencies are
instigated by the Directors of companies in
financial distress on a consensual basis and these
are already starting to rise. The rise in cost of
living and inflation is also expected to hit companies
already facing financial distress and push them
‘over the edge’.”
In the face of an ongoing economic crisis, how
can credit teams equip themselves to manage
inflated, and often opaque risks? Martyn Brooke,
Credit Management Process Specialist at Esker
believes that the answer lies in digging deeper to
acquire insights on sectors and financial data to
further inform the credit assessment processes.
Consider these factors:
Financial data – the latest management accounts
will reveal critical detail of the cash position,
liabilities, and debt-servicing capacity.
Transaction data – internal data should be
increasingly drawn upon and monitored including
payment trends, requests for increased credit, or
changes in supply frequencies.
Industry data – to augment financial data, source
data on the pandemic impacts, insolvency rates,
unemployment statistics, and other key industry
indicators.
Subsector data – portfolio monitoring should
include an assessment of your customers’ growth
potential. Consider how your customer’s key
markets are affected.
Credit Application Form – a complete credit
application form is vital for all new customers,
even if it’s a cash sale. Simplified and customisable
templates will help speed up the process of
approval.
Ongoing monitoring of existing customers is
vital, Martyn says, to measure and anticipate risks
but also crucially to realise opportunities: “It’s
critical for credit teams to employ a regular credit
review process, to react as quickly as possible,
drive amendments to your credit policy and better
target your actions. In searching for red flags
make sure you don’t overlook positive indicators –
regular monitoring can often reveal opportunities
to offer more attractive credit terms to encourage
more business from growing customers.”
THE DISPARATE DATA CHALLENGE
One of the major challenges of a manual credit
application process is the sheer volume of
paper that teams are required to obtain, track and
maintain at each stage of the process. Enhanced
portfolio management across the customer base
further increases volume and complexity so
requires improvement of the quality and coverage of
your data. And rigorous documentation and
auditability is essential to avoid potential legal
pitfalls.
Digital transformation of the credit function
ensures that all relevant customer data is
always instantly accessible and easily manageable.
Third-party data integration retrieves key scoring
data from your preferred credit bureaus.
When coupled with an automated receivables
solution, an AR automation platform offers a
360-degree view of critical customer information,
empowering credit teams with actionable data to
make the best credit decisions possible.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 52

TECHNOLOGY
AUTHOR – Alastair Nicholas
Crucially, real-time internal customer account
data (such as, open invoices, total outstanding,
pending orders, payments, receivables
history and aging graphs) can be viewed
and assessed as part of the customer credit
review process.
With an ever-growing scope of data to keep
on top of, teams can be assured that no major
credit event will go unnoticed and put revenue
at risk, as today’s automation solutions
are packaged with fully customisable dashboards,
counters, and alerts to keep credit
managers fully aware of the credit activity
and potential risks with alerts including
credit limit utilisation, credit review reminders
and blocked orders.
“It’s critical for credit teams to employ a regular
credit review process, to react as quickly as
possible, drive amendments to your credit policy
and better target your actions. In searching for
red flags make sure you don’t overlook positive
indicators – regular monitoring can often reveal
opportunities to offer more attractive credit
terms to encourage more business from growing
customers.”
CUSTOMER ONBOARDING
Customer onboarding is often the first postsales
customer interaction, so it is essential
to offer a streamlined process that balances
customer expectations with the need to
prove creditworthiness in a compliant manner.
As customer expectations grow, it is vital
to ensure account specifics such as shipping/
billing information and contact details are
accurate, as errors can have catastrophic
consequences and severely impact the customer
relationship.
A digital credit application process utilises
fully customisable templates and sends them
via email or embedded link (included in sales
quotes or communications) to get the most
complete and accurate information from
the customer ahead of the first order. This
speeds up customer creation in the ERP and
ensures data accuracy right from the outset.
Credit score and credit limits can be calculated
automatically, while workflows are
assigned to all necessary stakeholders to review
and approve the data to which they are
responsible for, ensuring a fully traceable
and cohesive approval process.
As the current pressures on supply chains,
interest rates and inflation show no signs of
abating the future is about building a complete
digital infrastructure that can support
efficient, customisable digital journeys for
onboarding that can gather and maintain information
as smoothly as possible. Efficient
and flexible systems that are accessible via
multiple channels are important to allow
credit teams to adapt quickly to fast-changing
situations and place the customer and
business needs at the heart of the process.
