SACM BOM
Left to Right: front row: Grace Wong (Asst Treasurer), George Goh (President), David How (Vice-President), Darren Hoo (Treasurer) Board of Management 2019/2021 back row: Florence Chia (Hon. Auditor), Jimmy Kho (Secretary), Robin Tan (Hon. Auditor) at Fern Cafe, Miramar Hotel, 5Apr2019


Message From President

As a Dun & Bradstreet adjunct instructor for more than 20 years, I have shared with hundreds of course attendees that their mission and goal of credit management within their company can be summarised as :

TO ACHIEVE

HIGHEST POSSIBLE DEBTS

AND COLLECT

IN

SHORTEST POSSIBLE TIME.

Highest possible debts will entails working closely with sales team, using effective credit evaluation methods, processes, including street-wise approach in understanding debtors, getting to KNOW them very well, in order to minimise credit risks and achieve the highest possible sales on credit terms.

Shortest possible time will mean fast and effective professional collection efforts, thus reducing carrying costs of Accounts Receivables and minimising bad debts.

To guard against unforeseen bad debts, a comprehensive credit management policy and procedures may incorporate a credit insurance program. Besides offering protection against bad debts, credit insurance can increase sales volume multiple folds. Financing is increased by the securitization of current receivables as assets.

Not many credit practitioners give temporary limited credit terms but I have experienced working in a company that does that. The underlying principle of this practice is that businesses do not close down overnight, only cheats and fly-by-night operators do that. Hence, in order to secure sales, the owner of that company was willing to take on more risky debtors on strictly 7 days credit terms. Upon violation of the credit terms, strong and swift debt collection actions would be taken against the debtor immediately.

In the tourism & hospitality Industry, more risky debtors such as travel agencies, have to be managed by exception as credit terms cannot be given based on their financials. Many hotels give large amount of credit to longstanding large travel agencies, sometimes in the millions of dollars. Their credit practitioners establish informal credit bureaus to share credit information; what Dun & Bradstreet USA Credit Reports will indicate - Paydek information - to monitor and manage their debtors.

Singapore Association of Credit Management is a platform for credit professionals and finance executives to learn from each other, share best practices, learn non-litigation and litigation for debt recoveries. Within SACM there are net-working and career development opportunities. Join SACM and enjoy the benefits of being member of a professional community.

George Goh
SACM President, May 2019
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Message From President

From various statistical indicators, Singapore is on the path to a gradual economic recovery albeit at a slower pace of between 2% to 3% in year 2017, but PM and other Ministers have repeatedly warned us not to be complacent by highlighting that unemployment rate will continue to rise; so is it good news or bad news? It depends, if you are armed with skills, knowledge, experiences and network that no one could overtake you, it is definitely good news as opportunities are abound, it will be a good year for you!

Credit management is a very specialized field; it requires not only management theories and principles, but also interpersonal skills, vast market experiences and the ability to predict the future. A good credit manager helps to grow business by selling to more risky customers with growth potential, customers that are not welcomed by those who strictly followed the traditional credit evaluation principles purely based on financial data, but in the current competitive environment, traditional credit evaluation methods must be improved for business survivor!

At SACM, we provide the facilities and opportunities for you to learn new credit evaluation skills, interact with other credit professionals, network with those inside and outside the credit circle, and find the right connections.

Come join us if you are in the field of credit management.
Grace Wong
SACM President, May 2017
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Letter From President (2015-2017)

To predict when debtors default is as difficult as to predict when an earthquake will happen. Having a structured Credit Management in place could mitigate risks, and be in a better state of preparedness for any eventuality.

Founded in 1981, SACM has been established for 34 years. We promote good Credit Management practices and aim to attain highest possible sales and shortest possible collection time amongst our members. Credit Management is a science, and has evolved into multi-facets of management in credit risk, compliance, credit information and reporting, and credit risk insurance protection. SACM's members are credit management practitioners and controllers, credit information providers and credit risk insurers, together, we play an integral role in the development of Singapore industries and commerce paternity.

What would credit management evolve in the future? We would invite you to join us to be part of the evolution and make things happen. Together we will scale to greater heights in managing our businesses in the field of credit management and risks.

Victor Chan
SACM President, May 2015
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