Credit Management in Australia - October 2023

Volume 30, No 4 October 2023

The Publication for Credit and Financial Professionals

IN AUSTRALIA

Celebrating the credit profession ALSO IN THIS EDITION: l Is your credit documentation and terms of trade unfair? l WINC: Are you driving home your expertise? l RBA: monetary policy bearing fruit.

Our 2023 supporters National partners

Divisional partners

CREDIT MANAGEMENT SOFTWARE

Divisional supporting sponsors

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Contents Volume 30, Number 4 – October 2023

Message from the President

6

Young Credit Professional of the Year State Finalists

8

Credit Professional of the Year State Finalists

12

Credit Team of the Year 2023 Finalists

15

Pathways Lifelong learning in the credit sector Recent graduates Training calendar 2023 CCE Dux 2023 Student of the Year

19 20 20 21 21

Credit Management Taking a different approach to hardship

22

22

Laura Pringle

So, you want to be a leader?

Laura Pringle

26

Take a deep breath and Buckle Up for the Ride Jody Wright LLB GAICD FGIA

Customer Service & Technology 4 reasons cash application is the best starting point for AR automation

30

Jody Wright

Eric Maisonhaute MICM

Deciphering the Artificial Intelligence (AI) Debate:

26

30 Eric Maisonhaute

34

Generative vs. General AI in Credit Management!

Miriana Lowrie MICM

Advertorial: Navigating change management in finance transformation projects Danny Wheeler

40

34 Miriana Lowrie

40 Danny Wheeler

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Contents ISSN 2207-6549

DIRECTORS Julie McNamara MICM CCE – Australian President Lou Caldararo LICM CCE – Victoria/Tasmania & Australian VP Troy Mulder FICM CCE – Western Australia/Northern Territory Rob Jackson MICM CCE – South Australia Theresa Brown MICM CCE – New South Wales Steven Staatz MICM CCE – Queensland

44

48

Malcolm Poslinsky

Anna Taylor

58

62

56 Kirk Cheesman

CHIEF EXECUTIVE OFFICER Nick Pilavidis FICM CCE Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 PO Box 64, St Leonards NSW 1590 Tel: (02) 8317 5085, Fax: (02) 9906 5686 Email: nick@aicm.com.au PUBLISHER Nick Pilavidis FICM CCE | Email: nick@aicm.com.au CONTRIBUTING EDITORS NSW – Gary Poslinsky MICM Qld – Emma Purcival MICM CCE SA – Clare Venema MICM CCE WA/NT – Jeremy Coote MICM CCE Vic/Tas – Alex Hawtin EDITOR/ADVERTISING Claire Kasses, General Manager Tel Direct: 02 9174 5727 or Mob: 0499 975 303 Email: claire@aicm.com.au EDITING and PRODUCTION Anthea Vandertouw | Ferncliff Productions Tel: 0408 290 440 | Email: ferncliff1@bigpond.com THE EDITOR reserves the right to alter or omit any article or advertisement submitted and requires idemnity from the advertisers and contributors against damages or liabilities that may arise from material published. CREDIT MANAGEMENT IN AUSTRALIA is published by the Australian Institute of Credit Management, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065. The views expressed in CREDIT MANAGEMENT IN AUSTRALIA are not necessarily those of Australian Institute of Credit Management, which does not expect or invite any person to act or rely on any statement, opinion or advice contained herein (whether in the form of an advertisement or editorial) and neither the Institute or any of its employees, agents or contributors shall be liable for any opinion contained herein. © The Australian Institute of Credit Management, 2023.

Lauren Clemett

Monika Lacey

66 Anneke Thompson

Insolvency Navigating your PPSR rights: Action steps when a customer goes bust

44

Malcolm Poslinsky MICM

Legal Is your credit documentation and terms of trade unfair?

48

Anna Taylor MICM

Risk Management Personal risk of company directors is driving business failure The 3 biggest mistakes when renewing a trade credit insurance policy

52 56

Kirk Cheesman MICM

WINC Are you driving home your expertise?

58

Lauren Clemett

JOIN US ON LINKEDIN Click Here

Economic Review Update from across the ditch: No easing on the 62 cost-of-living crisis as NZ barrels towards election

EDITORIAL CONTRIBUTIONS SHOULD BE SENT TO:

Monika Lacey MICM

The Editor, Level 3, Suite 303, 1-9 Chandos Street, St Leonards NSW 2065 or email: aicm@aicm.com.au

RBA’s monetary policy efforts bearing fruit Anneke Thompson MICM

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

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Contents

Volume 30, Number 4 – October 2023

72

79

QLD: Katherine McLean MICM, Mel Donnison MICM, Karen Leggett MICM, Decia Guttormsen MICM CCE, Leanne Farrugia MICM CCE and Monique Barton MICM.

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SA: Rob Jackson MICM CCE with 2023 SA Credit

Professional of the Year winner Janice Riley MICM and James Neate LICM CCE.

88

Vic/Tas: Congratulations to the 2023 VicTas Awards

WA/NT: Paul Walsche MICM with WA YCP FInalists

winners Bridgid Nichols MICM (YCP) with Nick Pilavidis FICM CCE and Melissa Mann MICM (CP).

Member Anniversaries

Czarina Coquilla MICM and Lucas Henly MICM and Wendy Proudfoot MICM.

70

Division Reports Queensland South Australia Victoria/Tasmania Western Australia/Northern Territory New South Wales New members

72 79 82 88 92 101

92 NSW: James Smith MICM CCE from ARMA Group,

Marketplace

104

Tom Threlkeld MICM from Atradius and Abdallah El Haddad from CreditorWatch.

For advertising opportunities in Credit Management In Australia Contact: Claire Kasses, General Manager Ph: 1300 560 996 E: claire@aicm.com.au October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

5

aicm

from the president

Julie McNamara MICM CCE National President

W

elcome to the October

bring in new board members for their fresh

edition of the AICM’s

ideas and perspective, we will miss the board

Credit Management

members who have selflessly contributed

Magazine for 2023.

and have ended their tenure.

Traditionally at this time of year we are all

I am delighted to welcome our newest

excited and looking forward to our annual

directors;

National Conference. Our 2023 conference

z Rob Jackson representing SA, Theresa

has a sold-out expo thanks to our sponsors,

Brown NSW, Steven Staatz QLD, Troy

exhibitors, speakers and of course our

Mulder WA. I am confident each of

members for attending.

your contributions to the board and

This year has a truly exciting line up and

AICM members alike across the various

I am sure we are all looking forward to a

portfolios will be invaluable.

wonderful conference being hosted by the South Australian team and the Adelaide

A huge thank you to Debbie Leo who

Hilton. This is a time where finance and

recently resigned from the board, Debbie’s

credit professionals come together for 3

fresh perspective on consumer credit has

days a year to learn, to hear expert views and

been a great door opener into the world

experiences, to participate and to meet up

of consumer credit for our board. Debbie

with peers, colleagues and lifetime friends

continues to support Women in Credit and

that have been built over the years.

the WINC initiative with her involvement in

Congratulations to all our Award winners

the WINC lunches and webinars.

for 2023!

We also saw Rowan McClarty attend his

z National YCP

last board meeting on the 19th of September

z Our first ever National CP Award Winner

after six great years as our WA Director.

2023 z And to the Credit Team of the Year Winner

Rowan was a key contributor to the board and its success over the past six years and will be sadly missed by us all.

Congratulations also to the winners of

The board held our first face to face

the President’s Trophy which was awarded

meeting in 12 months on the 5th of August

to QLD for the 3rd consecutive year. I know

this year at which time our new strategic

they work so hard to hold onto the trophy!

plan for 2023-2026 was tabled and is now

Also, my sincere congratulations to all states

underway. This plan has since been shared

for their efforts this year in making the AICM

with our division councils for their invaluable

such an exciting institute to be a part of.

feedback. Overall, we had approximately 20

We have seen a few changes on the

initiatives to consider as part of the overall

board this year and whilst it is wonderful to 6

plan to move forward.

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

from the president

aicm

“National Webinar #3 is sure to be enlightening and inspiring, “A Catalyst for Change” led by our Divisional Supporting Sponsors, NCI.”

Based on these initiatives we have

effort thanks to all the organisers in every

identified 5 areas of strategic priorities;

state. We also saw a record broken at the

1. Develop the complete credit professional;

QLD event with no less than 238 people in

By revamping and expanding our

attendance! Can’t wait to get the plans in

qualifications and personal development

motion for 2024.

offering 2. Build the community of credit professionals;

Be sure to register for the third and final WINC webinar from our three-part series as soon as tickets open.

By growing membership and CCEs

National Webinar #3 is sure to be

3. Improve the connections with members;

enlightening and inspiring, “A Catalyst for

By supporting and growing division

Change” led by our Divisional Supporting

councils

Sponsors, NCI

4. Increase connections between members; By implementing and maximising

In finishing, as always, thank you to all

networking opportunities

our members, volunteers and

5. Be the voice of the profession;

subcommittees who give their time to

By being an advocate for the profession,

help build an AICM we are all proud of

generating thought leadership and

and to enable us to support each other

contributing to government/regulator

and provide the services and events to our

consultations

members.

If you feel you have the experience

On another note entirely, we have wrapped

and passion to enable you to help in

up another wonderfully successful year of

any way and you feel you could support

Women in Credit Luncheons, WINC, with

your council or board, I encourage you

the most recent being held in Tasmania.

all to do so. It is the most rewarding

WINC continues to grow bigger and

and satisfying experience knowing you

better every year thanks to our partners,

can make a difference. We are currently

Equifax, Results Legal and NCI. Of course

looking to grow in most areas, particularly

it would never have been so successful

South Australia and Perth, so please

without the wonderful support of our

reach out, we’d love to chat throughout

members, both women and men embracing

the conference week and answer any

and celebrating the initiative.

questions you may have!

This year’s theme “Catalyst for Change”

Happy 2023 Conference to all!

saw all sorts of records broken with over $22,000 raised for our charity, “The Women’s Resilience Centre” what a mammoth

Julie McNamara MICM CCE National President October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

7

2023 Young Credit Professional of the Year

2023 The Young Credit Professional of the

future advancement and support from

Year Award (YCPA) program is the largest

other young Credit Professionals and

and most prestigious Young Credit

experienced Credit Practitioners.

Award program in Australia and provides a great opportunity for young Credit Professionals to gain recognition both for themselves and their employer.

AICM is proud of our YCP award that started in our Western Australian division 33 years ago and was adopted at a national level in 1997. The award and its recipients are held in the highest regard by all credit professionals and can be

Thanks again to our event sponsors ARMA and CreditorWatch.

Congratulations to the state winners, who will have participated in the national YCPA judging.

Each of the divisional winners receives: $1000 to spend on AICM professional development to use within 12 months.

The national winner was announced

found in influential senior positions

on Thursday 12 October 2023 at the

within the industry.

National Conference in Adelaide and

By entering the YCPA program and

will receive the above, plus $1000

discussing their career achievements

cash and $2000 in AICM professional

and ambitions participants gain both

development.

valuable insight to the potential for their

Let’s meet our division winners...

AWARD SPONSORS

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

V I CTO R I A

Sponsored by

Brigid Nichols MICM Project Team Lead, Woolworths When we asked Brigid what made her pursue a career in credit management, she mentioned that she was studying a degree in nursing and during the summer break she worked at Woolworths, loved the work and the people. That was the beginning of her credit journey and triaging our customers, is a skill you need to get the best outcome for organisation and our customers.

Brigid is passionate about project management within the Finance Shared Services area of the Woolworths Group. Brigid has a strong retail experience and always looking at ways to drive process improvements by automation to new business initiatives through her expertise in stakeholder engagement.

Brigid’s’ credit management background has enabled her to embrace and focus on continuous improvement through robotics, automation, and the importance of taking her key stakeholders on the journey when there is change, through her strong communication skills.

During her time with Woolworths since September 2017, she has demonstrated through her project management that process improvements through automation has improved the team’s performance by removing manual workarounds, reduction in hours and improved the accuracy of cash allocations.

She has also developed a revised receivables provisioning model on risk rating and allowed more transparency and alignment with risk factoring and minimising credit risks.

Brigid’s eye for detail and ability to see the credit industry changing and evolving acknowledges that we need to be more focused on automation, accuracy and at the

2023 Young Credit Professional of the Year

STATE WINNERS

same time with a high emphasis on our brand by continuously building our customer relationships both internal and externally.

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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W EST E R N AUST RALI A

Sponsored by

Jordan Longthorn MICM Client Services Manager, NCI A very well presented and well-spoken young man indeed. He is so passionate about credit, the credit process, and the ability to be working out problems with mutually beneficial outcomes for both his employer and his customers. He is always putting himself out there to improve his skills, experience and to learn more about credit in both the commercial and consumer fields. He is extremely knowledgeable about legislation and regulations pertaining to the credit industry as well.

He has been nominated twice for NCI Employee of the year and is highly regarded at NCI amongst both his colleagues and his customers.

Jordan says he loves the job he is in and is absolutely planning on a long career in the Credit Industry. As far as AICM is concerned, he is really enjoying his participation in the events such as the WA Golf Day and the Women in Credit Luncheon, where he enjoyed the comradery of like-minded people and felt it was a great place to network within the industry. His future includes more involvement with AICM and further education and learning opportunities as well. He is much deserved of this award and set a very high standard for young credit professionals to follow.

N EW SOU TH H WALES

2023 Young Credit Professional of the Year

STATE WINNERS

Tom Threlkeld MICM Underwriter, Atradius Tom is a Credit Risk Analyst at Atradius, and during his time there has started a flourishing career.

It’s hard to believe that Tom graduated university in 2021 – as the judges were impressed with his professionalism, well thought out responses, and holistic approach to underwriting and make difficult decisions.

Tom displayed expectational analytical skills, even when faced with unfamiliar topics – showcasing his ability to think on the spot and consider different perspectives when making credit decisions.

On behalf of all the NSW judges, congratulations to Tom. We are all sure you will have a long and successful career within the credit industry.

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

SOUT H AUST RALI A

Sponsored by

Georgia Gray MICM Senior Associate, Lynch Meyer Georgia has been instrumental in developing a large strata recoveries and disputes client base, which has brought significant work to the Lynch Meyer firm. She has contributed to the team’s growth, resulting in three additional employees joining the team. Georgia assists with mentoring and developing junior staff.

She completed the ARITA Advanced Certification in Insolvency, achieving the highest mark in A for both subjects.

Georgia aspires to be a well-respected solicitor who helps clients and those on the other side of matters resolve problems promptly, sensibly, and with compassion. She hopes to champion women’s roles in the workplace and be an example of someone who can have both career and personal aspirations.

Judges Comments: Georgia was very well presented and came into the interview with a lot of confidence. Georgia is very passionate about her role, about being an advocate for mental health and mentoring others. Georgia’s commitment and passion for her work and

Q UEENS LA ND

helping others is inspiring. Georgia has real leadership energy.

Jordan McNee MICM CCE Credit Services Team Leader, University of Queensland Jordan holds a Bachelor of Business Management from the University of Queensland. He has eight years’ finance experience managing portfolios of accounts and high performing teams.

Jordan, the Qld winner was a real standout for the judges. This was not an easy task with the calibre of the candidates competing for this award in Qld this year. Jordan’s ability to engage with the judging panel and jump from question to question seemed effortless.

Jordan’s responses were articulate, thorough, and well developed that belayed a real deep understanding of the credit industry and the challenges and opportunities that lay ahead. Jordan’s passion for customers was evident, the enthusiasm he had for what he did

2023 Young Credit Professional of the Year

STATE WINNERS

was contagious, and he has such potential to educate others around him and influence the industry.

An all-round impressive interview and a well-deserved QLD winner that will represent the state strongly at Nationals. Congratulations Jordan!

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Sponsored by

The Credit Professional Awards provide the unique opportunity to recognise the experience, skills, professionalism, contribution, and dedication of accomplished credit professionals across Australia.

This award boosts self-esteem and motivates candidates to continue pursuing their passion and improve their skills.

This award also offers an opportunity for employers to gain valuable exposure and

N EW SOU TH H WALES

2023 Credit Professional of the Year

2023

position their business as an employer of choice. Thanks again to our award sponsor illion.

Congratulations to the state winners, who will have participated in the national CPA judging. The national winner was announced on Thursday 12 October 2023 at the National Conference in Adelaide and will receive the above, plus $1000 cash and $2000 in AICM professional development.

Let’s meet our division winners...

Pieter Le Roux MICM Group Manager – National Shared Services, Coates The judges were super impressed with the calibre of all 7 NSW finalists, the call went out for the best of the best and this year’s candidates did not disappoint. Pieter showed a high level aptitude to answer all questions with experience, passion and strategic leadership at top of mind. His responses clearly showed his strategic focus and contributions in his current and recent roles.

The judges were also impressed by the initiatives he has implemented to increase the efficiency of the business and develop team members into rounded credit professionals.

Pieter has 20+ years in the credit field working in various industries varying from Equipment Hire, Manufacturing, Construction, Security, Healthcare & Telecommunications in both Australia and South Africa.

While his work at a strategic level and impact he has made on his team, business and customers clearly demonstrated he is an outstanding credit professional. He was also the only candidate to turn up to the interview with his own marketing campaign, complete with the amazingly hilarious and witty ‘vote Pieter’ flyers and badges.

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Q UEEN SLAN D

Sponsored by

Kirsty Gray MICM CCE Credit Manager,Stoddart Group The journey to select the Credit Professional of the Year was not an easy one, as we were presented with a pool of remarkable candidates, all of whom were talented women. Their career paths from their humble beginnings in credit to reaching their current heights were truly awe-inspiring. Listening to their stories of perseverance and dedication, as well as their proudest accomplishments, left us deeply inspired.

Kirsty, a Qld candidate, has excelled as a National Credit Manager, showcasing her adaptability and innovative approach to managing teams in an ever-changing environment.

She has played a significant role in the development and implementation of various software and data management platforms, ranging from ERP and Online Credit Application to Collections Software and Job Management Systems. Kirsty’s selfless focus on her team’s achievements and her ability to build trust and foster strong relationships by collaborating with sales and customer service teams exemplifies her commitment to a holistic approach in achieving organisational success. Furthermore, Kirsty’s dedication to continuous learning and professional development is evident through her completion of a diploma in Credit

VI CTO R I A

Management and earning the esteemed title of Certified Credit Executive.

Melissa Mann MICM National Credit Manager, Visy Melissa Mann was chosen by the judging panel as the 2023 winner. Melissa’s answers showed a deep understanding of the fundamentals of the credit, but more importantly she was able to discuss how the credit function supported and complimented

2023 Credit Professional of the Year

STATE WINNERS

the company’s overall strategy, how necessary it was to build relationships across the various stakeholder groups both internal and external to the organisation, for the company’s purpose and strategy to be achieved and to break down silo behaviors. She also demonstrated how important each individual member of her team was to achieving success for the organisation, for the credit team and for the individual. Melissa highlighted the importance of the ‘school of life’ in learning the credit profession from the ground up. She also explained that in this rapidly changing world that sometimes old is new again (fundamentals of credit) but was alive to the new and innovative tools available that will assist the credit professional as we move forward. It was this level of knowledge overlaid with the understanding of the total business not just the credit function and how successful leaders understand that success comes from a group of individuals with common values and clear goals that saw Melissa awarded as this year’s Vic/Tas Credit Professional of the Year.

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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W EST E R N AUST RALI A

Sponsored by

Cheri Bowater MICM CCE Credit Manager, Summit Rural Cheri was appointed as Credit Manager at Summit Fertilizers in 2016, when Summit began offering credit terms. She implemented a credit function that managed business risk within an acceptable framework and provided payment on credit terms to farmers.

Cheri recruited credit staff, created a credit application, developed a credit policy, sourced a credit insurance broker and a credit bureau, and trained the credit and sales staff. Today, she manages approximately 650 active accounts with a value of over $270m.

In the seven years since Cheri started the credit function, the company has not recorded any bad debts, which is remarkable given the unpredictable nature of the farming industry.

Cheri is passionate about her role, her organisation, and the farmers she deals with on a daily basis. She utilises her interpersonal and negotiation skills to achieve solutions that work for both parties. Cheri is a great contributor to the AICM by volunteering on the WA Council and advocating for the Women in Credit program. She recently gained her CCE status and is a worthy recipient of the Credit Professional of the Year award for her passion, commitment, professionalism, support to clients, and contribution to the AICM.

SO UT H AU STRA LI A

2023 Credit Professional of the Year

STATE WINNERS

Janice Riley MICM National Credit Manager, Bridgestone Janice has been employed as the National Credit Manager for the past 6.5 years at Bridgestone, two years of those managing both Australia and New Zealand. Over her time in the role Janice and has been in involved in implementing many process and operational improvements such as Onguard, online Account Applications and changes to customer statements.

With regards to Risk Management, she ensures Bridgestone hold account applications are PPS Registered, have appropriate credit limits, and debt collection procedures are in place. Janice and her team with closely with Sales with regards to overdue customers to ensure any issues are acted upon quickly. They hold regular meetings to discuss pain points and iron out any creases, working on health checks for their Franchisees to ensure success is achieved. Janice’s proudest career achievement to date is that of reducing bad debts to zero over a 3-year period. No write offs.

She aspires to continually reduce bad debts and ensure robust processes and procedures are in place to do so. Janice strives for top results to be an effective manager and to lead a successful team.

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

SPONSORED BY

Credit Team of the Year is: Woolworths Finance Shared Services Hobart The National Credit Team of the Year Award (CTOY) is an opportunity for credit teams to be distinguished for the great work, results, culture and learning they do daily. Since 2008 the Credit Team of Year Award has recognised the outstanding culture, skills, and achievements of Australia’s leading credit teams.

The 2023 Credit Team of the Year was announced Wednesday 11 October 2023 after the AICM National Conference welcome.

The judges commented on the outstanding performance of the Woolworths Finance Shared Services Team.

The Woolworths Finance Shared Services Team delivered an outstanding application. The team was well prepared with fantastic videos and stats to support their presentations with a great flow between presenters. They clearly demonstrated a lot of passion and pride in their work.

The Woolworths Finance Shared Services Hobart was established in 2002 as

part of Project Refresh, consisting of Accounts Payable, Accounts Receivable & Purchasing Card. The Credit Management “Specialty’’ Team is adynamic force, skilfully navigating the ever-expanding Nontrade ecosystem landscape. Through close collaboration with their business units, the team exceeds expectations in efficiently managing all receivables functions for our high value non-trade customers.

2023 Credit Team of the Year

2023

Congratulations to our 2023 Credit Team of the Year winner:

Thank you to the 2023 Credit Team of the Year sponsor Equifax and judges: z Debbie Leo MICM, General Manager Sales Corporate Accounts at Equifax z Jane Hay MICM, Credit Manager at BGW Group z Rhys Buzza MICM CCE, Finance Shared Services Manager at Reece Group

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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2023 Credit Team of the Year

SPONSORED BY

WINNER: Woolworths Finance Shared Services Hobart Congratulations!

About the Team: The “Credit Management” Team is the driving force behind the management of all receivables functions for trade customers. Comprising 15 highly skilled members, the team manages all trade accounts across Australia and New Zealand, with an ever-growing Australian portfolio of over 19,500 online and in-store accounts, totalling approximately $18m in receivables. In addition, the team manages a New Zealand portfolio of approximately 1,000 in-store accounts, handling around $500k in receivables. With the team’s passion, dedication and expertise they offer a seamless end to end receivables experience for our diverse customer base.

Achievements included: z The Team is encouraged to take advantage of the numerous opportunities available to them such as training sessions and courses that are offered, new opportunities within the team keep them engaged as they are always learning. z They have an environment where not only Managers and Team Leaders will recognise performance, but there is also a strong peer to peer recognition program, which is strongly encouraged and embedded. z Within Woolworths there is a diverse customer base ranging from general consumers to large multinational and international customer credit offerings. Their Credit offering extend across a range of different industries including retail, property, freight (Primary Connect), telco and Media advertising, all with their own complexities and legislative requirements.

As the diversity of the Receivables balances have expanded so has the balance sheet having grown in an excess of 8000% z The team’s distinction lies in their unwavering commitment to the broader Group’s objectives and genuine care for each team member’s development and well-being. z They actively support local and large-scale events, embodying the essence of doing the right thing within our communities. z The team’s fundraising efforts have put back into our local community in excess of 10k annually.

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Congratulations to the runner-up: Tradelink Pty Ltd With more than 220 branches and 150 years in the industry, Tradelink is Australia’s trusted name in plumbing supplies. Stocking a wide range of high-quality products from leading manufacturers, combined with a commitment to industry leading customer service, makes Tradelink a market leader. Tradelink provides plumbing solutions to professional plumbers, builders, gas fitters, tradespersons, home renovators and more.

