Le magazine du trésorier - n°66 - 2ème trimestre 2009 - (Page 3)

“I see skies of blue clouds of white Bright blessed days dark sacred nights And I think to myself what a wonderful world” The pessimistic ones would say that the cup is half empty while the more optimistic one would pretend it is half full. Corporate Treasury associations prefer to be on the optimistic side and see positive aspects of current financial crisis, as well as opportunities offered to corporate treasurers and risk officers. Of course, we can be tempted by only focussing on liquidity issue (which went down rapidly and sharply), on volatility issue (which went up for lots of commodities, currency pairs, indices etc…) or on credit beside all these bad news, the market situation will offer us multiple opportunities to come (back) into the lights. Now, all Board Members and CFOs know what liquidity risk means in reality. Now these senior managers know what systemic risk is about in practice. Now, they also understand what sensitivity and stress (I would prefer “stretched”) testing means, applied to their businesses. The rules of the games have changed. Fully liberalised markets have demonstrated they don’t work for the good of majority but only for wealth of a minority. Some people will forget how to spell the word “bonus”. Banking regulation framework has failed too. Even the famous “Sox” and the tough S.E.C, in the USA, have not prevented frauds (Madoff, Standford, Sattyam among others). Even the IFRS (International Accounting Standards) have been criticized as the root cause for the crisis. Guess who dared blaming IFRS (IAS 39) and Fair Value? The bankers of course. We also noticed that corporate governance rules and codes were unable to prevent some major failures. We all should be grateful towards states, governments and tax payers who, somehow, saved our modern capitalistic model.We all have to clean this situation and to revisit in depth all regulatory rules to better prevent such failures in future. It will be our government financial key challenge. For corporate treasurers, it is now time to re-focus on basics of risk management. After having concentrated our minds on systems, technicalities, automation of processes, IFRS and cost efficiency, it is time to focus on how to better control and monitor financial risks. Some theoretical risks like liquidity and bank counterparty risk, for example, have become real.We unfortunately understand that financial markets are not perfectly efficient.After such financial tsunami, it is necessary to contemplate new ways of apprehending risks. We should re-consider the company risk profile and risk appetite. The mission of treasurers has to be sometimes re-defined. Policies should concentrate first on risk mitigation and company assets protection, rather than on returns and performances.We need more K.R.I’s than K.P.I’s (Key Risk Indicator). The nice thing with current crisis, this downturn offers us great opportunities to demonstrate added-value brought to the organisation. Treasurers must work at influencing business performance.We should be prepared to re-shape the treasury strategy, to focus on cast, to remain extremely reactive and flexible to have a more responsive approach and to develop treasury team’s skills and expertise.Treasury department must anticipate and exploit opportunities of the market. Old certainties have gone. Therefore why not completely revamp the treasury organisation to better demonstrate our effective value? F. Masquelier EDITORIAL 3 What a wonderful world! (Louis Armstrong)

Table des matières de la publication Le magazine du trésorier - n°66 - 2ème trimestre 2009

COUVERTURE
SOMMAIRE
EDITORIAL
FINANCIAL HIGHLIGHTS
INTERVIEW
FOCUS
FORUM OF ADVERTISERS
TREASURERS’ ASSOCIATIONS
NEWS

Le magazine du trésorier - n°66 - 2ème trimestre 2009

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