News Article

Credit Management

The ICM starts New Year by Royal Approval

By CreditMan Thursday, January 1, 2015

The Institute of Credit Management (ICM) has today formally become the Chartered Institute of Credit Management (CICM), confirming its position as the recognised standard in credit management.

Philip King, Chief Executive of the CICM, says that credit managers are responsible for managing more than £4 trillion of trade debt each year, and their professional status and national recognition is growing: “The Royal Charter affirms the quality and integrity of our Institute, our qualifications, and our members, and the critical role they play in keeping the cash flowing,” he says.

Already Europe’s largest association for the credit management profession, the ICM’s elevation to Chartered status was supported by the Department for Business, Innovation and Skills (BIS) with whom the Institute works closely on supporting business growth and for whom it manages the Prompt Payment Code (PPC). Other supporters included the Insolvency Service, the Institute of Chartered Accountants in England and Wales (ICAEW), and the Credit Services Association (CSA).

As the Chartered Institute of Credit Management, the organisation will continue to promote the role of credit management and collections, and champion professional credit managers at every stage of their careers in supporting business growth across the whole spectrum of industries from the largest manufacturers to the smallest service providers in the UK and internationally.

Royal Charters, Philip says, are granted rarely, and as such this is arguably the most significant achievement in the Institute’s 75-year history: “We had to demonstrate the tangible support that our members deliver, and the high level of qualification they are expected to achieve,” he says.

“We also had to demonstrate a track record of achievement, and were no doubt helped by such initiatives as the Managing Cashflow Guides, the Prompt Payment Code (PPC), and the Start up Loans Company in which we have been closely involved.”