About the Role
The Senior Credit Officer is accountable for evaluating and developing the creditworthiness of existing and new customers. This role is crucial in managing collections, reducing credit risk, and improving Days Sales Outstanding (DSO). The Senior Credit Officer will also oversee the credit insurance timeline reporting, ensure compliance with the insurance policy, and obtain sufficient insurance coverage.
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Main Duties and Responsibilities
- Follow up on the collection of accounts receivable, ensure reconciliation, resolve discrepancies, and escalate any irregularities to the Credit Manager.
- Address customer credit issues in coordination with the sales team and other departments regularly.
- Prepare and send balance confirmations quarterly and statements to clients monthly.
- Build and maintain comprehensive customer credit files with supporting documents and update them regularly.
- Define and evaluate credit limits for all customers based on their audited financial statements, market feedback, asset values, and evaluations of new and existing customers.
- Approve credit lines for customers within the approved insured limit.
- Comply with reporting timelines, ensuring immediate reporting of adverse information to the insurance company to avoid breaches of policy.
- Coordinate with other departments to resolve issues related to unpaid debts and oversee legal proceedings and settlements.
- Streamline Letter of Credit (LC) transactions and ensure compliance with LC/Bank Guarantee (BG) terms and conditions to avoid discrepancies and ensure timely closure of payments, minimizing financial costs and risks.
- Foster strong relationships with customers through regular visits, managing their accounts, and collecting information for financial reviews.
- Prepare periodic management information systems (MIS) and data management reports for the Credit Manager.
Position Requirements
Education
- Bachelor’s degree in Finance, Accounting, or a related field.
Experience
- 3–5 years of experience in a similar Accounts Receivable / Collections role.
- Strong experience in driving the collections process and monitoring accounts receivable aging while establishing clear action plans for overdue accounts.
- Proven coordination skills, with the ability to work cross-functionally to resolve invoicing, documentation, and commercial issues that may delay payment.
