This webinar will explain the need and purpose of a formal credit policy and how to create one. It will detail the essential policy elements and their content, and how to secure buy-in and approval from the affected stakeholders in the organization.

As a bonus, it will review the value of performance standards for the key actions of managing credit risk, as well as the most important metrics to monitor its effectiveness and service quality.What You'll Learn:The Purpose of Credit Controls

The Value of a Formal Credit Policy

Elements of a Corporate Credit Policy

• The Foundation: A Corporate Trade Credit Strategy
  
• Strategic Input From the C Suite
  
• Gross Margin of Company Products/Services
  
• Nature of the Customer Base: Company Size, Credit Risk Rating, Private vs. Public Sector, etc.
  
• Ability to Enforce Claims Within Markets
  
• Definition of a Valid Customer Order
  
• Definition of Payment Due Date
  
• Standard and Extended Payment Terms
  
• Escalation Protocol

Customer Experience and Performance Standards

• Service Levels: Credit Investigations, Order Hold and Release, Dispute Resolution, etc.

Essential Metrics

Organization Input and Approval

Implementation and Buy-in