Advanced credit controller and debt collection specialist - Credit risk analyst

Credit control and debt collection is a dynamic function and given the importance of the occupation to the success and survival of businesses, roles are central to many operations, typically setting policies, facilitating sales, managing financial risk and customer relationships.

The size of teams depends on the nature of the organisation and can vary from a single, experienced credit manager for a business to large teams of over 50 credit controllers, debt collection or enforcement specialists in organisations such as banks, utilities companies and government departments. Some operations specialise in debt collection, debt purchase or other allied services such as enforcement to provide third-party services for other organisations.

The broad purpose of this occupation is to protect cash flow, collect cash and facilitate wider business activity. This involves decisions about whether to offer credit to a customer and or the management of the debts of existing customers and collecting cash. The priority for organisations is to maximise financial returns and ensure a positive impact on the Profit and Loss Statement while achieving good customer outcomes.

Typically, work for Senior credit controllers and or Debt collection specialists involves proactive, complex interactions with individual or business customers who are high risk for reasons such as having multiple debts, consistently reaching credit limits or breaching credit agreements by missing repayments. Employees in these roles would be expected to minimise and or recover bad debts while retaining positive sustained customer relationships. 

In addition, there are specialised credit risk and enforcement roles which support the occupation by advising on credit risk and recovering debt. 

In their daily work Senior credit controllers and or Debt collection specialists could interact with internal and external customers, both businesses and or members of the public. Depending on the organisation, this might include interaction with:

• External customers such as finance departments and or individuals 
• Sales advisers or managers
• Customer service advisers or managers
• Complaints department
• Accountants or billing managers
• Legal advisors
• Compliance managers
• Money and debt advice organisations
• Emergency services.

There are 3 specialist occupations which an employee could select:

Credit risk analysts liaise with other areas on disputes and customer complaints.

Senior credit controllers or debt collection specialists. Senior credit controllers have significant responsibility and manage high value business accounts, working closely with sales and finance managers to make credit decisions, ensure payment to terms and collect outstanding debt. 

Debt collection specialists focus on the overdue, late or unpaid money owed to an organisation, typically supervising consumer collection teams who interact with high volumes of individual customers, including those in vulnerable circumstances. Senior collection specialists advise on complex or key account issues and give expert support, including referral to specialist colleagues or agencies, ensure good customer outcomes while finding, where possible, a clear path to payment for those facing financial difficulty that minimises risks of overdues or bad debts.

Senior enforcement agents recover debt for an organisation through the practice of the removal and sale of goods to recoup monies owed.

Senior credit controllers and Debt collection specialists tend to report directly to a manager or Financial Director in the case of small organisations.

With the exception of enforcement, roles are primarily office-based, often working in a finance department and or shared service centre environment. Communication tends to be by phone and email. Senior credit controllers may also be involved in customer visits, typically with the credit manager and or sales manager.

Enforcement work is primarily out of the office, typically visiting enforcement debtors at their home or business to take control of goods and sell these to pay creditors.   

Roles are typically fast-paced and target driven, requiring analytical, technical, interpersonal and team working skills. 

Skilled practitioners use commercial awareness and understanding of the business environment to enhance the competitive advantage of an organisation and mitigate adverse effects. The skill requires knowledge of organisational strategic vision, mission and values, policies and procedures, products and services, customer and stakeholder behaviour and risk, professional standards and legal and regulatory requirements. 

The aim is for decision making which aligns with organisational strategy and full compliance with regulations, policies and procedures.

Credit management and debt recovery are rewarding career choices for self-motivated and enthusiastic individuals who would enjoy a varied role working at the centre of operations. 

Individuals who advance the fastest to senior roles have business and regulatory acumen and financial and data analytical skills. They are adept at problem solving and negotiation and influencing and use strong communication and relationship building skills and customer or client insight to maximise commercial opportunities and mitigate risks. They are innovative leaders and have a passion for learning and drive for results.