The ability to create and sustain a single,
comprehensive customer view will be vital
for any organisation to ensure robust, agile,
and thorough customer onboarding and
portfolio management processes.
Alastair Nicholas is Managing Director of
Esker Northern Europe.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 53

TAKE CONTROL OF
YOUR CREDIT CAREER
PART TIME CREDIT CONTROLLER
Central London, up to £30,000 pro rata
This is an opportunity to join an exciting and growing talent
agency, that represents some outstanding creative and artistic
personnel. The role will be 3 days a week in the office, and you will
be working alongside the finance manager to ensure the credit
process runs smoothly. You will be the main point of contact for
credit queries so will need to have confidence in the wider finance
functions and operations. Ref: 4201356
Contact Daniel Lee on 020 3465 0020
or email daniel.lee1@hays.com
CREDIT CONTROLLER
Basildon, up to £30,000
A well-established financial services business, with exciting growth
plans are looking for an experienced credit professional to join
their team. This company is relatively new to the market but has a
team of staff with a wealth of experience within the industry and
has seen extensive success over the past 6 years. You will take a
lead on managing the AR and credit function from end to end and
work in close partnership with the Collections Manager. Experience
with FCA regulations, knowledge of different leases and an
understanding of CAIS would be advantageous. Ref: 4312502
Contact Will Plom on 01603 760141
or email william.plom@hays.com
CREDIT CONTROLLER
Huddersfield, up to £24,000 + annual bonus
An exciting and challenging opportunity for a Credit Controller
to join a leading UK national plumbing company. Must have
experience managing over a 3 million+ aged debt ledger. Full time
office based in a brand new state of the art office in the heart of
Huddersfield. Ref: 4208848
Contact Emma Thornton on 01484 432211
or email emma.thornton@hays.com
CREDIT RISK TEAM LEADER
Colchester, up to £34,000
A leading and highly successful publishing and production
business are expanding their team and currently seeking an
experienced credit professional to lead part of their credit function.
This organisation support their staff with personal development
and take a ‘people first’ approach in everything they do. This role
will lead the credit risk function of the team and will oversee a
team of 6 in their day to day operations. You will be able to take an
active role in various automation projects and be able to input into
the functional improvement of the credit cycle. Ref: 4209517
Contact Will Plom on 01603 760141
or email william.plom@hays.com
hays.co.uk/creditcontrol
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 54

TRAIN FOR THE
YEAR AHEAD
My Learning – free skills
training from Hays
To find out more visit
hays.co.uk/mylearning
CREDIT CONTROL MANAGER
Southampton, up to £50,000
An excellent opportunity has arisen for a skilled Credit Control
Manager to join a consultancy firm on a permanent basis. This
role will manage a team of four credit controllers on a day to day
basis, and will be the go to person within the firm for any credit
management issues. Excellent customer service and relationship
skills are required for this position, as is a proven track record of
successfully managing a team of credit controllers. Ref: 4212340
Contact Jack Bailey on 02382 020104
or email jack.bailey1@hays.com
CREDIT CONTROLLER
Farnham, up to £30,000
Working in a sole charge capacity, this role covers the entire
order to cash cycle, with the post holder being responsible for
minimising aged debt and maximising cash flow. Duties will include
running credit checks, cash collection, query resolution, allocating
payments and aged debt reporting. This opportunity will suit a
skilled credit professional, who has worked in a similar role, within
an SME business. Hybrid working available. Ref: 4203852
Contact Natascha Whitehead on 07770 786433
or email natascha.whitehead@hays.com
This is just a small selection of the many opportunities we
have available for credit professionals. To find out more
visit us online or contact Natascha Whitehead, Hays Credit
Management UK Lead on 07770 786433
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 55

OPINION
Unexplained Wealth
How the Ukraine invasion is driving reforms in the UK.
AUTHOR – Robert Lee
THE impact of the Russian invasion
of Ukraine will reverberate
through Europe and across the
rest of the world for years, if not
decades, to come.
While some questions have
been asked about the speed and effectiveness
of the UK Government’s response, the changes
that have been introduced will not only impact
the Russian economy but will also alter the
legislative landscape of the UK, with particular
reference to the regime around ‘persons with
significant control’ of a company.