About the team: z Jo Fitch MICM – National Credit Manager

z Kayla Woods MICM – Debt Recovery Officer

z Michelle Jackson MICM – Debt Recovery

z Shanyn Bulger MICM – Debt Recovery

Analyst

Officer

Some of their many achievements included: z Over the past 24 months, the team has achieved significant results, and their data demonstrated their substantial impact and value to the organisation. z Closed Matters: The team successfully handled a large number of matters that were closed during the financial years 2021/2022 -2022/2023. This demonstrates the team’s capability in efficiently managing a large volume of cases, ensuring timely resolutions. z Insurance Claims and Case Studies: The team thoroughly managed insurance claims and conducted case studies to improve our processes continuously.

2023 Credit Team of the Year

SPONSORED BY

z Cash Collection: Their efforts in EOFY cash collection on June 30, 2023, resulted in a remarkable total cash collected with a 63% increase in cash collection on the previous year. This showcases the team’s expertise in debt recovery and implementing effective direct debit plans. z Bad Debts Recovered: They achieved outstanding results in bad debt recoveries.

Congratulations to the finalists:

Recoveries Corp

Bluescope

z Dev Darvall MICM – Operations Manager,

z Rachel buckberry MICM – National Credit

Banking & Commercial z Arun Sharma – Assistant Operations Manager z Moulali Shaik – Performance Manager

Manager z Janice Thomason MICM – Manager Credit and Working Capital

z Rajni Sehgal – Performance Manager

z Matt Lawson MICM – Credit Risk Manager

z Meno Boavida – Performance Manager

z Rachel Buckberry MICM – National credit

z Jade Pettit – Performance Supervisor

Manager

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Unlock the potential in your credit career credit staff

Consider an AICM Qualification course If you aspire to achieve greater heights in your credit career or want to get the best from your credit staff, then a qualification course can help you achieve your targets. Offered nation wide, you can study in your own time (24/7), with support available.

If you have industry experience or prior education, you may be eligible for Recognition of Prior Learning (RPL) credits to fast-track your qualification. If you’re an employer, you may qualify for a training grant. Talk to AICM today to discover your course options.

Diploma of Credit Management

Certificate IV in Credit Management

Certificate III in Mercantile Agents

FNS51522

FNS40122

FNS30420

Key credit issues such as personal & corporate insolvency, developing credit policies & compliance.

Issues relating to credit applications & securitisation, compliance, managing bad & doubtful debt & customer service.

All aspects of enforcing payment obligations & obligations of mercantile agent & debt collection activities.

Take the first step to a better career & talk to AICM today

Call 1300 560 996 or visit aicm.com.au

pathways

aicm

Lifelong learning in the credit sector In today’s conditions of strong competition and sustained high costs, the competitive advantage of an organisation often rests with its people. Highly skilled employees can provide a competitive edge and influence both survival and growth. Having the right people with the right skills starts with a plan for the workforce based on identified goals and is sustained through the learning and development culture fostered in most organisations.

It is important for employers to focus on continual professional development of their staff, but individuals should also take the time to think of what training they may need in their roles. This training could be formal via nationally recognised qualifications or professional development programs such as industry webinars or short courses.

Keeping up-to-date Staying ahead of technological change is vital for companies and individuals as many of the jobs of today may be replaced by artificial intelligence (AI) and other technological advancements in the future.

There is no question that you will need new or updated set of skills if you expect to remain relevant in the workplace of tomorrow.

Innovation and development of technology has changed the way we live, communicate and do business. Such change has disrupted traditional industries so much that it is redefining what new skills employees should now possess.

Consumers and their expectations are now demanding more with respect to the importance of quality and reliability of goods in addition to the information and technical condition of products and services they request.

This is particularly true for those working within the credit industry. Furthermore, there is also

“Innovation and development of technology has changed the way we live, communicate and do business.” an increased demand for more customised individualised service, products and services which drives the need for continual learning.

How to adopt a continual learning mindset?

1. Recognise your own personal interests and goals 2. Make a list of what motivates you and where you see your career heading 3. Work out how to get started 4. Structure the learning into your normal dayto-day life 5. Make a commitment.

How continuous learning can benefit you and your credit team?

1. Expand your teams skillset 2. Broaden your career opportunities In completing further studies more career opportunities, giving you variety in your career choices. Being qualified for a variety of different  October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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aicm

pathways positions gives you more chances of finding a position that you are most suited. It not only benefits your career growth, but also shows employers you are eager to learn and grow.

The decision is now up to you The good news is that deciding to invest in your career/future is never a bad decision. If you are ready to study with AICM and obtain a nationally

recognised qualification, contact us today for further information aicm@aicm.com.au we are here to help.

AICM offers training courses which change according to the needs of the credit industry and with its high level of flexibility enables it to provide practical programs that will provide you with valuable knowledge and skills no matter at what stage you are with your career.

AICM recent graduates AICM would like to congratulate its recent graduates:

FNS40122– Certificate IV in Credit Management Hudson Pitt

South Australia

Pacific National PTY LTD

Guang (Sonny) Yang

Victoria

RACV Finance

Classroom training calendar Topic

Type

Dates

Manage and recover bad & doubtful debts

Core unit – Cert IV

17 + 18 October

Understanding personal bankruptcy

Workshop

19 October

Respond to corporate insolvency situations

Core unit – Diploma

24 + 25 October

Fundamentals of credit

Toolbox

26 October

Serve legal process

Elective unit – Cert III

8 November

Collect with confidence

Toolbox

9 November

Understanding the fundamentals of consumer lending

Masterclass

13 November

Manage people performance

Elective unit – Diploma

14 + 15 November

Understanding corporate insolvency

Workshop

16 November

Fundamentals of credit – Toolbox bundle

Toolbox

17 November

Assess credit applications

Core unit – Cert IV

21 + 22 November

Understanding credit risk

Toolbox

23 November

How to trade with trusts

Masterclass

6 December

Understanding financial hardship

Workshop

7 December

Collect with confidence – Toolbox bundle

Toolbox

7 December

Understanding credit risk – Toolbox bundle

Toolbox

14 December

October

November

December

For more information CLICK HERE 20

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

CCE Dux 2023

aicm

Emma Purcival MICM CCE The award for the CCE Dux for the 2023 year is Emma Purcival from Elders Ltd based in Queensland. Emma received the highest grades for her work and her 4000-word essay was on a very relevant topic of staff recruitment and retention. Her submission went from the criteria and aims of the recruitment and selection stage to the detailed aspects of staff retention, which included company ethics and standards along with the procedures to encourage, acknowledge and reward the individual for performances that went above the company expectations. In developing and maintaining her professional knowledge, we congratulate Emma on achieving this award and are confident that Emma will go far in her career.

Student of the Year Brody Cowling Lending Assessor at BCU (P&N Group) To select one student to be the overall 2022/2023 Student of the Year, the criteria look at the evidence of knowledge and understanding of legislation and how these impact on policy and procedures to form part of the compliance regime. Also, the quality of work submitted and the style of the presentation along with frequent flow charts and tables, which has displayed a level of excellence in the Diploma of Credit Management.

Brody’s study time of 5 months was conducted online and during this time he consistently demonstrated an exceptional level of understanding for each unit. His research was evident, and his interaction ensured complete understanding of the subject. He clearly demonstrated the importance of using policy and procedures as a guideline for all actions within the tasks performed, to maintain uniformity and compliance. Each assessment displayed good understanding and the ability to research, along with the knowledge relevant to the particular unit and how it was instrumental in the workplace.

Brody has met all of the selected criteria, including completing the online studies in less than half the allocated time which portrays a great commitment to his professional development and based on this commitment. We congratulate Brody on his achievements and have no doubt that he will be instrumental in driving the future of his organisation.

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Credit Management

Taking a different approach to hardship

By Laura Pringle*

Laura Pringle 22

At a recent financial counselling conference, each creditor attending was asked a simple question. “What actions are they taking to address the growing concerns of mortgage stress and rising cost of living in today’s challenging economic climate?”

After fifteen years of effort focused on building a responsive hardship capability into Australia’s largest debt collection company, our answer was quite short.

“Actually, not a great deal has had to change.”

Financial hardship is not a new phenomenon. In fact, it’s one of the reasons Credit Corp is in business – to assist individuals and families navigate their way through the stress and complexity of overdue accounts and aid the resolution of financial difficulties.

People from all walks of life encounter financial difficulty for a wide variety of reasons. From illness, loss of employment, relationship breakdown, family violence, to natural disasters or other emergencies. We recognise after the pandemic and in the economic environment of 2023, the complexity of customer’s financial situation may be exacerbated.

Regardless however of the economic environment, our chief objective remains unchanged.

Our job is to have a respectful conversation with a customer about an account that needs to be paid and to provide a range of options for payment that are not only affordable but are also tailored to their unique circumstances.

For this reason, as a debt purchaser, provider of contingent collections services

“People from all walks of life encounter financial difficulty for a wide variety of reasons. From illness, loss of employment, relationship breakdown, family violence, to natural disasters or other emergencies.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

“Make security visible: speak to your teams regularly, present at staff forums, send security awareness newsletters and be collaborative around risks.” to the private and government sectors, and servicer of long overdue accounts, Credit Corp has made, and continues to make, a conscious choice not to establish a dedicated hardship team. Rather, we elect to engage with all of our customers from the standpoint that every one of them is likely to be experiencing, or have recently been experiencing, financial difficulty. Instead of quarantining hardship expertise within a single team, every single

customer-facing team member receives substantial training to equip them with the skills necessary to handle a diverse range of customer situations and vulnerabilities, many of which can lead to financial distress. In effect, you could say that our whole organisation functions as one unified ‘hardship department.’

Through our more than 30 years’ experience, we have found that the underlying driver of financial hardship typically

matters less than the pathway to recovery from the current situation. It is this pathway, being the establishment of a customised and flexible repayment program which suits the unique situation of each of individual, that is the focus of our interactions with our customers.

To provide some context, over 15 years ago, Credit Corp initiated a significant shift within the Australian debt collection industry, beginning with an evaluation of how we interacted with vulnerable consumers.

We sought insights from stakeholders, including not-forprofit organisations, consumer agencies, regulators and consumers themselves, and what we found was humbling – there was room for improvement. 

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Credit Management

“...the establishment of a customised and flexible repayment program which suits the unique situation of each of individual, that is the focus of our interactions with our customers.”

This marked the beginning of a transformative journey for Credit Corp. A journey which would impact all areas of our operation. Policies and procedures, systems, our control framework, recruitment practices, incentive frameworks, collection scripts, communication template copy, staff training and supervision and coaching models were scrutinised and subject to change. This program of change, undertaken in collaboration with the financial counselling sector, was sponsored and led by senior executives and extended over several years.

Our senior leaders, site managers, team leaders and 24

eventually our customer relationship managers attended training sessions and workshops, facilitated by internal subject matter experts and supported by external financial counselling bodies. This top-down approach played a pivotal role in bringing about systemic improvement and a successful pivot away from the traditional, “old school collector” mentality that was once prevalent in the Australian debt collection sector.

For several years now, members of our senior leadership team have actively participated in conferences within the financial counselling community. Credit Corp’s team regularly visits frontline agencies

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

working with vulnerable consumers to identify further opportunities for iterative improvement based on feedback received directly from consumers and those who work with them.

This firsthand exposure has allowed our operational site managers and team leaders to witness the tangible impact of Credit Corp’s interactions with our customers.

In 2023, an appropriate response to financial difficulty is more important than ever. The community, regulators, clients and original creditors have appropriately high expectations that vulnerable customers are treated respectfully and flexibly.

Credit Corp takes great pride in ensuing each such individual receives a customised response from a skilled team member, and the results speak for themselves.

We maintain the lowest number of complaints reported by AFCA per million dollars collected in our industry, 25% lower than our nearest competitor, and in Financial Counselling Australia’s most recent Rank the Banks member survey were recognised as having the highest ranked response to financial hardship of collection service providers across Australia.

So, when we say “not a great deal has had to change” it’s because our focus on customer well-being and responsible debt collection remains as strong as ever. *Laura Pringle Customer Experience Manager Credit Corp E: LPringle@creditcorp.com.au www.creditcorpgroup.com.au

NEW! MASTERCLASS

Understanding the fundamentals of consumer lending This course is designed for those who have a thorough understanding of consumer lending and want to broaden their understanding of risk - not only for their customers but also from the perspective of their employer.

The course presents many scenarios to consider both individually and as a group and looks to share thought processes and learnings from the facilitator and other participants.

Upon completion of this masterclass, you will be equipped with industry knowledge and expertise in credit assessment and will be confident to make informed credit decisions and provide an improved customer experience.

FACILITATOR HELEN CRICK Helen has over 30 years banking experience with international and domestic banks. She has always worked on the risk side either in credit decisioning or problem loan management. Training has always been a passion and after 5 years as Chief Credit Officer at Suncorp, Helen established Minerva Strategies.

She now provides virtual instructor led and e-learning development for the leading global credit training firm Moody's across Asia.

Registration information This course is currently available via trainer-led group sessions in a virtual classroom environment.

Masterclass Sessions

REGISTER NOW

7 November

FEES MEMBERS

NON-MEMBERS

$350 (incl. GST) per masterclass

$455 (incl. GST) per masterclass

CCE POINTS 4 points per masterclass

Credit Management

So, you want to be a leader?

Take a deep breath and Buckle Up for the Ride

By Jody Wright LLB GAICD FGIA*

There are two famous quotes, which in today’s modern world mean even more now than perhaps what they did in the past.

“You gain strength, courage and confidence by every experience in which you really stop to look fear in the face” and “You must do the things you think you cannot do” – Eleanor Roosevelt.

Jody Wright LLB GAICD FGIA 26

As many would know Anna Eleanor Roosevelt was the longest serving First Lady.

Despite suffering from tragedy and challenges both as a child and in her adult years, Eleanor rose above the trauma and controversy surrounding her life and faced her troubles and fears with conviction and determination. She initially took on the challenge of First Lady hesitantly as she believed the role to be draconian at the time and feared the effect it would have on her activism. However, she conquered her fears and was responsible for reshaping and redefining the role to the

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

point that the New York Times described her as “the object of almost universal respect”.

Making the decision to rise “above the ranks” and become a leader (whether that is in the role of a director, senior executive, or senior manager) in a heavily regulated industry is a significant step. Like Eleanor Roosevelt such individuals are often balancing this determination with an innate fear and reluctance, particularly considering the current responsibilities (and potential liabilities) attaching to these roles. The key regulatory and enforcement developments during 2022 and this present year have added further fuel to the ring of fire.

This continual focus by regulators, government and the general community on governance and accountability can lead to executives questioning whether “it is all worth it” doubled with a sick to the pit of the stomach feeling when something goes wrong and the regulators swoop in.

Key Regulator Action Developments so far this year The most prominent developments are as follows: z The Financial Accountability Regime (FAR) which was passed by the Commonwealth Parliament on 5 September 2023. This replaces the old Banking Executive Accountability Regime (BEAR) and introduces civil penalties for senior managers who fail to comply with their obligations. FAR will apply for banking entities 6 months after and for insurance and superannuation industries, 18 months after the Act receives Royal Assent. z Continual pursuit by ASIC for breaches of directors’

and officers’ duties under the Corporations Act and particularly a focus on management failures in non-financial risk. Also, ASIC has continued to target misconduct involving a high risk of significant consumer harm, particularly conduct targeting financially vulnerable customers, systemic compliance failures by large financial institutions resulting in widespread consumer harm and new or emerging conduct risks within the financial system.

ASIC is also closely monitoring claims of greenwashing that cannot be substantiated. z AUSTRAC enforcement action against banking entities. in relation to AML/

CTF compliance and seeking undertakings by banks to improve their AML/CTF governance and assurance controls. z The ACCC has continued to pursue individuals for contraventions of the Competition and Consumer Act, including in relation to cartel conduct and consumer law and is continuing its “greenwashing” sweeps.

Unfair contracts are also an enforcement priority for 2023 to 2024. z Several regulators (including the OAIC, ACCC, ASIC, APRA and FIRB) increasingly scrutinising data handling and cybersecurity practices and holding organisations and their officers and senior 

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Credit Management

executives to account in novel ways. Directors may also be personally liable and face disqualification and/ or reputational damage for cybersecurity failures that result in regulatory breaches. z New positive duty on employers to prevent workplace sexual harassment, sex discrimination and victimisation and new regulatory powers provided to the Australian Human Rights Commission to investigate and enforce compliance, these powers commencing in December 2023. z Increasing expectation by shareholders, markets, and consumers generally for boards to deal with culture and conduct issues. It is becoming increasingly common for senior executives to be pressured to resign when cultural failings occur within the organisations that they govern. This pressure is often also played out in the media leading to further reputational damage.

Steps to stay in control So how do you as a leader “face fear in the face” and lead your organisation to success and minimise the risk of being subjected to enforcement or other legal action? My ten top tips are as follows in no specific order: 1. Ensure effective governance and reporting is in place including a risk management framework.

2. Be a leader and mentor and promote a culture of 28

“You can never have too much information or feel that you have nothing left to learn or improve on.” compliance and ethics.

3. Actively engage in strategic decision making.

4. Seek advice from external experts.

5. Outsource functions that cannot easily and effectively be absorbed by internal resources.

6. Stay on top of legislative and regulatory changes that affect the industry in which you are involved and the duties and responsibilities of directors, officers and other senior managers within organisations and take proactive measures to comply.

7. Promote open and transparent lines of communication between management and other staff and give staff the opportunity to raise opportunities for improvement.

8. Deal with issues and concerns as and when they arise (do not sweep them under the carpet or find the nearest shredder).

9. Create a culture of accountability and trust in the workplace.

10. Conduct appropriate due diligence on your supply chains and monitor their compliance.

Sources of information and assistance As the saying goes, “Leadership and learning are indispensable to each other” John F. Kenney,

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

35th President of the United States. You can never have too much information or feel that you have nothing left to learn or improve on. Below are some sources of information and guidance: — AICD Cyber Security Governance Principles October 2022 — Governance Institute of Australia — www.respectatwork.gov.au — www.asic.gov.au — www.oaic.gov.au — www.austrac.gov.au/business/ industry-specific-guidance/all — www.accc.gov.au/about-us/ publications/environmentaland-sustainability-claimsdraft-guidance-for-business — www.apra.gov.au — https://modernslaveryregister. gov.au/resources/

*Jody Wright LLB GAICD FGIA Head of Risk & Governance Risk & Security Management Pty Ltd T: 0477778176 www.risksec.com.au LinkedIn Jody Wright was admitted as a Solicitor of the Supreme Court of Queensland in 2001 and has a current Queensland Practising Certificate. She has an extensive background in corporate governance, compliance, risk management, board advisory and commercial and general law matters. Jody has been Company Secretary for a number of publicly listed and private companies and has sat on a number of company boards. Jody is a graduate of the Australian Institute of Company Directors, has an Advanced Diploma in Management (Human Resources) and is a Fellow of the Governance Institute of Australia.

Customer Service and Technology

reasons cash application is the best starting point for AR automation

By Eric​Maisonhaute MICM*

Introduction

Eric​Maisonhaute MICM

Why AR matters To get an idea of a company’s overall financial condition, looking at revenues and profits is a good start. But analysing accounts receivable (AR) provides a fuller picture of financial stability and liquidity. Since AR measures the money owed for goods or services already provided, it’s important for the survival of the business to have an accurate understanding of incoming cash. Not only does AR have an impact on reducing the reliance on external financing, it enables companies to be nimble and efficient in how they use cash, thereby directly impacting the bottom line. All in all, this makes AR one of the most important – yet the most challenging – elements of a company’s financial cycle.

The challenges of efficiently managing AR can be due to the volume of data, the systems utilised, and number of entities involved. Forecasting cashflow is particularly difficult since the business does not have much

30

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

control over when or even if a customer will pay for the goods or services. If invoice-tocash processes are efficiently managed it goes a long way towards ensuring a business utilises all the funds it has, and quickly.

About this article One of the main elements of AR is the application of incoming payments. Performing this task quickly and correctly delivers a multitude of downstream benefits. This article provides an overview of the advantages of having a reliable and accurate cash application process, and why it’s the best starting point for an AR automation project.

Why automating AR is a great idea Who doesn’t want their job to be easier? Automating key AR processes significantly decreases repetitive, manual tasks and streamlines entire workflows.

Automation ensures that the three basic phases of AR – invoicing, collecting payment

and then reconciling the two to ensure that the information matches – interact cleanly and efficiently.

z Provides a complete overview of the customer journey, from order placement to allocating payment

and credit decisions, which creates trust in the company and reduces customer complaints

Benefits for the AR team Simplify processes: z Reduces manual tasks, such as repeatedly entering key data points into spreadsheets or printing z Frees up teams work on higher-value tasks z Simplifies the paymentreconciliation process z Sends automated communications, both internally and externally z Tracks different payment types and monitors all aspects of collections, such as establishing early payment incentives

Facilitate payment collection: z Increases the chances of collecting payment in a timely manner z Reduces the risk of billing errors and invoices customers faster z Provides real-time reporting on the status of invoices and payments

Benefits for the office of the CFO z Accelerates workflows and invoicing, which results in faster payments and improved cashflow z Decreases DSO and write-offs z Facilitates cashflow visibility z Reduces costs by decreasing paper and ink usage, postage and delivery fees z Makes compliance easier, especially for companies operating in multiple geographic locations z Provides accurate reporting and analytics 

Improve the customer experience: z Sends invoices and other documents in a format that the customer prefers z Provides greater accuracy for billing, payment reconciliation

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Customer Service and Technology

“Automating key AR processes significantly decreases repetitive, manual tasks and streamlines entire workflows.”

Benefits for the whole company z Promotes the attraction and retention of talent by offering meaningful work and creating opportunities for professional growth z Balances workloads with customisable workflows and improved visibility z Improves communications with internal conversations and approval workflows z Creates resilience for the entire business ecosystem If these points haven’t convinced you yet that automating AR is a great idea, how about the fact that 85% of companies are in the process of changing their financial operations models by introducing automation?1 Or that according to a 2021 study, 62% of businesses saw their DSO improve after automating processes?2 If this has piqued your interest, let’s dive into the question what the best starting point is for revamping your company’s AR processes.

Why start with cash application?

So now that we agree that automation can make a substantial positive impact when it comes to AR, the question remains: Where to start? You might be tempted to say: Collections! Of course, I want to 32

collect all the money I’m owed!

Not so fast …

Here are 4 reasons why correctly allocating payments can make all the difference.

Retain control over cashflow Even if you actually get all outstanding payments collected, you now have a (hopefully large) chunk of cash sitting in your bank account. But how do you know if this is money you can actually use? When receiving a payment, it needs to be correctly allocated to ensure that the money is rightfully yours. Only once this is verified can it be used to fund payroll, make investments or to disburse profits to shareholders. And the faster the cash is applied, the faster the company can use it.

Additionally, if short payments are identified too late or misidentified, those amounts are often written off, especially if it’s below a certain threshold. The average margin loss for writtenoff amounts is 3.7%.3 This is one of the main reasons for having accurate books.

1

Avoid miscommunication

2 with customers

Nobody likes being reminded to do something, especially if it’s something that’s already been taken care of. Asking a customer to make a payment they have

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

already made doesn’t just look unprofessional, it can also irritate them, to the point where they might start thinking about taking their business elsewhere.

There’s also the case of sales made on credit, where the supplier agrees that payment will be made by the customer at a later date. If the customer uses the entire line of credit, usually additional purchases are halted until the previous invoices are paid. If a buyer sends a payment to a supplier, but the supplier’s cash application process is slow, then replenishment of the buyer’s credit will be delayed.

This increases the chances that the supplier will miss out on sales they could have made between the moment they received the buyer’s payment and the application of the funds (i.e., replenishment of the buyer credit). Situations such as these can often create tensions with the Sales team as well, as they are often the contact person for customers.

Keep costs under control

3 It’s no secret that time-

consuming processes end up costing a business, both directly in labour costs and indirectly in that the longer it takes to resolve issues, the lower the chances are that you will end up receiving the full payment. Besides offering improved cashflow and a better customer and employee experience with touchless capabilities as well as built-in AI technology and analytics, modern automation platforms can reduce past-due receivables greater than 90 days by 63%. For a company

with around $10B in revenue, this can mean up to $107M per year in additional operating cash.4 Honestly, who wouldn’t want to see some extra cash in their wallet?

Understand exactly where

4 your business stands

financially Similar to point #1, if you only have a vague idea of how much working capital the business has, it is difficult to make forecasts about revenue, resources needed, and supply chain planning. Having a clear picture about these factors will help you assess whether the company is moving in the right direction, reduce financial risk and create stability and certainty for your business.

