The CICMQ Briefcase Pack 2019

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1 The CICMQ Briefcase Pack 2019 Chris Sanders FCICM Head of Accreditation - CICMQ Premium Partner Corporate Partners

2 Contents CICMQ the Approach The CICMQ Process Some of the CICMQ Companies The CICM Best Practice Network What they said about CICMQ and the benefits! Added value activities for CICMQ Dates for the diary!

3 We are proud to be working with Rimilia in 2019 Intelligent finance solutions developer Rimilia has enhanced its level of Corporate Partnership with the CICM by becoming a Supporter of the CICMQ Programme. We look forward to working with Rimilia once again to further develop best practice and continuous improvement in our industry.

4 CICMQ - What is it? CICM s Accreditation Process for Credit Management and related functions Covers 6 Specific Areas: Credit Policy Compliance Customer Services Personal & Professional Development Performance Measurement Stakeholder Management & Roadmap Companies have to demonstrate they meet a minimum standard of Good/Best Practice in Credit Management If successful a company is awarded CICMQ Accreditation and retains the award for 3 years when it has to be renewed. There is a mid-term review and report 18 months post accreditation. More than 50 companies have CICMQ Accreditation with a number at various stages in the process For details of fees contact cicmq@cicm.com

5 CICMQ - a Broad Package of benefits from the CICM Membership of the CICM Best Practice Network for best practice sharing, networking and learning & development CICMQ Self Assessment Questionnaire to help you understand your readiness for CICMQ 1 half day CICMQ Discovery with a summary gap analysis 1 full day CICMQ Assessment with full CICMQ Assessment Report 3 free 1 year Affiliate Memberships for new members Discounted 1 year membership for 3 or more additional new members 1 full day CICMQ Mid Term Review after 18 months & summary report CICM Learning Partnership to assist in planning your team s professional training & development Priority invitation to attend the CICM Best Practice Events (3 events planned for 2019) Access to the CICMQ Members Library containing over 50 presentations & articles from CICMQ organisations CICMQ Best Practice Scorecard scoring your organisation against the CICM Criteria and CICMQ Best in Class For details of fees contact cicmq@cicm.com

6 The CICMQ Process Companies apply and complete a company profile and questionnaire A Discovery session is booked by the Assessor usually for a half day meeting...sometimes longer! Discovery Assessment Report to Applicant Client If CICMQ readiness is confirmed the full CICMQ Assessment is booked usually a full day...or more depending on the complexity and number locations of the applicant client Assessment completed Full Assessment Report to Applicant Client Your company joins the Best Practice Network of Accredited Organisations & Philip gets his picture taken...again! Shell International 1 st Quality Accreditation in October 2009

7 Some of the CICMQ Accredited Companies

8 The Best Practice Network CICMQ Organisations Sharing Best Practice This represents just 2 weeks activity in the Best Practice Network demonstrating that the CICM Best Practice Network is the most active credit management best practice network around!

9 Reduced Internal Audit Activity Reduced External Audit Activity Stated Benefits of CICMQ Reduced Premiums and improved terms for Credit Insurance Able to bid for government tenders since accreditation Obtained new business since trade press articles Improved debt and cash performance since accreditation Improved Internal Recruitment from finance Keeps the department focussed on quality and performance improving results & customer service Membership of the most active Credit Management Best Practice Network for sharing information and knowledge Improved credit controllers confidence when dealing with sales and other stakeholders Significantly improved the awareness of good credit management across the business Credit Industry recognition for the business, manager and the team. Aggregate Industries Local World Siemens

10 CICMQ Workshop Objectives: Launched to assist organisations achieve CICMQ Accreditation Engage credit management teams in the process Ensure credit teams are involved in developing Best Practice Develop the staff through knowledge sharing Output: Gain access to the CICMQ Best Practice Network of Accredited Companies to assist and share knowledge Templates and guides provided for the teams Workshop output fully documented Action Plan to achieve CICMQ Accreditation and Assessment date set!! Stakeholder Management Plans and Roadmaps Cross functional Event planned to re-launch Credit Management Sanders Consulting Associates Ltd

11 The CICMQ Workshop Clients! Sanders Consulting Associates Ltd

12 CICMQ Organisations Past Winners and Finalists British Credit Awards

13 International Accreditation Objectives: o o o Approach: International Accreditation Provide International recognition of Best Practice in Credit Management Improve standards and awareness of excellence in Credit Management Create a network of International Companies who share Best Practice o Assessments performed by Senior Credit Management Professionals o Mixture of document reviews, conference calls and site visits o Recommendations of accreditation endorsed by the ICTF Deliverables: o CICM & ICTF branded reports, awards and certificates o Accreditation renewed every 2 years o Awards presented at CICM or ICTF events where possible. Endorsed by:

14 CICMQ Now Available in Australia! The Chartered Institute of Credit Management sign a historic agreement with the Australian Institute of Credit Management to offer CICMQ under license to their members. AICMQ now available in Australia AICMQ Accredited organisations will join the CICM Best Practice Network of 50 + CICMQ Accredited Companies and be able to join the CICMQ members library

15 CICMQ Scorecards The CICMQ Continuous Improvement Scorecard Objectives: o o o Approach: o o o o Continuously improve Credit Management Provide a measurement framework to track improvements Provide an independent measurement for staff objectives Optional part of the CICMQ Accreditation Programme Firstly - Provides a score for your organisation against 6 CICMQ Criteria Secondly Provides a score for your organisation against the best In Class CICMQ Organisations Workshop on the anniversary of CICMQ Accreditation determines progress Deliverables & Benefits: o o o Scorecard created at accreditation, then reviewed annually and at renewal every 2 years Tangible Measurement of a department against the CICM s 6 CICMQ Criteria Through the Best Practice Network providing examples and linking organisations together to assist in improvements.

