Managing the Collections and Credit Control Functions

Managing the Collections and Credit Control Functions

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Program Objectives:
By the end of the program, participants will be able to:
  • ​Reposition the credit function within their organization to a more prominent and critical role
  • Implement best practice collection techniques and industry standards through a collections department
  • Use benchmarking to systematically improve collection processes, relationships and working practices with both external and internal customers
  • Use efficient tools to increase profitability by enhancing credit control
  • Redefine the internal image of collections and improve its importance in relation to the rest of the business
  • Identify how to develop a competitive collections ethos
Who should attend:
This program is suitable for senior and middle managers within collections, credit control, client accounts, or finance and accounting functions, from any industry. Banking or risk management professionals responsible for the performance and management of the collections and credit control function would also benefit from this program; as will anyone seeking to establish a credit function or currently managing an existing credit function but aiming to establish a more profitable operation with no defects.
Program Outline
Collection and Credit Control Environment: A Global Perspective
  • Profit and collections fundamentals
    • Shifting from cost center to profit center
    • Profitability in the workplace
    • Flexible business approaches
  • Flexing the variables of sales, cost and price
    • Collections as ‘completion of the sale’
    • Controlling costs, prices and profit
    • Identifying customers and their needs
  • Collections redefined as a profit center
  • Customers, products and marketing
    • The importance of a mixed portfolio
  • -Selling to an existing customer base: cost effective methods
    • Involving credit professionals at the design stage
  • Designing the competitive collections environment
    • Integrating the entire collections team
Best Practice Standards
  • Industry approved standards for debt collection
  • Standards as practical tools to regulate and standardize collections
  • Maintaining performance and standards
    • Coaching models
    • Quality assurance systems
  • Industry accepted standards for credit management
    • Managing the debt process according to industry best practice standards
    • Company culture
    • Social, Technological, Economic and Political (STEP) factors and their impact on credit
    • “Task model” work-tool
Effective Collections and Managing the Credit Control Department
  • Onboarding the collections team
    • -Establishing cost-saving processes
  • Best practice in credit-related human resources
    • -Redeveloping the employee specification
    • -Recruitment for collections
  • Establishing the optimal physical environment for a collections department
Taking the Function to a Higher Performance Level
  • Managing change
    • -Overcoming resistance to change
    • -Recruiting supporters of your change
    • -Communication and change
  • Communications within the team
  • Advanced collections
    • -Capacity planning
    • -Management overview of collector training, including exclusive call maps
  • Creating a credit learning environment
    • -Learning cultures
    • -Development of the collector through progressive learning
  • Managing the target-driven workplace
    • -Service level agreements
    • -Collection team dynamics and effective target setting
    • -Zero defects environments

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Date And Time

2021-03-12 @ 09:00 AM to
02:00 PM

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