What have we learned? That applying cash correctly gives you visibility over what you actually have.

Automation has significantly reduced processing time for large remittances with 800+ line items from 2+ hours to mere minutes. From remittance capture to reconciliation of matched invoices into the ERP system, the cash application solution not only optimised the allocation of incoming cash but also downstream processes such as collections by centralising all the payment information.

Success story FLETCHER STEEL Needing to process between 200-1,000 transactions a day, this building product manufacturer and distributor struggled with missing remittances that resulted in large amounts of unapplied payments. Increased volumes and time-consuming manual processing of complex remittance advices with hundreds of lines meant a 5:00 a.m. start for the team at monthend closing.

Cash application automation eliminated the need for manually matching payments received from multiple sources and provided increased efficiency.

Results after automation z Decreased unallocated payments by 30% z Sped up remittance processing time by 95% z Reduced processing time by 40% z Freed up team members for other tasks z Increased team well-being

Conclusion If we’ve done our job correctly, we hopefully convinced you that giving your AR team a leg up with cash application automation doesn’t just result in an improved work experience for them, but also better visibility for everyone

in the company’s food chain. Most importantly, a comprehensive automation solution can make a substantial, positive impact on the bottom line.

Does introducing automation into the AR process seem like a daunting task? Start by running a little analysis to determine where exactly your company’s AR process stands and pinpoint which parts of the cash application process might benefit most from automation. *Eric Maisonhaute MICM Director – Accounts Receivable Solutions, Esker Australia Pty Ltd T: 02 8596 5126, M: 0479 089 668 E: eric.maisonhaute@esker.com.au www.esker.com.au SOURCES The following sources were used in this article: 1) How CFOs can take a holistic view to transform the finance function. EY Global, Dec 2, 2022 2) How CFOs can take a holistic view to transform the finance function. EY Global, Dec 2, 2022 3) IOFM. How Automating the Management of Customer Deductions Reduces Time, Complexity and Cost in Accounts Receivable. 2018 4) Hackett® Redefines Software & Service Market Intelligence by Analyzing What Truly Matters – Value Realization, BusinessWire March 29, 2023

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Customer Service and Technology

Deciphering the Artificial Intelligence (AI) Debate: Generative vs. General AI in Credit Management!

By Miriana Lowrie MICM*

Miriana Lowrie MICM 34

Artificial Intelligence (AI) has emerged as a cornerstone of innovation, reshaping the dynamics of multiple industries. Amara’s Law, put forward by the renowned technologist Roy Amara offers an insightful lens through which we can analyse the evolution and acceptance of emerging technologies.

This principle argues that society tends to overstate the short-term effects of a technology while underestimating its long-term implications.

This is why we need to unravel AI’s Role in Credit’s Future – what it will and won’t be in the near future, and in the long term.

Amidst the vast spectrum of AI technologies, the dawn of 2023 has seen one component pique everyone’s interest in an unprecedented manner – Generative AI. As we dissect the vast umbrella of AI, understanding AI, even partially, becomes crucial to grasp the evolving landscape and concepts. This leads us to delve deeper into what Generative AI is and why it’s garnering so much attention.

Unravelling the Mystery: What is Generative AI? Generative AI refers to the subset of AI models that can generate new, previously unseen data that is similar in structure

“Amidst the vast spectrum of AI technologies, the dawn of 2023 has seen one component pique everyone’s interest in an unprecedented manner – Generative AI.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

and style to the input data. A widely popularised model in this category is the Generative Adversarial Network (GAN), wherein two networks (Generator and Discriminator) work against each other, refining their outputs in the process.

When you think about the realm of Generative AI, most will instinctively think about renowned models like ChatGPT, renowned for its prowess in text generation. However, the breadth of Generative AI’s application is expansive, stretching across domains from visual art, to music, literature composition, and even intricate design simulations.

In the creative arena, models like DeepDream from Google, turn boring images into psychedelic masterpieces, while MuseNet weaves enchanting musical compositions spanning a multitude of styles.

MidJourney enters the scene as a trailblazer, underscoring the limitless potential of generative techniques in creative processes. Building on the discussion of Generative AI and its wide- reaching applications, it’s essential to

recognise that AI isn’t limited to just generative. Diverse subsets of AI offer capabilities ranging from creating novel content to understanding and interacting with the world around us.

AI Spectrum: There’s more than generative While Generative AI centres around creation and simulation, another interesting area within the AI sphere focuses on interpretation and interaction.

This area, known as Perception AI, aims to enable machines with capabilities that mirror human sensory perceptions. Let’s delve deeper into how machines can be taught to ‘experience’ their surroundings.

1. Perception AI: Understanding the World Around Us Perception AI, at its core, is about machines comprehending the world in ways similar to human senses. Think of it as giving machines their own versions of sight, sound, and touch. This branch of AI allows computers to “perceive” or “sense” inputs from the real world, and then interpret and act on them.

USE CASE: AUTONOMOUS VEHICLES Imagine a car that can see and interpret its surroundings.

Using Computer Vision, our futuristic vehicle can detect and recognise obstacles, pedestrians, and signs. It’s like the car has eyes! With Speech Recognition, drivers communicate through voice, asking the car to play a song or set a route.

Additionally, Sensor Fusion is the art of combining various sensor data (like radar or cameras) to understand the environment better. It’s the reason why self-driving cars won’t just stop because of a plastic bag floating across the road. 

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Customer Service and Technology

2. Learning and Prediction AI: Machines That Grow Smarter This AI category is all about machines learning from data and predicting outcomes. Unlike traditional software that strictly follows coded instructions; these AI models adjust and improve over time based on the data they process.

and Scheduling, these platforms can strategise trading tactics considering current market conditions. But it doesn’t stop there; cognitive architecture models the thinking processes of human traders, allowing AI to predict and decide in volatile markets. This just blows my mind.

USE CASE: ONLINE SHOPPING RECOMMENDATIONS Have you ever wondered how online stores always seem to know what you want? Machine Learning (ML) observes your behaviour, like items you view or purchase, to suggest products.

Generative AI can even craft personalised ads or product images based on your tastes.

What are the intricate patterns that make these recommendations so accurate?

That’s Deep Learning in action, diving deep into vast data to spot trends we humans might miss.

4. Physical Interactions and Robotics: Machines in Motion Beyond the digital realm, some AI interacts directly with our physical world. Robotics is where AI meets hardware, resulting in machines that can perform tasks, from the mundane to the highly specialised.

3. Reasoning and DecisionMaking AI: Logical Machines This AI realm focuses on making logical decisions based on provided information. These systems can analyse vast amounts of data, consider various factors, and then make an informed decision or prediction based on logic.

USE CASE: FINANCIAL TRADING PLATFORMS Expert Systems offer investment advice by following sets of predefined rules.Using Planning 36

USE CASE: HOSPITAL-ASSISTIVE ROBOTS Hospitals are increasingly relying on robots for various tasks. Using Robotics, these machines can carry supplies, sanitise rooms, or even assist in surgeries. Ensuring they work safely alongside humans, Human-Robot Interaction (HRI) allows these robots to understand our gestures and voice commands. And it’s not just about tasks; it’s also about movement. With Motion Planning, robots smoothly

navigate busy hospital corridors without bumping into things.

5. Language Processing AI: Bridging the Communication Gap Language Processing AI is all about understanding and generating human language. It’s the tech behind those chatbots you talk to, the reason your voice assistant understands you, and the magic that helps you converse in a foreign language almost instantly.

USE CASE: VIRTUAL CUSTOMER SUPPORT Ever chatted with a support bot?

Natural Language Processing (NLP) is what helps it understand and respond to your queries.

If you speak to it, Speech Processing turns your words into text, and vice versa. And if you ever interact with a bot in a foreign language, the seamless translation happening behind the scenes ensures everyone is on the same page.

Each of these AI categories provides a unique lens into how machines are mimicking, augmenting, or even surpassing human capabilities, reshaping industries and our everyday lives in the process.

“Whether it’s perceiving the world, understanding language, learning from data or making logical decisions AI continues to push the boundaries of what’s possible, not only in life, but also in Credit Management.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Crunching the Numbers: AI’s Role in Credit Risk Management Credit risk revolves around the inherent uncertainty of a party’s ability to fulfil its financial obligations. To steer through this uncertain terrain, credit risk management, fortified with AI tools, becomes paramount. It encompasses: at Default: This 1 Exposure metric represents the amount at stake should a counterparty default. Traditional methods involve manual assessment of the total potential loss if a party experiences financial distress. However, with AI tools like regression algorithms, more accurate predictions can be made by analysing intricate patterns in vast datasets to determine the likely exposure. of Default: 2 Probability At its core, this gauges the likelihood that the counterparty will default. Typically, evaluations use historical data, market conditions, and other indicators.

But AI, especially deep learning models, can pore over massive volumes of data, discern subtle correlations, and improve the accuracy of default predictions.

For instance, neural networks can be trained on extensive credit histories and transactional data to forecast potential default scenarios.

Severity and 3 Loss Recovery Rate: In the unfortunate event of a default, loss severity gives a measure of the financial damage. The

counterpart, recovery rate, sheds light on the recoverable portion of the owed amount. Integrating AI, algorithms can simulate various recovery scenarios, optimising strategies to maximise recovery.

Machine learning models, when fed with historical recovery data, can forecast potential recovery outcomes with increased accuracy, guiding firms in decisionmaking. This, however, does take a mountain (as in Everest x100) of data to measure.

Harnessing the vast potential of AI in credit risk management opens the door to a transformative shift in how the finance industry operates. It’s not just about enhancing the accuracy and reliability of credit evaluations but also adapting to the monumental shifts in data and consumer expectations.

“Why has the intersection of AI and credit risk management become such a focal point in today’s discussions?”

Reaping the Rewards: Advantages of AI-driven Credit Management AI techniques are rewriting the rulebook on credit management.

Let’s delve into some of the most compelling advantages AI brings to the table, which collectively contribute to a future-ready credit management landscape.

By integrating these, or at least some of these AI techniques, credit management becomes more proactive, precise, and personalised, ensuring a safer and more efficient financial landscape.

1. Flexibility and Diverse Training Data: AI’s adaptability means models can be trained across a wide spectrum of scenarios. Supervised learning, for example, utilises labelled data, such as past loan applications designated as ‘approved’ or ‘denied’, to make future predictions. Generative AI compliments this by generating diverse synthetic data, enhancing training sets for improved accuracy. To nail this down to industry and then region/state would be a really interesting scenario, for example – imagine your credit decision being determined by AI based on this data and not your own, or alongside your own credit policy?

An interesting proposition.

2. Comprehensive Risk Assessment: AI techniques provide comprehensive 

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Customer Service and Technology

insights into potential risks.

While Generative AI helps in understanding patterns beyond existing data, unsupervised learning methods, like clustering, segments customers based on transactional behaviour, unveiling deeper customer insights that can be crucial for risk assessments. CCCFA comes to mind when I think about this scenario.

3. Accurate Pattern Recognition and Prediction: Neural networks and deep learning excel in discerning and predicting patterns. In credit management, this can translate to identifying potential defaulters or predicting market changes that can affect loan repayments. For example, a deep learning model might consider a myriad of variables, from a borrower’s transaction history to macroeconomic indicators, to predict creditworthiness. Think, preparing for a global pandemic, yes, we’ve all been here.

5. Fraud Detection and Prevention: AI’s multi-faceted approach enhances fraud detection. Generative AI can simulate transactional patterns, while supervised learning can predict anomalies based on past fraudulent activities.

Combined, they provide a robust mechanism to spot and prevent fraudulent transactions.

6. Tailored Credit Offerings: AI’s ability to analyse and predict customer behaviour is revolutionary. Generative AI can simulate customer profiles, while unsupervised learning segments 38

them based on behaviour.

Together, they allow Lenders to design credit products tailored to individual needs, ensuring better customer satisfaction and reduced default rates.

The Urgency of the AI Revolution in Credit Management A Leap From Old Ways to a Data-Driven Era While past credit decisions were predominantly influenced by historical behaviours and rudimentary models, the landscape is rapidly evolving.

Every click, every online purchase, every social media post – our digital actions are producing a massive wave of behavioural data. This abundance is giving rise to cutting-edge credit decision-making tools, poised to fundamentally alter our lending and borrowing dynamics. The staggering volume of data generated in this era is reshaping traditional paradigms. AI and machine learning frameworks are here and will be transformative in how we approach credit risk management.

Evolving Consumer Expectations Digital migration isn’t a one-way street. As we embed more of our routines online, we’re not only populating databases but also recalibrating our expectations.

Modern consumers demand agile, bespoke financial services.

Credit risk management, in response, must evolve. The focus must pivot from merely reflecting on past events to actively anticipating future challenges.

With our mounting emphasis on expert data stewardship, the vision of AI-centric ‘risk robots’ helming this intricate domain is drawing ever closer. Is it the technologists and innovators that create this future?

The Millennial Factor The tech-savvy millennial generation is ushering in a digital revolution. Their online behaviours are generating a goldmine of data, brimming with insights that could redefine risk assessment. And here’s an eyecatching stat: the global digital lending market is expected to skyrocket, growing at a CAGR of 53% and reaching a whopping $83.6 billion by 2025 (Zion market research, 2018). Why? Because digital platforms are letting lenders zoom in on potential borrowers with laserlike precision, offering tailored solutions at just the right moment. Imagine using AI to enable you to offer extended credit terms to those that qualify?

“What drives innovation? Technologists, customers or whomever has the biggest need?”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Trusting the Tech: How AI Compliments Human Insight in Credit Decisions In essence, AI acts as an assistant, like a co-pilot, sometimes taking the lead in clear-cut scenarios and at other times signalling for a team huddle. It’s designed to optimise the credit decisioning process, be it through full automation for clear-cut cases or as a guiding tool that brings in human expertise when nuances come into play. The goal is a seamless, efficient, and informed approach to credit management, where AI and human judgement work in tandem.

Let’s explore this in the context of fully automated and partially automated decisioning.

Fully Automated Decisioning refers to the process wherein credit decisions are made instantly based on a predefined ruleset as determined by you.

This offers the unbeatable advantage of speed, allowing for instantaneous decisions.

Its consistency ensures that each decision, whether it’s for the hundredth or the thousandth application, is treated with the same set of rules, thereby drastically reducing human error.

This approach shines particularly when scalability is in focus, as it can handle a vast number of applications without the need to scale up manpower.

However, this streamlined method does come with its set of challenges.

Its rigidity might sideline unique or outlier scenarios, and

it remains wholly dependent on the accuracy and relevancy of the ruleset. If these rules become outdated or are flawed from the outset, the decisioning could be compromised.

Partially Automated Decisioning, on the other hand, strikes a balance between AI’s efficiency and human discernment. This method involves a blend of automated rules and human touch points.

Credit applications are scanned and processed based on pre-established criteria.

However, instead of instant approvals, specific scenarios or applications that trigger certain criteria are directed towards human approvers, informed by their delegation authorities. This ensures that complex or unique cases receive human oversight, offering a flexible approach to decisioning.

The benefit here is a marriage of speed and expertise.

Applications are processed rapidly, but there’s a layer of human oversight ensuring accuracy and discretion. This collaborative approach also allows various stakeholders to be part of the decision, fostering a more inclusive and informed decisioning process. But it’s worth noting that this method does lean on stakeholder availability, and as with any process involving human intervention, there’s a potential for inconsistencies or errors.

The Road Ahead: Navigating the Next Era of Credit Management The marriage of AI and credit management is not just the future – it’s the present.

With Generative AI shaping newer avenues and other AI methodologies enhancing traditional processes, the landscape of credit management is undergoing a radical transformation. By harnessing the power of these technologies, Lenders can aspire to achieve greater protection, efficiency, accuracy, and customer satisfaction. The challenge lies in responsible implementation, ensuring that the advances benefit both Lenders and Borrowers alike.

In the technology world, where AI holds centre stage, Amara’s Law serves as a timeless reminder. While the immediate promises of AI are indeed exhilarating, it’s the transformations and the untapped potential of this technology that will truly reshape our future. *Miriana Lowrie MICM CEO, 1Centre www.1centre.com REFERENCES Zion Market Research. (2018). Global digitization in lending. Retrieved from https://www.zionmarketresearch.com/ sample/digitization-in-lending-market Van Thiel, D., & van Raaij, W. F. (2019).

Artificial intelligent credit risk prediction: An empirical study of analytical artificial intelligence tools for credit risk prediction in a digital era. Journal of Accounting and Finance, 19(8).

AI was used in the making of this article! The author extends gratitude to ChatGPT for assistance with content preparation and to ShutterstockAI for the creation of the accompanying imagery all of which used generative AI.

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Advertorial

Navigating change management in finance transformation projects

By Danny Wheeler*

Danny Wheeler 40

Embracing automation has become a strategic imperative for organisations seeking operational efficiency and improved reliability for their finance and accounting (F&A) processes.

However, digital finance transformation journeys come with challenges that can fundamentally shape the ultimate outcome.

A successful implementation doesn’t just mean being smart with technology. It’s about managing change throughout your organisation, ensuring everyone on the team is on board and making the most of software that tackles the real, everyday pain points for F&A. You need all the pieces to fit, and to do this companies must

take a considered and strategic approach.

Clear objectives and goals Anchoring your automation initiative with clear, measurable objectives will be paramount to its success. Objectives that are too vague, challenging, or difficult to measure will hinder your project before it even begins.

Clear objectives and goals, on the other hand, will help you steer the ship, and right it when things go wrong. You should think of your objectives as your island. If your project scope starts to creep or become too complex, it can feel like you’re struggling to keep your head above water.

When this happens, your objectives are where you want

“Anchoring your automation initiative with clear, measurable objectives will be paramount to its success.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

to return. You should be able to come back to them throughout the project, to make sure that what you are doing is aligned with and in support of these initial goals. This will help you to circumvent scope drift and focus on tackling the challenges that matter most to your business and its people.

Additionally, during this first step, you should already be thinking about the success story you want to tell at the end of the project. Think about the objectives you’ve set – do you know how you will show that you’ve met these? What benefits will these help to deliver, for people and the organisation? If

“Clear objectives and goals... will help you steer the ship, and right it when things go wrong. You should think of your objectives as your island.” you can’t answer these questions, you may need to revisit your objectives to make them clearer and more specific.

Establish metrics that align with automation goals This brings us to metrics and measurement. Whatever your goals for implementing new technology, demonstrating a good ROI, and building a

business case for any future improvements, your definition of success must be etched in metrics. This is an area that sometimes (mistakenly) gets left to the end of a project. However, I would encourage you to view this as something that goes hand-inhand with objective setting.

If you don’t think about measurement until the end, you’ll only measure what you 

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Advertorial

can – not what would have been best for showcasing success.

Establishing the right metrics at the beginning of the project gives you the opportunity to look at these at every stage, adjust your approach accordingly, and continue on your transformation journey.

Key stakeholder engagement Planning is a priority at the beginning of any project – but change is a team effort. Get the right people involved and do it right away.

Rather than viewing your automation initiative solely through a technology or organisational lens, think about transformation as a peoplecentric process. Who will be impacted by this project and at what stage? Who needs to be informed? Who is a decision maker? Who can help you shape this? Who, ultimately, will its success depend on?

Involving key stakeholders from the beginning is important for setting expectations and avoiding challenges further down the line. If you introduce a stakeholder group too late, you might end up with objectives that move or change over time, or with technology that is not widely accepted by those who need to use it. Those brought into the project in the early stages are considerably less likely to challenge things down the line. Particularly if they have played a part in setting objectives or goals.

Depending on the size of your organisation, the number of people who need to be informed and involved will vary. But there are three groups you should not forget: z A senior leader: someone who will help champion the project for you. z Your IT department: this team is crucial for any digital F&A initiative. The worst thing you

can do is spring a project on them at the end of the line once a solution has been purchased, with an outcome and delivery date that does not work for their time and resources. z End users: never forget the people who will be using the software you’re introducing and remember that people can sometimes feel threatened by change.

Communicating how this will benefit them and hearing their concerns are both fundamental to managing change.

Change champions Every team needs its heroes. As part of your ongoing stakeholder engagement, try to identify and support “change champions” within your company.

Your most engaged and passionate colleagues often make the best champions.

They’re the ones who know

“Establishing the right metrics at the beginning of the project gives you the opportunity to look at these at every stage, adjust your approach accordingly, and continue on your transformation journey.”

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the current processes and pain points and see the benefits of what you’re trying to do. They may see that the next step in their own career is getting confident using the latest technology. These people can help you communicate how responsibilities and procedures are changing and why. They can help others adapt to the changes and make the integration process smoother.

Testing before showtime, not after Before your transformation project goes live, remember: test, test, and test again. Do not wait for issues to reveal themselves after launch. Instead, ensure rigorous testing has been carried out well in advance of the go-live date.

This is a crucial part of the process to ensure that the technology performs as expected and that any potential roadblocks are dealt with proactively and head on. What’s more, it will build confidence in the system’s readiness and sets the stage for communicating success back to the business.

User Acceptance Testing (UAT) – testing of the technology with real-life users and scenarios – is invaluable at this stage. It will identify any unforeseen issues before the official launch, giving the team a chance to address them.

Balancing perfection and progress While it’s critical to test and make sure you’re set up for a successful launch, it’s also important to

understand that there is room to refine and improve things at a later stage.

A common mistake during an integration project is to expect perfection right away and become stuck in a holding pattern when it doesn’t materialise. If 95% of your project and processes are working as expected, that may be enough.

Prioritising measurable and impactful progress over a ‘perfect scenario’ will help you to reap benefits sooner. In turn, these benefits will likely help you to make a case for any additional investment that might be needed to achieve that last 5%.

Often, it’s better to take a step-by-step approach to transformation, gradually scaling and bringing people on the journey with you.

Trying to do everything at once only heightens the risk of overpromising and underdelivering.

Sharing the success Once everything is up and running, it’s time to share the good news. If earlier steps were followed, accurate metrics in line with initial objectives will demonstrate the automation’s positive impact. What’s more, you should have a range of stakeholders and change champions who are ready and willing to talk about the benefits they’ve seen along the way.

Ultimately, a successful automation journey opens exciting possibilities for F&A teams. While the technicalities are important, the real key to success is understanding

that people are at the heart of it all. Ensuring successful implementation of technology and ushering in positive change requires F&A leaders to bring together employees, processes, and technology. By following these steps, you should be set up for success and in a position to demonstrate ROI for the next steps in your transformation journey.

Get your complimentary copy white paper How To Build Financial Resilience Through AR Intelligence to: z Discover how to unlock your AR data and drive financial resilience z Understand the biggest challenges with traditional approaches to AR reporting z Learn four ways that realtime payment data can help businesses maximise cash performance https://www.blackline.com/ resources/whitepapers/howto-build-financial-resiliencethrough-ar-intelligence/?utm_ source=aicm&utm_medium=3rdparty&utm_campaign=apac-anz_ trad_2023-10-11_-_aicm_national_ conference

*Danny Wheeler AR Solutions Strategy Manager BlackLine www.blackline.com

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43

Insolvency

Navigating your PPSR rights: Action steps when a customer goes bust

By Malcolm Poslinsky MICM*

Malcolm Poslinsky MICM 44

Understanding your rights as a secured creditor has become necessary as the number of companies entering administration or other insolvency appointments increases. Data released by ASIC at the time of writing (19 Sept 2023) shows a rise in overall insolvencies of 7.4% in August compared to the previous month, with Accommodation (+20%), Retail trade (+31%) and Information services (+39%) the hardest hit.

When a customer becomes insolvent and an insolvency practitioner (Receiver, Liquidator or Voluntary Administrator, etc) is appointed, your chances of safeguarding your interests are substantially enhanced if you: z Have registered your security interests on the PPSR

z Know your rights as a secured creditor z Act immediately to protect your interests

Your rights as a secured creditor Provided you have correctly registered your security interests in equipment and goods (‘personal property’) on the PPSR, you’re now a secured creditor over your property and its proceeds. This means you have legal rights well beyond just getting your goods back. Here’s what you’re entitled to: z Repossess goods held by your customer z Claim your share of the finished product if your customer used your goods in a manufacturing process z Claim your share in

“Provided you have correctly registered your security interests in equipment and goods ... on the PPSR, you’re now a secured creditor over your property and its proceeds.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

“When your customer enters an insolvency event, the first days can be chaotic as the insolvency practitioner seeks to understand the business, takes control and makes decisions affecting customers, staff, owners, contractors and suppliers.” commingled products z Claim your share of any outstanding book debts if your customer on-sold your goods and is yet to be paid z Have a defence against a preference claim from a liquidator.

