Trésorier/Treasurer magazine - N°89 - April/May/June 2015 - (Page 5)
As you know, treasury
departments have been
faced with many organisational and technical
changes over the last few
years. Things are changing
very fast, and there is even a
trend for change to speed up.
Yesterday's reality for treasury is
no longer tomorrow's reality. This is a
gradual and continuous evolution which has been affecting our
profession for a number of years. The global financial crisis crystallised this transformation. We have moved to a "new normal",
which is completely different to the pre-2008 normal. These
profound changes have various origins, for example the new
regulatory framework and the whole host of new post-financial
crisis financial regulations, the globalisation of the economy and
also technological and information technology developments.
Treasurers have been forced to We have to adapt continuously to
move out of the confines of their these organisational changes and
job and leave the shelter of the to a new and ever more complex
working environment. This is one
bunkers some of them have
of the profession's major chalbuilt for themselves, to have a
lenges, to which we must rise.
closer involvement in the daily Furthermore, finance has
workings of the company and
undergone a major transforin operational activities.
mation as well, without the
treasury function being part of it,
however. The treasury function
has undergone its own transformation at its own pace - more
gradual, but also more profound. Treasurers have been forced
to move out of the confines of their job and leave the shelter of
the bunkers some of them have built for themselves, to have a
closer involvement in the daily workings of the company and in
operational activities. This is another radical change of approach
which also affects the behavioural aspect of the job. It forces
treasurers to develop their communication and listening skills,
and to show more fellow feeling for their subsidiary companies.
They have an even more central position in the finance department structure, moving them closer to the CFO. The trend is for
a move away from involvement in day-to-day operations and
administration, which have become more automated than they
were before, and towards more analytical tasks, and most of
all towards strategic tasks. It is thanks to computerisation and
greater security in repetitive tasks that treasurers can free up
more time to spend on more strategic work, and therefore work
with greater value added. Automation is a fantastic catalyst for
enabling treasurers to move their function closer to the world
of corporate management. Do they not, for instance, have a key
role in merger and acquisitions? They are involved much earlier
in the process than they were previously.
Their role has extended laterally across many disciplines
through the addition of new tasks, as well as vertically through
greater interaction with group affiliates. It affects matters such
as pensions, insurance, global risk management (i.e. ERM),
and also taxes in some cases. Treasurers are multi-disciplinary
technicians, orchestrators of financial planning, whose opinion
is crucial and listened to carefully (or at least more carefully).
Paradoxically, they have to produce ever more financial reports
of all types and comply with new regulations. Here technology
comes to their rescue to enable them to deliver these documents
and to go beyond them to produce intelligent performance
indicator figures, and enable them to make recommendations
on the basis of analyses and forecasts. They are taking on a more
forward-looking, and much more useful, role than in the past.
Darwin would have said that the treasury function creates the
organ and the skills. This theory of evolution can be applied to
treasurers, as they have to adapt to this different and more complex economic, organisational and global environment. They
are asked at the same time to be more productive, to ensure
transactions remain secure and produce reports, while being
given additional tasks. These are huge challenges, so it needs
broad shoulders and a head that is firmly screwed onto them
to confront these changes. Treasurers have the means and the
ability to adapt to this new environment. They need to realise
this, to prepare themselves, and to tackle it confidently. To stay
"employable" they need to develop technical and personal skills
(soft skills) to be able to perform their new, broader functions
properly. They need to be ready technically and mentally.
Finally, they need to surround themselves with the right people
and the right talent and the future treasurers of tomorrow,
young Millennials or Generation Y who they need to train up in
the new version of the job.
Treasurers are the true rising star of finance. However, all too
often they do not realise
this and are sometimes
We have to adapt continuously
even unaware of the
to these organisational changes
revolution that is happening in their job. They
and to a new and ever more
need to stop being reaccomplex working environment.
tive and become more
proactive, stop being
reserved and become more expressive and communicative, stop
being isolated technicians and move closer to operational staff,
becoming more sympathetic. They need to stop being introverted and become more extrovert. At the same time, they need to
become more searching to seize the means of breaking out and
establishing themselves as a crucial component of finance. Treasurers need to be ready to open up to these changes which they
all too often deny or refuse to see, being so afraid of leaving their
comfort zones. They have fabulous futures within their grasp. To
paraphrase a Chinese proverb, I would offer the following words
of wisdom "When the winds of change blow, some treasurers build
walls while others build windmills".
/ MAY / JUN 2015
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°89 - APR
Treasurers are the true rising
star of finance
Chairman of ATEL
Table des matières de la publication Trésorier/Treasurer magazine - N°89 - April/May/June 2015
Table of contents
FINANCIAL HIGHLIGHTS Luxembourg Tax News
Treasurers' kitchen nightmare
FATCA the next hassle for corporate treasurers?
Treasury is becoming much more...
One year on - EMIRage or EMIRate?
Making the most of trade reporting data
EMIR, where do we stand?
Surety bonds - gaining acceptance globally as performance security
The colour of money
Money Market Funds - adapting to a challenging landscape
Comment offrir un meilleur rendement monétaire dans un univers de taux bas?
A repolution - The new Repurchase Conditions
Finding a technology partner in a world of change
Raising your Cyber Security level with Cyber Threat Intelligence
15 MINUTES AVEC CBTI
THE RISK OBSERVATORY
LIFE BEYOND NUMBERS
Trésorier/Treasurer magazine - N°89 - April/May/June 2015