Every credit professional knows that the mix of skills, knowledge and experience needed to maximise the benefits and minimise the risk of the credit function are unlike any other profession and different industries.

What every credit professional may not know is that the AICM is equipped to help you gain, grow and develop your capabilities as a credit professional. We do this through:
  • - Qualifications based training;
  • - Credit management practice training;
  • - Continual professional development.

Continuing professional development is well known to members and includes the National Conference and regular seminars, events and networking sessions held regularly throughout the year.

The qualifications based training and especially credit management practice training is sometimes less well known to members. This training provides skills and knowledge required to build and maintain solid foundations as a credit professional.

Credit management practice training is training that is focused on a specific learning need and is not formally recognised by government and other training bodies such as colleges and universities. This includes our toolbox modules but also includes topics required by you and your team such as “assertive collections techniques” and “working effectively with sales”. While the toolboxes are offered publicly other modules are generally only offered for in-house training and as the AICM is a not for profit membership body you will be surprised at how cost effectively this can be done.

Qualification based training includes the certificate and diploma in credit management. At the AICM we feel that credit professionals at all levels should hold this qualification as our CEO Nick Pilavidis is fond of saying “when I chose a childcare for my children, my highest valued 'asset', I ensured everyone looking after her had a qualification of some level, so it seems logical that businesses ensure their largest asset, the accounts receivable ledger, is also cared for by people with appropriate qualifications."

The AICM is not the only provider of these qualifications but it is the only not of profit industry body. This means we have chosen not to require enrolment in the full qualification rather offering individual units to be taken and students are not financially impacted if they are no longer able to commit the time to complete the full qualification. We also offer a learning mode that suits you from Public face to face sessions, online and tailored in-house sessions commencing at times that suit you. AICM qualifications have flexible start dates, unlike traditional institutions and universities that restrict you to specific semesters in the academic calendar.

Following are some of the most popular individual courses delivered nationally in 2016.

QUALIFICATIONS BASED TRAINING

Assess credit applications
The ability to effectively assess an application for credit, taking into account the potential risk the applicant may constitute to an organisation, is a crucial skill for credit professionals.

This course addresses the following aspects of managing risk, particularly when assessing applications for credit:
Outcomes are covered within this unit:
- How to identify and apply risk management techniques
- Evaluate the information provided in the credit application
- Assess the risk of granting the level of credit applied for and determining the appropriate level of credit
- Formulating recommendations as to how the risk management process may be improved

Manage bad and doubtful debts
The ability to identify and recover an overdue customer account is a core requirement of a credit professional. This course ensures candidates have the understanding and skills of best practice in the area of debt collection.

Outcomes are covered within this unit:
This course deals with the key aspects of dealing with a debt that has been categorised as bad or doubtful including:
- The steps involved in reviewing an account to determine if a debt is likely to become bad or doubtful
- Understanding the difference between a bad and a doubtful debt
- Methods for dealing with a customer’s excuses for not paying the outstanding amount
- Negotiating with the customer to recover the outstanding payment
- Monitoring and documenting the outcome of the recovery action

Telephone collection techniques  
Credit is more available today than ever before with a variety of purposes and accessible from a range of organisations. With the wide availability of credit comes the risk that the promised payments will not be made.  This course explores the skills and knowledge needed to correctly initiate and complete the management of customer accounts which have outstanding payments.
 

Outcomes are covered within this unit:
This course deals with the key aspects of dealing with overdue customer accounts:
- Identify customers requiring collection activity – including the need to monitor your organisation’s overdue account reporting system, access and retrieve relevant information and records, and review overdue debtors in accordance with relevant policies
- Establish contact with a customer and attempt to resolve outstanding payment matters – including proposing appropriate communication with the customer and obtaining appropriate authorisation, making contact with the customer and building rapport, and advising relevant organisation(s) regarding the purpose of contact.
- Negotiate resolution of outstanding payments with the customer – including advising debtors of the possibility of legal action for non-payment, using appropriate techniques to achieve resolution, confirming negotiation outcomes and diarising further actions.

Legal compliance
Working in credit requires a sound understanding of the issues that arise in relation to legal compliance together with an appreciation of the significance of the wider financial services industry.

The critical first step in managing legal compliance is the ability to identify the legislative and regulatory provisions that must be adhered to in the credit function and how this information should be managed.

Outcomes covered within this unit:
- Once the compliance parameters are established this needs to be translated to an individual’s role within the credit team. This means that the person needs to understand how to maintain their personal professional development and the strategies available to achieve this.
- Applying procedures that are designed to result in adherence to a compliance framework
requires an understanding of effective work and time management.
- Compliance arrangements are subject to ongoing monitoring so that changes in compliance requirements are identified and as necessary communicated to other members of a credit team.

CREDIT TOOLBOX
Credit toolbox courses are a unique opportunity to learn and refresh on the fundamentals of credit management from credit professionals with extensive real-world experience.

These half-day sessions cover the fundamentals of credit management with a focus on understanding the core requirements and their real world application.

Courses are presented by credit professionals with extensive experience in credit management, are CCE’s and/or have held senior roles in many organisations and industries.

The courses have been designed by the AICM’s most experienced credit management trainer to ensure all courses cover the fundamentals required to understand what and why credit professionals do what they do.

> Toolbox 1 – Introduction to Credit
> Toolbox 2 – Collect With Confidence
> Toolbox 3 – Understanding Credit Risk

To speak to AICM about these or any other learning or development, call 1300 560 996 or email andrew@aicm.com.au or debby@aicm.com.au

READ ORIGINAL ARTICLE