Don’t wait for the insolvency practitioner to inform you of these rights; they are not there to just look after your interest.

Their role is to look after all the business’s creditors. They take possession of all the assets,

satisfy secured creditors as outlined in the Personal Property Securities Act, realise other assets and then distribute the proceeds to the company’s creditors following the process outlined in the Corporations Act.

Move quickly to protect your interests When your customer enters an insolvency event, the first days can be chaotic as the insolvency practitioner seeks to understand the business, takes control

and makes decisions affecting customers, staff, owners, contractors and suppliers. They may cease operations or may want to continue trading with the intention to sell the business as a going concern.

Standard practice for the insolvency practitioner is to search the PPSR and extract a list of secured creditors, then send them a standard letter advising of their appointment and requesting details supporting your claims. Often, an insolvency 

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Insolvency

“A fast sale is considered a good sale in insolvency proceedings, so it’s rare for the practitioner to trade a business for longer than 4 to 6 weeks.” practitioner gets as little as 24 hours’ notice before being appointed and has minimal time to get to know the nuances of the business and understand each type of stock item and its likely supplier. You are the best person to identify your goods and the amount owed, but you must act quickly. We recommend these actions: z Contact the insolvency practitioner Immediately after the insolvency practitioner is appointed, contact them to provide: — A copy of your verification statement confirming your PPSR registration — Evidence that you have registered your hire equipment agreement (on the basis it falls in scope of a PPS Lease) — Copies of your sales or equipment hire documents — A clear description of your goods — The last known location of your goods or hire equipment (you may, for example, have manufactured it for a specific customer or delivered it directly to a site or customer) — Notification that they are not to sell any of your goods without your authorisation — A request for access to the premises to achieve the tasks outlined below 46

— A request for access to the premises to return your property z Visit the premises promptly Timing is of the essence. Within 48 to 72 hours of the insolvency practitioner’s appointment, they should have completed their stocktake and identified all the goods and assets of the business.

Before or at that time, you want to visit the site to identify your goods. Wait any longer, and your goods or hire equipment could be gone, especially if the business continues to trade.

A fast sale is considered a good sale in insolvency proceedings, so it’s rare for the practitioner to trade a business for longer than 4 to 6 weeks. After that, the business will be sold or closed, and the company’s records will be boxed and warehoused. Sometimes, there will be hundreds of boxes.

You may be granted access to them to quantify/confirm your claim, but it will most likely be impractical by then.

Ideally, negotiate an acceptable settlement with the insolvency practitioner for your goods. If a settlement cannot be reached, then collect your goods.

Sometimes goods or hire equipment may not be able to be moved for safety reasons (e.g., scaffolding or fencing on a construction site), but

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

be proactive and request the insolvency practitioner to advise you as soon as it’s no longer required. In some instances, you may be able to negotiate the payment of ongoing hire charges. z Prepare documentation If your goods or hire equipment are still on site, identify and count them. Document what you find and take photos. Don’t rely on the insolvency practitioner to do all the work of listing, matching your claim to invoices and then calculating the value of the goods available for you.

If your goods have become affixed to other goods – such as a gearbox installed in a vehicle, identify the finished product as you have the right to take possession of your goods, known as ‘accessions’. More often than not, the insolvency practitioner will want to negotiate with you.

For example, a truck without a gearbox is of limited value to them.

If your goods are being used in a manufacturing process, identify and quantify the finished products, as you are entitled to your share from the sale of those products up to the value of your goods.

If your goods have been commingled with similar goods, such as fuel in a storage tank, identify and quantify the goods as you’re entitled to your share from the sale of those products in proportion to the amount you supplied.

If your goods are already sold, you’re entitled to the proceeds of the sale. This is more often than

not book debts where the goods supplied have been on-sold, and the end user has yet to pay for them. Request an extract of the outstanding debtors to see if you can trace your goods to the outstandings. You may have manufactured or delivered goods for specific customers.

CASE STUDY: Equipment manufacturer stands up for their PPSR rights To illustrate the effectiveness of these proactive measures, let’s consider this case study based on a recent insolvency event we are assisting a client with: A company supplying winches and gearboxes for heavy machinery and industrial applications received this notification from the insolvency practitioner appointed to a customer that collapsed into voluntary administration: ‘We will check if your goods supplied are still in the warehouse. If not, your claim will be considered unsecured’.

The equipment manufacturer knew PPSR compliance extended beyond safeguarding only warehoused goods. They had the right to recover the goods still in the warehouse.

They were also entitled to

do the same for any of their winches and gearboxes fitted to equipment and vehicles (accessions). Additionally, they were entitled to claim the proceeds from the outstanding debts related to on-sold items.

To assist the manufacturer, we advised sending a representative promptly to the customer’s site. This representative’s primary tasks were identifying and quantifying their goods and requesting access to the customer’s debtors’ ledger and bank accounts, facilitating the determination and identification of any claims on the proceeds.

The inventory assessment successfully identified the company’s unpaid goods and goods sold to an end customer.

A mutually agreeable settlement was achieved that encompassed: z goods retrieval z negotiated settlement for accessions z negotiated settlement for goods sold that remained unpaid by end-customers at the time of the insolvency.

For more information on navigating your PPSR rights, go to: https://www.edxppsr.com.au/

*Malcolm Poslinsky MICM PPSR Specialist, EDX Equifax www.equifax.com.au Disclaimer: This article covers general matters.

There may be special and unique circumstances where other considerations apply. The PPS Act is complex; different provisions may apply in different insolvencies. You may not always achieve 100% success.

“If your goods are being used in a manufacturing process, identify and quantify the finished products, as you are entitled to your share from the sale of those products up to the value of your goods.”

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Legal

Is your credit documentation and terms of trade unfair?

By Anna Taylor MICM*

Anna Taylor MICM 48

With the introduction of Unfair Contract Terms Regime on November 9th, it is more important than ever for creditors to ensure that their Credit Documentation and Terms of Trade are compliant with existing laws – as failure to do so can now result in your business being exposed to not only increased legal disputes but also new punitive penalties.

The “Reference Guide to Understanding Unfair Terms’’ in this article will assist you to identify whether you are prepared for and compliant with the upcoming changes.

In this article, we’ll discuss what these changes mean for you as a creditor and how best approach updating or reviewing the relevant documentation within your business.

Why are these changes significant?

In 2016, when the unfair contract laws were introduced, lawyers took a cautious “wait and see” approach to understand how the courts would define an “unfair term”. However, the landscape has shifted.

Effective November 9, 2023, changes to the Unfair Contract Terms Regime now expose your company to significantly higher risks of both increased disputes and penalties.

Under the expanded UCT Laws, unfair contract terms will no longer be deemed unenforceable – they will instead be illegal.

This represents a significant shift in the practical application of these laws and requires action by businesses to limit exposure come November 9th.

“...when the unfair contract laws were introduced, lawyers took a cautious “wait and see” approach to understand how the courts would define an “unfair term”.

However, the landscape has shifted.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

What is the new unfair contract terms law?

The Treasury Laws Amendment (More Competition, Better Prices) Act 2022 (Cth) was enacted into law on 9 November 2022 and enters into force on 9 November 2023. The Act brings about significant changes to the Unfair Contracts Regime (which was originally enacted in November 2016) (UCT Laws).

What does this mean?

The changes grant the Australian Competition and Consumer Commission (ACCC) significant new powers to enforce the UCT Laws, including the ability for the ACCC to levy fines for breaches of the expanded UCT Laws of up to: z $50,000,000 for corporate businesses

“Under the expanded UCT Laws coming into effect on 9th November, unfair contract terms will no longer be deemed unenforceable – they will instead be illegal.” z $2,500,000 in the case of an individual Under the expanded UCT Laws coming into effect on 9th November, unfair contract terms will no longer be deemed unenforceable – they will instead be illegal. Critically: 1. each unfair term in a standard form small business contract or consumer contract can constitute a separate contravention of the expanded UCT Laws; 2. simply proposing to enter

into an unfair contract, or relying on an unfair term within a contract, will be a contravention of the expanded UCT Laws; and 3. a contract can still be considered a standard form contract even if the parties have had an opportunity to negotiate minor changes prior to its execution (whereas previously a contract could not be considered to be a standard form contract if its terms had been negotiated). 

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Legal

Which contracts will the new regime effect?

The expanded UCT Laws will apply to standard form small business contracts and consumer contracts entered into or varied on and from 9 November 2023.

Standard form contracts are contracts that have been prepared by one party to the contract (the business offering the product or service) without negotiation between the parties. In other words, it is offered on a ‘take it or leave it’ basis.

A contract is classified as a small business contract when: 1. it involves the supply of goods or services, or the sale or grant of an interest in land; and 2. at least one party to the contract is a small business, employing fewer than 100 people and/or having an annual turnover of less than $10 million.

If the ASIC Act applies (if the contract relates to the supply of financial products or services), the contract must also have an upfront price no greater than $5 million.

A contract is deemed a consumer contract when it entails the supply of goods or services, or the sale or grant of an interest in land, to an individual

for personal, domestic, or household use and consumption.

How should you prepare for the impending changes?

Your business should be reviewing its standard form contracts and terms and conditions now to ensure they are compliant with the expanded UCT Laws, once they enter into force on 9 November 2023.

What are the key elements for identifying unfair clauses?

When assessing whether any of your contract terms are unfair, it is crucial to consider Section 24 of the Australian Consumer Law. This section outlines three key elements that define an unfair contractual term: 1. Significantly Imbalanced Rights and Obligations: A term that creates a substantial disparity in the rights and obligations of the parties involved (section 24(1)(a)).

2. Lack of Reasonable Necessity: The term is not reasonably necessary to protect the legitimate interests of the party who would be advantaged by the term (section 24(1)(b)).

3. Potential for Detriment: the term would cause detriment, whether financial or otherwise, to a party if it were to be applied or relied upon (section 24(1)(c)).

By understanding these criteria, you can effectively determine if any of your contract terms may be deemed unfair.

Reference guide to understanding ‘Unfair Terms’ A term is unfair if: a. it would cause a significant imbalance of rights; b. it is not reasonable necessary to protect the legitimate interest of a party; and c. it would cause detriment to a party.

The court may also take into

“Standard form contracts are contracts that have been prepared by one party to the contract (the business offering the product or service) without negotiation between the parties. In other words, it is offered on a ‘take it or leave it’ basis.”

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account the transparency of the term and the contract as a whole.

The party alleging a terms if unfair bears the onus of establishing it is an unfair term.

In determining whether a contract is standard form, the court may take into account: a. the bargaining power of the parties; b. who prepared the contract, and when this occurred; c. whether the only choice was to accept or reject the terms; d. whether there was an opportunity to negotiate; and e. whether the contract is tailored to the other party Understanding what constitutes an unfair term is essential to ensure fair and balanced contracts and limiting exposure.

Each contract must be reviewed on a case-by-case basis and examined in the circumstances to determine whether the contract contains unfair terms.

Your documentation is your best defence We are witnessing an increase in disputes over unfair terms, even after the service or product has been provided. This is due to businesses taking advantage of the Unfair Contract Terms regime.

With the rise of commercial disputes surrounding unfair contract terms, it’s become more important than ever for businesses to protect themselves with proper documentation.

Final considerations for creditors As the amendments to Australia’s Unfair Contract Terms Regime

“We are witnessing an increase in disputes over unfair terms, even after the service or product has been provided.

This is due to businesses taking advantage of the Unfair Contract Terms regime.”

come into play, companies and creditors must be aware of the potential risks and penalties that come with them.

The changes could expose businesses to legal disputes and punitive fines, which can have a significant impact on bottom lines. To mitigate these risks, it’s important to ensure that companies’ contracts comply with the new regulations.

Creditors must also be vigilant in identifying any unfair contract terms that could hurt their business, such as clauses that offer little to no benefit to customers or that limit the company’s liability. By taking these precautions, creditors can help their companies weather

the changes to the Unfair Contract Terms Regime and stay on top of legal risks.

Are you unsure if your credit documentation is compliant with expanded UCT Laws?

If you need assistance, wish to discuss the expanded UCT Laws, or would like for us to complete a no cost review of your credit documentation, please contact the Results Legal team on 1300 757 534 or via email at info@resultslegal.com.au.

*Anna Taylor MICM Principal Results Legal T: 07 3234 3205 E: ataylor@resultslegal.com.au www.resultslegal.com.au/unfair-contracts

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

51

Risk Management

Personal risk of company directors is driving business failure New research from illion has confirmed what many credit managers have already suspected – a strong relationship between personal credit behaviour and business history of a business’s directors – and the likelihood of that business failing.

“...directors with a high risk of consumer credit default are almost twice as likely to be connected to a business that failed – and close to three times as likely to be connected to multiple business failures... ” 52

illion has found a significant hidden risk facing Australian consumers and businesses who do business with potentially insolvent or nearly insolvent businesses. Something of national importance during uncertain economic times.

In an economic period where the risk of business insolvency is high and would lead to losses by consumers or other business customers, illion’s findings highlight the importance of assessing a director’s financial health and credit standing, alongside that of the business they run or are part of. Something that currently may not on the radar of some credit managers.

Through its proprietary business information and consumer credit bureau data illion has found that directors who ran a business that previously failed are 60 percent more likely to now operate a

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

business with a high risk of failure in 2023. This suggests that a director with past business failures has a strong influence on the viability of a business that they currently control. An important consideration for anyone choosing to be a supplier or a customer with that business in 2023.

The research found that directors with a high risk of consumer credit default are almost twice as likely to be connected to a business that failed – and close to three times as likely to be connected to multiple business failures when compared to directors with an unblemished credit history. This strong relationship between consumer and commercial risk suggests that consumer credit information is an effective indicator of commercial risk, especially when limited relevant commercial behaviour is available.

When it comes to specific industries, the research found that directors of ‘food services’ businesses, including cafes, delis, restaurants, and takeaway outlets are the most likely group to hold personal credit at high risk of default. For example, overdue consumer credit cards, personal loans, or home loans.

Around nine percent of ‘food services’ businesses are currently controlled by directors who have a high risk of defaulting on their personal credit. This is substantially higher than the director risk observed in all other commercial sectors – including other high-risk industries, such as ‘construction’ which is below six percent, ‘retail’ at around five percent, ‘transport’ at six percent,

“...consumer credit information is an effective indicator of commercial risk, especially when limited relevant commercial behaviour is available.” and low-risk industries such as ‘manufacturing & wholesale’ below four percent, ‘financial services’ at four percent, and ‘professional services’ at five percent.

Commenting on the behaviour of high-risk directors, Tony Meredith, General Manager, Commercial Risk at illion said: “To keep the business afloat, high-risk directors may opt to use any surplus cash flow and capital for that business and risk defaulting on their personal credit. As such, the 

Tony Meredith

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

53

Risk Management

true risk of the business may be initially uncovered from their overdue personal credit when say, mortgage repayments are missed, credit cards limits are ‘maxed out’ and consumer loans are taken out to prop up the business if business credit dries-up.”

“Commercial lenders, suppliers, and creditors to SME businesses, and consumer lenders to the self-employed should consider both the commercial behaviour of the business and the consumer behaviour of its directors to get a clear understanding of the risks in interacting with a business in these uncertain times.”

The research also showed that the percentage of young businesses (trading for less than

three years) that are controlled by high-risk directors is substantially higher than the percentage of mature businesses. For example, around 18 percent of ‘transport’ businesses, 15 percent of ‘food services’ businesses and 14 percent of ‘construction’ businesses are controlled by a high-risk director.

“Young businesses may be controlled by directors with less personal wealth, where personal borrowings may need to be used to fund business activities, where directors are less able to draw on the business’s profits to fund both their personal lifestyle and to reinvest in the business, and where their inexperience alone places the business at a higher risk, added Mr Meredith.

“Suppliers and creditors would benefit from knowing a director’s personal credit behaviour when limited information is available on a business.”

54

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

“Similarly, the inexperienced director may have a propensity to use available credit for funding their personal lifestyle when cash flows from their business activities are tight.”

“Our research suggests that this director risk initially shows up in the business’s operational activities on some occasions and in the director’s personal profile on other occasions. When it is the latter, the director’s personal risk offers vital insight into the risk of the business.”

“This strongly suggests that financial risk is pervasive, affecting both the business’s viability and the individual’s personal credit standing. While the business’s viability will impact on the personal wellbeing of its directors, we have also seen that the opposite is also true: that struggling businesses can be controlled by directors that struggle to manage their personal finances,” he added.

“Suppliers and creditors would benefit from knowing a director’s personal credit behaviour when limited information is available on a business. In addition, where the consumer behaviour pre-dates a business’s problems, visibility to this consumer behaviour would become essential if needing to manage exposure to this risk.

This is especially important in the SME sector, where the business’s performance is generally just a veneer to the director’s underlying risk.” illion’s research found that personal credit behaviour that was associated with directors of

“Commercial lenders, suppliers, and creditors to SME businesses, and consumer lenders to the self-employed should consider both the commercial behaviour of the business and the consumer behaviour of its directors to get a clear understanding of the risks...” a business that eventually failed included: z Directors who were previously declared bankrupt. z Directors with recent court judgements on failed credit contracts. z Directors who had a high number of credit applications, with the volume of applications increasing over time. z Directors with credit defaults.

z Directors with consumer credit accounts at 60 days or more past due, including their residential mortgage.

“Each listed attribute would have ‘raised a concern’ about the financial standing of the director. However, where a director had several of these adverse attributes then significant caution should have been exercised,” Mr Meredith concluded.

ABOUT THE DATA illion operates Australia’s largest business information bureau on over 8 million commercial entities and over 2 million active commercial entities and one of Australia’s largest consumer credit bureaus, holding consumer credit information on circa 20 million Australians. The research undertaken in this study used this store of commercial data and deidentified consumer credit data to assess the contribution of director behaviour on business failure risk.

DISCLAIMER “This Commercial Insights Report (“Report”) is provided by illion Australia Pty Limited (“illion”) as general information, and it is not (and does not contain any form of) professional, legal or financial advice. illion makes no representations, warranties, or guarantees that this Report is error-free, accurate or complete.

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October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

55

Risk Management

The 3 biggest mistakes when renewing a trade credit insurance policy

By Kirk Cheesman MICM*

Renewing a trade credit insurance policy is a crucial step in protecting your business against financial risks associated with trading on credit. Trade credit insurance provides a safety net, ensuring that your company’s cashflow is secure in the event of insolvency or non-payment by your trade credit customers.

However, renewing a trade credit insurance policy is not without its challenges. We discuss the three biggest mistakes that are often made during the renewal process and provide insights on how to avoid them!

Failing to review policy clauses thoroughly

Kirk Cheesman MICM 56

One of the most common mistakes made when renewing a trade credit insurance policy is failing to review policy clauses thoroughly. The way a business conducts its trade can evolve over time, and it’s essential to understand your coverage might be impacted by these changes.

Insurance providers may update terms, conditions, and coverage

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

limits, which can affect your level of protection.

A specialist broker will have the experience and will take the time to carefully review all the documentation. A specialist broker will pay close attention to any changes in policy language or terms (different insurers may use different terminology), as well as alterations to credit limits, which may ultimately affect how much you can claim in the event of insolvency.

Not assessing your current needs Another critical mistake during the renewal process is not assessing your current needs adequately. Your existing trade credit insurance policy may have allowed you to expand into new markets, increase your customer base or diversify your product offerings. Failing to reevaluate your insurance needs can result in underinsurance, which can be a costly mistake.

To avoid this pitfall, have your specialist broker conduct a review of your current credit

limits and the outstandings you have for each customer. Some brokers have tools that can do this comparison for you, so make sure you ask about it at renewal.

This assessment will give you an overarching picture of whether your existing coverage is still appropriate or if credit limit increases are needed to align with your growing business.

Neglecting to reassess customer credit risk An oversight that can be made during the renewal process is neglecting to reassess the credit risk levels of your customers.

Trade credit insurance is designed to protect your business against the risk of nonpayment by customers, and the creditworthiness of your customers can change over time. Failing to monitor and update your customer credit risk assessments can lead to inadequate coverage and higher claim values.

To avoid this mistake, establish a robust system for evaluating the creditworthiness of your customers on an ongoing basis. This may involve using credit reports or thirdparty customer monitoring tools. If you notice changes in a customer’s creditworthiness, it’s essential to communicate these findings to your broker.

It’s a good idea to incorporate regular credit risk assessments into your business practices.

This proactive approach will help ensure that your trade credit insurance policy remains effective and in the event of a claim, will deliver you the best outcome.

Bonus tips to consider! z Start the renewal process early (at least 3 months out) to allow time to get market options. z Conduct a fresh “Spread of Risk” chat to identify key ‘risk zones’ within your client list.

z Run a ‘CoverGap’ report to highlight gaps between your credit limits and actual exposures (we’re happy to do this for you if needed).

Renewing a trade credit insurance policy is a critical task that should not be taken lightly.

The three biggest mistakes mentioned above can have detrimental consequences for your business. To navigate the renewal process successfully, dedicate the time and resources needed to make informed decisions, alternatively, outsource this to a specialist. By doing so, you can ensure that your trade credit insurance coverage continues to provide the protection your business needs in an ever-changing economic landscape. *Kirk Cheesman MICM Group Managing Director National Credit Insurance (Brokers) Pty Ltd E: kirk.cheesman@nci.com.au T: 1300 654 500 www.nci.com.au

Here are the main reasons why Trade Credit Insurance claims aren’t paid in full: Failure to adhere to any special clauses/conditions on the limit or policy

Non-disclosure/ reporting

Delayed action in pursuit of debts Trading outside credit limits – justification of Discretionary Limits vs Endorsed Limits Trading beyond maximum extension periods

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

57

WINC

Are you driving home your expertise?

By Lauren Clemett*

Lauren Clemett 58

Did you drive somewhere recently? To work, the schoolrun, to the gym or cafe, maybe for a catchup with friends or family? How many times did you use the indicator? Do you even remember using it?

I remember when I was first learning to drive. I’d seen my Mum and Dad do it for years, and it looked pretty easy, but now, as I sat in the drivers seat for the first time, while my Dad pointed out all the controls and explained what I needed to do in order to drive, it became clear very quickly that I had been totally unconscious of my incompetence.

My palms were sweating and I cautiously turned on the ignition and eased the car forward. Of course we were in a car park so it didn’t matter that I got it right first time, but even when I got out on the open road, I was focuses and anxious. I stressfully switched between looking at the road in front of the car and my

mirror and I had to consider and consciously think about every step in the process of driving.

Before long I got the hang of it and went from bumbling Ron Wesley in Harry Potter to The Stig from Top Gear very quickly, much to the horror of my very patient parents who I’m sure left a few fingernails in the dashboard those first few months.

Maybe it was because I had been driving the tractor around the farm or messing about on motorbikes for a few years? For some reason, I got to grips with driving relatively effortlessly.

Where did you learn to drive?

Did you get it immediately or did it take time to learn?

Now I’ve been driving over 40 years and it is a natural skill I don’t even consider when I get behind the wheel of my red Mazdaratti to go somewhere.

Do I remember to use the indicators? Who knows!

Driving has become one of those things I do with ease

“When we are an expert at something, we take it for granted and assume everybody knows how to do it.”

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

“There are loads of things that we all do without even thinking. Call it insight, genius, cleverness or sheer gut instinct, expert-ease is something we use every single day.” that I found difficult when I was just starting out. It’s just one of the many things I do with unconscious competence, and I learned from another expert with years of experience, my Dad. If you asked me back then on that first day to drive with the confidence I have now, I would not know where to even start!

Yet here I am, driving like a pro after millions of hours gaining experience and proud that I’ve never had a major accident in all that time (yes there definitely were some adolescent bingles).

This is what I call expertise.

A blend of natural skills, talents and traits we are born with and, alongside our gained experience, has become something we seemingly do effortlessly that others would find incredibly difficult. That’s why it’s called expert-ease.

And every one of us has it.

There are loads of things that we all do without even thinking.

Call it insight, genius, cleverness or sheer gut instinct, expert-ease is something we use every single day.

The most interesting thing about it is that because we do things so effortlessly, we believe

it’s nothing special. When we are an expert at something, we take it for granted and assume everybody knows how to do it.

It’s especially the case if we have been doing that thing for many years, and it has become normal to us. In the high pressure world of finance, business and project management, the core skills that you have are expected, but there is probably so much more you do without even thinking about it.

And that can be problematic if you are a someone that others look to for help, advice or professionals services. 

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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WINC

time or effort you save others.

3. Consider how your unique style, approach or perspective delivers outcomes for your customers, clients and team members. What makes you shine amongst your peers?

4. Paint a picture of the outcome use that to create marketing messages and promotional content around your area of expert-ease.