16 Centres of Excellence Requirements In Short You need to have held CICMQ Accreditation for 2 years You need to be a CICM Learning Partner or Corporate Partner Involved in the Best Practice Network Hosting CICM or CICMQ Events or training Promote Credit Management as a career

17 CICMQ - The Cash Challenge or the creation of a spectacular failure! The easiest question you will be asked today is Sanders Consulting Associates Ltd

18 CICMQ - The Cash Challenge or the creation of a spectacular failure! Would you like you to increase your department s cash collection in one month by 20%? Contact the CICMQ Consulting Team at cicmq@cicm.com to find out how Sanders Consulting Associates Ltd

19 CICMQ - The Cash Challenge or the creation of a spectacular failure! If you do what you always do you get what you always got 1. Set aside normal credit management and SMART objective setting thinking 2. and set an unachievable target and fail spectacularly! 3. Become the pirates in the organisation to create a sense of change and belonging Sanders Consulting Associates Ltd

20 CICMQ - The Cash Challenge or the creation of a spectacular failure! One Month CICMQ Event Designed to Generate Cash Reduce Debt Reduce Disputes Motivate Staff Kick Start sustainable Improvements Gain Stakeholder Involvement Create Cross Company Action Built Relationships Other Successful Client Implementations Cable & Wireless Dash for Cash MCI/Verizon - Golden Number Virgin Media HY300 Shell International EU Hunt for Ca$h Travis Perkins March 4 Mi ions OMG Media Group Fuelling 50 Ford Retail Fab 50 Local World Catch 22 Royal Mail Debt Busters Virgin Media 100 Minnions Ageas Insurance 100 Not Out EDF Energy Jingle all the Pay Sanders Consulting Associates Ltd Average Results in 1 month! Increases Cash by >20% Decreases DSO by 2 days Decreases Debt in Dispute 10%

21 CICMQ - The Event or the creation of a spectacular failure! Teamworking for Achievement Set an unachievable target & fail spectacularly! Part of the CICMQ Workshop Approach Short Term or Long Term Goals to Business as Usual Stakeholder Management is key to Cross Functional Working Sanders Consulting Associates Ltd

22 CICMQ - The Event or the creation of a spectacular failure! 999 Debtbusters 23% more cash in 6 weeks 19% more cash in 1 month than average 90 day debt down 5m March for Millions 21% more cash in 1 month 100 Not Out 56% more cash in 1 month Jingle All The Pay 32% more cash in 7 weeks 38% overdue debt reduction 25% more cash in 4 weeks Record low debt levels Sanders Consulting Associates Ltd

23 CICMQ - The Challenge Event or the creation of a spectacular failure! Debts Get Ready To Tumble Sanders Consulting Associates Ltd

24 CICMQ - The Challenge Event or the creation of a spectacular failure! I'm so excited to reveal that my fantastic team won the cash challenge! Well done everyone! We had a record month and some fun along the way too! We collected 25% more cash in July and our target was a 20% increase! Well done also to our lovely friends at Sodexo who gave us a good run for our money and also achieved some ground breaking results as well. It was pretty close! Thanks to everyone involved. I would highly recommend contacting Chris Sanders at CICM to chat about arranging your own cash challenge - it's well worth it! (Janet Chapman Credit Manager, Canals River Trust, 3 rd August 2018) Sanders Consulting Associates Ltd

25 CICMQ - The Challenge Event or the creation of a spectacular failure! and the winner is Phil Rice Aggregate Bryony Pettifor Anixter Sanders Consulting Associates Ltd

26 The CICMQ Strategy Day The Strategy Day! Sanders Consulting Associates Ltd

27 The CICMQ Strategy Day The Strategy Day! Sanders Consulting Associates Ltd

28 The CICMQ Workshop Day The Workshop Day! Designed to provide attendees with a wider understanding of CICMQ Accreditation Provides the delegates with a framework to drive CICMQ within their companies Share experiences and knowledge with other delegates from other organisations creating a support network of companies working towards CICMQ Delegates organisations become part of the Best Practice Network organisations committed to Improve standards in Credit Management through sharing of best practice knowledge and experience Generates a plan of action with owners and timings for CICMQ Accreditation. Sanders Consulting Associates Ltd

29 March 2019 CICMQ Best Practice Network Event Bolton Hosted by Diary Dates 2018! June 2019 CICMQ Best Practice Network Event Manchester Hosted by September 2019 CICM & CICMQ Q Best Practice Network Event Venue TBC

30 Help us to improve! What would you like to see from CICMQ?

31 Chris Sanders FCICM Head of Accreditation CICMQ +44(0)7747 Also on Premium Partner Corporate Partners