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 Be prepared for changes... LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°89 - APR EDITORIAL Treasurers are the true rising star of finance François Masquelier, Chairman of ATEL 5

Table des matières de la publication Trésorier/Treasurer magazine - N°89 - April/May/June 2015

Table of contents
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

Trésorier/Treasurer magazine - N°89 - April/May/June 2015