Fundamentals of the Craft in Theory and Practice. Patrick O. Connelly

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1 Trade Credit Risk Management Fundamentals of the Craft in Theory and Practice Patrick O. Connelly Preface (abbreviated) This book incorporates the learning and worldwide experiences drawn from the author s three decades as career executive and educator. The topics evolved from the needs expressed and implied by interaction with customers and colleagues over the years, and those experiences gleaned from direct responsibility for the development and implementation of trade credit and business expansion strategies. Trade Credit Risk Management is also intended to serve a role first, as course resource in support of university undergraduate and graduate courses, as well as certification courses in all disciplines which address subjects of credit, trade credit, risk management, and business development. Additionally, the book represents a continuing reference source for both students and practitioners of the art and science of trade credit risk management. I. Course Introduction Table of Contents Chapter 1 I. An Overview of Business Operations II. Overview of Trade Credit Risk Management Chapter 2 I. Introduction to Risk Determination II. Risk Dimensions in Trade Credit III. The Traditional five (5) C s of Home Country Customer Account Assessment IV. Risk Beyond the Local/National Market V. Selling in Offshore Countries: VI. Providing Accountability in Support of the Offshore Portfolio VII. Culture and its Impact on Development of the Relationship: VIII. Fundamental Financial Statement Analysis Western economies IX. Rudimentary Credit Scoring Logic X. Human Capital, corporate memory and the analytical process XI. Case XFE XII. The Credit Game Author Patrick O. Connelly 1

2 Chapter 3 I. Dimensions of the Conversion Process II. The Conversion Process Invoices to Cash III. Country Terms of Payment Diversity IV. Letter of Credit Document Process and Flow V. INCOTERMS and INCOTERMS2000 VI. Document Processing Checklist VII. Legal and Practical Issues UCP600 VIII. Case Day 3 IX. The Credit Game Chapter 4 I. Introduction II. The Traditional Activities of Credit Risk Management III. Credit Policy IV. Establishing Credit Policy V. Implementation of Credit Policy (Exercise) VI. Considerations in the design and introduction of a Credit Policy: VII. Credit Procedures VIII. The Credit Game Chapter 5 I. Organizing the Credit Risk Management Group II. Daily Administrative Duties of the Credit Function III. Trade Credit Application IV. Trade Credit Information V. Case VI. The Credit Game Chapter 6 I. Chapter Review (1-5) II. Aging of Accounts Receivable III. Identifying Risk in the Receivables Portfolio IV. Role Diversity for the Credit Manager and Associates V. The Conversion Cycle, Another Approach VI. The Challenge of Measuring Performance VII. Receivable Portfolio Management VIII. Causation IX. Escalation matrix for A/R Issues X. Hedging the inevitable Bad Debt event XI. Bad Debt Reserve and asset integrity XII. Forecasting the Receivables Asset Performance XIII. Chapter 6 Case Study XIV. The Credit Game Author Patrick O. Connelly 2

3 Chapter 7 I. Introduction to Commerce, Credit Risk and the Rule of Law II. Interaction of Trade and the Law III. Commercial Code and Rule of Law IV. Company Due Diligence V. Insolvency/Bankruptcy VI. Fundamentals of Contract Law VII. Civil Procedure VIII. Conflict Resolution IX. Third Party involvement in the conversion effort (Collection Agencies and beyond) X. Regulatory Agreements and Trade Facilitation XI. Case Study XII. Credit Game Chapter 8 Third Party Financial Intermediation - Risk: ownership, sharing and transfer I. Trade Credit Risk Management II. Insurance Market Expansion of Trade Credit Insurance III. Credit Insurance Policy Key Elements IV. Human Capital, Corporate Memory and the Analytical Process V. Case Studies VI. The Credit Game Chapter 9 I. Integrating Computer Models into the Risk Management Process II. Introduction III. Trade Finance IV. Types of Financing Resources V. Counter-trade VI. Financial Institution Credit Management VII. Transaction Security VIII. Types of Bank Loans and Loan Management Process IX. Defaulted Transactions X. Bank Asset Allocations XI. The Nature of Banking Relationships and the Value to Commercial Credit Associates XII. Bank Cash Management and Services XIII. Basel II and Trade Credit Risk Management XIV. Bank Case 9-1 XV. Credit Game Author Patrick O. Connelly 3

