Credit risk

We will continue to explore ways to raise the standards of credit risk practice – Chartered Institute of Credit Management

The Chartered Institute of Credit Management, Ghana (CICM) assured everyone that it will continue to explore ways to raise the standards of credit risk practice in Ghana.

CICM’s mandate is, among other things, to promote standards of professional competence, to prescribe standards of credit and risk practice and to defend the role and value of credit as an essential tool for business development.

Given this mandate, Executive Secretary Amo Agyapong said he is committed to investing time and other resources to ensure continuous innovation and improvement in its rewards program.

Mr. Agyapong revealed this during the official launch of the 3rd Annual CICM Ghana Credit Excellence Awards, to honor corporate brands and individual personalities who have achieved outstanding performance during the year under review.

He said the CICM Awards have become one of the most prestigious awards in Ghana, since its inception in 2020, adding that “For more than 2 years, the Chartered Institute of Credit Management, Ghana has always organized the annual awards for credit excellence of Ghana without any hiccups or controversies during the period, but rather contributed to the building of business organizations.

He pointed out that the awards have grown in prominence among companies who will proudly display their wins as a mark of excellence.

Additionally, “we will emphasize that these enhancements will focus on award categories, processes, systems, approaches, selection methods, among others, to always ensure relevance,” he said.

“To do this effectively, we often work through the Technical Steering/Pricing Planning Committee and our research associates to gather relevant information to inform final board decisions,” he said. -he adds.

Yaw Gyamfi, Head of Strategic Relationships and Chair of the Awards Steering/Planning Committee, highlighted that this year’s awards, which will be held under the theme: “Accelerating Digital Transformation in the Banking and Financial Services Industry: From crisis to growth”, are driven by the desire of the institute to project credit management as a relevant tool for the development of the Ghanaian nation.

Addressing the process, he said the awards will go through a very rigorous process starting with corporate entities filing company logs for their activities in their award areas for the year under review, followed by advertisements and letters to organizations and individuals to be nominated based on the categories, after which nominees complete a very detailed questionnaire which is reviewed and assessed by a focus group.

The results of the evaluations are compiled by the Technical and Research Associates for final presentation to the CICM Board of Directors which makes the final decision on the winners.

This year’s awards will assess the performance of 57 institutions and 15 individuals in all.

These will be composed of 12 banks, 18 Specialized Deposit Institutions (SDIs), three Credit Reference Bureaus, three Debt Collection Companies, three Financial Technology Companies (FINTECH), three Venture Capital Companies and 15 Chief Executive Officers. Generals or Managing Directors of Banks and Specialized Deposits Taking -Institutions.

Below are the rewards to be won:

  1. Bank of the Year
  2. Rural Bank of the Year
  3. Savings and Loan Company of the Year
  4. Financial Company of the Year
  5. Microfinance Company of the Year
  6. Microcredit Business of the Year
  7. Microcredit company
  8. Debt Collection Company of the Year
  9. Credit Union of the Year
  10. Fintech Company of the Year
  11. Small Business Financial Services of the Year
  12. Food bank of the year
  13. Trade Finance Bank of the Year
  14. Mortgage Bank of the Year
  15. Venture Capital Fund of the Year
  16. Excellence in Health Financing of the Year
  17. Finance Lease Company of the Year
  18. Emerging Credit Bureau of the Year
  19. CEO/MD of the YEAR
  20. Bank
  21. rural bank
  22. Financial company
  23. Savings and credit
  24. microfinance