LIVE SESSION | My Treasury Career Development & How the Register Treasurer education contributed

29-09-2022  treasuryXL | Treasurer SearchLinkedIn

 

Are you thinking about how you can shape your treasury career and in need for inspiration? There are plenty of education opportunities, but in what education will you invest?

 

 

You are invited to join our next Live Session. Registration is Now Open for:

𝐌𝐲 𝐭𝐫𝐞𝐚𝐬𝐮𝐫𝐲 𝐜𝐚𝐫𝐞𝐞𝐫 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 & 𝐇𝐨𝐰 𝐭𝐡𝐞 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐓𝐫𝐞𝐚𝐬𝐮𝐫𝐞𝐫 𝐄𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧 𝐂𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐞𝐝

There is no standard career path for treasurers but one can learn from the choices and developments of the successful ones.


In this webinar two graduated Register Treasurers will share their stories:

  • 🌟 Jurgen Wessel RT is interim Head of Treasury of SHV and has experience in a variety of international companies at HQ and treasury hub level.
  • 🌟 Frank van der Hoeven RT van der Hoeven used to be a banker, moved to the corporate side and currently is Treasury Manager at IMCD, well-known for many successful acquisition and integration processes.

They will tell you about how they moved between various stations and will pay special attention to the added value of their post academic degree: The Treasury Management and Corporate Finance programme (RT Programme) at the Vrije Universiteit Amsterdam (VU Amsterdam).

 

 

Everyone is welcome to this webinar. This webinar is extra relevant for those who consider joining the RT programme.

🌟Moderator: Pieter de Kiewit of Treasurer Search

🌟Duration: 45 minutes

 


We can’t wait to welcome you next week!

Best regards,

 

 

Kendra Keydeniers

Director, Community & Partners

 

 

 

 

Vacancy | Manager Treasury & Corporate Finance

30-09-2022 | Treasurer Search | treasuryXL | LinkedIn |

Treasurer Search consultant Pieter de Kiewit started a search for a Manager Treasury & Corporate Finance in Utrecht.

The ideal candidate for this position has a relevant Master’s degree, and has 8+ years of experience within Treasury/Corporate Finance. He/she is expected to be analytic, have strong communicative and presentation skills. TMS experience is a big plus.

Tasks Manager Treasury and Corporate Finance

As the right hand of the Head of Treasury you are responsible for:

  • Co-leading all activities for Treasury Operations, Corporate Finance ánd Risk Management (with focus on the last two area’s);
  • Ensure and advice on the company’s compliance with financial and non-financial covenants;
  • Key contact person for internal and external stakeholders (banks, rating agencies, other finance departments);
  • Reporting and presenting results, internally and externally.

Ideal Manager Treasury and Corporate Finance

The ideal candidate:

  • Has a relevant Masters degree;
  • Has 8+ years experience within Treasury/Corporate Finance;
  • Is analytic;
  • Has strong communication and presentation skills;
  • TMS experience is a big plus.

Note that our client does not sponsor work permits!

Our Client

Our client is well-known and developed a sophisticated and international treasury team in a short span of time. Shareholders are demanding and expect nothing but the best. Employees are supported according to modern HR standards.

Remuneration and Process

The maximum base salary for this position is €85K. On top of this they offer a bonus and have a benefit package structured in a modern way leaving employees room to choose for what they value most. For interested candidates who qualify further information is available.

Did you know that you can update your profile online and apply easily for this vacancy via the button ‘apply’ below? Read more about practical aspects of applying in this blog. Some of our clients ask candidates to take the Treasurer Test.

Location

Utrecht


Contact person

Pieter de Kiewit
T: +31 850 866 798
M: +31 6 1111 9783

Download Kantox’s Budget Hedging Report

28-09-2022 | treasuryXL | Kantox | LinkedIn |

Are you a CFO or Treasurer drafting your upcoming budget? Find out how to set, defend and outperform your budget rate in Kantox’s exclusive new report.

