About My Internship Company

2.0 ABOUT MY INTERNSHIP COMPANY

2.1 Company Profile

The company I have chosen to complete my internship is Sabah Credit Corporation (SCC). It's formerly known as North Borneo Credit Corporation, first launched in 1955, which is much earlier before Malaysia independent. SCC commenced its operations with $1 million from part of the compensation fund which granted by Japanese. For the time being, it operates under the purview of the Sabah State Ministry of Finance. SCC is a financial institution fully owned by the Sabah State Government in Malaysia. The primary objective of SCC is to help contribute towards the socio-economy development of the State of Sabah. In its capacity as a financial institution, SCC complements the Sabah State Government's efforts by providing or facilitating financial credits to promote and encourage private investment involving agriculture, light industry, development or rural and urban housing, shop houses and public utilities and amenities. The main financing loan is “i-Executive” loan which is facility to Civil Services employees (State and federal department, State Local Authorities, State and Federal Statutory Bodies), employees of Government Link Companies (GLC) where payments through direct salary deduction. Other loans which are also provided are housing loan, project loan, mortgage loan, community loan, and organic farming loan. Main competitors for SCC are other financial institutions that are available in Sabah such as RHB Bank, Alliance Bank and other financial institutions which offering similar loans.

SCC does have Corporate Services Responsibility (CSR) program. The CSR program started in year 1997 and was launched in the objectives to fulfill the social development aspect of the Corporation’s mandate, providing those in need. The programs involved implementation of a smaller size community and charitable projects on a collaboration basis between the staff of SCC and the beneficiaries of the project. The Sabah State Government had given approval to SCC to utilize the 5 per cent of the corporation annual profit after tax for this CSR program. The introduction of this program had completed various communities, social and charitable projects such as the building of school hostels, classroom, library, suspension bridge in rural area and many more that are approve by SCC.

Generally, the majority of SCC is natives. Nonetheless, various races still much influential to SCC. SCC celebrates every race's festive season such as Harvest Festival, Chinese New year, Raya Aidilfitri, Christmas, and Deepavali. In addition, SCC holds Month-End Gathering every last working day of the month to keep employees' balanced lifestyle.

SCC has a Headquarter office in Kota Kinabalu and 13 district client centers throughout Sabah for assisting client purpose. I was assigned to perform my internship at Headquarter office.

2.2 Organisation/Department Structure

There are 8 departments in SCC and there will be a head of department (HOD) in every department.

Credit department - Specialized activities are accessing borrower's credibility and credit approval.

Credit Control department - Ensure borrowers pay their debts in a timely manner, in charge of chasing activities and litigations.

Corporate Services department - Jobs cover external communication, arranging events such as CSR and month-end gathering, tracking customer's satisfaction, sustain good company image and publishing company quarterly journal.

Finance department - Maintain healthy source of fund, produce timely financial reports, payments of invoices, management of loan/financing accounts, daily and monthly reconciliations.

Administration & Property department - Ordering office stationery supplies and ensuring company' infrastructure and assets are in good condition.

Human Resource department - Jobs cover recruitment, conditions of employment, pay and working practice.

Internal Audit department - Evaluate and improve the effectiveness of risk management, control, and governance processes.

Information Technology (IT) department - Provide a secure IT infrastructure and minimize costs to operate and support organization’s IT infrastructure, enabling organization to carry out their roles efficiently, productively and securely.

2.3 About My Department

The department I attached to is Finance Department. In Finance Department, the HOD, Miss Patricia Chow and two managers lead different divisions respectively. The subdivisions in Finance Department are Loan unit, Batch Payment unit, General Ledger unit, Payment unit, Cashier unit, and Funding unit.

Each unit has respective responsibilities are listed as below:

Loan unit - Prepare redemption statement to lawyer, adjustment of customer account when needed, and closure of customer account for settle in full account.

Batch Payment unit - To ensure monthly salary deduction from Department and Angkasa received, make sure all deduction is being credited to customer account, and make sure receipts are being issued for collection.

General Ledger unit - Monthly bank reconciliation, monthly other general ledger reconciliation, journal entries, and monthly variance assembly report.

Payment unit - Bills, voucher, cheque, and online payment preparation, maintenance of voucher master data, produce accurate payment summary, voucher, cheque and online payment, and data storage for supplier information.

Cashier unit - Issuance of receipt daily, prepare timely and accurate official receipt, daily balancing of cashier system, ensure cheque returned being monitor daily, maintenance of customer master data, and closing of settle in full file.

Funding unit - Source of fund, cash management, and cash flow management.