4 Chapter10 I. Basel II and Trade Credit Risk Management II. Anti Money Laundering Regimes III. Brief Overview of the Sarbanes Oxley Act of 2002 IV. Electronic Solutions for Credit Risk Management V. Business Ethics and Globalization VI. Ethical Challenges VII. Importance of Experiential Learning VIII. Value of Continuous Training and Development IX. Alternative Methods of Mentoring and Development X. Enterprise Resource Planning (ERP) and Credit Risk Management XI. Opportunities Ahead for the Credit Risk Associate XII. The Credit Services Paradigm XIII. Final Exam Preparation Patrick O. Connelly All rights reserved. ISBN: ISBN-13: Library of Congress Control Number: For 1-4 additional copies please visit For quantities of 5 or more please contact the author at Author Patrick O. Connelly 4

5 Biography of Patrick O. Connelly Patrick O. Connelly, Ph.D. CCE, FICM, CGBP is the President of Entelyx International Inc, a consulting company based in St. Petersburg, Florida and Chief Executive Officer of ManO Co International, a manufacturer based in Bucharest, Romania. He is a lifelong mentor and international business risk and development executive. Dr. Connelly has extensive experience in domestic and international, human and process capital optimization; and as well in credit services and related risk management and cash flow program implementation and consulting. He mentors throughout the globe and instructs at the University of South Florida as a member of the adjunct faculty at the graduate and undergraduate level in International Trade subjects including management, marketing, finance, and risk.. Prior to establishing Entelyx International Inc. and the Institute for Credit/Risk Management, he held executive positions with such notable global entities as Tech Data Corporation, Sperry Corporation (later Unisys), and Wang Laboratories. He began his corporate management career in 1975 with Porteous, Mitchell and Braun, a Maine-based regional retailer operating from Portland, Maine. Military service from exposed Dr. Connelly to much of the world and this sparked a continuing, intense interest in the multicultural experience. He maintains this passion to this day. Prof. Connelly holds a Doctorate in Global Trade Strategy, an MBA and an honors degree in History and French. In addition, he holds Charter Certification as a Global Business Professional, the International Executive Award from the FCIB Global Management Program held at Georgetown University and the Executive Award from the NACM Graduate School of Credit and Financial Management held at Dartmouth College. He has lectured extensively for three decades and provided worldwide seminars and courses on a myriad of business and international business, credit and management- related topics. Dr. Connelly holds adjunct faculty status with ASE, the Academy for the Study of Economics in Bucharest, Romania and consults with companies and institutions in over a dozen countries and is the author of Trade Credit Risk Management, a Fundamental Overview of the Craft in Theory and Practice. This text supports his teaching in China, Romania and other transitioning economies. Dr. Connelly has been recognized as a Fellow of the British International Credit Management Association, and is the recipient of the prestigious Centurion Award for Leadership in International Trade. 06/07 Author Patrick O. Connelly 5

6 Reviews on Trade Credit Management In Trade Credit Risk Management, Patrick O. Connelly has shared a base of knowledge gleaned from a trade credit risk management career extending over three decades with direct experience in leadership, business development, research and professional and academic teaching, all occurring within a highly competitive and increasingly globalizing world of trade. [Dr. Connelly has] successfully achieved the reconciliation between what is often considered as contradictory objectives, I mean implementation of an efficient risk control policy, and contribution of the risk policy to profitable growth it is the magic solution to overcome the traditional opposition between risk managers, too restrictive, and commercial teams, purely focused on top line growth. Nicolas Delzant, Board of Management EulerHermes Sfac, a company of Allianz, Paris, France. Patrick O. Connelly is a leader in some of the more advanced initiatives to be found in credit management training and consulting today David I. Herer, Chief Executive Officer ABC-Amega Inc, Buffalo, NY I have known Pat for over 10 years there is no doubt that Pat is the pre-eminent leader in this field. He has a true passion for his subject and has the enviable talent to effectively impart his unparalleled knowledge to professionals and students alike. I am delighted that Pat has undertaken the task of sharing his knowledge and insight through this book. It should be read by ALL Financial Managers. Nigel Bovingdon, Chairman ( ) Global Practice Group, Aon Trade Credit, London, UK Dr Connelly has served the credit profession for over thirty years in a variety of capacities, as a practitioner with multinational corporations, as an innovator in strategies and concepts of using credit risk management, trade finance and personal training to help companies dramatically expand their operations profitably. His technical expertise on the subject is only exceeded by his desire and ability to grow the human capital side of the profession, through teaching, mentoring and writing. The opportunity to work with Dr. Connelly in a variety of global development opportunities enabled me to experience first hand his ability to teach and inspire students and professionals, and provides me with platform to comment on the text (Trade Credit Risk Management ). This text provides both a broad overview of the subject and in depth discussion and analysis of the specific elements that allow a professional to succeed in helping a corporate entity to grow. In summary this is a highly accomplished professional writing the consummate text on the subject. Ken Garrison, President Federation of Credit and Financial Professionals. Author Patrick O. Connelly 6

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