Professional Collection Manager (PCM)
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Professional Collection Manager (PCM) Course
Introduction:
Collection managers are in charge of the financial collection department, ensuring correct invoicing and timely payment from clients. They supervise staff, monitor their interactions with clients, and ensure adherence to company policies and regulations. As a Professional Collection Management (PCM) course participant, you will learn how to effectively oversee the invoicing process, set collection goals, and implement strategies to improve credit collection.
You will also establish policies and procedures to prevent excessive outstanding credit and ensure compliance with state and federal regulations. Join us to become a skilled PCM and excel in managing collections!
Course Objectives:
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.
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
Course Outlines:
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.
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.
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.
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.
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