The Economic Crime (Transparency and
Enforcement) Act, fast tracked through the
Houses of Parliament in response to the war
in Ukraine, became law on 15 March 2022 and
represents the culmination of a shift which
has been on-going for several years but which
– until now – was proceeding at a somewhat
stately pace.
UNEXPLAINED WEALTH ORDERS
Although much of the conversation around the
new laws will centre upon the impact they are
likely to have on the many Russian oligarchs
with strong financial and business links to the
UK, the laws introduced will apply across the
board, and represent a genuine bolstering of –
amongst other things – the legal instruments
known as Unexplained Wealth Orders (UWOs).
UWOs were originally introduced by the
Criminal Finances Act 2017 and were intended to
make it easier to deal with the problem of ‘dirty
money’ being laundered through the purchasing
of assets. In simple terms, the UWOs switched
the traditional burden of proof around; if a law
enforcement agency suspected that assets had
been purchased through criminal activity then
the onus was on the owner to explain how they
had been obtained.
A failure to provide such an explanation
would, in theory, lead to the property in
question being confiscated. Despite the stated
intention to use UWOs in the fight against
money laundering, only nine UWOs have been
obtained since 2017, and no orders whatsoever
have been made in the last two years.
Upon their introduction as part of civil rather
than criminal law, UWOs were hailed as being
a game changing tool, although they could only
be issued by the High Court in response to an
application from a UK enforcement authority in
the following circumstances:
• The recipient of the UWO is a ‘Politically
Exposed Person’ and there are reasonable
grounds for suspecting that they have been
guilty of committing serious crime in the UK or
Only in the months
going forward will
it become clear
whether the new
register, as well as
the other measures
contained in the Act,
will have the impact
the Government
presumably intends.
elsewhere, or of being connected to someone
who has done so.
• The property to which the UWO relates is
worth more than £50,000.
• There are reasonable grounds to suspect that
the lawfully obtained income of the recipient
of the UWO, from known and verified sources,
would be insufficient on their own to have
enabled the recipient to obtain the property.
One of the main flaws of the original UWO
legislation, and a major reason why they have
been used so sparingly, is that a successful
challenge by the recipient of the UWO could,
when the normal civil rules on costs were
applied, lead to the enforcement agency in
question having to pay not only their own legal
fees but also those of the recipient. In one
particular case – involving the daughter and
grandson of a former president of Kazakhstan
– the National Crime Agency (NCA) used a UWO
to freeze London properties worth £80m, on
the basis of suspicions that the money used to
purchase them had come from criminal sources.
When the recipients of the UWOs applied to the
High Court to have them dismissed they won
their case, leaving the NCA facing a legal bill of
£1.5m.
A result like this would be bound to make
other enforcement agencies think twice about
reaching for UWOs, particularly given the
complex – but still legal – nature of the financial
arrangements of the kind of ultra-high networth
individuals such orders would be used
against.
The new legislation seeks to eliminate the risks
of a hefty legal bill by stating that a court cannot
order costs against an enforcement authority
following an unsuccessful application for a
UWO, except in highly limited circumstances
which include the enforcement agency having
acted unreasonably in making the application
or dishonestly, or improperly, over the course of
the proceedings.
At the same time, the scope of UWOs will be
extended to cover UK properties which are held
in trusts, while enforcement authorities will
now have an increased time period of up to 186
days to review any material which is provided in
response to a UWO.
IMPOSED SANCTIONS
Another part of the Act relates to the imposition
of sanctions on Russia (or any other country
going forward), and the treatment meted out to
those organisations which breach any sanctions
put in place. Under the new legislation, the
test for liability will have a significantly lower
threshold than is now the case, with the
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 56

OPINION
AUTHOR – Robert Lee
The Act creates
a beneficial
ownership register
designed to level
the playing field
between UK
companies which
already must report
on beneficial
ownership to
Companies House,
and those based
overseas, by
identifying the
beneficial owners
of overseas entities
with interests in UK
properties.
requirement for the organisation in question to
have either knowledge or ‘a reasonable cause to
expect’ that sanctions are being breached, no
longer forming part of the law.
Under the new legislation, the Office for
Financial Sanctions Implementation (OFSI)
will be expected to impose more fines on more
organisations. In addition, OFSI will have the
legal right to identify any organisations which
have breached sanctions without being fined,
while the NCA has announced the creation of
a new ‘kleptocracy’ unit to investigate breaches
of sanctions. However, the fact that, to date, no
new funding has been earmarked for the unit,
means that its effectiveness may be minimal.