Based on real industry insights, you can learn:

🔹 The best way to set a budget rate

🔹 How to delay hedge execution while reducing forecast risk

🔹 How to improve your budgeted profit margins

🔹 Top solutions to automate time-consuming processes

👉 Get your report here

CurrencyCast Season 3 is live!

27-09-2022 | treasuryXL | Kantox | LinkedIn |

Season 3 of Kantox’s #CurrencyCast is live! In the first episode, they examine companies that manage their FX risk via spreadsheets and how they may be exposing their business to a whole other type of danger, spreadsheet risk.

Agustin Mackinlay breaks down the dangers and pitfalls of spreadsheet risk and how it can slowly erode your FX risk management processes.

He walks us through:

🔹 What is spreadsheet risk?

🔹 How to recognise this type of risk

🔹 Where it can arise in the currency management process

🔹 How to manage and eliminate spreadsheet risk

It’s an FX masterclass, all in under 10 minutes.

👉 Watch the episode and read Kantox’s key takeaways here

What’s the best hedging program for your business? Take Kantox’s 1-minute assessment

26-09-2022 | treasuryXL | Kantox | LinkedIn |

Have you seen Kantox’s Currency Management Toolkit?

With rising interest rates, increasing inflation and today’s highly volatile environment, it’s more important than ever for your company to be protected against currency risk.

Take Kantox’s 1-minute assessment and discover the best FX hedging program for your business. You’ll find out which program can most effectively handle your FX needs, help you achieve your goals, and keep you ahead of the curve.

👉 Get started here

Vacancy | Cash Manager

23-09-2022 | Treasurer Search | treasuryXL | LinkedIn |

Treasurer Search consultant Ron van Haeff started a search for a Cash Manager in Breda.

The ideal candidate for this job has a relevant diploma at HBO (bachelor) or academic level. You have just graduated with a treasury component in your education or are almost ready for your first job, in which you performed treasury tasks. You are independent, curious, hardworking, and not afraid to speak up. You want to impact and would rather not be a small cog in a big machine. You may now be a consultant or banker and would rather work in a trading company with concrete, attractive products from big known brands.

Being able to speak Dutch is a plus for this position but not a must.


APPLY HERE


Job Description

Because our client’s current Cash Manager is going back to school for four days, they are looking for a new one. And as this Cash Manager, you are part of a small treasury team where you can learn lots of different treasury skills. In addition to the tasks below, you take on various tasks in finance outside treasury, both projects and regular. This way you get a good view and basic skills in what the F&A team is doing. In addition to contact with finance colleagues, you have a lot of contact with your, verbally very strong, other business partners, both in- and external.

  • Daily cash management including payments, recording cash flows and maintenance of the bank infrastructure;
  • Cash flow forecasting and analysis of the daily financing requirement;
  • Analysis of currency risks and hedging;
  • Management of LCs, guarantees and credit insurance;
  • Analysis of bank charges.

Ideal Cash Manager

You have a relevant diploma at HBO (bachelor) or academic level. You have just graduated with a treasury component in your education or almost ready in your first job, in which you performed treasury tasks. You are independent, curious, hardworking, and not afraid to speak up. You want impact and would rather not be a small cog in a big machine. You may now be a consultant or banker and would rather work in a trading company with concrete, attractive products from big known brands.

Being able to speak Dutch is a plus for this position but not a must.

Our Client

Our client is a young, international, very dynamic and successful trading house. It’s big enough to do business with the big names and do business professionally, yet small enough that colleagues know each other by name and anyone who wants to, can make a mark on success. The junior treasurer will have regular personal contact with the CFO. Not only the treasurer but also others who work for our client have a lot of expertise in treasury. Our client actively supports employees who want to invest in their development.

Remuneration and Process

The maximum annual income for this position is €60K. At many companies you hardly see your colleagues anymore and you work from home a lot. At our client they attach great value to peer interaction and you will mainly work from the office.. Our client actively supports employees who want to invest in their development.

