Course description
Collection managers oversee the financial collection department of a company and are responsible for the correct invoicing of clients and the timely receiving of payment. They also observe and review the interactions of staff members with clients to ensure that collections are done according to company policies and regulations.
Roles and Responsibilities of a PCM are to oversee staff members and ensuring the accurate and timely invoicing of customers. Professional Collection Management course will help you do just that, setting payment collection goals and targets for the department, creating and implementing a strategy to improve the collection of outstanding credit. Implementing collection policies and procedures to avoid excessive outstanding credit. Ensuring that the company policy on recoveries is followed and that it is in line with state and federal regulations. Implementing deadlines for invoicing and payment collection.
After successful completion of this course on Professional Collection Management , one shall be able to negotiating with customers in cases when non-payment occurs. Preparing monthly feedback reports on payment collections. Remaining informed of any legislative procedural training regarding debt collection and training and mentoring of staff members in the collections department.
Upcoming start dates
Upcoming start dates
Suitability - Who should attend?
The course on professional collection management (PCM) is implied for:
- Team leaders with a work experience in the field of debt collection
- Supervisors
- Managers
Outcome / Qualification etc.
After successful completion of this course you would be able to :
- Practical exam training
- Explanation through case studies
- Solving previous years exam questions
- Interact with fellow students and the instructor, who is on hand to give advice and promptly respond to questions in the discussion forums.
- Outstanding leadership and managerial skills.
- Strong time and people management skills.
- Ability to work to strict deadlines.
Training Course Content
Day 1
Exceptional Leadership
- Recognize the basic principles of effective leadership.
- Manage difficult situations appropriately.
- Prioritize your roles and responsibilities.
- Set goals and strategies for strengthening your leadership skills.
Day 2
Building High Performing Teams
- Build relationships on your team that nurture communication, collaboration and trust.
- Create a vision, purpose and values with your team.
- Set strategic and shared goals that foster commitment and accountability.
- Identify the roles and work processes of your team members.
- Implement conflict resolution techniques.
- Set agreed upon ground rules for the team.
- Hold effective meetings that end with results.
Day 3
Successful Hiring Strategies | Effective Performance Management
- Identify the right person to fill the position and objectively choose a candidate.
- Compose effective, valuable and legal interview questions.
- Access community and online resources for recruiting.
- Identify Key Result Areas (KRAs) and Key Performance Indicators (KPIs).
- Write effective performance evaluations.
- Deliver effective feedback, coaching, and/or corrective action.
Day 4
Introduction to Collection Industry Compliance
- Identify the primary regulators and laws within the scope of the debt collection industry.
- Describe the benefits of implementing a compliance program with an effective Compliance Management System (CMS).
- Allocate talent, time, and other resources effectively by clearly defining compliance roles and responsibilities.
- Apply the three stages of the Compliance Cycle when developing a CMS.
- Use the ACA Compliance Checklist (and other resources) to plan and document compliance activities.
Day 5
Managing the Collection Floor
- Describe effective inventory management strategies.
- Operate a compliant collection floor.
- Develop key performance indicators (KPIs) to measure performance.
- Develop and understand efficient, effective, and compliant practices for the collection floor.
- CASE STUDIES | Previous year exam questions
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London Premier Centre
London Premier Centre is a UK leading training provider based in London and specialises in international short courses. Our inspiring, comprehensive portfolio of more than 400 professional development courses and seminars covers a wide range of professions from Administration, Leadership,...