A BENEFICIAL REGISTER
One of the issues which has caused concern for
many people before being pushed to the top of
the agenda by the invasion of Ukraine, was the
lack of transparency which surrounds overseas
ownership of UK property. The Act creates a
beneficial ownership register designed to level
the playing field between UK companies which
already must report on beneficial ownership to
Companies House, and those based overseas,
by identifying the beneficial owners of overseas
entities with interests in UK properties.
The register will be maintained by Companies
House and will be publicly available and
follows the template of the register of ‘persons
with significant control’ of a UK company,
which was introduced in 2016. Every overseas
entity featured on the new register will have
to supply information including the details
of its registrable beneficial owners and any
‘managing officers’ such as a director, manager,
or secretary.
Anyone submitting information which
is false or misleading to the register could
potentially find themselves facing a fine, a twoyear
prison sentence or a combination of both.
The information contained on the register will
have to be updated annually and if it isn’t, then
the entity and its officers will be liable for a fine.
If the situation persists, this will lead to a daily
default fine of not more than £500.
It will not be legal for an overseas entity to own
property in the UK without being entered on the
register, and this will be applied retrospectively
to any properties purchased by overseas entities
in England and Wales after 1st January 1999.
If the overseas entity doesn’t retrospectively
place themselves on the register, they
will face restrictions when selling the
property. A transition period of 18
months, starting from 15 March 2022, will enable
any historic transactions to be placed on the
register before any restrictions are enforced.
These restrictions will first take the form
of a Government notice requiring the entity to
register within six months, and if this doesn’t
have the desired effect, a fine will be levied
on the overseas entity and every officer of that
entity will find themselves facing a two-year
prison sentence, a fine, or a combination of the
two punishments.
The definition of ‘beneficial owners’ in the
Act will be based on the criteria already set out
in Schedule 1 of the Companies Act 2006, to
define a ‘person with significant control’ of a UK
company. In order to be deemed a ‘beneficial
owner’ of an overseas entity for the purposes of
the register, a person or entity will have to meet
at least one of the following conditions:
• They hold, directly or indirectly, more than 25
percent in the overseas entity.
• They hold, directly or indirectly, more than
25 percent of the voting rights in the overseas
entity.
• They hold the right, directly or indirectly, to
appoint or remove a majority of the board of
directors of the overseas entity.
• They have the right to exercise, or actually
exercise, significant influence or control over
the overseas entity.
• They are trustees of a trust, members of a
partnership, unincorporated association or
other entity which is not a legal person under
the law by which it is governed; and they have
the right to exercise, or actually exercise,
significant influence or control over the
activities of that trust or entity.
IN SUMMARY
Despite the seemingly good intentions of this
new register, questions have been asked about
how it will be enforced. In its current form a
register of this kind would impose significant
extra work on Companies House and the Land
Registry and would require extra funding to
make enforcement a practical reality.
Only in the months going forward will it
become clear whether the new register, as well
as the other measures contained in the Act, will
have the impact the Government presumably
intends.
Robert Lee is a corporate partner at
Wright Hassall LLP.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 57

NEW AND UPGRADED MEMBERS
Do you know someone who would benefit from CICM membership? Or have
you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more details, or call us on 01780 722903
STUDYING MEMBER
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Congratulations to all our current members that
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Raise your credibility and boost your career prospects
– Apply for your upgrade today
Contact: info@cicm.com for more details
AWARDING BODY
Congratulations to the following, who successfully achieved Diplomas
Level 3 Diploma in Credit Management (ACICM)
Sharon Costello Kelly Booth David Rudkin Ashling Leatherland
Level 3 Diploma in Credit & Collections (ACICM)
Chi Hung Luk
Level 5 Diploma in Credit & Collections Management MCICM (Grad)
Jasmin Stopford MCICM(Grad)
Komal Patel MCICM(Grad)
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 58

CICM MEMBER
EXCLUSIVE
Save this
diary date
Kent Branch – The 2022 Credit Management Review
Wednesday, 15 June : 11:00 – 13:00
The Law Society in London,
113 Chancery Lane, London WC2A 1PL
Networking
Back to basics and training your teams
Building your career from Credit Controller to Credit Manager
Importance of Credit Risk
Court Enforcements
Q&A Session
Your CICM lapel badge
demonstrates your commitment to
professionalism and best practice
TAKE PRIDE IN
WEARING YOUR BADGE
If you haven’t received your badge
contact: cicmmembership@cicm.com
Register Today!