Did you know that you can update your profile online and apply easily for this vacancy via the button ‘apply’ below? Read more about practical aspects of applying in this blog. Some of our clients ask candidates to take the Treasurer Test

Location

Amsterdam

Contact person

Ron van Haeff
T: +31 850 866 798
M: +31 6 1141 3269

International Treasury Management and Corporate Finance

22-09-2022 | François de Witte | treasuryXL | LinkedIn

The following event, which features our Expert François de Witte, is something we’d like to call your attention to. To learn more about corporate finance and international treasury management, register below.

Register Here

Description

 

The treasurer is the custodian of the company’s daily liquidity. He manages, anticipates and secures cash flows by ensuring that financial needs are covered. This cursus will give the ability to assist directly and practically the treasurer of large corporates or to take over the treasury responsibilities in a SME. The different modules will allow you to acquire the fundamentals of the different areas of the “Corporate Treasurer” profession.

 

Module 0  – Introduction to Treasury Management

Speaker: Benjamin Defays / Treasury Manager

 

  • Bank account opening/closing

  • KYC

  • Payments and bank connectivity

  • Liquidity structures

  • Cash forecast

  • Importance of working capital

  • Factoring/reverse factoring

  • Main financial measures

  • Economic thinking

  • Risk Measures

  • Hedging

  • Fraud risk

  • Credit risk

  • General context

  • Bank guarantees

  • Letters of credit

Module 1 : Payments, Cash Management and Banking Relations – Fundamentals

Speaker François De Witte / Consultant  

 

  • Payment and interbank clearing and settlement methods.

  • Payments instruments, processes and tools

  • Electronic banking channels

  • Working capital, cash and liquidity management – basic concepts

  • Day to day cash management

  • Organisation of the cash management and tooling

  • Financing the company

  • Basic insights in managing banking relationships

Module 2 : Risk Management Applied to Treasury – Fundamentals

Speaker: François Masquelier / Group Treasurer

 

  • FX, Interests
  • Counter-parties
  • Others (Reputation, etc…)
  • Objectives of hedge accounting
  • Required documentation and formalization of hedge accounting relationships
  • Different types of hedges (Fair Value, Cash Flow, Net Investment)
  • Booking adjustments of different hedge types
  • Typical examples of different hedge types

Module 3 : Trade Finance Applied to Treasury – Fundamentals

Speaker: Benjamin Defays / Treasury Manager

 

  • General contact, cultural aspects
  • Why trade finance in treasury
  • Bank Guarantees, Burgschafts, Surety bonds, Letters of credit, Cash against documents
  • Alternative security instruments
  • Disruptive technologies

Module 4 : Credit and Collection Applied to Treasury

Speaker: Benjamin Defays / Treasury Manager

 

  • Introduction to credit risk management
  • Concepts & Practices/Types of credit risks
  • Understanding financial statements and ratios
  • Credit Scoring/Ratings – S&P, Bloomberg models
  • Collection:
    • Collecting overdue receivables – setting priorities
    • Strategies dealing with overdue invoices
    • Debt collection services development

 

Module 5 : Cyber-fraud: what you need to know to manage this ever increasing risk

Speaker: Thierry Hamon / Cash management & Cybersecurity expert 

  • Getting an overview of the different cyber-attacks techniques currently used
  • Understand the possible consequences of cyber-fraud and what needs to be protected
  • Learn 50 ways to protect
  • Special focus on IT backup, fraudulent emails & disaster recovery plan for treasury
  • Co-construction of counter-measure list for all main cyber-attacks
  • Personal action plan definition for each participant

 

Public cible

Anyone who wants to acquire basic knowledge of corporate treasury and put this knowledge into practice.

Prerequisites
  • Basic background in finance or accounting
  • For the advanced Excel workshop, a preliminary (good) knowledge in Excel is required.

Conditions

Training material

Course material will be provided at the beginning of the course.

Location
Chambre de Commerce Luxembourg

7, rue Alcide de Gasperi
L-1615 Luxembourg
Luxembourg

 

Register Here

 

 

Francois de Witte

 

François de Witte

 

 

 

 

 

 

What is Pricing Risk (FX Risk) and how to deal with it?