“As a leader, especially in business, it’s actually your job to promote yourself. You have to be your own best salesperson.”

When we forget to tell others about our expertise and to explain what makes us someone worth following, we devalue ourselves and our abilities.

Experts get paid more. Experts are respected. Experts are referred to by others. Experts are wellknown, well paid and wanted.

But as an expert, if you aren’t explaining that in the way you talk about yourself, you can’t expect people to guess how good you are. As a leader, especially in business, it’s actually your job to promote yourself.

You have to be your own best salesperson.

60

Take a moment now, to consider all of the things you do with ease that others find difficult: 1. Think back to your childhood; what did you love to do? What comes naturally to you? Write down those core skills that you have, the things you were born to do, the things that you find light and effortless.

2. Make a note of how it makes you feel to use those things as a leader. What lights you up? Consider the value of those skills and what they are worth to those who have no idea how to even start and the

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Being an expert is as exciting as it is vital if you want to be a leader in your industry, ahead of the competition and a change maker or influencer.

Even more importantly, by letting the world know what your expert-ease is, you are making yourself worthy of being followed.

If you want to delve more deeply into your area of expert-ease, finding your USP (Unique Sense of Purpose), that thing that makes you stand out from the rest, you can read more in the award-winning leadership guide, Finding Your Brand True North. CLICK HERE

*Lauren Clemett is a Keynote speaker, International award-winning Neurobranding specialist and best selling author with over 25 years brand management experience. In an overwhelming world, Lauren shares how to turn distraction into attraction, so your teams can lead with direction, purpose and meaning. She makes magnetic leadership a walk in the park! www.yourbrandtruenorth.com

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Economic Update

Update from across the ditch:

No easing on the cost-of-living crisis as NZ barrels towards election

By Monika Lacey MICM*

The latest data shows New Zealand’s economy has grown for a second quarter in a row, exceeding our expectations and officially lifting the country out of recession.

Despite this, the cost-ofliving crisis continues to impact businesses and consumers alike.

Consumer credit is up 8% year-on-year, and credit card applications have risen 13% year-on-year, a potential sign of Kiwi’s looking for ways to keep up with the current economic environment.

New mortgage borrowing figures show a modest 2% increase year-on-year, signalling a minor improvement for the country’s housing market.

Company liquidations are up significantly year-on- year, with company closures up this quarter, and business credit defaults are up 27% year-on-year.

The remaining three months of 2023 are likely to be challenging for both Kiwi households and businesses.

It is important to note when comparing arrears and

Consumer Arrears Trends

Monika Lacey MICM 62

CREDIT MANAGEMENT IN AUSTRALIA | April 2023

liquidations year-on-year that Aotearoa New Zealand is coming off historic lows.

August 2023

1+ Days in Arrears

30+ Days in Arrears

# Consumers

423,000

156,000

Consumer arrears continue tracking to 2018 levels.

5 Credit Actives

11.62%

4.29%

vs Aug 2022

+7.8%

+15.5%

vs Aug 2021

+15.9%

+23.8%

vs Aug 2020

+10.9%

+20.3%

vs Aug 2019

+4.7%

+7.1%

vs Aug 2018

–0.2%

–4.5%

vs Aug 2017

–1.9%

–1.0%

August 2023

60+ Days in Arrears

90+ Days in Arrears

# Consumers

107,000

90,000

% Credit Actives

2.96%

2.47%

vs Aug 2022

+19.9%

+19.9%

vs Aug 2021

+38.4%

+42.5%

vs Aug 2020

_24.8%

+194%

vs Aug 2019

+19.8%

+14.0%

vs Aug 2018

–0.9%

–0.2%

vs Aug 2017

+3.9%

–0.2%

Consumer arrears fell slightly in August to 11.62% of the active credit population, down from 11.70% in July of this year.

Furthermore, the number of people behind on their payments has fallen to 423,000 from 426,000 last month.

Despite these small drops, the current arrears level is still 7.8% higher yearon-year and like last month, Aotearoa New Zealand is tracking closely to 2018 levels.

Furthermore, 156,000 consumers are currently over 30 days past due, and within this group 107,000 are at 60+ days in arrears.

Demand for unsecured credit continues to grow While the cost-of living crisis continues to add pressure to consumers’ pockets, the demand for consumer lending products doesn’t appear to be letting up this month. 

Credit Demand by Product Type

April 2023 | CREDIT MANAGEMENT IN AUSTRALIA

63

Economic Update

Credit Card & Auto Loan Arrears

New Consumer Lending (Indexed to 2019)

Looking at credit demand by product type in this last month, we can see credit card demand rose 13% year-on-year. BNPL enquiries are 4% up year-onyear, trending around the same numbers we saw in August.

Following the drop in new vehicle sales registrations after changes to the government’s clean car discount, demand for auto-loans remains 14.4% higher year-on-year – a slight drop from the 19% year-on-year rise recorded in August.

While demand for credit cards is up, so are the arrears.

Credit card arrears are up 10% compared to last year. However, things are still comparatively low against historical levels. Despite vehicle loan arrears edging back to 5.9% in August, they’re still up 29% on a year-on-year basis.

Housing market experiencing slight upswing

Home Loan Arrears

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CREDIT MANAGEMENT IN AUSTRALIA | April 2023

New mortgage borrowing figures showed a modest 2% increase in August year-onyear. Non-mortgage lending is unchanged year-on year, which could be indicating the property market is improving. Overall, new household lending is 1% up on the year-on-year basis.

Reflecting the upswing in the housing market was mortgage delinquencies falling slightly for the 3rd month running. The proportion of home loans in arrears fell to 1.25% in September.

Not as hopeful were the 18,600 mortgage accounts past due, up 28% on a year-on-year basis. Some of these accounts are likely to be refixed sometime in the next twelve months.

Business Credit Demand: 2020 to 2023

Business credit demand rises slightly, but defaults rise more Credit demand for businesses remains strong, up 3% year-onyear. The average credit score for new credit applications has improved minorly this month, up to 757 from 753 last month.

The retail trade sector saw credit defaults up 36% year-onyear as the cost of living crisis continues to squeeze the wallets of Kiwi households.

Furthermore, credit demand in hospitality rose 17% year-on-year, alongside a 25% increase in credit defaults. The construction sector also saw defaults up 18% year-on-year.

Looking closer at the property sector, we can see credit demand has dropped by 5% year on year, and credit defaults have risen significantly, by 53%.

It is important to note credit defaults are a lag indicator – the arrears position occurs several months prior to a default being lodged.

How is the remainder of 2023 looking for New Zealand?

Our recent data continues to show the uncertainty being felt by households and businesses alike across in Aotearoa New Zealand this year.

It’s clear that the country has money on our collective mind.

The remainder of 2023 will

“It is important to note credit defaults are a lag indicator – the arrears position occurs several months prior to a default being lodged.” continue to be challenging for Kiwi households and businesses alike. If the OCR remains level, then we have some sense of security for the remainder of the year.

It’s been a long rough winter for many, so perhaps despite the financial forecast, the hope of a sunny summer may promise to lift some spirits. *Monika Lacey MICM Chief Operating Officer Centrix Credit Bureau of New Zealand www.centrix.co.nz

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65

Economic Update

RBA’s monetary policy efforts bearing fruit

By Anneke Thompson MICM*

Anneke Thompson MICM 66

September saw the continuance of fuel inflation, with petrol and diesel prices rising substantially due to reduced production by key oil states like Saudi Arabia.

The increase in fuel prices, alongside continued price gains in insurance and residential rents, resulted in a small increase in monthly inflation.

While many commentators argue this could result in the Reserve Bank of Australia (RBA) increasing the cash rate at its October meeting, this is unlikely given the key drivers of inflation are not interest rate sensitive.

Consumer demand is still very flat, with retail trade growing by a modest 0.2% over the month.

This is well below inflation, and means that on a volume basis, Australian consumers continue to pull back on their spending.

Overall, the economy continues to track along well, especially given how weak

consumer demand is. Business sentiment and conditions are still reasonably positive, and while job vacancies are falling, they are still well above 2019 levels.

Fuel prices driving inflation All groups monthly CPI rose 5.2% over the year to August, up from 4.9% the month prior. While a higher figure is not welcome news for borrowers, the figure is heavily impacted by the higher cost of fuel this month. Excluding volatile items like fuel, holiday travel and fruit and vegetable items, monthly CPI increased 5.5%, down from 5.8% the month prior.

Residential rents, fuel and insurance pricing continue to gain momentum. For the business community, rising insurance will have a big impact and add to already significant cost pressures many businesses are facing. The construction sector, in particular, is very reliant

“For the business community, rising insurance will have a big impact and add to already significant cost pressures many businesses are facing. ”

CREDIT MANAGEMENT IN AUSTRALIA | April 2023

on insurance, and while price growth momentum in building materials is slowing, rising insurance premiums will be the next headache the industry will face. It is likely that we will start to see business consolidations in this sector, as smaller operators find the cost of maintaining insurance too great, and look to join larger businesses.

The cafe and restaurant sector currently experiences the highest rate of insolvencies according to CreditorWatch Business Risk Index data, and the news that fruit and vegetable prices continue to fall will be welcome relief.

Unemployment rate steady While the August 2023 unemployment rate remained steady at 3.7% on a seasonally adjusted basis, there was a strong gain in employed

“The cafe and restaurant sector currently experiences the highest rate of insolvencies according to CreditorWatch Business Risk Index data, and the news that fruit and vegetable prices continue to fall will be welcome relief.” persons overall, at 64,900, or a 0.5 percentage point increase.

The increase in the participation rate from 66.9 to 67.0% was the reason this jobs growth wasn’t enough to lower the unemployment rate again.

While this is good news for the economy overall, coupled with still very subdued consumer confidence, it is unlikely to be enough to warrant an increase to the cash rate after the October meeting.

Underemployment continues to rise, from 6.4% in July to 6.6%

in August, meaning a larger proportion of workers are looking for more hours. And despite the large surge in employment over August, monthly hours worked in all jobs actually declined by nine million hours, or 0.5% on a monthly basis.

Quarterly Job Vacancy data was released this month, and showed that job vacancies continue to fall at an accelerating rate. Job vacancies were down 8.9% over the three months to August, and 15.2% over the year.

This is taking some pressure off 

April 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Economic Update

“Retail Trade continues to grow very modestly, with a 0.2% seasonally adjusted monthly increase recorded over August.

This equates to an increase in spending of 1.5% over the year, and is well below inflation rates.” wage price increases, however job vacancies still sit well above pre-COVID levels.

Retail activity subdued Retail Trade continues to grow very modestly, with a 0.2% seasonally adjusted monthly increase recorded over August.

This equates to an increase in spending of 1.5% over the year, and is well below inflation rates.

The one bright spot for retail trade was clothing, footwear and personal accessories, which was given an unexpected boost over the month by the FIFA Women’s World Cup and associated merchandise purchasing.

Spending in this category grew by 1.5% over the month.

Food retailing continues to fall, and was down by 0.3% over the month. This is likely due to falling prices in some major food categories, such as fruit and vegetables. Strong population growth and a weakening economy usually results food retailing being one of the strongest categories, so this is quite an unusual dynamic. It is also likely reflective of consumers trading down to cheaper

alternatives of commonly purchased grocery items.

The one consistent area of increased spending is café, restaurant and takeaway food services, which grew by 0.7 per cent over the month. It seems Australians are still keen to eat out and not give up their takeaway coffees. However, despite still good demand in the sector, increased spending could also be attributed to many businesses being forced to increase prices. Moderating fresh food prices will be welcome relief for café and restaurant operators, however, energy, transport and insurance bills are all still rising considerably, and continue to impact the viability of many of these businesses.

Business and consumer sentiment Consumer confidence remains incredibly weak – down 1.5% in September. Consumers are still fearful of an additional rate rise, but also appear to have accepted the contention that interest rates will stay high for some time. This means that higher rates are going to be a drag on

“Retail forward orders are in very negative territory, indicating that retail business operators expect to have a very lean Christmas trading period.”

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CREDIT MANAGEMENT IN AUSTRALIA | April 2023

discretionary spending for at least another year.

In contrast to the sustained run of deeply pessimistic consumers, business operators remain much more confident.

Both business conditions and business confidence were up in August, rising by three and two index points respectively. The retail sector is the industry that is in deeply negative territory, with confidence at -14 index points. Retail forward orders are in very negative territory, indicating that retail business operators expect to have a very lean Christmas trading period.

RBA’s monetary policy efforts bear fruit Unsurprisingly, the RBA maintained the cash rate at 4.10% at the September 2023 meeting.

The rise in unemployment revealed in the July 2023 data likely gave the RBA confidence that the pressure on wages was well and truly weakening, further helping their inflation busting agenda. Continuing weak retail trade and consumer confidence data is also giving the board the clear sign that their efforts to reduce demand in the economy have worked very well. While some items in the CPI ‘basket’ continue to record price rises, these rises are by and large not related to high consumer demand, and therefore not

enough to convince the RBA to move again to cool demand further.

Global conditions Inflation in the UK fell to 6.7% over the year to August, which was further than most commentators expected. In response, The Bank of England nominated to maintain the cash rate at 5.25%, which was the first pause after 14 consecutive rate rises. The US Federal Reserve also held rates steady at its latest meeting, with the target rate sitting at 5.25 – 5.50%.

Most central banks appear to

be at the ‘wait and see’ section of the monetary policy tightening cycle. Consumers in the US in particular appear to still be reasonably confident, as home borrowers in that market are less impacted by cash rate rises given most are on fixed rate loans. Job markets also remain tight around the world. While it is appearing more likely that cash rate rises have finished, it is also the case that most central banks will hold them at this level for much longer than previous tightening cycles given inflation is moving down to target bands at a slow pace.

*Anneke Thompson MICM Chief Economist CreditorWatch T: 1300 501 312 www.creditorwatch.com.au

ABOUT CREDITORWATCH Established in 2010, CreditorWatch is Australia’s leading commercial credit reporting bureau with more than 55,000 customers, from sole traders through to ASX-listed companies.

Our suite of automated AI-driven tools provide businesses with end-to-end credit management solutions – from customer onboarding to credit reports, monitoring and collections.

We help businesses strengthen due diligence, mitigate risks and secure their cash flow. We also provide exclusive credit risk insights, helping our customers make smarter decisions to protect themselves in this complex economy.

Find out more at www.creditorwatch.com.au.

Subscribe to the Creditorwatch Business Risk Index to be the first to receive our monthly updates.

“The one consistent area of increased spending is café, restaurant and takeaway food services, which grew by 0.7 per cent over the month.”

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member anniversaries We recognise those members who achieved membership anniversaries between July, August and September 2023. Congratulations to these members on achieving such important milestones.

Name Brian Ian Lindsay Toni Alan Gary David Domenico Meredith Leslie Tracey Michael Charles Sue Desley Barbara Kaden Susan Keith Cheryl Mark Lara Mandy Darren Peter David Christopher Fiona Jo Anya Ross Monindra Danielle Emma Alice Craig Piero Lorraine Natasha Simon Talbir Balveen Chad Mark Steve Michelle Scott Nicholas Marion Helen Nicholas Nikki Natasha Candy 70

Hoskin Wood Chuck Sawyer Scott Cole Robins Cannalonga Eagleton Macnaughton Rothwell Sailland Tims Whyte Lymbery Proberts Davies Day Deer Dickinson Draper Marney-Gatt Reeves Reid Samuels Condello Conway Doherty Fitch Luc Quattrocchi Anbu Attard Bird Carter Cussans Gross Kunach Morris Read Saggu Saini Sheets Smith Spinozza Walton Weintroub Amery Birmingham Bowes Boyce Bryson Clarkson Cuesta

Designation LICM LICM LICM LICM CCE MICM MICM MICM MICM MICM MICM CCE MICM MICM FICM CCE MICM MICM MICM CCE MICM CCE MICM CCE MICM CCE MICM MICM MICM MICM MICM FICM CCE MICM CCE MICM MICM CCE MICM MICM MICM MICM MICM MICM MICM CCE MICM MICM MICM MICM MICM MICM MICM CCE MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM

Company

Australian Institute of Credit Management SV Partners Fisher & Paykel Australia Pty Ltd Westpac Banking Corporation Sealanes (1985) Pty Ltd Rothwell Lawyers Pty Ltd 5 Ways Food Services Tuftmaster Carpets Pty Ltd OneSteel Trading Pty Ltd Grant Thornton Australia Limited Samuel Smith & Son Brickwords Building Products Pty Ltd Alto Group Pty Ltd Vinidex Pty Ltd Creditsoft Solutions Scalzo Food Industries BIS Industries Saputo Dairy Australia Pty Ltd Australia Post BP Australia Pty Ltd Big River Group Tradelink Pty Ltd NCI (Brokers) Pty Ltd Rexel Holdings Australia Asahi Beverages Commercial Credit Services Brice Metals Australia Pty Ltd Lynch Meyer Lawyers BP Australia Pty Ltd Credit Solutions Snap-On Tools (Australia) Pty Ltd Snap-On Tools (Australia) Pty Ltd PPSAdvisory Pty Ltd Nulon Products Australia BBW Lawyers Snap-On Tools (Australia) Pty Ltd SLF Lawyers Snap-On Tools (Australia) Pty Ltd GrainCorp Operations Limited Snap-On Tools (Australia) Pty Ltd DuluxGroup Metcash Food and Grocery Samuel Smith & Son Results Legal Rexel Holdings Australia DuluxGroup DuluxGroup

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

State SA NSW SA QLD SA QLD NSW SA WA/NT NSW VIC/TAS VIC/TAS VIC/TAS SA QLD QLD SA NSW NSW WA/NT SA VIC/TAS QLD VIC/TAS VIC/TAS VIC/TAS VIC/TAS QLD QLD SA NSW VIC/TAS NSW SA SA VIC/TAS SA NSW NSW WA/NT NSW NSW Overseas QLD Overseas NSW Overseas VIC/TAS VIC/TAS SA QLD SA VIC/TAS VIC/TAS

Years of service 50 50 40 40 40 35 35 30 30 30 30 30 30 30 25 25 20 20 20 20 20 20 20 20 20 15 15 15 15 15 15 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 5 5 5 5 5 5 5

member anniversaries Da Costa Dosser Ducrou Ericksen Eslami Francis Goddard Godfrey Grdin Griffin Griffin Grzevic Hamour Hancock Hardy Harwood Hawkins Houareau Karvelis Kendall Klar Kohlman Kraus Kyprianou Lacey Lam Lee Lockington McGuigan McNaught Mediero Morgan Nagle Paul Pecorella Pengue Powell Promcharoen Quan Ralphsmith Reid Rhind Roberts Robinson Rutty Sharpe Svensson Tabone Taylor Taylor Thomas Vander Meeden Vystavelova Waterton Weeks-Windsor Wiegard Yip Zheng

Designation MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM CCE MICM MICM MICM MICM CCE MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM MICM CCE MICM MICM MICM MICM MICM MICM MICM

Company DuluxGroup Dynamic Supplies Optus DuluxGroup Electrolux Home Products Pty Ltd DuluxGroup STG Legal Pty Ltd DuluxGroup Talent International Rexel Holdings Australia Rexel Holdings Australia Eliott Engineering Pty Ltd Penrite Oil Company Pty Ltd DuluxGroup Resolve Investigations Optus Hyne Timber Optus DuluxGroup Fuchs Lubricants (Australasia) Pty Ltd Oakbridge Lawyers Pty Ltd DuluxGroup Elders Optus DuluxGroup DuluxGroup Optus DuluxGroup DuluxGroup DuluxGroup Talent International DuluxGroup Vida Wood Australia Pty Ltd Optus QBE Coates Hire Operations Pty Ltd Reece Sixt DuluxGroup DuluxGroup DuluxGroup DuluxGroup Bidfood DuluxGroup DuluxGroup Turner Engineering QBE DuluxGroup Results Legal Rexel Holdings Australia Oracle Insolvency Services Optus Oracle Insolvency Services Brisbane City Council Brisbane City Council Optus Optus Electrolux Home Products Pty Ltd

State VIC/TAS QLD VIC/TAS VIC/TAS NSW VIC/TAS QLD VIC/TAS NSW NSW NSW VIC/TAS VIC/TAS VIC/TAS NSW NSW QLD VIC/TAS VIC/TAS VIC/TAS SA VIC/TAS SA NSW VIC/TAS VIC/TAS NSW VIC/TAS VIC/TAS VIC/TAS NSW VIC/TAS QLD NSW VIC/TAS NSW VIC/TAS NSW VIC/TAS VIC/TAS VIC/TAS VIC/TAS NSW VIC/TAS VIC/TAS WA/NT QLD VIC/TAS QLD WA/NT SA NSW SA QLD QLD VIC/TAS VIC/TAS NSW

Years of service 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

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Name Oscar Elisha James Darcelle Maryam Thomas Samantha Gareth Matias Colin Nicholas Belinda Ruth Caroline Darren Trent Emma Mark Mary Craig Nikita Sandra Karl Nicola Cain Kong David Taylor-Lee Sarah Donna Amador Stuart Alicia Yelina Leonardo Enrico Jessica Khomphan Nora Mark Floriminda Wendy Delon Sophie Millie Melissa Andrew Chris Anna Diane Steven Jacqueline Radka Lea Jude Brooke Paul Nuo

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queensland

Katherine McLean MICM, Mel Donnison MICM, Karen Leggett MICM, Decia Guttormsen MICM CCE, Leanne Farrugia MICM CCE and Monique Barton MICM.

Nathaniel Smith, Isabelle Holland, Luke Matthews, Stacey Woodward MICM CCE, George Wolf MICM and Josh Mann.

President’s Report Winter in Brisbane has bid farewell, making way for what will most likely be a very hot spring and summer! As we embrace this new season, let’s take a moment to reflect on the exciting events that unfolded over the past few months and look forward to what lies ahead.

In July, our awards night looked a little different, now including and celebrating the Credit Professional of the Year Award, this is alongside our already successful Young Credit Professional of the Year Award (YCPA). This year the awards night took centre stage at Cloudland.

The YCP award remains the largest and most esteemed youth credit recognition in Australia, providing a unique platform for young credit 72

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professionals to shine. The YCPA program not only celebrates their achievements but also guides them toward a successful career in credit.

Jordan McNee, Credit Services Team Leader at the University of Queensland, emerged as the deserving winner for Queensland’s YCP award.

The Credit Professional Awards, a new addition to our accolades, celebrated accomplished credit professionals across Australia. These awards not only boost self-esteem but also inspire candidates to continue their journey in credit while inspiring those around them. Kirsty Gray, Credit Manager at Stoddarts Group, received the inaugural Credit Professional of the Year Award for Queensland.

We wish Jordan and Kirsty the best of luck at the upcoming conference. Thank you again to ARMA,

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Nick Pilavidis FICM CCE, Madison Ryan MICM, Elisha Dosser MICM, Warwick Ballantine-Jones LICM and Toni Sawyer LICM CCE.

Jordan McNee MICM CCE – Qld YCP Winner.

Carol Lowe and Karen Leggett MICM

Katherine McLean MICM and Harrison Boland.

CreditorWatch and illion for sponsoring such amazing awards nationally. Shout out to all the judges involved in QLD, I know you had a tough job, all the candidates were brilliant!

The much beloved Women in Credit (WINC) day in August at Portside, Hamilton, was nothing short of extraordinary. We are immensely grateful to the AICM National Office team for their invaluable support in orchestrating this day, coming all the way up from Sydney to stand beside us. A heartfelt shout-out to the dedicated QLD council and our members who graced us with their presence and unwavering support.

It’s moments like these that strengthen our bonds, provide opportunities for growth, and let us give back to a cause as remarkable as the

Women’s Resilience Centre, while also learning something new – Lauren Clemett’s insightful session added a valuable dimension to the event speaking to your personal brand. I also want to shout out Michelle Kirkby, our VP, for her exceptional coordination and fearless leadership as MC. Together, we raised a remarkable $9,500 for the Women’s Resilience Centre. Thank you to our event sponsors: Equifax, Results Legal, and NCI, your support is invaluable.

In August, our Annual General Meeting took place, and we warmly welcomed new council members: Samantha Goddard, Mary Owens, and Jordan McNee. Their fresh perspectives and dedication will undoubtedly enrich our association here in QLD. October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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queensland

Ina, Lauren and Shell Energy Group.

Keep an eye out on your inbox for our last local event of the year being held in November. As always, if you want to get involved, please reach out. I will see you all at the National Conference in Adelaide!