CPD
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CM
Credit Management magazine for
consumer and commercial credit professionals
THE CICM'S HIGHLY ACCLAIMED MAGAZINE
SPECIAL
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IN DEPTH
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ASK THE
EXPERTS
GLOBAL
NEWS
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THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS
TO SUBSCRIBE CONTACT: T: 01780 722903 | E: MEMBERENGAGEMENT@CICM.COM
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 59

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
COLLECTIONS LEGAL
CREDIT INFORMATION
Controlaccount Plc
Address: Compass House, Waterside, Hanbury Road,
Bromsgrove, Worcestershire B60 4FD
T: 01527 386 610
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount plc has been providing efficient, effective and
ethical pre-legal debt recovery for over forty years. We help our
clients to improve internal processes and increase cashflow,
whilst protecting customer relationships and established
reputations. We have long-standing partnerships with leading,
global brand names, SMEs and not for profits. We recover
over 30,000 overdue invoices each month, domestically and
internationally, on a no collect, no fee arrangement. Other
services include credit control and dunning services, international
and domestic trace and legal recoveries. All our clients have
full transparency on any accounts placed with us through our
market leading cloud-based management portal, ClientWeb.
BlaserMills Law
High Wycombe | Amersham | Marlow | Silverstone
Rickmansworth | London
Jackie Ray : 07802 332104 | 01494 478660
jar@blasermills.co.uk
Nina Toor : 01494 478661 nit@blasermills.co.uk
Edward Bible : 07766 013352 ceb@blasermills.co.uk
www.blasermills.co.uk
Commercial Recoveries & Insolvency
Blaser Mills Law’s commercial recoveries team is internationally
recognised, regularly advising large corporations, multinationals
and SMEs on pre-legal collections, debt recovery, commercial
litigation, dispute resolution and insolvency. Our legal services
are both cost-effective and highly efficient; Our lawyers are also
CICM qualified and ranked in the industry leading law firm rankings
publications, Legal 500 and Chambers UK.
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
Celebrating its 20th year in business, CoCredo has extensive
experience in providing online company credit reports and
related business information within the UK and overseas. In 2014
and 2019 we were honoured to be awarded Credit Information
Provider of the Year at the British Credit Awards and have been
finalists every other year. Our company data is continually updated
throughout the day and ensures customers have the most current
information available. We aggregate data from a range of leading
providers across over 235 territories and offer a range of services
including the industry first Dual Report, Monitoring, XML Integration
and DNA Portfolio Management.
We pride ourselves in offering award-winning customer service and
support to protect your business.
Global Credit Recoveries
GCR 20-22 Wenlock Road,
London N1 7GU
Charles Mayhew FCICM or Joshua Mayhew ACICM
T: +44 (0) 203 368 8630
E: INFO@GLOBALCREDITRECOVERIES.COM
W: WWW.GLOBALCREDITRECOVERIES.COM
Shortlisted as DCA of the Year, by the CICM, for the British Credit
Awards, Global Credit Recoveries Ltd are specialists in Arbitration
and Debt Collection globally.
We specialise in the UK, Europe, The Middle East and the U.S.A,
working as an extension of many CICM members companies for
over 28 years.
Speak with us today in our London or Dubai offices, to see how
we can assist you.
We have the ability, and network, to have someone visiting your
debtors offices, throughout EMEA, within 72 hours.
Recovering funds globally, on a No-Recovery, No-Fee basis.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business
debt collection and recovery, Lovetts Solicitors collects £40m+
every year on behalf of our clients. Services include:
• Letters Before Action (LBA) from £1.50 + VAT (successful in 86%
of cases)
• Advice and dispute resolution
• Legal proceedings and enforcement
• 24/7 access to your cases via our in-house software solution,
CaseManager
Don’t just take our word for it, here’s some recent customer
feedback: “All our service expectations have been exceeded.
The online system is particularly useful and extremely easy to
use. Lovetts has a recognisable brand that generates successful
results.”
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Organisations around the world rely on Company Watch’s
industry-leading financial analytics to drive their credit risk
processes. Our financial risk modelling and ability to map medium
to long-term risk as well as short-term credit risk set us apart
from other credit reference agencies.