22-09-2022 | Harry Mills | treasuryXL | LinkedIn

Also known as pre-transaction riskpricing risk occurs between a transaction being priced and agreed upon. It materialises when exchange rates change after a quote has been delivered, either impacting the sales margin or incurring a re-price. treasuryXL expert Harry Mills, founder & CEO of CEO Oku Markets, will explain to us what Pricing Risk is all about, and how to deal with it.

By Harry Mills

Source

Who experiences pricing risk?

Businesses experience pricing risk to a greater or lesser extent depending on the nature of their business, their marketplace, and their sales and purchasing cycles. We find it helpful to consider the following initial points when assessing pricing risk:

  1. Is the transaction FX-denominated, influenced, or relatively insensitive?
  2. What is the timeline between quoting and agreement?
  3. What impact would a +/- 5% or 10% FX move have on margins?

A transaction is “FX-denominated” when it is in a currency other than the firm’s functional currency. An example is a UK business providing a quote to an Irish business for an export sale denominated in euros (instead of GBP).

How much influence? An example…

You’ll likely have an intuitive idea of the level of influence that fluctuations in FX rates have on your transactions, but consider a UK company that designs and builds high-end bespoke summer houses (why not?):

  • The company imports unfinished timber and metal fixings priced in dollars, and sources glass and other furnishings and materials from within the UK
  • The per-unit cost of production will be affected by movements in the GBPUSD exchange rate because timber is a major cost
  • But the basket of production costs also includes the UK-sourced materials, shipping, labour (design and build), amongst others (warehousing, storage etc.)
  • So we can see that a 5% drop in GBPUSD wouldn’t result in a 5% increase in production costs – understanding this relationship and ratio is critical

“Businesses should understand the precise impact of currency fluctuations on their costs and/or revenues to determine their FX sensitivity, especially concerning pricing risk”

Harry Mills, Founder & CEO Oku Markets

One-Size doesn’t fit all

Getting to grips with pricing risk can be fairly straightforward for FX-denominated transactions with a straight-through and linear FX impact on the price, but most businesses have a more complex setup.

Many businesses are converting from a just-in-time to a just-in-case stock strategy. which can bring complexity and may add to pricing risk. It’s our view, here at Oku Markets, that there is no one-size-fits-all approach for currency management, so here’s a few areas to think about:

  • Stock cycle and costing method
  • Pricing strategy and flexibility
  • FX price sensitivity (as detailed above)
  • The competitive environment and market practices

Pricing risk can impact procurement and sales, although we mostly think about the pricing that we are delivering. What about the pricing we receive, as customers? It’s not uncommon for Chinese exporters to add a large buffer to their prices to factor in fluctuations and depreciation in the USDCNY exchange rate. Read more about China and the yuan.

So it’s worth considering and asking your suppliers and international partners about how they manage FX – is there an opportunity for increased transparency and better terms by tackling the problem together?

FX Risk Map

It might be helpful to visualise the lifecycle of a transaction to identify when currency risk occurs. Again, there is no one-size template for this – every business’ FX Risk Map will look a little different, but here’s a basic setup to get started with:

  • Pricing Risk: the FX risk between quote and agreement
  • Transaction Risk: the FX risk between agreement and settlement
  • Translation Risk: the FX risk between accounting (PO/invoice) and settlement
FX Risk Map copy-cwoah

Dealing with Pricing Risk

Three ways you can reduce pricing risk and deliver more consistent results are:

  1. Include a quote expiry date – limiting the time reduces risk
  2. Add an FX buffer to the price – 5% is typical for short periods
  3. Build an FX clause into the quote – transparency means no surprises

The most appropriate route or combination of mitigating actions is unique to each business. An online travel company delivering live holiday prices will require higher frequency updates to FX rates and a tighter quote expiry date and FX buffer when compared to a company providing quotes for custom-designed summer houses.

When it comes to an FX buffer, we suggest considering the volatility of the currency pair and adjusting for the relevant quote period.

Let us help you quantify your FX risk

Quantifying currency exposure requires thought and specialist skills and expertise. Most FX brokers lack the capabilities to do this properly, resorting instead to emotionally-charged deal-making which can result in poor outcomes for clients.