– Stacey Woodward MICM CCE Queensland Division President

Awards Night The Queensland 2023 Awards Night was a spectacular night in July held at the stunning Cloudland. It was great to see Laura Cook, Karen Clarkson MICM CCE, Alyson Tregear MICM CCE and Anna Taylor MICM. so many people attending this event and supporting the nominees for Credit Professional and Young Credit WINC Professional of the year in Queensland.

The Queensland Council were thrilled to bring yet Congratulations to all of our Queensland another outstanding WINC event to 240 members finalists. They are all so deserving, and it was great and guests in August. The venue at Portside was to able to recognise them at such a great event. outstanding and the huge balcony beside the The award winners this year: Brisbane River was a perfect way to start the day of z Young Professional of the Year networking.

– Jordan McNee MICM CCE – Credit Services Our QLD VP and WINC Chair Michelle Kirkby Team Leader, University of Queensland. wanted to say a few words about the day. z Credit Professional of the Year Last year was my first year as chair for WINC, – Kirsty Gray MICM CCE – Credit Manager, our theme was walking together, as such Stacey Stoddart Group.

Woodward our QLD President and myself We look forward to seeing you both at decided to stand together and join forces as conference as representatives for Queensland.

MC. This year, to demonstrate the support we 74

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Isabelle Holland, Carly Rae-Orth MICM CCE, Erin Mascelle, Madison Ryan MICM and Elisha Dosser MICM.

have for women in credit and each other we decided to do the same. Our joint energy, differences, passion, ideas, and respect for each other led to yet another amazing event and an opportunity for us to both grow in our roles within the council.

We push ourselves in this way for our members to present an opportunity for Lisa Holby, Cheryl De Jager, Lea Young and Lauren Clemett. women in the industry to make meaningful connections and a network of support around them.

This year’s WINC smashed several records both in attendance and money raised for our amazing national charity partner, the women’s resilience centre. Total raised was over $9,500. We are all incredibly proud of that and thankful to the generosity of the attendees on the day.

Our theme this year was “catalyst for a change.”

Belinda Hill MICM, Maddison Graham MICM and Katherine McLean MICM. October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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queensland

Queensland Council Members – Stacey, Michelle, Merv, Mary, Fiona, Carly, Julie, Steve, Jordan, Melissa, Madison, Emma, Ashleigh, Samantha and Zandalee.

It was an absolute privilege to have the amazing Lauren Clemett join us and share her neurobranding expertise. Listening to someone who was not only incredibly engaging but also a leader in her field was truly inspiring.

With Lauren’s shared experience we were able to walk away thinking more about accepting who we are, not comparing ourselves to others and with a real desire to live our own brand by changing what we can on our own personal paths. I absolutely recommend you look her up, follow her on LinkedIn and spread the word.

The events cannot happen without our three National Sponsors, Equifax, Results and NCI, and for that we are extremely thankful. Without attendees it wouldn’t be as much fun either so a massive thankyou to those who attended either on their own, in a group, as a guest. I hope to see you all again next year.

And massive thank you to the unsung heroes in the background at the AICM National Office, Kirsty, Claire, and Karen. And finally, the amazing Queensland Council. We are a diverse group of individuals who find ways to dedicate time to our members and each other to put on such events.

When women get together amazing things happen, what will your catalyst for a change be?

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LICM Member Toni Sawyer LICM CCE Training Facilitator AICM I had the pleasure of catching up with Toni Sawyer and discussing her long career with the AICM. Personally, Toni has been an inspiration during my time at the AICM and her knowledge of all things credit has been invaluable.

After arriving home from working overseas Toni took a position with a mining supplies company

queensland has become the Training Facilitator that we have all had the pleasure of learning from for all these years.

Toni’s knowledge is something that she loves to share with all of us and for those young people coming through AICM she said that the networking that you can get out of AICM is priceless.

From the confidence you gain from meeting with other credit professionals, and the information that is available through AICM and its network of people. There is always someone who is willing to give support and advice.

Not only is Toni an amazing trainer she has a love for food and travel. She told me of all the amazing restaurants she had booked over the weekend with some visiting interstate friends.

You can also find her in her garden in her spare time.

Thank you Toni for sharing about your life and journey with AICM. Your involvement with students from is amazing, past and present. Congratulations on your 40 years with AICM. We are all looking forward to having you around for many more.

Member Spotlight Shayna-Dean Thompson MICM What is your position and the company that you work for?

I am a Global Accounts Receivable/Credit Control Officer at Megaport.

How long have you been a member of the AICM? Around 3 and a half months (since 2nd June 2023).

WINC was your first AICM event, how did you find the day?

I found the WINC luncheon to be incredibly enriching and motivating. Especially being someone who is still in the early stages of their career, I feel privileged to have heard the personal journeys, insights, and strategies for success from accomplished women in the industry. I look October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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as a credit controller. She was looking for ways to increase her skills and Warwick Ballantine-Jones recommended the AICM saying the knowledge, confidence, and the network that the AICM would provide would be excellent for Toni in the early years in her career.

Toni became a member of AICM in 1983 and little did she know at the time that would be the beginning of her 40 years of being a member of the AICM. For the first five years Toni would read the magazine in print each quarter. She then started to attend events and was encouraged to become more involved and joined council in 1997, starting her almost 20 years of being a council member.

Toni became a Life member in 2013 as recognition of her involvement and the training she has delivered during her time at the AICM. Toni said she has seen many changes in her career with the biggest being the automated processes.

Her recollection on how much manual handling there was, mail merging to get statements out and stuffing envelopes taking hours rather than just minutes in today’s world.

When I asked Toni about the changes she has seen in the training during her time as a training facilitator, it was Covid that had the most significant impact. Covid changed the way we all did everything, and the way training was delivered was also quickly adapted to suit our Covid lives.

Everything became available online and the training became available to a wider range of people. Being able to have face to face training but now from the comfort of your own home or office.

It was adapted well by everyone, and it continues to be the main method of training delivery for the AICM. No career is without its challenges, Toni said sitting the CCE exam in its inaugural launch in 1998 was daunting, testing your knowledge of everything credit and how much you should know. Toni is proud to be one of the remaining 3 members who sat that very first CCE exam.

Another challenge in her career was taking a company through a merge and takeover in early 2000.

Changing systems, keeping up staff moral when they knew they were going to be retrenched at the end of it all. It was after her own retrenchment that Toni was offered a position with AICM and

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queensland forward to participating in more AICM and WINC events in the future.

Have you seen a significant change in the level of risk in your industry? How is this different to past years?

As someone who is still relatively new to the Credit and Tech Industries, I am gaining more and more valuable insights into the various risks that affect both my company and my role. This is my first time in a global position, and I have begun to see the impact a volatile geopolitical landscape can have in Credit and Receivables, as well as the unique challenges each country can present.

I am also finding the rapid advancements in technology are reshaping our industry, providing exciting new opportunities but also introducing new risks that will continue to grow as tech continues to advance.

What tools are you using to minimise the risk?

I am continuing to build my knowledge, learning from my mentors, and applying what I am learning through studying the AICM Diploma of Credit Management and first-hand experience, on various risk management and mitigation strategies. I think emerging technologies and AI can certainly be used as a powerful tool in risk management.

What has been your biggest professional challenge to date?

One of my biggest professional challenges has been when I decided to leave my comfort zone and take on a new role in a new industry and what felt like starting from square one again. The transition required me to adapt quickly however, I have been able to embrace the opportunity and apply previous skills and experience gained and excel in my current role. What initially seemed daunting has become an invaluable experience and I am excited to see where my career now leads me.

What tools from the AICM have helped you on your career path?

The educational opportunities and resources that are available have been incredibly valuable to me and shaping my career. I feel very lucky and 78

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grateful to have received a scholarship through the AICM which has allowed me to pursue formal qualifications. I am currently undertaking the Diploma of Credit Management which is expanding my knowledge and enhancing my practical skills in the field that I can apply directly to my role.

The AICM has also provided an expansive professional network that has helped me to connect with industry experts, experienced professionals, and like-minded peers to learn from.

What are your favourite things to do outside of your profession?

I am a huge homebody and enjoy spending time with my pets (3 cats and 1 dog), reading books, jigsaw puzzles, and any arts and crafts in general!

The Australian Institute of Credit Management welcomes our Partners for 2023

National Partners

Divisional Partners

Official Division Supporting Sponsors

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals.

As these organisations support your Institute and your Industry please consider them when you require assistance.

south australia

Rob Jackson MICM CCE, James Neate LICM CCE, YCP finalist Abby Elsom, CP finalist Allison Balkauskas MICM, Janice Riley MICM, YCP winner Georgia Gray MICM and Clare Venema MICM CCE.

President’s Report It is with great excitement that I write my first President’s report as the newly elected SA Division Council President following our AGM in August.

Being SA’s State President is like walking in the shadow of giants, having had such accomplished predecessors before me.

On that note, I would like to give a big thank you to our previous State President, Briana Harris from Oakbridge Lawyers for her hard work, and extend my best wishes for her

exciting promotion as a Senior Associate. Having worked with Briana in the past, I am confident that she is a force to be reckoned with in the legal realm.

I would also like to acknowledge Neil Fennell, who has stepped down as Treasurer for his dedication to the role, and he has served council admirably. I would also like to thank Adrian Stewart, who has also stepped down from Council.

I am extremely proud to announce James Neate from Lynch Meyer Lawyers as Vice October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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Rob Jackson MICM CCE with 2023 SA Credit Professional of the Year winner Janice Riley MICM and James Neate LICM CCE.

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south australia

2023 SA Credit Professional of the Year winner Janice Riley MICM with Clare Venema MICM CCE.

2023 SA Credit Professional of the Year winner Janice Riley MICM with Richard Atkinson MICM from illion.

2023 SA Young Credit Professional of the Year winner Georgia Gray MICM.

2023 SA Young Professional of the Year Finalists Georgia Gray MICM and Abby Elsom.

President, and Rob Jackson as our State Director, and look forward to the knowledge and experience that these gentlemen will bring for SA’s innovative and exciting road ahead.

Our AGM brought about some other changes, and I would like to introduce you to our council members as follows: z James Neate: CCE Portfolio z Rob Jackson: Professional Development and Membership Portfolios

z Cameron Henderson (Oakbridge Lawyers): Treasurer and YCP/Credit Professional Award Portfolio z Alice Carter (Lynch Meyer Lawyers): Events Portfolio

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I would also like to give a big welcome to Janice Riley from Bridgestone and Lisa Anderson from Coopers Brewery who have joined council, and I will be retaining my portfolio of Media and assisting

south australia

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Cameron on the YCP/ Credit Professional award portfolio.

I would encourage you all to come along, or send staff along to council meetings, it’s a great opportunity to develop skills in leadership, network with leaders in the professional, and also just to have a great time with like-minded individuals.

Another exciting piece of news is our Young Credit Professional (YCP) and Memebership milestomes celebrated for Kaden Davies MICM CCE, Janette Bretag MICM and Kanchan Chabria MICM. Credit Professional (CP) of the Year awards night.

Spotlight on a winner For the YCP award, we had two amazing Georgia Gray MICM finalists, Abby Elsom from National Credit Young Credit Professional of Insurance (Brokers) Pty Ltd and Georgia Gray from the Year State finalist Lynch Meyer Lawyers. Both finalists were extremely The SA Division would impressive, with Georgia Gray taking home the like to extend a huge title. congratulations to their The SA Division council is extremely proud to Young Credit Professional have such an accomplished young woman such of the Year State Winner, as Georgia represent our division as a National Georgia Gray from Lynch Finalist. I would like to extend a huge thank you to Meyer Lawyers, where she works as a Senior the award sponsors, ARMA and CreditorWatch, as Associate. well as to my fellow judges, Briana Harris and Jason Georgia has a number of considerable Sutherlin from CreditorWatch. professional successes, such as completing the For the CP award, our wonderful finalists were ARITA Advanced Certification in Insolvency, Allison Balkauskas from Stratco, and Janice Riley. achieving the highest mark in A for both subjects, Janice won the award and is such an inspirational and also being a critical part of developing a large and brilliant representative for our State. I would strata recoveries and disputes client base at Lynch like to extend my gratitude to the award sponsor, Meyer, which has brought in significant work for illion, and thank the judges, Rob Jackson, James the firm and meant developing an entire new Neate, and Michael Chatfield from illion. practice area.

Finally, we have the National Conference in our Beyond Georgia’s professional aspirations, midst, and we are so excited to be hosting it in Georgia aspires to be a person who is well South Australia. respected by her peers, is supportive, approachable I look forward to seeing you all to celebrate our and an encouraging team member. She wants to finalists, the AICM’s achievements and each other be an empathetic, sensitive, and practical solicitor in this, our Festival State. that helps not only her clients but those on the – Clare Venema MICM CCE other side of matters resolve problems promptly, SA President sensibly and with compassion.

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south australia She hopes to be someone that champions women’s roles in the workplace, and to be an example of someone who can have both career, and personal aspirations (including having a family whilst working in a high paced and high-pressure profession).

The judges for the award commented that Georgia was very well presented and came into the interview with a lot of confidence. Georgia is very passionate about her role, about being an advocate for mental health and mentoring others. Georgia’s commitment and passion for her work and helping others is inspiring.

Georgia’s advice to young credit professionals entering into credit management is to learn as much as you possibly can, find yourself a mentor in the industry, and get excited about the opportunities and progression that a career in credit can offer to you. Georgia has commented that the YCP competition provided her with an opportunity to reflect on her career thus far, celebrate her achievements and plan for her future.

Georgia commented that it’s also a great chance to meet like-minded credit professionals, and be recognised by the industry.

Georgia is most looking forward to meeting and building networks with the other YCP winners nationally at the National Conference, who are equally passionate about working in credit. Georgia is a fantastic role model, and the SA Division Council are so excited to have her represent the State, she is a truly distinguished young professional and a great representative for young women in the profession.

Spotlight on a winner Janice Riley MICM Credit Professional of the Year State finalist The South Australian Division is extremely proud to have Janice Riley, National Credit Manager at Bridgestone, as their representative for the Credit Professional of the Year national final.

Janice has been employed as the National Credit Manager for the past 6.5 years at Bridgestone, two years of those managing both Australia and New Zealand. Over her time 82

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in the role, Janice and has been in involved in implementing many process and operational improvements such as Onguard, online Account Applications and changes to customer statements.

Janice’s proudest career achievement to date is that of reducing bad debts to zero over a 3-year period with no write offs.

Janice recommends entering the Credit Professional of the Year award, commenting that she was very excited to be nominated, and it’s a great opportunity to share your knowledge and experience for others to use and a great experience.

Outside of her amazing work in the credit profession, Janice loves rare soul music, especially northern soul music, and loves walking and exercising.

With regards to the National Conference, Janice is most looking forward to meeting other credit professionals with the same passion for what they do and to hear how other businesses are managing credit and risk.

The SA Division wishes Janice the best of luck at the National Finals, and are so excited to have her as a newly appointed council member.

The Australian Institute of Credit Management welcomes our Partners for 2023

National Partners

Divisional Partners

Official Division Supporting Sponsors

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals.

As these organisations support your Institute and your Industry please consider them when you require assistance.

victoria | tasmania

DIVISION REPORT Congratulations to the 2023 VicTas Awards winners Brigid Nichols MICM (YCP) with Nick Pilavidis FICM CCE and Melissa Mann MICM (CP).

Presidents Report As we say goodbye to Winter, we also celebrate our Credit Professional finalist Melissa Mann (Visy Industries) and Young Credit Professional finalist Brigid Nichols (Woolworths Group). The Credit Professional & Young Credit Professional event was held in Melbourne in July, at the RACV City Club.

A huge congratulations to our state finalists. We would also like to thank all members who applied for the Credit Professional and Young Credit Professional, your commitment to the process was amazing.

In August we held the AGM, thank you to our members who joined the AGM and we welcome our new councillors to VIC TAS Council, Michelle Carruthers (ARMA Group), Joe Losinno (Nutrien) and Brigid Nichols (Woolworths Group)! A strong team with a great member network can only drive success. To know more about your VIC TAS Council members are, navigate to the AICM website.

We are currently working on our 2024 events calendar, so keep an eye out and save the dates!

We are working towards a jam-packed face to face events calendar.

October not only brings Spring, but also brings the National AICM Conference. Held this year in Adelaide, the conference brings together over

2,800 individual members across the finance industry. The program is available on the AICM website. Looking forward to seeing you all there!

November, before the Christmas silly season begins, we will be holding EOY Sundowner on 10th November. This will be our last event for the year.

Save the date and watch out for the registration details, this is an event that should not be missed!

The VIC TAS Division would like to thank all our members, event sponsors for your support and dedication and look forward to seeing you all at our future networking events.

– Mary Petreski FICM AICM Vic/Tas Division President October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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victoria | tasmania

Jason Valdez from illion and CP Finalist & Melissa Mann MICM.

2023 YCP Finalist Brigid Nichols MICM.

Vic/Tas Awards night The Australian Institute of Credit Management (AICM) hosted a night of celebration and recognition at the Melbourne RACV City Club on July 14th. The VIC Young Credit Professional Awards night was a dazzling affair, marking a significant milestone this year by also honoring the state finalists for the Credit Professional of the Year for the first time.

The atmosphere at the Melbourne RACV City Club was electric, as credit professionals from all corners of the industry gathered to celebrate their achievements and connect with peers. The event was not only an opportunity to recognise the outstanding work of individuals in the field but also a chance for everyone to unwind and build valuable connections.

One highlight of the night was the successful fundraising efforts, as a raffle was held to support the AICM Education Foundation.

Thanks to the generosity of attendees, an impressive sum of over $1400 was raised. Special commendation goes to Rothwell Lawyers, whose own Tracey and Amanda spearheaded an impromptu and incredibly entertaining auction for their prize, making a substantial contribution to the cause.

AICM extends a heartfelt thank you to all 84

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Jason Valdez with 2023 CP Finalist Tim Faulkner MICM CCE.

the finalists for their exceptional contributions.

The judges faced the difficult task of selecting winners from an outstanding pool of candidates, a testament to the high calibre of professionals in the credit management industry.

A warm congratulations to Melissa Mann of Visy who was announced as the winner of the TAS/VIC Credit Professional of the Year award. Her

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2023 YCP FInalist James Short MICM.

dedication and expertise have not only brought her personal success but have also raised the standards for excellence in the industry.

Additionally, Brigid Nichols of Woolworths emerged victorious as the Vic/Tas Young Credit Professional of the Year. Her commitment to her work and her drive for continuous improvement truly set her apart.

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Jason Valdez and CP Finalist Debbie Ryan MICM CCE.

2023 YCP Finalist Eloise Cowan MICM.

Let’s not forget to congratulate the runner-up, James Short, who was honored with the Tony Mammone Award. James’ achievements and contributions were recognised and celebrated with enthusiasm.

The night also witnessed two distinguished individuals receiving special recognition.

Carole McTavish was admitted as a Fellow of the Institute, an honor that reflects her exceptional dedication and contributions to the field. Brian Kay was bestowed with the title of a Life Member, recognising his long-standing commitment to the AICM and its mission.

The success of this memorable evening would not have been possible without the support of award sponsors illion, ARMA, and CreditorWatch.

Thank you to all who attended this fantastic event!

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2023 YCP Finalist Amanda Rothwell MICM.

Jason Valdez and CP Finalist Chirath Dissanayake MICM.

Member in Spotlight

What sort of challenges have you faced?

Katie Gorman MICM

One of the significant challenges I’ve encountered is the volatility of fuel prices. These fluctuations often required us to make rapid adjustments to credit limits. When fuel prices would spike, debtors would quickly exceed their credit limits, forcing us to make swift decisions to minimise the impact on both our business and theirs. This demanded us to adapt and alter certain processes to address these issues effectively, and was challenging but a great learning experience.

Tasco Petroleum

How did you get into credit?

I’ve been in the credit field for quite some time now, specifically as a credit controller and now credit manager at Tasco Petroleum for 26 years, and I’ve been part of the Australian Institute of Credit Management since 2001. Our credit ledger at Tasco of 3000 debtors is divided into three, with two other talented ladies and myself overseeing different regions. It’s a role that involves working on all aspects of credit, and I really enjoy the end-toend experience.

My journey into credit started thanks to an amazing lady who I previously worked with, who is now a customer manager at another fuel company, named Ghislaine Chown. Ghis was my manager, mentor and friend who taught me a lot in the credit industry, with some of her advice I still continue on with today. Throughout my career, I’ve witnessed the company undergo several transitions, from a family-run business to a corporate entity and back to a family business.

I take great pleasure in contributing to the success of this family-oriented company.

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What are your proudest moments?

I take immense pride in the relationships I’ve built over the years, both within the company and with our debtors. It’s not uncommon for me to visit our customers’ businesses and depots to gain a deeper understanding of their operations. Establishing strong connections with customers is an invaluable skill that greatly enhances my ability to excel in my role. Another source of pride is my involvement in various company projects aimed at enhancing our technological capabilities. Currently, we’re working on an online portal that provides customers with improved visibility into their accounts, and I’m thrilled with the progress we’ve made.

What lessons would you like to share with younger people coming into credit?

I believe that building strong relationships with

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your customers is paramount in the credit field.

It’s a skill that can truly set you apart. When you have a solid relationship with your customers, you can achieve outcomes and gather information that would otherwise be out of reach, making a world of difference in your work. Additionally, I highly recommend seeking a mentor in the credit industry. Having a mentor, like Ghis was for me, can provide invaluable advice and guidance, propelling your career forward.

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Jason Valdez and CP Finalist Carole McTavish FICM CCE.

2023 YCP Finalist Moulali Shaik.

The Australian Institute of Credit Management welcomes our Partners for 2023

National Partners

What do you like about the AICM? The AICM offers an excellent platform for learning and growth. I appreciate the wealth of creditrelated information available through the institute.

I’ve also had the privilege of attending several educational training sessions offered by AICM, which have proven to be incredibly informative and beneficial.

Divisional Partners

Official Division Supporting Sponsors

And what do you do outside of work?

Beyond my work in credit, I’m a bit of a netball enthusiast. My daughters are involved in netball, and I’m their biggest supporter. Recently, they had their grand finals, and it was a fantastic experience.

I also enjoy spending time at the beach during holidays, which can be a bit of a challenge given our rural NSW location. Additionally, I can also be found helping at my family’s working sheep and cropping farm!

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals.

As these organisations support your Institute and your Industry please consider them when you require assistance.

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WA YCP Winner Jordan Longthorn MICM and Robyn Longthorn.

Angus Nicholls from illion with WA CP winner Cheri Bowater MICM CCE.

Paul Walsche MICM with WA YCP Finalists Czarina Coquilla MICM, Lucas Henly MICM and Wendy Proudfoot MICM.

President’s Report Continuing the trend so far this year, the WA Division has had yet again a very fruitful and successful few months of events, membership growth and delivering on the many benefits of AICM membership.

Another financial year has come and gone, and as we have put away our balance sheets, watched 88

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the ink finally dry on annual reports and dot the T’s and cross the I’s on financial, regulatory and compliance reporting, we turned our focus to our AGM and Annual Awards evening. The satisfying return of our Young Credit Professional of the Year Award saw a very strong and accomplished group of 5 finalists take the stage, all deserving winners of the award in the own right, however there can

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Matt Hollis, Nirav Shah, Elny Martin, Ray Bohan and Edna Bermudez from SV Partners.

only be one winner. Commendations to all state finalists on their achievements, and ultimately congratulations to our winner, Jordan Longthorn MICM from NCI. We are excited by the prospect of Jordan now representing the WA Division on the National Stage and look forward to being able to share that experience with him.

The very same evening also saw the announcement of the Credit Professional of the Year award. From a small and distinguished group of finalists a most deserving winner of the inaugural title emerged. Congratulations to Cheri Bowater, MICM CCE from Summit Fertilisers for her outstanding achievement, and like Jordan, we are eagerly looking forward to her representation on the national stage where we know she will do us proud.

Congratulations to all finalists on your achievements, and thank you to our judges for both YCP and CP for your time and considerations.

We now turn our focus to the National Conference to be held in Adelaide in October and are excited by the prospect of strong WA contingent being able to attend. The Conference is and has always been a wonderful opportunity for professional development, to upskill and to network with so many of our credit colleagues from across the country and is the highlight for many in the credit year. I am personally looking

YCP Finalist Megan Symes and Michael Symes.

forward to being able to catch up with my fellow Presidents, CCE’s and National office staff, and to celebrate together the successes that we have achieved this past year.

And in closing, and with a tinge of sadness, this will be my last report as WA Divisional President.

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Malcolm Field FICM and Rowan McClarty FICM CCE elevated to Fellow status.

Troy Mulder FICM CCE elevated to Fellow status.

support I received from the WA Council in Raffaele Di Renzo, Rowan McClarty, Cheri Bowater, Jeremy Coote, Kevin Allen, Cameron Miller and Jordan Longthorn, whom I am so very lucky to not only call colleagues, but friends.

