Credit Controller

Key Information

Level 2
Typical Duration 12 – 18 Months
Delivery Model Workplace visits with guided Chartered Institute of Credit Management (CICM) learning (via virtual class or tutor-led self study)
Delivery Location Workplace
Start Date Flexible (can be arranged to suit the employer, subject to CICM availability)

Programme Summary

The focus of the Credit Controller role is typically to monitor and manage customer accounts; follow organisational policies to collect monies owed, and ensure that work quality targets are met. This requires proactive interaction with customers who have not paid, or who have reached credit limits or terms in order to minimise bad debts while retaining positive relationships for the longer term.

The range of activities within the role could include, but are not limited to, processing credit applications, agreeing credit terms and/or payment arrangements, invoicing, monitoring payment, allocating and reconciling cash, proactively contacting customers to collect debt/outstanding balances, resolving straightforward disputes, debt support, and recommending write-offs.

Knowledge What is required (through formal learning and applied according to business environment)
Credit management Broad understanding of the principles of credit management and collections together, with a sound understanding of organisational policies and techniques used in their role (e.g. credit terms), use of external sources of information (e.g. credit scores), and policies for handling vulnerable customers.
Regulatory and compliance Broad understanding of the legal, regulatory, risk and compliance framework within which they operate, with a sound understanding of relevant risk and compliance requirements for their role, e.g. credit management policies, data protection, treating customers fairly, potentially fraudulent transactions, including anti-money laundering arrangements and financial and sector regulatory requirements depending on the type of collections.
Industry and organisation understanding Understands professional standards; the nature and priorities of the organisation they work in; organisational ‘values’; and where their role fits in the organisation. Understands the different areas of the organisation that they need to work with, e.g. sales.
Products and services Broad understanding of the products and services offered to customers by their organisation, together with sound knowledge of the products and services that they support, and how their role supports the delivery of these products and services.
Systems and processes Understands the systems, tools and processes used in the role, together with the standards to be met, including IT tools.
Skills What is required(through formal learning and applied according to business environment)
Service delivery Delivers excellent service to customers using the organisation’s systems and processes, contributes to individual and team objectives in line with the employer’s policy, works in a way which reflects organisational values and complies with standards and regulatory requirements, carries out a range of tasks which may include credit application processing, cash allocation and reconciliation, proactive contact with customers to collect outstanding balances/debt, maintaining accurate records of communications/actions, straightforward dispute resolution, and recommending write-offs.
Work planning Organises their own accounts, completing tasks to required deadlines, tracks individual customer accounts where necessary, takes ownership through to completion, escalating when required, e.g. potential debt risk.
Teamwork Consistently supports colleagues/collaborates to achieve results, builds/maintains good working relationships within teams and with other business areas where necessary, is aware of own role in the team and the impact on others.
Communication and relationship building Communicates effectively with customers/colleagues, using sound interpersonal skills, a range of media and appropriate language, e.g. phone, email, SMS, letter and face-to-face, builds good relationships with customers, recognising their relationship with and their importance to the organisation while dealing with a potentially difficult topic, adapts their style to that of the customer and actively listens to understand their needs, handles difficult and sensitive situations professionally when they occur, e.g. regarding overdue accounts, working to support and retain a positive relationship with the customer.
Negotiation and decision making Works with customers to identify mutually acceptable solutions to credit issues, within organisational guidelines, takes ownership through to resolution, escalating where necessary.
Continuous improvement Identifies opportunities to improve work practices and successfully implements changes that are required.
Personal development Seeks feedback and acts on it to improve their performance, builds their own capability through ownership of their own development, working with their manager, keeps up to date with relevant changes.
Behaviours What is required (acquired and demonstrated through continuous professional development)
Honesty & Integrity Truthful, sincere and trustworthy in their actions, shows integrity by doing the right thing, maintains appropriate confidentiality at all times.
Flexibility Adapts positively to changing work priorities and patterns when new tasks need to be done, or requirements change.
Resilience Displays energy and enthusiasm in the way they go about their role, dealing positively with setbacks when they occur, stays positive under pressure.


Additional Qualification

CICM Entry Level Award/Certificate in Credit Management Level 2 (a mid-point assessment must also be completed in order to achieve the certificate).

Module What does the syllabus include? How is this module assessed?
Business Communications and Personal Skills 
  • Understand the personal skills and behaviours required at work
  • Know how to communicate in the business environment
  • Be able to use effective communication and personal skills to build good relationships with colleagues and customers.
Learning only in preparation for end point assessment
Credit control/collections 
  • Know how the principles of credit/collections apply to their role
  • Know the risks related to credit control/collections work
  • Know how to work in a compliant way
  • Know how to ensure excellent service delivery
  • Be able to demonstrate effective credit control/collections based on reflective practice
Learning only in preparation for end point assessment
Mid point assessment – cash collections
  • Be able to collect customer payments in a systematic way.
  • Be able to evaluate work and personal performance.
Assignment

What will you learn?

Learning targets will be set by the Training Associate, mentor and apprentice to fit in with development required in the workplace. Learning will take place around:

  • The personal skills and behaviours required at work
  • Communication in the business environment
  • Effective communication and personal skills, to build good relationships with colleagues and customers
  • The principles of credit/collections and how they apply to their role
  • The risks related to credit control/collections work
  • Working in a compliant way
  • Ensuring excellent service delivery
  • Demonstrating effective credit control/collections based on reflective practice

How is it delivered and assessed?

After enrolment, an Individual Learning Plan (ILP) will be agreed with the apprentice, mentor and Training Associate. Short, medium and long term targets will be set, and this will be reviewed and updated on a regular basis. The targets will be based around the knowledge, skills and behaviours detailed in the standard. They will also take in to consideration development goals or actions that the apprentice already has in place.

There will be contact between the apprentice and Training Associate at least once a month (a mixture of face-to-face and remote sessions). A portfolio of learning and evidence will be gathered throughout the course of the apprenticeship.

Depending on the selected method of study with the CICM, there will either be a weekly virtual class (10 x 90 minute sessions for each module), or remote-guided study sessions with a CICM tutor. There is no exam element for the CICM qualification at Level 2.

Mandatory Qualifications

  • Functional Skills Level 2 in English (unless previously achieved)
  • Functional Skills Level 2 in mathematics (unless previously achieved)

End Point Assessment

There are two assignments at end point assessment, which will be issued by the CICM, and a submission date will be set. Once these are marked, a date for a remote professional discussion will be arranged.

 

Entry Requirements

English and maths at Level 1  is required for this programme. 

Apprentices must be in suitable employment have the opportunity to develop all required knowledge, skills and behaviours aligned to this apprenticeship standard.

Interested in this apprenticeship? Apply now.