Senior Credit Manager

Formosa Plastics Corp.•Livingston, NJ

28d

About The Position

POSITION OBJECTIVE Oversee the credit and collection function and operation for all business operations as assigned. Those being businesses being FPC-USA, FIC & FGS. Maintain bad debt losses at a minimal level by a timely collection effort and a strong credit policy. Perform and maintain annual targets and goals as established by Senior Management. Report to all levels of management the activities of the Credit and Collection department while understanding the departments its relationship to company operations and strategy. Manage eight (8) personnel in their daily functions including Three Team leads acting in a supervisory role.

Requirements

More than 10 years of credit/ collection job-related experience
4-year college degree preferably in Finance, Accounting or Business
In depth knowledge of the Bankruptcy laws and in dealing with bankruptcy cases
Knowledge of the U.S. Bankruptcy code and procedures that relate to the credit department

Nice To Haves

Experience preferred in a commercial credit environment preferably in a chemical or plastics manufacturing environment

Responsibilities

Direct the credit supervisors & credit analysts in performing their assigned responsibilities.
Oversee the credit function for investigating and verifying financial status and reputation of prospective customers applying for credit, preparing documents to substantiate findings, and recommending rejection or approval of applications.
Reviews credit recommendations to establish credit limitations on customer accounts.
Directs the collection efforts to ascertain status of collections and A/R balances outstanding and to evaluate effectiveness of current collection policies and procedures and maintain accounts at or below our target overdue level at all times. (Overall Target - 2.00% Overdue)
Recommends action for delinquent accounts considered to be uncollectible to ensure maximum efforts have been taken before assigning bad debt status to account.
Submits delinquent accounts to outside agency for collection.
Compiles and analyzes statistical data on credit and collection procedures designed to prevent future losses. Benchmark our results against peer group data compiled by the Credit Research Foundation.
Review and ensure all aspects of SOP and standard Formosa Credit and Collection practices are being followed. These responsibilities to include but are not limited to credit approval, collections, payment methodology, settlements, bankruptcy administration, reserve calculations and write off recommendations.
Report to management on a monthly basis all aspects and results for the credit and collection function for all business operations.
Communicate to Business unit management in response to the daily activities where Sales and marketing require the credit department review or assistance in working with or resolving customer issues.
Provide support and counsel to business unit management in situations where sales goals and customer loyalties are in conflict with the credit recommendation.
Support all required internal and external audits.
Continue to assist in the development and implementation of credit and collection procedures that create improvement in workflow and other processes.
Provide training in credit risk administration, credit and collection techniques and compliance with SOP for the credit staff as needed.