Quality and rigour run through everything we do, from our unique
method of assessing corporate financial health via our H-Score®,
to developing analytics on our customers’ in-house data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of choice,
providing actionable intelligence in an uncertain world.
CONSULTANCY
Guildways
T: +44 3333 409000
E: info@guildways.com
W: www.guildways.com
Guildways is a UK & International debt collection specialist with over
25 years experience. Guildways prides itself on operating to the
highest ethical standards and professional service levels. We are
experienced in collecting B2B and B2C debts. Our service includes:
• A complete No collection, No Fee commission based service
• 10% plus VAT commission for UK debts
• Commission from 22% plus VAT for International debts
• 24/7 online access to your cases through our CaseManager portal
• Direct online account-to-account payments, to speed up
collections and minimise costs
If you are unable to locate your customer, we also offer a no trace, no
fee, trace and collect service.
For more information, visit: www.guildways.com
Cr£ditWho?
CICM Directory of Services
Chris Sanders Consulting
T: +44(0)7747 761641
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Chris Sanders Consulting – we are a different sort of consulting
firm, made up of a network of independent experienced
operational credit & collections management and invoicing
professionals, with specialisms in cross industry best practice
advisory, assessment, interim management, leadership,
workshops and training to help your team and organisation
reach their full potential in credit and collections management.
We are proud to be Corporate Partners of the Chartered Institute
of Credit Management. For more information please contact:
enquiries@chrissandersconsulting.com
identeco – Business Support Toolkit
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
Telephone: 01527 386 607
Email: info@identeco.co.uk
Web: www.identeco.co.uk
identeco Business Support Toolkit provides company details
and financial reporting for over 4m UK companies and
business. Subscribers can view company financial health and
payment behaviour, credit ratings, shareholder and director
structures, detrimental data. In addition, subscribers can also
download unlimited B2B marketing and acquisition reports.
Annual subscription is only £79.95. Other services available
to subscribers include AML and KYC reports, pre-litigation
screening, trace services and data appending, as well as many
others.
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 60

FOR ADVERTISING INFORMATION OPTIONS
AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
continues on page 62 >
CREDIT MANAGEMENT SOFTWARE
CREDIT MANAGEMENT SOFTWARE
ENFORCEMENT
HighRadius
T: +44 (0) 203 997 9400
E: infoemea@highradius.com
W: www.highradius.com
HighRadius provides a cloud-based Integrated Receivable
Platform, powered by machine learning and AI. Our Technology
empowers enterprise organisations to reduce cycle time in the
order-to-cash process and increase working capital availability by
automating receivables and payments processes across credit,
electronic billing and payment processing, cash application,
deductions, and collections.
Tinubu Square UK
Holland House, 4 Bury Street,
London EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler
of the Credit Insurance, Surety and Trade Finance digital
transformation.
Tinubu Square enables organizations across the world to
significantly reduce their exposure to risk and their financial,
operational and technical costs with best-in-class technology
solutions and services. Tinubu Square provides SaaS solutions
and services to different businesses including credit insurers,
receivables financing organizations and multinational corporations.
Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in
Paris, London, New York, Montreal and Singapore.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections
and Query Management System has been designed with 3 goals
in mind:
•To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of
Credit Professionals across the UK and Europe, our system is
successfully providing significant and measurable benefits for our
diverse portfolio of clients.
We would love to hear from you if you feel you would benefit from
our ‘no nonsense’ and human approach to computer software.
Data Interconnect Ltd
45-50 Shrivenham Hundred Business Park,
Majors Road, Watchfield. Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
We are dedicated to helping finance teams take the cost,
complexity and compliance issues out of Accounts Receivable
processes. Corrivo is our reliable, easy-to-use SaaS platform
for the continuous improvement of AR metrics and KPIs in a
user-friendly interface. Credit Controllers can manage more
accounts with better results and customers can self-serve on
mobile-responsive portals where they can query, pay, download
and view invoices and related documentation e.g. Proofs of
Delivery Corrivo is the only AR platform with integrated invoice
finance options for both buyer and supplier that flexes credit
terms without degrading DSO. Call for a demo.
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the all-toocommon
obstacles preventing today’s businesses from collecting
receivables in a timely manner. From credit management to cash
allocation, Esker automates each step of the order-to-cash cycle.