See you all at the Conference!

– Troy Mulder FICM CCE

Awards Night

Rowan McClarty FICM CCE and Jordan Longthorn MICM.

After several years of having the privilege and honour of being able to lead a fantastic group of individuals that have made up my Council, and to advocate on behalf of our valued members, it is time that I step down and hand over the reigns to our next Divisional President, and I am delighted in being able to hand over to Cheri Bowater MICM CCE. After a number of years on Council, leading the way with our WinC activities and lately the treasurer’s ledger, Cheri was a natural choice as my successor, and I know that she will continue to lead the WA Division with professionalism and distinction.

My humblest and sincerest thanks for the 90

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The AICM 2023 WA Awards night was held this year at the Doubletree by Hilton in Northbridge on 17th of August. The evening was a night to celebrate both the Young Credit Professional of the Year award finalists, as well as the newly created Credit Professional of the Year award finalists. Members had the opportunity to meet with those finalists and network amongst peers.

Our YCP award finalists were Courtney Casey from Amcap, Czarina Coquilla and Lucas Henley, both from Fair Go Finance, Jordan Longthorn from NCI and Megan Symes from Technical Resources.

The CP award finalists were Cheri Bowater from Summit Rural, Charis Ludemann from Bunnings and Matthew Teh of Nutrien Ag Solutions. All finalists acquitted themselves well in the interview process and those in attendance also showed themselves to be personable and approachable people; a Credit to their company.

The evening kicked off with some drinks outside the conference room and a chance to

western australia | northern territory Member in spotlight Jordan Longthorn MICM Jordan holds a Bachelor’s degree in Science and a post-graduate degree in Clinical Physiology. Currently, he serves as a Client Service Manager at National Credit Insurance (Brokers), where he has been employed for 1.2 years. Prior to this, Jordan worked as a Portfolio Territory Manager at Taldara Industries.

Jordan’s motivation for volunteering on the AICM council stems from his desire to enhance his knowledge across all aspects of the industry and learn from industry leaders. He has achieved recognition within the AICM, including the 2023 AICM YCP (WA) accolade. Through his involvement with the AICM, Jordan has expanded his professional network within the industry.

Outside of his work in the credit industry, Jordan’s passions include his family, fishing and supporting the Fremantle Dockers. For any further inquiries or contact, Jordan can be reached at jordan.longthorn@nci.com.au

The Australian Institute of Credit Management welcomes our Partners for 2023

National Partners

Divisional Partners

Official Division Supporting Sponsors

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals.

As these organisations support your Institute and your Industry please consider them when you require assistance.

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network with the finalists and other members of the Institute. As the start time drew near, we were invited to take seats and our MC, Troy Mulder (WA AICM President) welcomed the members. The first awards for the night were not any of those mentioned above.

There were 4 of our WA members upgraded to Fellows of the AICM, entitling them to change their designation to FICM. These were Raffaele Di Renzo of Nova Legal, Jason Louis of BGC Australia, Rowan McClarty of Fleetcare and Troy Mulder of Horizon Power. Congratulations gentlemen and we thank you for your contributions to the Institute over the years. Cheryl Dickinson of Vinidex was also recognised for her membership milestone of 20 years. This is an amazing achievement!

The food served on the night was of a very high quality, as we’ve come to expect from this establishment. The mains were an alternate drop of steak or fish. The desserts were a fruit and custard tart or the sticky date pudding. Any of these options would have made an attendant happy with their quality and taste.

The Young Credit Professional of the Year for WA this year was awarded to Jordan Longthorn.

Jordan impressed the judges with his knowledge and understanding of the craft along with overall presentation. Cheri Bowater was awarded the Credit Professional of the Year for WA. Cheri’s achievements lately have been impressive with her work for Summit Rural in dealing with customers in difficult situations and returning a zero bad debts result for the company. This is quite a feat when dealing with customers who are ultimately at the mercy of nature. Both winners will attend the National Conference in October as guests of the AICM, in the running to win the national award. We wish them the best of luck and are confident that they will both represent our state well.

This was another successful event hosted by the AICM in WA. These events provide great value to the members attending in the ability to build connections and rapport with fellow members.

These personal interactions are a vital part of the industry and of any Credit Professional’s toolkit. The AICM thanks all attendees for their company and we look forward to seeing you again. If you couldn’t make this event, ensure that you get along to the next one!

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new south wales

Abdallah El Haddad, Stefanie Ross MICM CCE, Gary Poslinsky MICM, Tom Threlkeld MICM, James Smith MICM CCE and Sev Indrele MICM CCE.

Steve Brown from illion.

James Smith MICM CCE from ARMA Group, Tom Threlkeld MICM from Atradius and Abdallah El Haddad from CreditorWatch.

President’s Report It gives me great pleasure to address you as the new NSW President. Firstly, thank you to James Smith, our outgoing President for everything he has done for the NSW Council, It is a shame he has had to step down due to work and family commitments and we hope to have him back one day. On behalf of the Council, we wish James all the best. We also lost a number of long-standing committed councillors, Grant Morris, Peter Morgan and Sam Pearlman and also wish them the best.

The NSW awards night on the 17 August 92

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was a great success. We announced the 2023 NSW Young Credit Professional (YCP) which is sponsored by CreditorWatch and ARMA and also the Credit Professional (CP) which is sponsored by illion. The calibre of both YCP and CP finalists was truly inspiring and proved quite a challenge for the judges to only pick one winner.

Congratulations to our NSW YCP winner who was Thomas Threlkeld, an underwriter from Atradius and our CP winner Pieter LeRoux National Shared Services Group Manager from Coates Hire.

Good Luck to both winners who will represent NSW for the National prize. We are all behind you.

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NSW Young Credit Professional of the Year Winner Tom Threkeld MICM.

Abdallah El Haddad and 2023 NSW Young Credit Professional of the Year finalist James Grant MICM.

2023 NSW Young Credit Professional of the Year finalist Lisa Rahimi MICM.

Abdallah El Haddad and 2023 NSW Young Credit Professional of the Year finalist Maja Dunimaglovska MICM.

Abdallah El Haddad and 2023 NSW Young Credit Professional of the Year finalist Sharavanan Parameswaran MICM.

2023 NSW Young Credit Professional of the Year finalist Dean Aspland MICM.

We also raised $1,200 on the night for the Education Foundation. A big thank you to Optus, Holman Webb, EDX, Trace Personnel and illion who donated prize’s for the raffle. Looking forward to catching up with everyone at the upcoming National Conference in Adelaide on the 11 October 2023.

– Sev Indrele MICM CCE NSW President

NSW 2023 Awards Night The 2023 AICM Awards Night was a superb capacity filled event held at L’Aqua in Darling Park on 17 August 2023. Replacing the Pinnacle Awards, the new Awards Night combined awarding of the Credit Professional of the Year and Young Credit Professional of the Year. The seated event saw 115 people fill the room to capacity. Thanks goes to our major sponsors for the event, ARMA, October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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2023 NSW Credit Professional of the Year winner Pieter Le Roux MICM with Kimberley Watts MICM from illion.

CreditorWatch and illion. We all enjoyed the event as conversation flowed freely during the night with a well-presented seated dinner and drinks.

AICM CEO Nick Pilavidis welcomed the guests and awarded membership anniversaries.

He shared that AICM have recently surpassed 3,000 members – the highest number since 2001.

A raffle was held with proceeds to the Education Foundation. The hotly contested prizes were donated were: z Optus – RING Security cameras & Optus O-Team free installation z Holman Webb – Gourmet Gift Hamper z iIlion – Bottle of champagne z Trace Personnel – $150 Apple Store Voucher z EDX – Bottle of 12 year old Scotch Whiskey A total of $1,200 was raised for the AICM Education Foundation.

Young Credit Professional sponsors ARMA, represented by James Smith, and CreditorWatch, represented by Abdallah El Haddad introduced the finalists and judges of the YCP. Our 2023 Young Credit Professional Finalists were: z Dean Aspland MICM, Credit Officer, Transurban z James Grant MICM, Debt Recovery Agent, Thoroughbred Recoveries z Lisa Rahimi MICM, Compliance Manager, IPF Digital 94

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2023 NSW Credit Professional of the Year finalist Julie Hunt MICM with Kimberley Watts MICM.

2023 NSW Credit Professional of the Year finalist Maria Grigoriadis MICM with Kimberley Watts MICM.

z Maja Dunimaglovska MICM, Client Engagement Manager, Equifax z Tom Threlkeld MICM, Underwriter, Atradius, z Sharavanan Parameswaran MICM, Credit Risk Analyst, Optus Congratulations to our winner, Tom Threlkeld.

The judges felt that Tom demonstrated logic beyond his years in his responses. Even on topics where he had no experience Tom was able to respond a clear argument. We look forward to his success at Nationals to be held during the AICM conference in October.

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Kimberley Watts MICM from illion with 2023 NSW Credit Professional of the year finalist Tony Pilimon MICM CCE.

2023 NSW Credit Professional of the Year finalist Georgia Barbera MICM CCE.

2023 NSW Credit Professional of the Year finalist Frank Kemp MICM.

2023 NSW Credit Professional of the Year finalist Joe Laban FICM CCE with Kimberley Watts MICM.

The NSW Credit Professional Award, sponsored by illion was represented by Steve Brown.

Our 2023 NSW Credit Professional Finalists were: z Frank Kemp MICM, Group Credit Manager, Leading Edge Group z Georgia Barbera MICM CCE, Regional AR/Credit Manager ANZ/APAC Aristocrat Technologies Australia z Joe Laban FICM CCE, Regional Credit & Treasury Manager, Schneider z Julie Hunt MICM, Credit Risk Manager Ampol Australia Petroleum

z Maria Grigoriadis MICM, National Credit Manager, Hanson z Pieter Le Roux MICM,Group Manager, National Shared Services Coates z Tony Pilimon MICM CCE, National Credit Manager, Rexel Holdings Australia Congratulations to our winner, Pieter Le Roux MICM. The judges comments were that they were super impressed with the calibre of all 7 NSW finalists, the call went out for the best of the best and this year’s candidates did not disappoint.

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new south wales Pieter showed a high level aptitude to answer all questions with experience, passion and strategic leadership. His responses clearly showed his strategic focus and contributions in his current and recent roles. The judges were also impressed by the initiatives he has implemented to increase the efficiency of the business and develop team members into rounded credit professionals.

The inaugural NSW Awards Night was a success.

Well done to all the finalists and winners.

AICM Members in Focus James Smith MICM CCE Can you please confirm your current position and the company you work for?

I am the Group Operations Manager at ARMA (a Credit Clear company).

Could you share some insights into your career journey?

My debt collection career started while I was studying at the University of Queensland in Brisbane. Like many students I sought out a part time job, I looked for something a bit different that would give me experience and jump start my career. When I went for my interview, I must admit that I didn’t really understand a lot about the role or the industry but as it turned out I would be working for what is now one of Australia’s largest debt purchase companies. I progressed from being an entry-level debt collector to becoming the Dispute Resolution Manager in a few years. It was incredible to see how quickly the business grew from a handful of employees to hundreds of staff in such a short amount of time.

After I completed my studies, I learned that my cousin, Andrew Smith, was launching his own debt collection business. I decided to uproot my life and relocated from Brisbane to Sydney to join this venture called ‘ARMA’. My role was initially as the Consumer Team leader. ARMA grew very quickly and after merging with Credit Clear last year is now publicly listed and one of Australia’s largest debt collection companies.

Throughout these years, I've worn various hats, training, compliance, operations and 96

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then to sales and but I am now focusing on systems, processes, onboarding, and business improvement. It's been an incredible 8.5 year journey so far!

When I reflect on how much the industry has transformed since I started, it's incredible to see how far we have come. We're using cutting edge artificial intelligence through our digital portal to help customers resolve their accounts, making it possible for customers to set up a payment plan without needing to even make what can sometimes be an awkward or emotional phone call. Engagement is a critical aspect of debt collection, and providing new ways to better serve our customers is groundbreaking.

What do you consider your most significant professional achievement to date?

My proudest achievement would be transitioning to a sales role at ARMA after working on the operational side of the business for some time.

I was able to be successful in my sales role by understanding the needs of my clients and using my knowledge of the collections process to help them to achieve their goals. I have a passion for problem solving and overcoming challenges and I have been very grateful to have the opportunities to do so across a myriad of circumstances.

I am also very proud to have won the NSW Young Credit Professional award in 2018. It was a tremendous honour. I found the interview process insightful, and it highlighted areas where I needed to sharpen my skills and expand my knowledge beyond debt collection to compete with other exceptional credit managers. As happy as I am to have won the award, what I am even more proud of was that I was persistent on applying again for the award not just once, or twice but three times. For me it was very much about the journey and not the destination, the opportunity to connect with people and learn something new each time.

How did you become involved in the AICM? I first became involved with the AICM in 2015, shortly after I joined ARMA. I remember attending a YCP event during my first week in Sydney. It was a great introduction to the credit industry in a new city. ARMA encouraged my involvement with the

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After years on the NSW Council and your last as President, what has your experience been like?

For me, the whole AICM and Councillor experience was about immersing myself in the industry, meeting new people, and continuously learning.

This experience helped me to better understand my clients' needs and approach my work from their perspective. It has also kept me at the forefront of industry changes that may impact our field.

Serving as the President of the NSW Division was incredibly enriching. It allowed me to meet even more new people, hone my leadership skills, and promote our industry. It significantly accelerated my networking efforts, pushing me out of my comfort zone. I have been on stages where I had to speak to audiences of 200 people – something that I could not have imagined doing early in my career. This has helped to boost my confidence and become more comfortable with speaking in front of an audience. I am very thankful for the opportunity to network and meet so many people through the AICM. In many cases these acquaintances have now become lifelong friends!

What advice would you offer to emerging credit professionals?

My advice is simple: when opportunities present themselves, take them. Don't hesitate to meet new people and ask questions. Approach challenges with curiosity and a willingness to learn. Work hard but remember to enjoy the journey.

I've been fortunate enough to go to work with my friends every day. Work should be both challenging and rewarding. If you can create an environment that offers that, it leads to truly fulfilling experiences. Not every day will be easy, but you should always be able to look back with pride at your accomplishments and look forward to the next challenge.

Beyond your profession, what are your favourite activities or hobbies?

I'm recently engaged to my wonderful fiancé Kristina, and we are in the process of planning our wedding and honeymoon next year. I love to cook

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AICM including applying for the YCP and serving on the council and the rest is history.

and learn new recipes, especially those shared by her Nonna who is an excellent cook with an inspiring work ethic.

I also have a passion for classic cars inspired by my Dad. For half of my life now, I have driven my 1966 Hillman Minx most days and take pride in servicing it myself, sometimes as planned, sometimes on the side of the road in the rain.

Abdallah El Haddad from CreditorWatch

Please confirm your position/ company you work for currently I’m an Enterprise Account Director at CreditorWatch.

What has been your career journey?

During high school I worked part-time at McDonald's. Those early days taught me valuable skills in customer service. After my studies I ventured into part-time telesales, specialising in selling Telstra renewals. Interestingly, on my very first day, I outperformed many who had been in the role for years. This success got me thinking about a career in sales. I connected with a recruiter and transitioned from a commissionbased position to a salaried job. My role was appointment setting for Business Development Managers (BDMs) for a business that leased goods for office equipment. I eventually progressed to becoming a senior sales consultant and other areas of sales such insurance, leading a team of nine part-time staff by 21 which taught me a lot.

Shortly after an opportunity came up to work at Equifax (Veda at the time). My journey there spanned about 7 years, and was my entry into the credit industry. I loved working with credit risk, particularly remembering receiving my own credit file at 18 and always found the information lenders hold on people and businesses so interesting.

Throughout these years, I gained exposure across various business domains including lending and specialising in the national tenancy database: catering to real estate agents both residential and commercial.

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new south wales on a new chapter at illion, where I handled corporate accounts and led the business services segment in Sydney. This role allowed me to expand my network significantly, engaging with various businesses and customers through events and interactions. Over time I progressed into alternative finance team where I had the opportunity to work with some leading consumer lenders in Australia.

In 2020 I received an intriguing offer from an AML/KYC biometrics company in New Zealand called APLYID. I spearheaded the establishment of their presence in Australia, overseeing tasks like understanding market needs, navigating legislative requirements, securing office space, to building a sales team from scratch. It was a great experience, especially given the opportunity to build something substantial. However, the challenges of managing a tech startup and the context of COVID-19 made it a unique and demanding experience. I managed a remote team across time zones and navigated through a virtual work environment, which was quite unusual, given that I never met the executive team in person in the early days with lockdowns. Despite these hurdles, I assembled a talented team and a successful launch that involved partnering with another business to enhance our offerings. This role spanned two years and brought a wealth of learning.

Around 12 months ago, I transitioned to my current role at CreditorWatch, where I focus on nurturing relationships with commercial nonbank lenders. My responsibilities include engaging in client meetings, and helping lenders leverage CreditorWatch’s unique data to make informed credit decisions. I love how CreditorWatch puts customers and customer needs first, building solutions that customers value. I think I found my home here.

What is your biggest professional accomplishment to date?

Launching APLYiD locally in Australia during the COVID-19 pandemic was certainly a notable achievement. In looking back, I can appreciate that successfully launching this business in Australia amidst the uncertainties was remarkable. It was interesting to note that I was virtually hired, I then hired the sales team virtually, and we collaborated 98

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with the entire team in New Zealand remotely. It was a great experience when we all finally met in person.

What advice can you give to emerging credit professionals?

For emerging credit professionals, my advice would be to recognise that the industry is closely interconnected. Building relationships with peers who are likely to be in similar positions will prove valuable to expand knowledge and cross reference trends in your role to theirs. Attend industry events such as the AICM (Australian Institute of Credit Management) gatherings, they’re great educational and networking events.

How long have you been a member of the AICM? I officially became a member of the AICM around 2017. My association with the institute began before that as I presented at an AICM event in Parramatta about the changes in consumer credit reporting prior. Now I encourage others to become members as well.

What has being a member of the AICM done for you?

Being a member of the AICM has greatly expanded my network within the credit industry. While conferences and client meetings are common, participating in AICM events provide a different level of engagement. The ability to interact with professionals outside of the immediate work environment has been invaluable. I've had the opportunity to learn about topics that I wasn't previously familiar with, all thanks to the diverse range of speakers at these events.

What are your favourite things to do outside of your profession?

I'm kept busy by my energetic kelpie named Frankie. We go hiking in the Blue Mountains as often as possible. I spend as much time as possible with friends and family, hosting BBQ’s and birthdays at my place.

How do you spend your leisure time?

I love traveling and do so as often as I can. I've travelled extensively across Europe and the Middle East, and also parts of the USA. Asia is on my radar for future travel plans over the Christmas shutdown period.

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I am currently serving as a Credit Risk Manager at AMPOL.

Can you tell us about your career journey?

My career journey has been quite the adventure with unexpected twists and turns. It all began with me as a franchisee of a Kodak store, a small business owner. I managed that for six years, which had its challenges, especially with emerging technology with the onset of digital cameras.

I had to react and adapt to a rapidly changing market and serve my customers at the same time.

Eventually I made the tough decision to close the store.

After a short break, I decided to return to university and completed my accounting major.

My next move was working as a bookkeeper, where I helped out a construction company involved in property development in Gosford.

Closing this out, a liquidator was appointed, and I found myself owed fees as an unsecured creditor. The Liquidator gave me a short-term role to assist in the liquidation. This experience gave me an interest in insolvency, as it offered a compelling mix of law, finance, and working with people.

My journey then led me to a position at an Insolvency Firm, PPB Advisory, where I worked for five years. There, I had the opportunity to handle some of the largest matters in Australia, including cases involving Lehmans, Auto Group, and ABC Childcare. I also qualified as a CPA during this time.

However, the long hours and the toll on worklife balance led me to leave. I transitioned to ANZ, where I worked in the Impaired Asset Management team for 2.5 years.

Eventually, I found my way to Ampol (formerly known as Caltex), where I have spent nearly 11 years.

Our primary customers are fuel card customers, predominantly small businesses. I started as a Credit Risk Manager and later became a Regional Risk Manager managing a different portfolio. I then was asked to join a transformation project, focusing on the finance operating model, people, systems,

and reporting for Ampol. During this period, I had the opportunity to work closely across the business, working with a variety of teams, learning about the business and its people. Similar to the fable of the 5 Blind Men and the Elephant – each team member has their own perspective, and my role was to help them see the bigger picture and how we can achieve success by working together.

Now, I’ve come full circle, back to Credit Risk.

I found that over the last decade, the role of the credit professional has evolved significantly.

Thanks to technology and the emergence of data analytics we’ve explored robotics, which has increased efficiency. Today, we are more of a business partner than ever before, providing valuable insights and support. Even the marketing department recognises the significance of credit in understanding and serving our customers.

Through the credit application, we are the first port of call and are the face of the business. This is maintained throughout the customer experience journey as we continue to make crucial decisions which are not always the easiest of conversations with customers.

What would you say is your biggest professional accomplishment to date?

My biggest professional accomplishment would be the transformation of the Credit Risk Team. A few years ago, we didn’t have a seat at the table. Credit was not considered a strategic partner. Today, we are invited to business planning sessions, an advisor to marketing campaigns, key stakeholder in significant strategic projects, where our input is sought after. It’s been a long journey. The most significant part has been leading the team, to one of where we create change and not simply react to change. A culture of continuous improvement through the use of data insights. Adding value and being able to make a difference for customers and business partners, every day. I’m fortunate to have a great team that share the same vision for success.

What advice would you offer to emerging credit professionals?

My advice to emerging credit professionals is to gain varied experience. Don’t just focus on credit but explore roles in sales, customer service, and other areas of the business. Credit risk is more October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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DIVISION REPORT

Julie Hunt MICM Could you please confirm your current position and the company you work for?

DIVISION REPORT

new south wales than just assessing risk; it involves understanding the broader context. Becoming a better credit risk manager comes with exposure to various facets of the business. There’s no need to rush; opportunities will come your way. When they do, grab them.

Timing can be everything and nothing, so be prepared to seize the moment and make a positive impact.

How long have you been a member of the AICM? I’ve been a member of the AICM since 2015, back when Caltex won the Credit Team of the Year award. At that time Debbie Leo from Equifax encouraged me to put my team up for the award.

We had just undergone a major acquisition, adding 30,000 additional customers, with a companywide business review underway. Morale was low, and the tasks ahead seemed daunting. We decided to see the AICM Credit Team of the Year as an opportunity for team building. As we worked on it, we started to believe we were the Credit Team of the Year and acted accordingly.

What has being a member of the AICM done for you?

Being a member of the AICM has given me the opportunity to highlight the credit profession.

I didn’t initially envision myself as a credit professional at the start of my career, but over the years and through the AICM, we’ve been able to make it a recognised and respected field. It’s been truly special.

How did you become involved in the NSW AICM Council?

I started during lockdown when gyms were closed.

Despite gyms reopening, I’ve stuck with it and continue to run regularly.

My family also keeps me busy. I have two kids, one who is 12 and the other who is 9. They are involved in extra-circular activities such as K-pop and hip hop dancing, karate and soccer. I also manage my son’s U9 football team.

– Gary Poslinsky MICM NSW Council

The Australian Institute of Credit Management welcomes our Partners for 2023

National Partners

Divisional Partners

CREDIT MANAGEMENT SOFTWARE

Official Division Supporting Sponsors

I recently became involved with the NSW AICM Council after being selected as a finalist for Credit Manager of the Year. My team wanted to nominate me but this year we had to self nominate. They emailed their feedback to me via email, which was quite moving. Encouraged by this, I decided to put myself forward. I didn’t win the award but it was a great experience and afterwards, I had some discussions with our CEO Nick, and one thing led to another. I want to contribute so have now begun my involvement with the council.

What are your favorite activities outside of your profession?

Outside of my profession, I enjoy running. I’ll be doing my third half-marathon in September.

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Our National, Divisional and Professional Partners support and work with the AICM to promote the Institute’s activities, represent the Credit Industry and develop the careers of all Credit Professionals.

