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Who Is Committing Fraud in Canada?
A 2009 survey conducted by KPMG called: Profile of a Canadian Fraudster, revealed some interesting demographics on who commits fraud in Canada.
The survey polled senior executives such as CFOs and Vice-Presidents from across Canada and covered a wide range of industries, including Financial Services, Energy and Natural Resources, Consumer Markets, and Industrial Markets. One quarter of respondents had revenues of over CAD$1 billion, with another quarter having less than CAD$100 million in revenues.
Black Holes and Heroes
At times, the only force holding an organization together and preventing it from falling into the abyss comes from unsung heroes within its ranks. Read this article by Ron Lutka, CMA to find out more about the unsung heroes. There might even be parallels here to your organization.
Collecting from your large customers: Is it 'Collections' or 'Corrections'?
A few years ago I was at a major railroad company for imparting training sessions on the topic of Collection Skills and Receivable Management. On the first day of training a, I realized that the collections staff was made up of people who had a significant number of years of collections experience. The group was an enthusiastic batch; however most of the proven collections techniques were being met with...
Predictive Indicators - Learn how to read the signs and improve your bottom line
Managing your company’s exposure to risk has become a challenging task. There is more pressure to speed up the credit review process and more responsibility resting on your shoulders to be accountable for your decisions and improve company profitability.
Identity Theft - Practical tips for credit professionals
Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.
Debt Collection Rules
If you deal with consumers, you should be mindful of the debt collection laws in force in the jurisdictions where your customers are located. Adapted from the...
Role of the Office of the Superintendent of Bankruptcy (OSB)
The Office of the Superintendent of Bankruptcy (OSB) is part of Industry Canada. Their role is to ensure public confidence in the market place by protecting the integrity of the bankruptcy and insolvency system.
The Ultimate Skip List
Valerie McGilvrey is a US Professional Skip Tracer who has agreed to share this list with the members of the Credit Institute of Canada. Much of the information is US related, but can be adapted for Canada.
The 4C's of Credit for Business
Credit people look carefully at trade accounts, especially in tough financial times, before they ship goods. What credit managers look for can be...
What to do when a customer files for Bankruptcy
Find out exactly what the situation is. Most people when they think of bankruptcy only think of the final stage, where the customer is no longer in business. In reality there are a few different types and various levels of severity.
Credit and Collections as a Revenue Generator
https://creditedu.org/knowledgecentre/index.php/site/page/93Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their companyâ€™s credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer needs and problems, and / or be proactive in collecting those slow paying accounts. A properly operated credit and collections department can enhance profits and earnings per share.
Credit and Collections Department Should Be Generating Revenue
Next time you are spending quality time with a client, at a board meeting, or getting an update from the CFO you may want to inquire about practices of their company's credit and collections department. The credit and collections department is constantly interacting with the company's customer base. This provides them with opportunities to augment sales, identify customer...
How to Position Yourself for Promotion
Excel Essentials for Credit Professionals - Part 1
https://creditedu.org/knowledgecentre/index.php/site/video/177If youâ€™re looking for ways to increase your productivity and get more things done in a work day, this webinar on Excel ESSENTIALS is for you! During the 1 Â½ hour session, attendees will learn about spreadsheet basics through live step-by-step demonstration and using simple exercises that credit professionals can relate to.
Excel Essentials for Credit Professionals - Part 2
https://creditedu.org/knowledgecentre/index.php/site/video/178Each topic in our Excel Essentials for Credit Professionals Series is designed to help you solve a range of problems utilizing a class of functions and/or tools that are often overlooked. In this one-hour webinar our returning guest speaker, Nick Kenyeres, will cover Excelâ€™s lookup functions (vlookup & hlookup) and conditional formatting. Stay ahead of the curve by joining us to learn how you can benefit by adding one more Excel essential skill to your personal arsenal.
Already pinched, many Canadians anxious about higher rates
PetSmart taps advisers to trim $8 billion debt pile: sources
https://www.reuters.com/article/us-petsmart-debtrestructuring/petsmart-taps-advisers-to-trim-8-billion-debt-pile-sources-idUSKCN1J21YD(Reuters) - PetSmart Inc, the largest U.S. pet retailer, has hired restructuring advisers to explore ways to trim its debt pile of more than $8 billion as it continues to face falling profits, according to people familiar with the matter.
Whatâ€™s the Link Between Communication and Credit Management?
Ultimately, having a credit policy only works if people know about it; what it covers and what the rules are. Put another way, why have a policy if staff members don’t know what is, or what it means? After all, it’s not a secret. So, the next step after you get a credit policy in place is to let your organization’s team know about it. This is the role of the credit team. They should meet with owners and/or a senior manager, to get the buy-in and sign-off, if that has not happened already. Once this is done, the next step is to...
Waiting too long to collect
My colleagues think that my role is the worst possible in the company. This is mostly because my job involves calling customers for money. But I have a secret for you: I like making those calls. Rest assured, I’m not an extortionist who likes to torment poor souls. I just love what I do, especially knowing that I contribute to my organization’s success.
Q and A (2)
What triggers a recession?
The last 2 recessions, in 1991 and 2001, were preceded by financial catastrophes, the Savings and Loan Fiasco and the Bursting of the Hi-Tech Bubble. When events like these occur, they not only take equity out of the economy, but more importantly, they reduce the consumer’s confidence; that is, the consumer becomes concerned and reluctant to spend.
The intrepid consumer drives the U.S. economy, and for the last decade, it has been overspending. The U.S. has a negative saving rate. The ballooning equity in homes or the paper profits in the Hi-Tech Stock Bubble allowed them to overspend based on credit secured by these assets. When the value of the assets decline, the consumer is often left technically bankrupt.
The recovery from the Sub Prime problems may be protracted, as the full extent of the write-offs will not be known until 2010 and the poorest people, who are most affected by the loss of their homes, will definitely not be driving a consumer recovery.
What action can be taken to address recessions?
Because recessions are often caused by decreasing demand, the financial engineers want to increase the demand by offering financial stimulants in the form of tax reductions, subsidies in the form of transfer payments or interest rate reductions to make credit easier to obtain. This slowdown is largely caused by a collapse of the debt structure resulting in many people declaring bankruptcy or being laid off. It is unlikely that easier credit is the answer. As the Sub Prime collapse really affected poor and middle-class families, a tax break is not about to put much money in their pockets. The solution may take us back to the 1930’s when the focus of Government had to be on creating real jobs. Fortunately, real jobs in Western Canada are insulating Canada from the full impact of the situation in the U.S., but there may only be a 3 to 6 month delay.