Compliance Officer Credit Control

1. Financial Acumen

• Understanding of credit management: Knowledge of credit policies risk assessments and credit terms.
  
• Accounting skills: Basic understanding of accounts receivable invoicing and payment reconciliation.
  
• Financial analysis: Ability to evaluate customers financial statements to assess creditworthiness.
  

2. Regulatory Knowledge

• Compliance awareness: Familiarity with financial regulations industryspecific laws and data protection standards
  
• Risk management principles: Understanding how to manage and mitigate credit risks in line with regulatory requirements.
  

3. Attention to Detail

• Accuracy: Ensuring all creditrelated documentation is processed without errors.
  
• Monitoring and reporting: Ability to track compliance issues and prepare detailed reports.
  

4. Analytical Skills

• Problemsolving: Ability to investigate credit issues and provide practical solutions.
  
• Data analysis: Proficiency in using financial data to identify trends and potential risks.
  

5. Communication and Negotiation

• Customer communication: Effective communication with customers regarding payments disputes or compliance concerns.
  
• Negotiation skills: Ability to negotiate payment terms and handle debt recovery diplomatically.
  

6. Legal Knowledge

• Contract law: Basic understanding of contracts and terms relating to credit agreements.
  
• Debt recovery laws: Familiarity with laws related to debt collection and enforcement procedures.
  

7. Technical Skills

• Proficiency in software: Experience with credit management and financial software (e.g. SAP Oracle Microsoft Dynamics).
  
• Excel skills: Ability to manage large datasets and perform financial modelling using spreadsheets.
  

8. Ethics and Integrity

• Confidentiality: Handling sensitive financial information with discretion.
  
• Ethical judgment: Making decisions that align with the company s ethical standards and regulatory frameworks.
  

9. Organizational Skills

• Time management: Ability to handle multiple creditrelated tasks and meet deadlines.
  
• Documentation: Keeping thorough and organized records of all credit control activities.
  

10. Adaptability and Continuous Learning

• Regulatory updates: Staying updated on changes in compliance regulations and credit management practices.
  
• Flexibility: Adapting to new policies or technologies that affect credit control processes.
  

Requirements

A Compliance Officer (Credit Control) is responsible for ensuring that an organizations credit control processes align with legal and regulatory standards minimising the risk of noncompliance and financial losses. The key employable requirements for this role typically include:

1. Educational Background

• Degree in Finance Accounting Business or Law: A bachelors degree in a relevant field is often required. Some employers may prefer candidates with additional qualifications like a master s degree or professional certifications.
  
• Certifications: Professional certifications like Certified Credit Professional (CCP) or compliance certifications such as Certified Compliance & Ethics Professional (CCEP) can enhance employability.
  

2. Professional Experience

• Credit Control/Accounts Receivable Experience: Handson experience managing credit customer accounts and payment collections is crucial.
  
• Compliance Knowledge: Experience working with compliance frameworks especially around financial regulations like antimoney laundering (AML) data protection (GDPR) and financial reporting standards.
  
• Regulatory Knowledge: Familiarity with regulatory authorities like the Financial Conduct Authority (FCA) or equivalent in the country of employment.
  

3. Key Skills and Competencies

• Financial and Risk Management: Understanding financial systems credit risk and credit management strategies.
  
• Analytical Skills: Ability to analyse financial data assess creditworthiness and identify risk factors.
  
• Attention to Detail: Ensuring that credit management processes and documentation comply with legal and regulatory standards.
  
• Communication Skills: Effective communication with internal teams and external clients explaining complex regulatory and financial matters clearly.
  
• Negotiation Skills: Expertise in negotiating payment terms and handling disputes.
  
• ProblemSolving Skills: Ability to identify issues and come up with solutions to minimize risk and ensure compliance.
  

4. Technical Proficiency

• Knowledge of Compliance Tools: Familiarity with compliance management software and credit control systems like SAP Oracle or bespoke financial software.
  
• Excel/Financial Modelling: Strong skills in Excel and other financial tools for managing data and reporting.
  
• Understanding of Legal Documents: Ability to interpret contracts credit agreements and other legal documents related to financial transactions.
  

5. Soft Skills

• Ethical Judgment and Integrity: The ability to maintain a high standard of ethics and ensure compliance with legal and company policies.
  
• Time Management: Efficiently managing multiple credit cases ensuring deadlines for payment collection and compliance reporting are met.
  
• Teamwork: Working with various departments such as finance legal and sales to manage credit policies.
  

6. Regulatory and Compliance Knowledge

• Knowledge of Legal Frameworks: Understanding legal requirements concerning credit control financial regulations and consumer credit laws.
  
• Risk and Compliance Policies: Familiarity with developing and implementing risk and compliance policies specific to credit control.
  

7. Other Requirements

• Proven Track Record: Demonstrating successful credit control and compliance strategies in past roles.
  
• Industry Knowledge: Experience or knowledge in the specific industry (e.g. banking finance retail) can be advantageous.