Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014 - (Page 5)

EDITORIAL During this lull in new regulations, - JUL N°86 - to derive the greatest advantage from all regulatory constraints. Managing to demonstrate this qualitative aspect makes it easier to sell projects in-house. Investments in treasury items, as for all departments, must demonstrate their real benefits and value added if they are to be «sold» in-house to financial management. Conversely, regulations have produced the technical element that has succeeded in convincing management about certain investments, having made them almost mandatory. But perhaps regulations have been a godsend for treasurers? Let us take a longer look at these helpful new regulations which oblige us, and enable us, to improve our technical efficiency and productivity. What can perhaps not be achieved by being sold can sometimes more easily be achieved by being imposed. In regulations, optimists can also see a spotlight falling on the work they do and a way of bringing the treasury function into the limelight. The management of risks, particularly of financial risks, will remain at the heart of the debate and the European Commission will keep it in their sights. Transparency, the somewhat extreme transparency required today, can have its benefits. You just have to look at it from a different angle and see how profoundly the way we do things has changed, and the change happened only after the start of the financial crisis. This, surely, is the nub of the matter? Improving the way you do things yourself, independently of what the other stakeholders are doing? Treasurers have and will continue to make a big contribution to the post-crisis clean-up, of which they are one victim among many. I want to congratulate our members throughout Europe on the huge amount of work they have done to contribute towards making the world of finance more efficient and more transparent. We can be very happy about some regulations, even if some measures are or were unfair. We may however hope that the proliferation of new rules will slow down to enable us to get back to our basic function and work, which has perhaps been neglected as a result of the number of regulatory projects that have assailed us. This is a good time to sit back, take a breath and give «treasury» a 100% rethink. LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE After spending a few hectic months on year-end closes and implementing SEPA and EMIR regulations - some people found the last twist of this difficult to negotiate for various reasons -might this not be a good time to sit back, take a breath and re-focus on the very essence of the treasury function and the finance function in general? After having gone down the treasury motorway at 180 km/h, it is high time to go back to a normal speed of 130. We have almost forgotten what a «normal» period means. It is important to get back to the essence of the treasurer's work. In no way does this work consist of perpetually ensuring that things are compliant. A phase of acquisitions and takeovers seems to be making a quiet comeback. Companies are beginning to think of using their cash surpluses more appropriately, given they earn so little remuneration. This resumption in M&A (Merger and Acquisition) activity will let us go back to more technical matters, more properly «treasury» matters. Examples of these are integrating new assets, hedging pre- or post-acquisition risks, extending treasury activities, centralisation and cash pooling in «follow-the-sun» mode, etc. Enterprise risk management (ERM) and internal controls will be key focus points in the coming years. The transformation of annual reports, incorporating non-financial sections and the improvement of reporting systems and key performance indicators for management bodies will also fill the treasurer's agenda. They are asking all of us, everywhere, to cut our operating costs. This can be achieved only through greater productivity and more powerful IT tools. However, compliance is also necessary, even though it may not produce any value according to most finance people you ask. Not at first sight, anyway. However, in all new regulations optimists see opportunities for reviewing their internal processes and improving their organisational structure. All too often, like CFOs, when treasurers look at regulations they see the constraints arising from them, and not the benefits that they could produce. As soon as you calculate the ROI for an IT solution or IT investment, the qualitative aspect is demoted to second place and often drops out of sight altogether. However, more than ever in these days of cybercrime, in my view the qualitative aspect comes to the fore and also needs to be «quantified» as far as possible. It always has been and still is essential / AUG / SEP 2014 why not get back to the fundamentals of the finance function? François Masquelier, Chairman of ATEL 5

Table des matières de la publication Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014

Couverture
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW David Holland
FOCUS
FORUM
CORPORATE FINANCE
15 MINUTES WITH INTIX
THE FINANCIAL RISK OBSERVATORY
NEWS

Trésorier/Treasurer magazine - N°86 - Jul/Aug/Sep 2014