In Credit Management? Don't Let This be a 'Winter of Discontent' - Buy an Umbrella!

With due acknowledgement to Shakespeare's 'Richard III'.

Prior to joining ICTF I spent a very enjoyable few years as a credit insurance broker and new business development executive with a major UK broking house. It was a particularly challenging time as it fell right in the middle of the global economic recession and meant that underwriters and brokers alike needed to be imaginative in their subsequent product development and offerings. It was also a period of bitter complaint from some policy holders, who claimed that underwriters 'offered me an umbrella when the sun was shining and took it away as soon as it started to rain'. I'll not attempt to justify or deny that allegation in this piece. Suffice to say that in some cases, perhaps, the criticism was justified, whilst in others it was misinformed, whilst adding that over the past decade or so, I believe underwriters have genuinely tried to offer innovation and enhanced support for their clients from within their product portfolio.

What's my point here? It's that even the sturdiest umbrellas – those that can withstand all but the severest of weather – are not expensive when judged against the importance of the job they do. The same can be said about ensuring that your knowledge of the various trade finance products – CILC's-factoring-forfaiting-credit insurance-et al - that are available to mitigate your Company's commercial and political credit risk is right up to date at all times, whether you are concerned about single or multiple customers or countries. And even then, if push ultimately comes to shove, that you know where to go for the very best collection or legal advice.

Where can you buy such a wonderful 'umbrella'? The simple answer is to join an international credit management association, if you have not done so already. They really do represent fine value for money. Individual membership of ICTF, for example, is only US$595 per annum – less than US$11.50 per week – and affords you the optimum opportunity to equip yourself with the latest ideas and practical solutions for solving your most pressing problems by way of such as Live Webcasts, Weekly Country Risk Updates, an Online Resource Library, a Q&A Members Forum and much more besides. So don't wait for the 'glorious summer' that Shakespeare promises after 'the winter of our discontent'; the credit management sun can start shining for you right now or at least from 1 January, 2023.

For further information, including full details about our forthcoming Annual Global Credit Symposium being held in Fort Lauderdale, Florida, from 13 to 15 November, please visit www.ictfworld.org or contact me direct at [email protected] or on +44 (0) 1869 277523.

ICTF - BECAUSE PROFESSIONAL CREDIT MANAGEMENT MATTERS