To gain a Diploma of Credit Management you will need to complete 12 units. 7 of which are compulsory (C) Core units. You will then need to select 5 (E) elective units of your choice.
Developing your credit policy & procedures
- BSBRSK501 Manage risk (Core unit) - 6 weeks online
- FNSORG502 Develop and monitor policy and procedures (Core unit) - 6 weeks online
The interaction between credit risk management and credit policies and procedures is fundamental. In this course learners will explore the following:
- How to identify business policy and procedure requirements and the risk management context which relates to the policies and procedures
- Research techniques to inform the development of the policies and procedures and the use of these research skills to identify credit risk
- Utilising credit risk analysis methodology, draft policies and procedures which will enable the treatment of the identified credit risk(s)
- How to develop an implementation strategy so that the policies and procedures are effectively communicated to all personnel to ensure the application of the policies and procedures
- Methods for the monitoring and review of the success of the policies and procedures in the treatment of credit risk management
- FNSORG401 Conduct individual work within a compliance framework (Core) - 6 weeks online
- FNSINC401 Apply principles of professional practice to work in the financial services industry (Core) - 6 weeks online
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
- 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.
- FNSCRD501 Respond to personal insolvency situations (Core) - 12 weeks online
Dealing with bankrupt individuals requires a clear understanding of the rights and responsibilities of credit personnel as provided for in the Bankruptcy Act 1966 (Cth). This includes:
- An understanding of the factors that may give rise to bankruptcy and the risks that a bankrupt individual may pose for an organisation
- The role and function of a trustee in bankruptcy
- Ability to complete the appropriate claims and proof of debt
- Ability to assess if the particular circumstances of the specific bankruptcy could have been avoided if the organisation had applied a different policy and/or procedure
- Please note this unit must be completed prior to undertaking FNSCRD505A Respond to corporate insolvency situations.
- FNSCRD505 Respond to corporate insolvency situations (Core) - 12 weeks online
The ability to deal with a business that has become insolvent as provided for in the Corporations Act 2001 (Cth) is an essential skill for a credit professional.
This course addresses the following aspects of corporate insolvency:
- Identification of the factors that may result in a corporate insolvency and the risk an insolvency may pose to the credit provider
- Understanding how the actions of an insolvency practitioner may impact upon the credit provider
- Identification of and implementation of a creditors legislative rights and responsibilities
- How to prepare relevant documentation to seek to enforce a creditors rights
Managing the credit function
- FNSCRD504 Manage the credit relationship (Core) - 12 weeks online
This course of study is designed to contribute to a learner’s ability to lead and develop their team to:
- Clearly understand the relationship between the management of credit risk and other business and environmental factors which interact with the overall business strategy
- Utilise effective credit management performance techniques to achieve business goals
- Identify debtors who are at risk of becoming bad and/or doubtful debtors
- Be able to apply techniques to assist these debtors and minimise credit and organisational risk
- Understand and utilise legislative processes when dealing with debtors at risk
- Ensure that the credit team’s record keeping is accurately maintained and adheres to legislative requirements
- Develop and apply across the credit team, document storage and destruction policies and procedures that accord with legislative requirements
Understanding consumer credit
- FNSCRD503 Promote understanding of the role and effective use of consumer credit (Elective) - 12 weeks online
This course of study is designed to inform learners about the role and function of consumer credit including the ability to:
- Understand and adhere to the requirements that must be met by a holder of an Australian Credit Licence including issues relating to ‘responsible lending’
- Discuss with a consumer client the advantages and disadvantages of consumer credit and the range of consumer credit facilities that are available including secured and unsecured loans
- Explain to the client the different fees and charges that may apply to credit products
- Inform the client of strategies that may be utilised to avoid excessive or unmanageable debt
- Inform clients of the role and function of credit reference reports
The content of this course is anchored in the requirements of the National Consumer Credit Protection Act 2009 (Cth) and Schedule 1 of this Act the National Credit Code and is designed to contribute to compliance with ASIC Regulatory Guide 206 Credit licensing: Competence and training.
Managing outsourced services
- FNSORG604 Establish outsourced services and monitor performance (Elective) - 12 weeks online
The use of outsourcing is common in today’s workplace. Learners who undertake this course will consider the role and function of outsourcing within the context of legal compliance and in particular the following Acts: Commercial Agents and Private Inquiry Agents Act 2004 (NSW) and/or the National Consumer Credit Protection Act 2009 (Cth) relating to the holding of an Australian Credit License.
The course will also have application in a more generic outsourcing context.
