Weekly Blog by Philip King, CEO of the ICM - 'Making a date with Destiny'

My Executive Assistant at ICM HQ, Tracy Carter, is also responsible for driving our social media strategy and activity. Last week she started a discussion on LinkedIn that has generated a riveting discussion. The question she posed was: "I had an interesting conversation with my 13 year old nephew about choosing a career, and he asked me if a career in credit management would be good and if it is important? How would you answer?"

There have been plenty of long-standing credit professionals like me saying what a brilliant career credit management is. They have highlighted positive aspects of the profession such as the variety it brings, the different skills it develops, the fact that it touches every part of the business, and delivers real value in many ways.

Some, including much younger contributors than me I'm pleased to say, have recognised that the role will become more strategic and less operational as technology continues to change the way we work. Others have stressed the need for personal and professional development as a way of building what is an interesting and satisfying job into a real career.

As with all discussion forums, the debate deviates from the original question and there is some disagreement, but the divergence of views adds to the vibrancy of the thread and I'm pleased to note that the underlying mood has remained positive. It should do so because many of the very senior people in credit I know could vouch for the career prospects as they have reached the top of their chosen profession and become key players within their own businesses.

As I write these words, I'm preparing for the latest quarterly meeting of the ICM Credit Industry Think Tank, the participants on which are all a testament to the opportunities afforded by credit management as a profession. Credit management is a dynamic and thriving profession and Tracy's nephew can be assured that it would be a good career choice. But let's not kid him. The reality is that it will be down to him to take hold of the opportunity with both hands and make the most of it. As one of the contributors to the LinkedIn discussion said: "....each individual is responsible for their own destiny."

Guest Blog by Nigel Fields, Director of International Credit at Twentieth Century Fox - 'Who the hell is Nigel Fields'

I thought, as this is my first ever Blog, that I should first start by letting you know; Who the hell is Nigel Fields?

 

OK, here I go, I think I am incredibly lucky!  In fact I feel life has been really kind to me, from being with my fantastic wife, Jackie since age of 13, (hey, I was not married then) rolling on to 32 years later with our two great kids Harry and Sally, who kindly make sure I never have any money to worry about and can continue to train and practice for myself the art of ‘Debt Management’.  I have met so many fantastic friends along the way.  And today I am working with, what I consider, to be one of the greatest businesses of all, ‘The MOVIE Business’ and in particular Twentieth Century Fox where I sit in Soho Square, London which is also probably the coolest, friendliest place in London.

 

I have been at Fox for 13 years now, and have established my role at Fox as Credit Director working with all countries outside of the USA and Canada.  Here’s a summary of what I get up to.

 

- Oversee Fox’s international risk management providing clarity of Fox’s objectives for risk and financial control to territories.

 

- Identify and monitor “at risk” customers within territories.

 

- Make recommendation for the mitigation of any risk gaps using best available and most cost effective solutions e.g. Credit Insurance, PUT options etc. and provide recommendations for doubtful debt provisions as required.

 

- Provide consolidated reporting of international Accounts Receivable.

 

- Assist Subsidiaries with debt recovery strategies.

 

- Best Practice reviews, improvements & enhancements.

 

- Provide the business with technical expertise in all areas of credit management and make best practice recommendations to territories for a structured credit management framework to improve cash flow where possible.

 

- Responsible for Credit vendor management.

 

 - Privileged to be a Member of the Institute of Credit Management and sit on the ICM Editorial Panel and Think Tank.

 

- Having to attend Premiere’s, meeting film stars and personalities, attending Awards e.g. Bafta’s, travelling the world and watching loads of films.  This makes it all so very hard.  It is a great business and I never ever get bored.

Guest Blog by Sean Feast - Managing Editor of Credit Management - 'Slap dash Olympic hash'

Hands up anyone who managed to get tickets for the Olympics? Not many that I know. I found myself yesterday in the bizarre situation of watching my bank account online and willing the balance to go down - a sign, I hoped, that my ticket application had succeeded rather than my wife buying yet another eternity ring from an online auction. Sadly - nothing. Neither the tickets - nor for that matter an eternity ring - were forthcoming.

In the car this morning I listened as seemingly hundreds of other potential punters called Five Live with their tales of woe - proclaiming undying love for a particular sport or event that they had been saving all year to see, and yet now they wouldn't. Their hopes had been cruelly dashed. Hand Ball - the game rather than the footballing offence - appears to be the only event for which tickets are still readily available. Not surprising really, given that over here we have no idea what it is, and even if we did we wouldn't play it.

As the radio presenter attempted to calm the madding crowd, someone suggested that Seb Coe would have a lot to answer for if there were seats at major events left vacant, having been given over to corporate hospitality and not used. Which set me thinking...

At a recent ICM Think Tank, we were discussing by way of idle banter during the luncheon interval the pros and cons of corporate hospitality, and how it appears that all the major sponsors are obliged to spend additional monies on tickets and entertaining their guests. One killjoy - I think it was me - then raised the issue of the Bribery Act, and how many 'guests' were inevitably going to have to decline on the grounds of breaching ethical - if not legal - rules. Which means there might still be great rows of seats left vacant where well-heeled big cheeses should be sat, which in turn means that if Lord Seb works this out quickly enough, there might still be time for me to watch the 100 metres final. Or not.