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To achieve and
facilitate its objectives, the Council set up the following
five sub-committees:
a. Legal &
Enforcement Sub-committee
b. Education
Sub-committee
c. Information
Management & Technology Sub-committee
d. Finance
Administration Sub-committee
e. Research &
Development Sub-committee
Each and every
sub-committee is chaired by a council member and is made up
of MACM Members. Sub-committees have their own specific
objectives to which they strive to achieve by analysing,
developing strategic plans, implementing strategies and
managing and controlling activities. Sub-committees report
to the Council of the Association.
Legal & Enforcement Sub-committee
Various meetings
were held with politicians from both sides of the Maltese
political sphere and with other relative professional
bodies, promoting changes to the present legislation and
lobbying for adequate enforcement for such legislation
accordingly. Amongst various legislative areas, the
following matters discussed during these meetings include:
- The Data
Protection Act
- The
Companies Act (Company Recovery Procedure) - Company
Receiverships, insolvency, distressed businesses etc.
- The
Business Promotions Act - With reference to late payments
and changes to provisions within this new act
- The
Commercial Code as regards Negotiable Instruments - And the
proposition of a new Dishonoured Cheques Act
- The
Banking Act - Relating to Confidentiality, Local Banking
practice
- The Late
Payment in Commercial Transaction Directive
- The
Consumer Credit Directive
In general, these
meetings turned out to be positive and encouraging,
achieving both the necessary awareness of what should be
done in Malta; and the promotion and recommendations to
changes in the existing legislation to the benefit of the
Maltese business community at large.
Additionally,
MACM is currently working on other legislative areas:
-
Dishonoured Cheques Regulation
- SEPA
Project
- Judicial
System
Education Sub-committee
Despite ‘Debtors’
Account represents one of the key assets on the balance
sheets of the majority of organisations trading on credit,
the Maltese labour market lacks trained people in the field
of credit management.
To enhance the
role of the Credit Profession in Malta and to improve the
managing of credit in general, MACM organizes a number of
workshops, seminars and conferences for its members, as well
as for the local business community. It also takes part in
educational activities organized by other institutions both
locally and overseas.
In addition, MACM
is proud that it has been accredited Teaching Centre for
Malta by the Institute of Credit Management (UK) to offer
education programmes leading to Certificate / Diploma in
Credit Management. Having a recognized center of the ICM in
Malta, Maltese students are able to attend for courses and
sit for the respective examinations of the ICM (UK) in
Malta. This would make it easier for the Maltese employers
to hire people with the required skills and knowledge to
deal with their credit matters.
It is our
pleasure to note that Maltese students, studying at MACM
Training Centre are achieving high marks and have been
awarded prizes from the ICM (UK). MACM Training Centre has
also been awarded with Certificates of Excellence by the UK
Institute.
Information Management &
Technology Sub-committee
MACM Members need
information pertaining to credit management in order to
analyse and continuously monitor the credit worthiness of
their existing debtors and that of potential credit
applicants.
The primary
objective of the Information Management & Technology
Sub-committee is to meet the Members’ needs by providing
effective and timely information.
Thus ensuring the
following benefits:
1.
Minimising the risk associated with trade credit.
2. Avoiding
bad debts
3. Being
consistent in credit decisions.
4.
Controlling of processes.
5.
Increasing performance.
6.
Enhancing long-term customer relationship, thus improving
customer retention.
7.
Identifying financially solvent prospects, turning credit
risk into credit rewards.
8.
Sustaining profitability.
Finance Administration
Sub-committee
The objective of
the Finance Administration Sub-committee is to oversee the
finances of the Association.
Research & Development
Sub-committee
The objective of
the R&D Sub-committee is to ensure that MACM continues to
provide services requested by its members in an effective
and efficient manner.
It strives to
provide innovative services and products to satisfying the
needs and expectations of the Maltese credit professionals
working in this field. |