The Chartered Institute of Credit Management (formerly the Institute of Credit Management, often abbreviated as CICM) is a United Kingdom-based professional body representing credit professionals formed in 1939. The company is based in
South Luffenham
South Luffenham is a village in the county of Rutland in the East Midlands of England. The population of the civil parish at the 2001 census was 432, increasing to 455 at the 2011 census.
The village lies largely on the north side of the A6 ...
,
Rutland and is the largest professional credit management organisation in
Europe
Europe is a large peninsula conventionally considered a continent in its own right because of its great physical size and the weight of its history and traditions. Europe is also considered a subcontinent of Eurasia and it is located entirel ...
. The company is also a founding member of the Federation of European Credit Management Associations (FECMA).
After receiving a
royal charter
A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, but s ...
on 1 January 2015, the organization changed its name from Institute of Credit Management (ICM) to Chartered Institute of Credit Management (CICM).
Purpose
The company is a
company limited by guarantee and its goal is to raise the professional standards operating in credit management, to increase awareness of its importance as a management tool to members of the public, and to establish a hardship fund for the benefit of members or former members who are in conditions of need, hardship or distress.
Members of the company are tested and assessed by the CICM and generally hold appointments in the fields of industry and commerce as well as in certain activities such as debt collecting, credit reporting, credit insurance and
insolvency practice.
The company also instructed to organise specialist education and training relevant to the needs of its members, provide an appropriate range of services to allow credit managers to keep up to date, and to consult with and make recommendations to the
Government
A government is the system or group of people governing an organized community, generally a state.
In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is ...
,
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...
, other professional bodies and trade associations.
Products
The Chartered Institute of Credit Management provides a range of services to support credit professionals including its ''Credit Management'' magazine, learning and development services, including
Ofqual
The Office of Qualifications and Examinations Regulation (Ofqual) is a non-ministerial government department that regulates qualifications, exams and tests in England. Colloquially and publicly, Ofqual is often referred to as the exam "watchdo ...
-accredited qualifications, email briefings, helplines, and a range of resources relevant to credit management.
The ''CICM UK Credit Management Index'' is produced quarterly reflecting CICM's members' responses to questions about the same factors, and using the same methodology, as the US
Credit Managers' Index. The CICM issues a
press release
A press release is an official statement delivered to members of the news media for the purpose of providing information, creating an official statement, or making an announcement directed for public release. Press releases are also considere ...
each quarter reporting the results of the Index which receives media coverage.
In 2008, the Institute wrote a series of ten ''Managing Cashflow'' Guides for the former
Department for Business, Innovation and Skills (BIS) providing advice on
cashflow and credit management.
It has also hosted and administered the
Prompt Payment Code for BIS since it was launched at the start of 2009.
References
External links
* {{Official website, https://www.cicm.com/
Organizations established in 1939
Organisations based in Rutland
Credit Management
Credit management is the process of granting credit, setting the terms on which it is granted, recovering this credit when it is due, and ensuring compliance with company credit policy, among other credit related functions. The goal within a bank ...
1939 establishments in England