Esker’s automated AR system helps companies modernise
without replacing their core billing and collections processes. By
simply automating what should be automated, customers get the
post-sale experience they deserve and your team gets the tools
they need.
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
Serrala optimizes the Universe of Payments for organisations
seeking efficient cash visibility and secure financial processes.
As an SAP Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience and
thousands of successful customer projects, including solutions
for the entire order-to-cash process, Serrala provides credit
managers and receivables professionals with the solutions they
need to successfully protect their business against credit risk
exposure and bad debt loss.
FOR
ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk
01727 739 196
VISMA | ONGUARD
T: 020 3966 8324
E: edan.milner@onguard.com
W: www.onguard.com
VISMA | Onguard is a specialist in credit management software
and market leader in innovative solutions for order-to-cash. Our
integrated platform ensures an optimal connection of all processes
in the order-to-cash chain. This enhanced visibility with the secure
sharing of critical data ensures optimal connection between all
processes in the order-to-cash chain, resulting in stronger, longerlasting
customer relationships through improved and personalised
communication. The VISMA | Onguard platform is used for
successful credit management in more than 70 countries.
Court Enforcement Services
Adele Whitehurst – Client Relationship Manager
M: +44 (0)7525 119 711 T: +44 (0)1992 367 092
E : a.whitehurst@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
Court Enforcement Services is the market leading and fastest
growing High Court Enforcement company. Since forming in 2014,
we have managed over 100,000 High Court Writs and recovered
more than £187 million for our clients, all debt fairly collected. We
help lawyers and creditors across all sectors to recover unpaid
CCJ’s sooner rather than later. We achieve 39% early engagement
resulting in market-leading recovery rates. Our multi-awardwinning
technology provides real-time reporting 24/7. We work in
close partnership to expertly resolve matters with a fast, fair and
personable approach. We work hard to achieve the best results
and protect your reputation.
High Court Enforcement Group Limited
Client Services, Helix, 1st Floor
Edmund Street, Liverpool
L3 9NY
T: 08450 999 666
E: clientservices@hcegroup.co.uk
W: hcegroup.co.uk
Putting creditors first
We are the largest independent High Court enforcement company,
with more authorised officers than anyone else. We are privately
owned, which allows us to manage our business in a way that
puts our clients first. Clients trust us to deliver and service is
paramount. We cover all aspects of enforcement – writs of control,
possessions, process serving and landlord issues – and are
committed to meeting and exceeding clients’ expectations.
FINANCIAL PR
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the
best in its field. It has a particular expertise in the credit sector,
building long-term relationships with some of the industry’s bestknown
brands working on often challenging briefs. As the partner
agency for the Credit Services Association (CSA) for the past 22
years, and the Chartered Institute of Credit Management since
2006, it understands the key issues affecting the credit industry
and what works and what doesn’t in supporting its clients in the
media and beyond.
Cr£ditWho?
CICM Directory of Services
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 61

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
paul@centuryone.uk 01727 739 196
FORUMS
FORUMS INTERNATIONAL
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Forums International Ltd have been running Credit and Industry
Forums since 1991. We cover a range of industry sectors and
International trading, attendance is for Credit Professionals of all
levels. Our forums are not just meetings but communities which
aim to prepare our members for the challenges ahead. Attending
for the first time is free for you to gauge the benefits and meet the
members and we only have pre-approved Partners, so you will
never intentionally be sold to.
PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM and is a
globally recognised provider of payment solutions to businesses.
Specialising in providing flexible collection capabilities to drive a
number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
• Provide an additional line of bank independent credit to drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive growth
within businesses of all sectors. By creating an additional lever
to help support supplier/client relationships American Express is
proud to be an innovator in the business payments space.
RECRUITMENT
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the CICM
and specialise in placing experts into credit control jobs and
credit management jobs. Hays understands the demands of this
challenging environment and the skills required to thrive within
it. Whatever your needs, we have temporary, permanent and
contract based opportunities to find your ideal role. Our candidate
registration process is unrivalled, including face-to-face screening
interviews and a credit control skills test developed exclusively for
Hays by the CICM. We offer CICM members a priority service and
can provide advice across a wide spectrum of job search and
recruitment issues.
INSOLVENCY
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Our Creditor Services team can advise on the best way for you
to protect your position when one of your debtors enters, or
is approaching, insolvency proceedings. Our services include
assisting with retention of title claims, providing representation
at creditor meetings, forensic investigations, raising finance,
financial restructuring and removing the administrative burden
– this includes completing and lodging claim forms, monitoring
dividend prospects and analysing all Insolvency Reports and
correspondence.