We’re proud to work transparently with our clients, and we work hard to break the asymmetry of knowledge and information in the FX market.

You can contact us for a review of your currency processes and for our guidance and suggestions at [email protected] or 0203 838 0250.

Thanks for reading 👋


 

Harry Mills

Founder at Oku Markets

Managing Business FX Risk

Factsheet: The TIS Solution Suite

21-09-2022 | treasuryXL | TIS | LinkedIn |

Introducing CashOptix, PayOptix, and RiskOptix features from TIS (Treasury Intelligence Solutions), which offer enterprises of all sizes and industries improved capability to handle crucial cash management, payments, banking, security, and compliance demands. Find out more about the benefits of each suite right away in this unique factsheet.

Get to Know the TIS Solution Suite

TIS classifies the unique capabilities they offer clients into three distinct categories; CashOptix, PayOptix, and RiskOptix. When combined, this cloud-based suite provides organizations of all industries and sizes with superior functionality to address critical cash management, payments, banking, security, and compliance needs.

You can find the factsheet here


Instant Payments – for business use still a world to be won (Dutch Item)

20-09-2022 | treasuryXL | Enigma Consulting | LinkedIn |

Transfer money to the recipient’s account within seconds, at any time and on any day of the week. That is Instant Payments. For Dutch consumers, Instant Payments have become an integral part of the current payment landscape. Since its introduction in spring 2019, usage has grown tremendously. In 2021, for instance, around 25% of payments were Instant Payments (1). Looking only at single payments, even more than 90% were Instant Payments (2).  An article by Pim Stam, senior consultant at Enigma Consulting.

Bij bedrijven valt het gebruik van Instant Payments echter tegen. Waarom is de adoptie zo laag bij zakelijk gebruik? Blijft dit in de toekomst zo of kunnen we de komende jaren een versnelling van het gebruik verwachten? En heeft dit impact voor financiële instellingen die betalingsverkeer aanbieden?

Waarom is de adoptie zo laag?

Ontbreken van Instant Batch

De belangrijkste reden waarom de adoptie onder zakelijke klanten laag is, komt door het ontbreken van de mogelijkheid om bulk betalingen direct uit te betalen op elk moment van de dag en elk moment van de week. Dit wordt in de markt de batch Instant Payments genoemd. Waar enkelvoudige betalingen binnen een paar seconden op de rekening van de begunstigde staan, worden bulkbetalingen nog niet altijd op dezelfde dag uitbetaald.

Naar aanleiding van klantvragen zijn een aantal van de grootbanken inmiddels begonnen met de oplevering van de batch Instant Payments. De verwachting is dat de eerste banken batch Instant Payments dit jaar nog opleveren. Voordeel voor de zakelijke klanten is dat zij de batch op het door hen gewenste tijdstip kunnen inschieten, maar de verwerking instant is voor de dag dat de batch uitbetaald wordt. Een voorbeeld is dat salarissen of uitbetalingen ook in het weekend kunnen plaatsvinden, terwijl het bedrijf de batch al voor het weekend heeft aangeleverd.

Interoperabiliteit

Een tweede reden waarom adoptie achter loopt, is dat de interoperabiliteit in Nederland en in Europa nog niet optimaal is.  De Europese Centrale Bank (ECB) heeft banken de vrije keuze gegeven via welk Clearing and Settlement Mechanism (CSM) zij wilden aansluiten op het Instant Payment Netwerk. Er kon gekozen worden tussen de CSM van Worldline (partijen die alleen bereikbaarheid naar andere Nederlandse banken faciliteren ) en TIPS en EBA (partijen die de bereikbaarheid binnen Europa faciliteren ).

Door deze vrije keuze is er een gebrek aan uniformiteit ontstaan; sommige banken zijn bij alle CSM’s aangesloten en andere maar bij één. Het probleem wat hierdoor is ontstaat, is dat een bank die alleen bij Worldline is aangesloten geen betalingen kan uitwisselen met een bank die alleen bij EBA of TIPS is aangesloten. Dit probleem vindt niet alleen in Nederland plaats maar door heel Europa.