As these organisations support your Institute and your Industry please consider them when you require assistance.

new members

New South Wales

Queensland

Dorrah Alqunber

Southern Steel Group

Dianna Aquilina

Nimble

Amanda Barba

All Metal Australia Pty Ltd

Carley Beacham

NCS

Kayla Bemrose

Vinidex

Oliver Bowers Davis

NTT Australia Pty Ltd

Jordy Bergh

ARMA

Jessica Dodds

Mason Black & Mendelsons Lawyers

Shelley Brydon

Jaybro

Tulasa Dulal

Tradelink

Nadine Bucher

Invevo

Michael Dunster

NCI

Ian Clark

Invevo

Melissa Evans

Nimble

Juan Conejo

Rexel Electrical Supplies Pty Ltd

Christopher Gegg

National Collection Services

Marie Dontoh

Optus

Tania Hewitt

Nimble

Kelly Hounsell

Agility Law Group

Cheryl Fernandez Kim Hall

AON

Krysty Lamb

Stratco (QLD) Pty Ltd

Eric Handbury

ActiveClearing

Jasmine Law

Agility Law Group

Alistair Hewson

Willis Australia ltd

James Lazell

FeeSynergy Finance Pty Ltd

Ellen Hiripis

Realty Assist Australia

Simone Lloyd-Ogden

Network Steel Fabrications

Kristy Holland

Aurora Energy

Christina Malone

Nimble Australia Pty Ltd

Madeleine Honyi

Vinidex

Mason Maxwell

Optimum Recoveries

Josephene Ianni

PeopleIn

Ben McCullough

Acrow Formwork and Scaffolding Pty Ltd

Kimberley Johnson

Jaybro Group

Danica McKey

Stantec Australia Limited

Rebecca Laban

Gadens

Sarah Millerick

Recoveriescorp

Naima Laupama

NTT Australia

Quinn Schmidt

PeopleIN

Jenny Lin

Kerrs

Robert Shepley

Results Legal

Natalie Lynch

Kingspan Insulated Panels

Christine Valencia

Cleanaway

Justin Meyers

CreditorWatch

Christine Mitchell

Vinidex Pty Ltd

Medina Mullins

NTT Australia

Mohan Narula

Optus

Brittany-Jane Newcombe

Brickworks

Adam Oz

A2B Australia Pty Ltd

Sharavanan Parameswaran Optus Michael Pollack

CreditorWatch

Sujita Ranjit

Coates

Melissa Rotondaro

Bapcor

Polina Safonova

Gadens

Christina Tindall

Equifax

Alicia Turney

Xylem Water Solutions

Daria Voci

A2B Australia Ltd

Ju Ye

Northern Beaches Council

Ruby Zhang

Northern Beaches Council

South Australia Abby Adel

National Credit Insurance (Brokers)

Roger Armatys

National Credit Insurance (Brokers)

Annie Blight

Lynch Meyer

Kaelia Cockington

eMatrix

Andrew Cseszko

Apex Living

Nathan Day

Kerrs

Ryan Dellar

National Credit Insurance (Brokers)

Tammy Di Giacomo

Hallett Group

Troy Hills

Total Building Systems Pty Ltd

Robin Matters

Mattisam Pty Ltd

Nathan McCormack Melanie Mehicic

Lynch Meyer Lawyers

Leanne Stevens

Bluescope

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DIVISION REPORT

The Institute welcomes the following credit professionals who were recently admitted to membership between July, August and September.

DIVISION REPORT

new members Rachel Thomas

Platinum Collection

Jennifer Jacques

ARMA Group

Joanne Thomas Ward

Grow Administration

Amit Kapoor

OJI Fibre Solutions

Tiarn Walker

NCI

Karamjit Kaur

Visy Industries

Sarah Wishart

Lynch Meyer Lawyers

Mark Keating

Aurora Energy

Kaylin Khor

Viva Energy Australia

Peter King

SLF Lawyers

Hilbert Klaster

CreditorWatch

David Lawes

National Mercantile Pty Ltd

Henri Le Maire

National Mercantile Pty Ltd

Alison Lee

Mason Black + Mendelsons Lawyers

Anthony Livanios

API

Victoria/Tasmania David Allen

BP Australia

Suzan Anagnostis

Aurora Energy

Wais Aslami

Best Bar Reinforcements

Alice Baillie

BP Australia Pty Ltd

Karlee Barnes

Bapcor

Rebecca Lucas

Woolworths

Kaitlin Batchelor

Aurora Energy

Kim MacFarlane

Aurora Energy

Jodie Bedoya

eMatrix

Sergio Martinez

Aurora Energy

Valerie Berard

Pedders Susoension & Brakes

Prashant Mathur

Recoveriescorp

Suzelle Bester

Visy

Michael McKay

Bapcor

Matthew Boglis

Mason Black + Mendelsons Lawyers

Catherine Miller-Reid

Pedders Suspension & Brakes

Niloo Boostan

Pedders

Annette Mitchell

Pedders

Hannah Brewster

Aurora Energy

Anabelle Moghaddas Babeleh Visy Industries Pty Ltd

Olivia Carnes

Aurora Energy

Milena Montenegro

Treasury Wine Estates

Michael Chapman

Mackay Chapman

Darrel Murti

Bapcor

Jesse Chen

Bizcap

Gunisha Narula

Aurora Energy

Leanne Chesser

Bapcor

Lana Nelley

Treasury Wine Estates

Bryce Cilia

BP Australia

Bradley Nolan

Visy Industries

Sharni Cilia

BMW Australia Finance LTD

Sebastiana Orlicz

Australia Post

Emily Cole

Aurora Energy

Sue Polanske

Australian Glass Group (Holdings) Pty Ltd

David Dent

CPS Mercantile

Tammy Price

Mitch Ehrlich

Aurora Energy

Raghu Rao

API

Atefeh Farahmand

Blue scope steel

Joshua Read

IDVerse

Nathan Freestun

Recoveriescorp

Bandhna Reddy

Treasury Wine Estate

Rohit Gautam

Bluescope Steel

Justin Robustelli

Aurora Energy

Lamyah Gill

DuluxGroup

Chris Ross

Recoveries Corporation

Danielle Goodwin

Aurora Energy

Adrien Salesse

BMW Financial Services

Tallulah Goslett

Bapcor

Michael Sanchez

Visy

Brianna Green

Aurora Energy

Adam Sanfilippo

Carsales.com.au

Jas Grewal

BIC Australia Pty Ltd

Gaurav Sharma

Viva Energy Australia

Jenny Grimes

Aurora Energy

Andrew Sharpe

Aurora Energy

Corey Hanlon

Bapcor

Donia Shlemon

Team Global Express

Natalie Hanna

Surdex Steel Pty Ltd

Sudha Shrestha

Transurban

Angela Hartley

Newell Australia Pty Ltd

Kimberley Sideris

Aurora Energy

Ian Hermanis

Aurora Energy

Kin Fai Siow

WEX Australia Pty Ltd

Laura Hunt

Hugo Boss Australia Pty Ltd

Kate Smith

Bapcor

Johnny Ireland

recoveriescorp

Michael Stanyer

RMS Collections

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CREDIT MANAGEMENT IN AUSTRALIA | October 2023

new members Bizcap

Joseph Tambakis

Waterman Receivables Management

Tony Tarquinio

Bapcor

Paul Teata

BMW Australia Finance Limited

Harry Thomas

Aurora Energy

Angelique van Donk

Stantec Australia Pty Ltd

Susan Verginis

Gadens

Amy Weiner

SLF Lawyers

Raymond Wilson

ARMA Group

Erin Wright

Bapcor

DIVISION REPORT

Irina Stoica

Five reasons to become an AICM Member!

1 Industry news and insights

Western Australia/Northern Territory

Members continue to be informed of the latest news in credit, regulatory changes and receive insights to best practice from leaders in the industry.

Tristan Cromarty

Auxilium Partners

Akira Fukumura

Auxilium Partners

Sandra Gauci Smith

Auxilium Partners

Craig Hanger

Fleetcare

Heidi Hargreaves

Best Bar

Jordan Longthorn

NCI

Shauni Lovett

Stantec Australia Pty Ltd

3 Discounts for all AICM activities

Shauna McEldowney

Charles Taylor Adjusting

Angela Miller

Fleetcare Pty Ltd

Anthony Millington

Geraldton Legal Process Servers

Anthony Nguyen

RealtyAssist

Receive a member discount for all AICM events and training courses. The more engaged you are with us, the more you’ll save and have your membership to thank for it.

Katelyn Sadik

Fleetcare

Nuuao Siliniu

Stantec Australia Pty Ltd

Mark Summers

Fleetcare Pty Ltd

Sandhya Varsani

Environex International Pty Ltd

Rhys Whiting

Stantec Australia Pty Ltd

2 Complimentary registration to our

webinar series

Members receive complimentary registration to our webinar series valued at over $300! The value from this member benefit alone covers the majority of your membership fee.

4 Access to resources Being a member will provide access to resources that will assist in navigating the ever-changing business economic and regulatory environment. This includes articles, reports, webinars and our quarterly magazine.

5 Be part of our professional community Overseas

Last but not least, join our growing professional credit community which has reached over 2800 members for the first time in the last 17 years!

Interact with fellow credit professionals to build relationships and tap into credit management insights.

Kelly Hanifin

Treasury Wine Estates

Erin Herbert

Duluxgroup

Samuel Jones

OJI Fibre Solutions

Chandana Jayanath

LOLC Holdings PLC

BONUS: More value for teams!

Christian Mallari

Stantec

Dhayaparan Raman

KPMG New Zealand

Do you manage or work within a team? AICM offer a group membership for organisations to enrol multiple employees as members at discounted rate.

Mohammed Nazim Yusuf

Schneider Electric Australia Pty

Kanwel Gamage Don

Limited

To find out more about AICM Membership go to www.aicm.com.au

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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AICM Marketplace

Directory of services

For information, options and pricing please contact Claire Kasses on +61 2 9174 5727 or E: claire@aicm.com.au COLLECTIONS AICM Divisional Partner

AMPAC Debt Recovery

COLLECTIONS

COLLECTIONS AICM Divisional Partner

Divisional Supporting Sponsor

Commercial Credit Services

Level 5, 35 Clarence Street, Sydney NSW 2000 Tel: 1300 426 722 Email: info@4ampac.com.au Web: www.4ampac.com.au

National Collection Services

AMPAC Debt Recovery is a specialist debt collection practice supporting organisations around Australia and in over 180 countries worldwide. With decades of experience and global reach, AMPAC is a trusted partner to some of Australia’s highest profile private and public sector organisations. Call or email us to next time you are reviewing your debt recovery needs.

AMPAC Debt Recovery is a specialist debt collection practice supporting organisations around Australia and in over 180 countries worldwide. With decades of experience and global reach, AMPAC is a trusted partner to some of Australia’s highest profile private and public sector organisations. Call or email us to next time you are reviewing your debt recovery needs.

Divisional Supporting Sponsor

Divisional Supporting Sponsor

Tel: 1300 888 758 Email: info@natcollection.com.au Web: https://natcollection.com.au/

Tel: 02 9671 0400 Email: jamesvp@commercialcredit.com.au Web: www.commercialcredit.com.au/ Commercial Credit Services Group is a professional debt collection agency that provides debt recovery services across Australia and New Zealand, working closely with our clients to understand their needs and provide the best solutions tailored to suit.

COLLECTION SYSTEMS AICM Divisional Partner

Esker Australia Pty Ltd National Mercantile

ARMA Tel: 02 9154 7010 Email: info@armagroup.com.au Web: www.armagroup.com.au/ ARMA is a specialist provider of contingent debt recovery solutions, outsourced accounts receivables and litigation services. ARMA was started with the aim to have fewer customers and provide better service. We provide big agency expertise with a boutique service.

AICM Divisional Partner

Tel: 1300 096 407 Email: info@nationalmercantile.com.au Web: www.nationalmercantile.com.au National Mercantile are proud sponsors of the AICM. We have been providing quality debt recovery services for over 20 years. Our onshore team of professionals are highly experienced and are backed up by our in-house law firm.

This means you’re in good hands when it comes to getting your debts paid! If you need any assistance managing your receivables portfolio, please reach out to see how we can tailor a strategy to meet your needs.

Divisional Supporting Sponsor

Suite 1502, Level 15, 227 Elizabeth Street, Sydney NSW 2000 Tel: 02 8596 5126 Email: info@esker.com.au Web: www.esker.com.au Cash is the heartbeat of your business, so give your AR department the tools they deserve!

Esker’s AR solutions help companies reduce cost for invoice delivery, accelerate cash collection process and automate the reconciliation of payments. Contact us to easily achieve your cash collection goals, tackle root causes of payment delays and reduce collection disputes while improving customer relationships.

Divisional Supporting Sponsor

CMA Collect Tel: 07 3108 2840 Email: wbj@cmacollect.com Web: www.cmacollect.com Collections: l Online commission free Mercantile demands l Easy online referral option l Full integrated l Access to QCAT claims up to $25,000.00 (Fully funded T&C’s apply) Credit Documents: l Digital Credit Application via the CMA webpage l Approval confirmation and DocSign authorisation l Personal deed of guarantee from l Data stored in the CMA webpage in a historical format

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Spenda Tasmanian Collection Service Tel: 03 6213 5555 Email: connect@tascol.com.au Web: https://www.tascol.com.au/ With over 140 years’ experience, branches in Hobart, Launceston and Burnie and a database on the Tasmanian population that is second to none, there is no one better placed to handle your Tasmanian debts. Why not consider outsourcing to a local expert, you’ll be glad you did.

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Tel: 1300 682 521 Email: info@spenda.co Web: https://spenda.co/ Spenda is an ASX listed company with over 20 years’ experience in delivering smart B2B software applications, flexible payment and lending solutions, and integration services that help improve the way businesses trade and get paid. Our solution enables businesses to transform with fast, error-free digital efficiency and aims to boost cash flow across the entire supply chain.

AICM MARKETPLACE

AICM Marketplace Directory of services

For information, options and pricing please contact Claire Kasses on +61 2 9174 5727 or E: claire@aicm.com.au COLLECTION SYSTEMS

INFORMATION

INFORMATION

AICM Divisional Partner

AICM National Partner

CREDIT MANAGEMENT SOFTWARE

OnGuard Tel: 1800 123 613 Web: www.onguard.com OnGuard’s Credit management solution will help you hit your collection targets – each and every month.

By working smarter and providing better visibility, OnGuard will help you reduce your DSOs. Why not give your staff a friendly solution that will make their life so much easier.

Contact us to show you how OnGuard has made life a whole lot easier for our customers.

Building Industry Credit Bureau Tel: 07 3852 1342, 1800 931 222 Email: bicb@bicb.com.au Web: https://bicb.com.au If your business supplies the building industry, we have industry-specific data that will raise your credit management decision-making effectiveness and perhaps prevent/minimise loss. We know you like to do your job well. Let us help you do it even better. For more info, call today.

AICM National Partner

CONSULTANCY AICM Divisional Partner

illion Tel: 13 23 33 Web: www.illion.com.au Renowned for our expertise in credit risk management, we pride ourselves in providing market leading products and services which securely store and analyse the unique data of millions of individuals and commercial entities.

While we specialise in credit risk assessment and decisioning software solutions, we also provide a full suite of products that span the entire credit lifecycle. This includes lead generation and sales prospecting tools and receivables optimisation solutions.

Divisional Supporting Sponsor

Credit Solutions

CreditorWatch

Unit 1/245 Fullarton Road, Eastwood SA 5063 Tel: 08 8418 1450 Email: gcrowder@creditsolutions.net.au Web: www.creditsolutions.net.au

GPO Box 276 Sydney NSW 2001 Tel: 1300 501 312 Web: www.creditorwatch.com.au

Credit Solutions, a division of the Credit Clear Group. A debt collection partner you can trust.

Working with some of the country’s leading providers of information management and data intelligence solutions. Since 1965 Credit Solutions has set the benchmark for providing quality collection and recovery services to South Australian businesses and government.

CreditorWatch is a leading commercial credit reporting bureau used by over 50,000 businesses across Australia. CreditorWatch offers a variety of products including customer monitoring/alerts, credit reporting, an indepth trade program and online credit applications to assist with customer onboarding and decisioning. Contact us today for more information or to organise a FREE DEMO of any of products.

DISTRIBUTION & PRINTING

AICM National Partner

AICM Divisional Partner

TaleFin Tel: 1300 284 193 Email: info@talefin.com Web: www.talefin.com www.linkedin.com/company/talefin TaleFin is Australia’s fully comprehensive credit reporting agency.

We can help you to identify the reasons to say ‘yes’ to your customers, increasing your conversion rate, while helping you to reduce your arrears rate.

TaleFin – Fit for the 21st century, we’re the home of fair credit reporting.

AICM Marketplace Lane Communications Tel: 08 8179 9900 Web: www.laneprint.com.au Lane are widely regarded as one of the largest and most technologically advanced print production and distribution companies in Australia. We are an industry leader in digital and offset print, point of sale signs, complex embellishments and print finishing, storage, kitting and mailing.

With innovation at our core, our services extend beyond transactional mail and promotional print production to include SMS, bulk email communications, and electronic billing solutions.

Lane are your partner in print and multi-channel communications.

Equifax Tel: 13 83 32 Web: www.equifax.com.au Equifax is a global information solutions company, providing data and insights that help organisations and individuals make more informed decisions. As a leading provider of credit information and analysis in Australia and New Zealand, Equifax serves key markets in risk management, marketing services and HR solutions.

Drawing from trusted sources to compile and process data, Equifax helps its customers see things and make connections that others can’t.

AICM MARKETPLACE

We’re proud of the AICM and we want to let all credit professionals know those businesses that support the AICM. Thank you to these companies for their continued support and please consider them first when you’re looking for assistance in your business. We’ll also include these sponsors on our website so you can be sure to find them easily.

For more information contact:

Claire Kasses

Direct: +61 2 9174 5727 Email: claire@aicm.com.au Tel: 1300 560 996

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AICM Marketplace

Directory of services

For information, options and pricing please contact Claire Kasses on +61 2 9174 5727 or E: claire@aicm.com.au INSOLVENCY

INSOLVENCY

Divisional Supporting Sponsor

Insolvency Intelligence for Credit Managers Tel: 1300 265 753 Web: www.jirschsutherland.com.au/ insolvencyintelligence/ Email: intelligence@jirschsutherland.com.au Insolvency Intelligence: a specialist provider of insolvency and turnaround advice and services for credit managers. Backed by national firm Jirsch Sutherland, our friendly team is just a phone call or email away, providing members with practical, strategic advice about corporate and personal insolvency. Free initial consultation; networking opportunities; training and presentations; knowledge database access. Contact us now to find out how we could assist you.

AICM Divisional Partner

LEGAL

AICM Divisional Partner

AICM Divisional Partner

Results Legal Vincents Level 34 Santos Place, 32 Turbot Street Brisbane QLD 4000 Tel: 1300 VINCENTS (07) 3228 4000 Web: www.vincents.com.au Vincents is a firm of highly specialised experts delivering comprehensive insights into complex situations, enabling our clients to take control of decisions and get the best possible results. We cater for every business need where numbers are involved, including Insolvency & Reconstruction, Corporate Insolvency, Turnaround & Restructuring Solutions, Solvency & Investigative Reports, Informal Arrangements and Personal Insolvency.

Level 4, 183 North Quay Brisbane QLD 4000 Tel: 1300 757 534 Web: www.resultslegal.com.au Results Legal is a national firm with a focus on promoting and protecting the rights of trade creditors. Our clients are some of Australia’s largest trade credit companies who rely on our assistance for legal recovery, dispute resolution, preference claim defence and PPSA rights.

Results Legal are the obvious first choice for companies seeking a national solution to resolve commercial disputes and pursue swift, successful and cost effective legal recovery action.

AICM Divisional Partner

LEGAL Divisional Supporting Sponsor Rothwell Lawyers Tel: (03) 9329 3500 Email: admin@rothlaw.com.au Web: www.rothlaw.com.au

Oracle Insolvency Services Tel: 1300 391 330 Email: info@oracleis.com.au Web: https://oracleis.com.au/ For those in financial difficulty we offer formal insolvency services, such as voluntary administration and bankruptcy alternatives, or devise turnaround strategies. For those that seek to recover value, we act as Liquidators, Trustees in Bankruptcy and Receivers of debtors. We maximise returns through our bespoke asset recovery strategies including, when needed, by pursuing litigation.

AICM Divisional Partner

Holman Webb Lawyers Tel: 02 9390 8000 Web: www.holmanwebb.com.au/ Email: christopher.hadley@holmanwebb.com.au Holman Webb is a commercial and insurance law firm with over 60 years’ experience and the scale to provide a top-tier level of legal services.

We deliver unique insights and bring relevant, real world experience to you from our offices in Sydney, Melbourne, Brisbane and Adelaide.

At Rothwell Lawyers, we are a commercial team of solicitors and other legal support staff that are experts within our field. We pride ourselves on our ability to provide sound legal advice to individuals and businesses of all sizes, from sole directors and shareholder companies and large national corporations. Whether it is basic debt recovery, commercial law and litigation, insolvency advice to agreements and contracts, the team at Rothwell Lawyers can help you today.

AICM National Partner

AICM Divisional Partner

Turks Tel: 02 8257 5700 Web: www.turkslegal.com.au Contact: Daniel Turk

SV Partners Level 8, 68 St George’s Terrace, Perth WA 6000 GPO Box 2527, Perth WA 6001 Tel: 08 6277 0026 Fax: 07 3229 7285 Email: perth@svp.com.au SV Partners is a specialist accounting and advisory firm with 17 offices across Australia. Our expert accountants have the skills and experience to provide tailored insolvency, turnaround and advisory services. We partner with professionals and their clients, providing expert advice with a human touch.

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Nova Legal Level 2, 50 Kings Park Road West Perth 6005 Tel: 08 9466 3177 Web: www.novalegal.com.au Nova Legal can assist with the recovery of problem debtors (large and small). Founding director Raffaele Di Renzo acts for creditors, debtors, directors, credit managers and insolvency practitioners in relation to solvency issues and dispute resolution.

CREDIT MANAGEMENT IN AUSTRALIA | October 2023

Turks is a specialist commercial law firm with 33 Partners and over 160 staff across our Sydney, Melbourne and Brisbane offices. We are proud to look after the interests of trade creditor suppliers and financial institutions in: l Portfolio debt recovery using our marketleading, real-time client interface, ‘TurksFocus’ l Resolution of complex debt disputes l PPSA recovery l Defence of unfair preference claims l Supply documentation and guarantees.

AICM MARKETPLACE

AICM Marketplace Directory of services

For information, options and pricing please contact Claire Kasses on +61 2 9174 5727 or E: claire@aicm.com.au RECRUITMENT Divisional Supporting Sponsor Australian Institute of CREDIT MANAGEMENT www.aicm.com.au

Byron Thomas Recruitment Tel: 02 8677 3020 Email: info@byronthomas.com.au Web: www.byronthomas.com.au/ As Sydney’s leading Executive Accounting and Finance recruitment service, we offer access to our exclusive relationships, networks and database of over 80,000 Accounting and Finance Candidates. We are a privately-owned Australian company that have been operating for over 10 years. We work with a variety of public, private, family owned and private equity-backed companies.

SAVE THE DATE: 2023 AICM End of Year Event

TRADE CREDIT INSURANCE Divisional Supporting Sponsor

Aon Australia Tel: 02 9253 7000 Email: barbara.cestaro@aon.com Web: www.aon.com.au/australia/default.jsp Aon is the world’s leading credit insurance broker providing innovative solutions against nonpayment risks, improving working capital and helping businesses to grow. Our deep experience across industries, investment in IT and network of credit specialists in 55 countries, provides us with the scale and expertise to deliver powerful solutions which enable businesses to identify and mitigate credit risks, sustain growth strategies with new and existing clients and optimise working capital and improve liquidity

National Supporting Sponsor

National Credit Insurance Brokers Tel: 1800 882 820 (freecall) Email: info@nci.com.au Web: www.nci.com.au National Credit Insurance Brokers (NCI) has established itself as the premier trade credit insurance broker in Australia, New Zealand, Singapore and Malaysia. Trade credit insurance is a highly specialised area of insurance and with its 35 years of experience, NCI has developed an unmatched depth of expertise in arranging the right protection at the best price for your particular trading needs.

Join your fellow credit professionals to hear from a panel of credit experts who will provide a retrospective of the year, share insights into their challenges and successes, and discuss expectations for the coming year.

When: VIC - Friday 10 November 2023 NSW – Thursday 16 November 2023 SA – Thursday 23 November 2023 QLD – Friday 24 November 2023 WA - Thursday 7 December 2023 Time: from 3.30 to 7.00pm For more information click here

AICM MARKETPLACE

October 2023 | CREDIT MANAGEMENT IN AUSTRALIA

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The Publication for Credit and Financial Professionals

IN AUSTRALIA

Level 3, Suite 303 1-9 Chandos Street St Leonards NSW 2065 PO Box 64 St Leonards NSW 1590 Tel: 1300 560 996 Fax: (02) 9906 5686 www.aicm.com.au