Compliance Officer (Credit Control) at Sproutly

About the job

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.

Regulatory Knowledge

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

Attention to Detail

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

Analytical Skills

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

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.

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.

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.

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.

Organizational Skills

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

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 organization's credit control processes align with legal and regulatory standards, minimising the risk of non-compliance and financial losses. The key employable requirements for this role typically include:

Educational Background

• Degree in Finance, Accounting, Business, or Law: A bachelor's 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.

Professional Experience

• Credit Control/Accounts Receivable Experience: Hands-on experience managing credit, customer accounts, and payment collections is crucial.
• Compliance Knowledge: Experience working with compliance frameworks, especially around financial regulations like anti-money 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.

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.
• Problem-Solving Skills: Ability to identify issues and come up with solutions to minimize risk and ensure compliance.

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.

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.
• 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.
• 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.