The course addresses:
- How to determine which activities would be suitable for outsourcing
- The level of expertise that will be required to manage the outsourced activities and the performance standards that the outsourcing provider will need to meet
- How to establish strategies for monitoring and reporting on outsourcing activities
- Managing the tendering and selection process
- Methods for monitoring the outsourced service
Dealing with compliance breaches
- BSBCOM402 Implement processes for the management of a breach in compliance requirements (Elective) - 6 weeks online
Compliance breaches can have serious consequences for an organisation. It is essential that a compliance breach is managed in an appropriate manner taking into account the possible need to work with the relevant regulator to ensure that the organisation’s reputation and legal obligations are managed effectively.
This course is relevant to the National Consumer Credit Protection Act 2009 (Cth) in relation to the holding of an Australian Credit License.
This course considers how to:
- Identify a compliance breach
- Investigate the breach and develop a rectification plan
- Liaise with relevant internal personnel and relevant external organisations
- Monitor the implementation of the rectification plan
- Ensuring that all documentation is completed and procedures reviewed to minimise the risk of the breach reoccurring
Managing a trust account
- BSBCNV506 Establish and manage a trust account (Elective) - 6 weeks online
The management of a trust account is relevant to those people who need to hold a Master Licence in accordance with the Commercial Agents and Private Inquiry Agents Act 2004 (NSW) and/or the National Consumer Credit Protection Act 2009 (Cth) relating to the holding of an Australian Credit License.
This course addresses the following:
- The steps involved in establishing a trust account and/or reviewing an existing trust account
- Developing and implementing good practice when managing a trust account
- Controlling activities associated with the management of a trust account
- Strategies for the reconciliation and verification of activities involving a trust account
- BSBMGT502 Manage people performance (Elective) - 12 weeks online
Credit professionals who hold or anticipate holding a senior credit position need to ensure that they have effective people management skills.
This course will introduce learners to the essential people management skills and knowledge including how to:
- Manage the work of others to achieve strategic outcomes
- Plan and identify the components of a performance management program
- Provide strategic feedback to enhance performance
- Provide support to enhance performance
- Monitor and review ongoing performance
- Manage good and poor performance
- BSBINN601 Lead and manage organisational change (Elective) - 12 weeks online
Organisational change is a constant in any workplace. How you manage the change process irrespective of whether the change is imposed by external factors or in response to a change in workplace requirements will be facilitated by having the appropriate skills and knowledge to manage the change.
In the course learners will consider:
The interrelationship between corporate strategic planning and change management
The components of a change management strategy including:
- cost/benefit analysis
- risks and barriers to be overcome
- approval and resourcing issues
Implementation of the change management strategy taking into account the need to address the following issues:
- Develop a communication plan which will address the issues to be raised during the consultation process, and will promote the benefits of the change(s) as set out in the communication timelines
- A consultation process to obtain input from all relevant people and business units
- Identification of possible barriers to the change(s) and the risk management of the barriers
- Describes the change management activities and interventions which will facilitate the introduction of the change
- Strategies to embed the change(s)
- Evaluation and ongoing review and amendment of the change management plan to ensure the change management objectives are achieved
Managing customer service
- BSBCUS501 Manage a quality customer service (Elective) - 12 weeks online
Effective credit management requires the ability to maintain effective, high quality customer service whilst at the same time ensuring that a customer’s account complies with the terms of the credit contract. At times this can be a difficult balancing act requiring a sound knowledge of how to provide quality customer service. As a senior credit professional you are expected to model effective customer service and assist other credit personnel to achieve quality customer service.
This course addresses:
- Methodologies for developing strategies to meet external and internal customer requirements
- Delivering quality customer service so that organisational standards are met and maintained
- How to work with colleagues and team members to achieve quality customer service
- Techniques for monitoring and adjusting customer service standards to ensure the ongoing relevance of the standards
- Maintaining appropriate records and provide reports to the relevant personnel within the organisation
Factoring & Invoice discounting
- FNSCRD502 Manage factoring and invoice discounting arrangements (Elective) - 12 weeks online
There has been substantial growth in the use of factoring and/or invoice discounting arrangements. This course is relevant to those people who provide a factoring and/or invoice discounting arrangement as well as those people who utilise such an arrangement.
This course addresses the following aspects of factoring and invoice discounting:
- Differentiating between the types of factoring and invoice discounting arrangements that may be offered to prospective clients
- How to effectively communicate to clients the different policies and procedures that the client would need to follow depending upon the type of product provided
- Strategies to ensure that clients understand how legal assignment will vary depending on the type of product
- What information should be provided to debtors when an arrangement has been entered into with a client
- The advice that should be given to debtors of the debt recovery process that will be followed as a result of the introduction of the factoring and/or invoice discounting arrangement
- How to manage the relationship between the client and the factor and/or invoice discounter and establish ongoing monitoring procedures
This elective unit has a 2 day face to face delivery duration, and has a different pricing structure