2 hours ago
Job title : Compliance Officer (Credit Control)
Job Location : Lagos
Deadline : October 27, 2024
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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.
How to Apply for this Offer
Interested and Qualified candidates should Click here to Apply Now
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