Het doel van de EU is om Europese burgers in staat te stellen real-time girale betalingen in euro te doen van en naar elk land. Dit doel wordt nu niet gehaald door beperkte interoperabiliteit. De ECB heeft daarop actie ondernomen en dwingt Europese banken volledig Europees bereikbaar te zijn. Banken hebben hier invulling aan gegeven door in ieder geval bereikbaar te zijn via de TIPS CSM. Dit betekent dat ze van elke Europese bank Instant Payments kunnen ontvangen.

De ECB heeft nog niet verplicht dat banken Instant Payments via TIPS moeten kunnen initiëren, het blijft daardoor de vraag via welke banken dit mogelijk is op dit moment. In Q4 van dit jaar wordt er wetgeving verwacht van de Europese Commissie die banken verplichten Instant Payments aan te bieden als zij ook regulier betalingsverkeer aanbieden. Dit zorgt er voor dat Instant Payments voor meer bedrijven beschikbaar wordt, waardoor de verwachting is dat het gebruik van Instant Payments alleen maar toeneemt.

Gebrek aan usecases

Een laatste factor van het beperkte gebruik van Instant Payments door bedrijven is de relatieve onbekendheid over het gebruik. Er zijn weinig bekende voorbeelden in de markt en de toepassing in de waardeketen staat te veel op zichzelf. Instant Payments worden beperkt gekoppeld aan- en toegepast in de bedrijfsprocessen (bijvoorbeeld digitale facturatie en instant uitkeringen van declaraties).

Toch is de vraag naar Instant Payments in sommige sectoren aanwezig, maar wordt nog niet altijd aan de vraag voldaan. Denk bijvoorbeeld aan de automotive branche, waar dealers betaling en overdracht van de auto in het weekend willen laten plaatsvinden. Wanneer de bank nog geen Instant Payments heeft ingericht, kan deze overdracht alleen via traditionele betalingen voorafgaand aan het weekend plaatsvinden.

In de bredere context van dienstverlening willen banken hun klanten tevreden houden door aan deze vraag te voldoen. Maar het wordt moeilijk een businesscase rond te krijgen als klanttevredenheid het enige is wat het in stand houdt.

Impact voor financiële instellingen

Zoals eerder aangehaald hebben sommige banken Instant Payments nog niet in hun landschap ingericht. Het is voor deze groep banken een lastig verhaal richting hun klanten waarom hun betalingen niet binnen enkele seconden op de rekening van de begunstigde staat. Wanneer deze banken niet meegaan met het nieuwe normaal, is de verwachting dat het hen op den duur klanten gaat kosten. Echter, om aan deze klantwens te voldoen is er een flinke investering nodig. Er moeten namelijk in de hele transactieketen technische en procesmatige aanpassingen gedaan worden. Daarbij moet gekeken worden naar het bereik (alleen naar Nederlandse tegenrekeningen of ook Europese) als ook de manier waarop dat bereik (via welke Clearing) wordt gecreëerd. En dat dan ook nog 24/7, ook in het weekend. Daarnaast moet voorlopig de oude infrastructuur in stand gehouden worden voor het reguliere Europese betalingsverkeer en incasso’s.

Conclusie

Door de relatieve onbekendheid van Instant Payments, de afwezigheid ervan bij sommige banken, het ontbreken van Instant Batch en het gebrek aan uniformiteit in het Instant Payment landschap zijn nog weinig corporates overgestapt op het implementeren en omarmen van Instant Payments.

De komende jaren verandert dit zeker, doordat er op verschillende fronten veranderingen aankomen. Zo zal het bij de banken straks mogelijk zijn om naast enkelvoudige betalingen ook bulk betalingen Instant te doen en zal de interoperabiliteit in de komende tijd verbeteren. Onze verwachting is dat Instant Payments voor de bedrijven de norm worden en dat de migratie hiernaar toe in de komende jaren meer en meer gaat plaatsvinden.

Bronnen

  1. Factsheet Betalingsverkeer 2021 | Betaalvereniging Nederland
  2. Nederland is Europees koploper in Instant Payments (banken.nl)