For more information on how the Menzies Creditor Services
team can assist, please contact Bethan Evans, Licensed
Insolvency Practitioner, at bevans@menzies.co.uk or call
+44 (0)2920 447 512.
LEGAL
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively
as possible. We have an in depth knowledge of all areas of debt
recovery, including:
•Pre-litigation services to effect early recovery and keep costs
down
•Litigation service
•Post-litigation services including enforcement
•Insolvency
As a client of Shoosmiths, you will find us quick to relate to your
goals, and adept at advising you on the most effective way of
achieving them.
Cr£ditWho?
CICM Directory of Services
Bottomline Technologies
115 Chatham Street, Reading
Berks RG1 7JX | UK
T: 0870 081 8250 E: emea-info@bottomline.com
W: www.bottomline.com/uk
Bottomline Technologies (NASDAQ: EPAY) helps businesses
pay and get paid. Businesses and banks rely on Bottomline for
domestic and international payments, effective cash management
tools, automated workflows for payment processing and bill
review and state of the art fraud detection, behavioural analytics
and regulatory compliance. Businesses around the world depend
on Bottomline solutions to help them pay and get paid, including
some of the world’s largest systemic banks, private and publicly
traded companies and Insurers. Every day, we help our customers
by making complex business payments simple, secure and
seamless.
Key IVR
T: +44 (0) 1302 513 000 E: sales@keyivr.com
W: www.keyivr.com
Key IVR are proud to have joined the Chartered Institute of
Credit Management’s Corporate partnership scheme. The
CICM is a recognised and trusted professional entity within
credit management and a perfect partner for Key IVR. We are
delighted to be providing our services to the CICM to assist with
their membership collection activities. Key IVR provides a suite
of products to assist companies across the globe with credit
management. Our service is based around giving the end-user
the means to make a payment when and how they choose. Using
automated collection methods, such as a secure telephone
payment line (IVR), web and SMS allows companies to free up
valuable staff time away from typical debt collection.
YayPay by Quadient
T: + 44 (0) 7465 423 538
E: r.harash@quadient.com
W: www.yaypay.com
YayPay by Quadient makes it easy for B2B finance teams to stay
ahead of accounts receivable and get paid faster – from anywhere.
Integrating with your existing ERP, CRM, accounting and billing
systems, YayPay organizes and presents real-time data through
meaningful, cloud-based dashboards. These increase visibility
across your AR portfolio and provide your team with a single
source of truth, so they can access the information they need to
work productively, no matter where they are based.
Automated capabilities improve team efficiency by 3X and
accelerate the collections process by making communications
customizable and consistent. This enables you to collect cash
up to 34 percent faster and removes the need to add additional
resources as your business grows.
Predictive analytics provide insight into future payer behavior to
improve cash flow management and a secure, online payment
portal enables customers to access their accounts and pay at any
time, from anywhere.
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
Portfolio Credit Control, a 5* Trustpilot rated agency, solely
specialises in the recruitment of Permanent, Temporary & Contract
Credit Control, Accounts Receivable and Collections staff
including remote workers. Part of The Portfolio Group, an awardwinning
Recruiter, we speak to Credit Controllers every day and
understand their skills meaning we are perfectly placed to provide
your business with talented Credit Control professionals. Offering
a highly tailored approach to recruitment, we use a hybrid of faceto-face
and remote briefings, interviews and feedback options.
We provide both candidates & clients with a commitment to deliver
that will exceed your expectations every single time.
FOR
ADVERTISING
INFORMATION
OPTIONS AND
PRICING CONTACT
paul@centuryone.uk
01727 739 196
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 62

View our digital version online at www.cicm.com
Log on to the Members’ area, and click on the tab labelled
‘Credit Management magazine’
Just another great reason to be a member
Credit Management is distributed to the entire UK and international
CICM membership, as well as additional subscribers
Brave | Curious | Resilient
www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 63

The software platform to automate and
optimise your order-to-cash process
Connect your organisation with your customers.
Manage risks and decrease DSO by 20%.
Connecting data. Connecting you.
www.vismaonguard.com
+44 (0) 20 396 683 24
Brave | Curious | Resilient / www.cicm.com / June 2022 / PAGE 64