Credit Risk Management Consulting

Although every company is unique, the common thread between every business that sells on credit is to have a system in place that assures that payment for products and services will be forthcoming on a timely basis.

There are three major credit risk management goals for every company.

  • to maximize cash flow
  • to expand sales safely
  • to minimize the risk of selling on credit

And in order to achieve these goals, every company needs to have a credit policy or credit manual that acts as their road map to determine what requirements and procedures need to be in place. In short, a credit policy is the sum of every company’s credit risk management system.

Stellar Risk Management Services, Inc. has supported a wide range of companies in creating, developing and managing credit risk policies. Our expertise is in understanding that every company is unique and that the credit policy needs to reflect that uniqueness. Based upon a detailed analysis of your present credit risk management system,  we can greatly support your company in developing a credit policy and credit risk management system that will in turn to support your overall risk management goals.

Collection Techniques Training

This working seminar is composed of six units for developing communication skills necessary to adequately perform accounts receivable collections.

Using the communicative approach, the objective of this seminar is to identify, comprehend, and apply the skills of probing, detailing, explaining and negotiating in order to effectively perform fundamental accounts receivable collection activities.

The 1st part of the training contains several role plays and were created for an individual with a skill level of basic to intermediate. Although the role plays are not specific to a particular company’s debt collection situation, the techniques and ideas used are applicable to every company’s collection challenges.

The 2nd part of the training helps the participants to understand the 4 basic types of debtors: straightforward, passive/evasive, aggressive, and deceptive. During the 2nd portion, I lead the participants through a series of exercises that help them to understand how to create and use responses that will overcome each debtor type’s excuses for non-payment.

In the 3rd and last part of the training, the participants will learn several communication markers and phrases, and create focused dialogues that will help them to organize their ability to explain and negotiate logically and effectively.

The key point in the training is to understand that collection techniques are unique to each individual and that the purpose of the role plays and exercises is to act as a road map to bring about opinions, ideas, and suggestions from the participants. It’s the discussion after each role play and the exercises that makes this training quite valuable in understanding how to be a more effective collector.

 

What you will gain in this Collection Techniques Training is the ability to:

  • Acquire use in credit and collection related terms and vocabulary
  • Grasp the fundamentals of the collection process
  • Understand and analyze the psychology towards the payment of money
  • Respond to reasons for non-payment
  • Resolve problems preventing payment
  • Handle difficult conversations
  • Reach an equitable conclusion
  • Encourage a positive dialogue

 

Please contact Stellar Risk Management through our inquiry form or by phone. We will be pleased to discuss your credit policy and collection training needs with you.