- Receive Credit Management Magazine, every month.
- Keep up to date in other ways, by email briefings and mailings, and gain access to an invaluable Members' Bulletin Board and Technical Advisory Service.
- Have access to all ICM services, usually at preferential or highly competitive rates.
- Enjoy a growing number of third party member benefits, for example reduced fees for membership of other bodies, discounts on credit-related products, and much more.
- Demonstrate to your employers and colleagues your own professional standing, and your commitment to personal development.
- Become part of an influential body, with the opportunity to add your voice to the views of the ICM.
- Link to a wide network of credit professionals and you have access to local branch activities.
Press Release - 14 May 2013
The Institute of Credit Management (ICM) has won a prestigious industry award for encouraging better payment behaviour and raising the profile of professional credit managers and the vital role they play in supporting the economic recovery.
Working with its external communications agency Gravity London, the ICM scooped the accolade of 'Best PR/Public Affairs Campaign' at this year's MemCom 2013 Awards that look to recognise professional membership organisations for excellence in communications.
The ICM was benchmarked against considerably larger bodies such as the ACCA and CIMA to win the top prize: "To be in the company of such organisations and be recognised as the best is a considerable achievement and shows how far we have come," says Chief Executive of the ICM, Philip King. "It is especially pleasing coming as it does only weeks after winning the PRCA Golden Hedgehog Award for the 'Best Financial PR Campaign of 2013."
The judges noted the ICM's work in such areas as the Prompt Payment Code, devised and managed by the ICM for the Department of Business, Innovation and Skills (BIS), and the continued success of its Managing Cashflow Guides of which now more than 450,000 copies have been downloaded. The Institute now regularly features in the pages of the national press as an authority on all matters relating to payments and cashflow.
MemCom is a resource for membership bodies, charities and NFPs. Short for 'Membership Communications', MemCom was founded in 2002, with the first annual membership marketing and awards conference taking place that year. The 2013 awards took place on May 9th at the Royal College of Obstetricians and Gynaecologists in London.
Press Release - 8 May 2013
The Institute of Credit Management (ICM) and the Minister of State for Business and Enterprise Michael Fallon have published their monthly 'tip' for small businesses to better manage their cashflow.
"Your suppliers might be depending on their invoices being paid promptly. Don't threaten their survival by delaying payment."
The cashflow 'tips' are derived from the series of Managing Cashflow Guides published by the ICM for BIS, of which there have now been more than 450,000 downloads.
For further information, log on to http://www.creditmanagement.org.uk/bisguides.htm
Press Release - 3 May 2013
Figures from the Insolvency Service that show a fall in both company and individual failure are no cause for early celebration, says the Institute of Credit Management, nor confirmation that the UK is on its way to recovery.
Philip King - Chief Executive of the ICM - warns that looks can be deceptive: "Reductions in company liquidations and insolvencies are always welcome, and these latest statistics from the Insolvency Service (a decrease of 15% year on year for liquidations and a 27% reduction on other corporate insolvencies) appear to suggest an improving position, especially in the context of other indicators from purchasing managers, credit managers and the banks.
"But these figures do not include those businesses that simply shut up shop without entering the formal insolvency regime, and where outstanding debts are too small or too few in number to be worth creditors taking action. They do not also include any indication of businesses on the verge of bankruptcy, the so-called 'zombie' companies that are just managing to cover the interest on debts, or those being kept artificially afloat perhaps due to the forbearance of the banks or Her Majesty's Customs and Revenue through a Time to Pay arrangement. Such forbearance is vital when it nurses companies back to health but that's not always the case.
"When the economy improves, businesses will need more cash to see them through the recovery. Cashflow will come under severe pressure, driving even more of the most vulnerable companies to the brink."
The ICM also welcomes the fall in personal insolvencies (down by 12%) but again warns that this does not tell the whole story: "These figures exclude Debt Management Plans and other informal arrangements between lenders and borrowers," Philip says. "We see many examples of individuals whose monthly debt liabilities exceed their monthly incomes, and at some point this has to come to a head."
Philip says that responsible lending - and responsible borrowing - whether involving a business or an individual, will be key: "There is ever more reason for vigilance in supplying and lending," he concludes, "and the concept of 'affordability' is key."
Press Release - 8 April 2013
The latest round of the ICM Credit Managers' Index (CMI - Q1 2013) has opened with opinions from credit managers being sought to help compile the most comprehensive study of how businesses are currently managing their cash.
The CMI is a diffusion index, producing 'scores' of between one and 100 (typically in a range of 40 - 60). Ten equally weighted factors are included - three favourable and seven unfavourable - and the index calculated on a simple average of the 10 factors. Credit Managers' views and statistics are sought on such issues as applications for credit through to days sales outstanding.
The latest CMI (Q4 2012) prompted nearly 1,000 responses from credit managers working in both the Manufacturing and Services sectors. The companies were broadly split by region, although slightly weighted to businesses in London and the southeast.
Philip King, Chief Executive of the ICM, says that the interest in the CMI is growing all of the time: "Credit managers, perhaps even moreso than purchasing managers, have information and opinion that provides a perfect snapshot of the health of the UK economy," he says.
"Taking part enables us to build an accurate picture of the state of the nation that in turn helps inform the help and advice we provide to members, other business organisations and Government."
Press release - 26 March 2013
MBNA and the Institute of Credit Management (ICM) have signed a ground-breaking new partnership aimed at up-skilling hundreds of employees working in the UK credit card lender's Credit division.
The agreement will see the creation of a new MBNA Credit Business School and Learning Partnership, with the ICM offering a range of credit-specific professional qualifications; corporate affiliate membership with the ICM for all Credit-based staff, and a suite of personal and professional development programmes to address skills gaps and boost performance.
Press Release - 22 March 2013
The ICM has been recognised in a national Public Relations Award Programme for raising the profile of the credit management profession and highlighting the ongoing issues surrounding late payment.
The work of the ICM, delivered in partnership with its communications agency Gravity London, beat off six other entries from leading High Street banks, asset management companies and credit card issuers to win the Financial PR Campaign of the Year category of the 2013 Golden Hedgehog Awards held at the Emirates Stadium in London on March 21.
Philip King, Chief Executive of the ICM, says he is delighted that the partnership with Gravity London is creating greater recognition for the Institute and the credit profession: "Following on from our nomination in the 2012 CIPR Pride Awards, this serves as another acknowledgement of just how much we have achieved in helping the voice of the credit manager to be heard louder and clearer within the UK media."
Sean Feast, Director of Gravity London, is similarly pleased: "We work with the ICM and the ICM team works with us in creating news and content across all channels that gives the Institute and credit managers a deserved share of voice on the key issues of late payment and cashflow.
"'Partnership' is an often overused word, but it is genuinely this partnership approach and the trust at a senior level that enables us to deliver award-winning campaigns that enhance the awareness and understanding of credit management."