Vice President of Credit and Collections - Cennox

Position Summary:
The Vice President of Credit and Collections is responsible for leading and managing the credit risk and collections functions across the organization. This individual will develop strategies and implement policies that ensure optimal credit risk management while maximizing cash flow and minimizing bad debt. The VP will work closely with cross-functional teams such as AR, Sales, Legal, and Finance to establish credit limits, review customer accounts, and oversee the collections process to ensure the organization maintains a strong financial position.

Duties and Responsibilities:
          Global Credit and Collections Management

• Manage the collections process to ensure timely recovery of accounts receivable.
• Work closely with the collections team to monitor aging reports and prioritize delinquent accounts.
• Resolve complex customer payment issues, including negotiating payment plans, settlements, or legal action when necessary.
• Develop and implement a comprehensive credit and collections strategy that aligns with the company's financial goals.
• Collaborate with senior leadership to develop credit policies, payment terms, and risk mitigation strategies.
• Identify opportunities for process improvement and implement technology solutions to enhance efficiency.
• Optimize global cash flow by establishing strong collection practices and reducing DSO.

        Credit and Risk Management

• Manage credit assessment processes to minimize financial risk exposure by evaluating creditworthiness of new and existing clients.
• Implement and refine credit policies and procedures to maintain optimal risk profiles.
• Oversee credit limits, payment terms, and customer risk profiles globally.
• Review high-risk accounts and make recommendations for risk mitigation, credit holds, or write-offs.

        Leadership & Team Management

• Lead and mentor the credit and collections team to ensure high performance, continuous improvement, and adherence to best practices.
• Foster a culture of collaboration across regional credit and collections teams to standardize processes and ensure consistent adherence to global policies.
• Set performance goals for the credit and collections team, conduct performance reviews, and drive continuous improvement initiatives.

        Strategic Financial Planning

• Collaborate with the finance and AR teams to develop strategies for optimizing working capital and cash flow forecasting.
• Provide strategic insights on collections performance, client payment behavior, and AR aging trends to senior leadership.
• Develop and maintain relationships with key customers and stakeholders to resolve escalated issues and enhance collaboration.

        Reporting & Analytics

• Generate comprehensive global AR reports, including aging analysis, cash forecasts, and collection performance metrics, for senior leadership and other relevant stakeholders.
• Utilize data analytics to identify trends, highlight risks, and recommend process improvements.
• Monitor key performance indicators (KPIs), including DSO, bad debt reserves, collection efficiency, and delinquency rates, ensuring that targets are met.

          Systems and Technology Optimization

• Ensure all credit and collections activities comply with internal policies, legal regulations, and industry standards.
• Prepare regular reports and presentations for senior management on the performance of the credit and collections department.
•  Stay informed of economic trends and regulatory changes that may impact credit risk and collections activities.
• Perform other duties as assigned

Skills and Requirements:

• Strong leadership and team management skills with the ability to motivate and guide teams to meet objectives.
• Excellent analytical skills and a thorough understanding of credit risk management and financial analysis.
• Superb communication, negotiation, and conflict-resolution abilities, with the capacity to build strong relationships with internal and external stakeholders.
• Ability to develop and execute long-term AR strategies aligned with the company’s financial goals.
• Strong working knowledge of Microsoft Office products: Excel, PowerPoint, Word, etc.
• Proactive and self-motivated with a strong work ethic.

Experience and Education:

• Bachelor’s degree in Finance, Accounting, Business Administration or a related field.
• Minimum of 10-15 years of progressive experience in accounts receivable, credit management, or financial operations, with at least five years in a leadership role.
• Experience managing large portfolios of customers and accounts receivable, preferably in a B2B environment.
• Proven track record of developing and implementing credit risk policies and successful collections strategies.
• Role may be considered as Senior Manager of Credit and Collections, dependent upon experience.