External Credit Supervision Program - World Credit Organization

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ICE8000 credit knowledge column
  • 1. "Introduction to ICE8000 Credit Knowledge"
  • 2. "Building an Integrity Unit——ICE8000 Integrity Management"
  • 3. "ICE8000 Credit Investigation, Analysis, Rating"

    • 8.3 External credit supervision procedures

    The World Credit Organization [WCO] specially produced the "ICE8000 Credit Supervision Operation Instructions" for ICE8000 credit agencies, so I won't go into details here.

    The following content is excerpted from "ICE8000 Credit Supervision Work Instructions Version 2.0".

    The first step is to apply. The party concerned submits an application for credit supervision to the ICE8000 credit agency and provides relevant evidence.

    The second step is review. ICE8000 credit agency will review the application materials, and if the evidence and reasons are sufficient, agree to accept the entrustment; otherwise, it will not accept the entrustment and inform the reason.

    The third step is to sign the contract. Sign a credit supervision service contract with the applicant, and the applicant signs a power of attorney.

    The fourth step is to correctly prepare the "Credit Supervision Letter", and correctly determine the warning clauses in accordance with the law and ICE8000 standards. The warning clauses must not conflict with the laws of the host country and the standards of the ICE8000 international credit standard system.

    The "Credit Supervision Letter" should also meet the following formal requirements:

    1. The title should be Credit Supervision Letter of *** (ICE8000 Credit Agency) on *** (under special circumstances, the title can be changed).

    Second, the facts are clear, objective and comprehensive, and the writing is fluent. Should include the following:

    1. Facts of breach of contract;

    2. Clear requirements and caveats;

    3. The objection notice clause clearly informs the defaulter that he has the right to raise an objection.

    Third, there must be no insulting language and subjective language.

    Fourth, there must be no illegal language.

    The fifth step is to file the "Credit Supervision Letter" with the World Credit Organization [WCO].

    The sixth step is to deliver the "Credit Supervision Letter".

    The seventh step, the defaulter can raise an objection to the content of the "Credit Supervision Letter", otherwise, it is deemed that there is no objection. If the defaulter raises an objection, the international credit practitioners should carefully listen to and review it, and give feedback to the client. If the evidence and reasons for the objection can fully prove that there is no breach of contract, the urging procedure shall be suspended. International credit practitioners may express professional opinions based on the statements of the client and the defaulter, as well as relevant evidence and reasons.

    The eighth step, if the defaulter fulfills its obligations according to the requirements of the "Letter of Credit Supervision", the date of correction shall be added to the original "Letter of Supervision of Credit" filed for record, and a letter shall be sent back to the defaulter. If the defaulter fails to perform its obligations in accordance with the requirements of the "Credit Supervision Letter" and fails to raise legitimate reasons, it shall be subject to credit punishment according to the warning clauses in the letter.

    The ninth step is to issue a written closing report to the client.

    In the tenth step, the client issues an evaluation opinion on the service quality.

    The above content is excerpted from "Building an Integrity Unit - ICE8000 Integrity Management" (written by Fang Bangjian, free to use, but please indicate the source)