The Institute of Credit Management was formed in the United Kingdom in 1939 and, after receiving a Royal Charter, changed its name to the Chartered Institute of Credit Management (CICM) on 1 January 2015. It is a membership body for credit professionals.
The Institute is based in South Luffenham in Rutland. It is also a charitable organisation whose objectives are to advance the education of the public concerning credit management and to encourage the study and practice thereof, and to establish a hardship fund for the benefit of members or former members who are in conditions of need, hardship or distress.
The Institute promotes excellence in credit management and raises awareness of its vital role in business and the community. It provides a range of services to support credit professionals including its Credit Management magazine, learning and development services, including Ofqual-accredited qualifications, email briefings, helplines, and a range of resources relevant to credit management.
The CICM UK Credit Managers' Index is produced quarterly reflecting CICM's members' responses to questions about the same factors, and using the same methodology, as the US Credit Managers' Index. The CICM issues a press release each quarter reporting the results of the Index which receives media coverage.
In 2008, the Institute wrote a series of ten 'Managing Cashflow Guides' for the former Department for Business, Innovation and Skills (BIS) providing advice on cashflow and credit management. It has also hosted and administered the Prompt Payment Code for BIS since it was launched at the start of 2009.