Newsletters

In This Issue
- How to Prevent Check Fraud
- Credit Policies Minimize Loss
- A New Chapter in Bankruptcy
- ICEL Chair: We are Never Done Learning
- Don't Plan to Fail: Putting Data Security into Practice
- ICEL Recap: Staying Positive in the Face of Adversity

Looking Ahead

June 7- Free 
NACM Website Training
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How to Prevent Check Fraud 

by LaRae Nattress, Kenworth Sales Co.

Check fraud is one of the largest challenges facing businesses and financial institutions today. With the advancement of computer technology, it is increasingly easy for criminals, either independently or in organized gangs, to manipulate checks in such a way as to deceive innocent victims expecting value in exchange for their money.

It is widely believed that businesses are the primary targets of check fraud professionals, especially by organized rings of criminals. As far as counterfeiting and alteration, payroll checks appear to be a favorite although all forms of business checks are targets from time to time and all forms of fraud techniques are practiced as well. Read full article

Credit Policies Minimize Loss 
by Tim Shapiro, CCE, Nicholas and Company

The transaction of buying and selling is what drives our economy. As a business stakeholder one principle is to maximize profits and minimize your losses. Losses can come in a vast range of occurrences from inventory damage, not getting your product to market in time, or theft. By factoring losses into your pricing model you can recover some of this loss and still make a profit. Another way the business can influence the minimizing of loss is by having a Credit Policy which defines the company's procedures of extending credit to customers. Read full article 

A New Chapter in Bankruptcy 
by Shane Norman, CCE, Wheeler Machinery

I'm not sure why, but Monday's can be interesting to say the least. I had one of those Monday's a few weeks back. I received a noticed that a customer of ours had filed for bankruptcy first thing that Monday morning. Upon digging into the implications for our company (how much was I going to possibly need to write off), I found we had just closed an engine rebuild exactly one week prior (major $$'s.) Digging deeper, I found that we had two more engines in the process of similar rebuilds. Yikes!!! What to do . . . What to do. Since I teach about the implications of bankruptcy and all the formalities, you'd think I would know what to do. Except this time, it was a Chapter 15 bankruptcy. Read full article

ICEL Chair Message:
We are Never Done Learning 
by DeAnna Leahy, CCE, Sunroc Corporation

Eartha Kitt was an American singer, actress, dancer, activist, and comedian. Eartha began her career on Broadway and had six US Top 30 hits. She starred as Catwoman in the third and final season of the television series Batman. She also appeared in several films including Disney's The Emperor's New Groove and one of my favorite Disney movies, Holes. Orson Welles once called her the "most exciting woman in the world." Eartha Kitt is also well known for her thought provoking quotes. I would like to share one of my favorite Eartha Kitt quotes about her lifelong passion for learning. She declared, "I am learning all the time. The tombstone will be my diploma." Read full article

Don't Plan to Fail: Putting Data Security into Practice
by NACM National

Data security is one of the most important aspects of any business, and for the credit professional, perhaps more so. Securing payment details and other confidential information is vital in an age of hackers and cyberattacks.

 

In the world of data security, if you fail to plan, you plan to fail, according to Cyber Risk: Practical Actions to Improve Data Security, from law firm Allen & Overy. Cyber breaches can be prevented with the right procedures and policies in place. Read full article

ICEL Recap:
Staying Positive in the Face of Adversity 
by Melissa Mickelsen, CCE, Geneva Rock Products

Bestselling author and motivational speaker, John Bytheway, addressed Staying Positive in the Face of Adversity at the May ICEL Executive Appreciation Meeting. John noted that when we're young, we use our imagination to play, but when we're older, we use our imagination to worry. He then shared personal experiences infused with his trademark humor to illustrate the "3 W's" that he believes help reduce worry. Read full article