How Treasurers Can (Still) Get Ahead During Uncertain Times

08-11-2022 | treasuryXL | GTreasury | LinkedIn |

Victoria Blake, the Chief Product Officer at GTreasury, recently ran through four trends that corporate treasurers ought to be paying careful attention to—particularly as ongoing economic uncertainty heads into 2023.

Blake argues that “treasurers without a connected treasury are left playing an ever-widening game of catch-up.” She offers specific advice for how treasurers can approach FX rate visibility, cash forecasting, bank fee analysis, and API connectivity. This is a must-read treasurer as they plan their treasury technology strategies for 2023.

Read more at Treasury Management International

The Impact of Rising Interest Rates on Working Capital

07-11-2022 | treasuryXL | ComplexCountries | LinkedIn |

No apologies for the second report on working capital and interest rate rises in a short period: we are seeing significant changes in the business environment, and treasurers are being challenged.

Source

This call focused primarily on the higher interest rate environment. One participant was mostly concerned about how to invest excess cash – the others are grappling with rapidly increasing working capital, driven by the need to keep bigger buffers, due to COVID and the Russia/Ukraine war, and the long delays in logistics circuits.

Funding challenges:

  • One participant manages treasury for South America, where there have been significant rises in interest rates, and, in some countries, funding shortages, with banks unable to provide cash and prioritising local companies. The challenges have been manageable, and they have not had to resort to drawing down all their lines to make sure they are available. This behaviour, which is akin to the rush on toilet paper in supermarkets, has been an issue in many markets, including more developed ones. However, there has been some, limited, pre-funding around significant events.
  • This has led to an increase in the number of banks in the funding panel.
  • One participant prefers their subsidiaries to fund themselves locally – but the cost of higher interest rates (for example, 35% in Turkey) is dissuasive, even if, economically, they are significantly below the inflation rate (>80%).
  • There is an increased focus on being more efficient in the use of cash within the company, so more pressure on cross-border pooling, accessing trapped cash, intercompany netting, etc.
  • Some participants are using the situation to selectively get higher discounts for pre-paying suppliers: this can be an effective way to increase the return on cash
  • Generally, the participants are at the point where these challenges cause additional work, but none of them is particularly serious.

Working Capital Management

  • Typically, treasurers have to fund working capital, but they do not manage it.
  • In all cases, there is a dialogue with the business about how much working capital the business can support, and how it can be reduced.
  • Higher interest rates are resulting in increased expense. Depending on the company, this may, or may not, be reflected in the measurements of the business units.
  • The participants all agreed with the business need to hold more inventory, but a dialogue is required to make sure this doesn’t get out of control. One participant works with the business on resisting calls to change payment terms, while another helps arrange pre-funding for suppliers, when needed.

Contributors:

This report was produced by Monie Lindsey based on a Treasury Peer Call chaired by Damian Glendinning

To access this report:

Access to the full report is available to Premium Subscribers of ComplexCountries. Please log in on the website of ComplexCountries to access the download.
Please contact ComplexCountries to find out about their subscription packages.

MENA Investment Banking Review First Nine Months 2022

02-11-2022 | treasuryXL | Refinitiv | LinkedIn |

Refinitiv Deals Intelligence brings you the MENA Investment Banking performance review, covering First Nine Months 2022.
Access this report for Investment Banking fees, volumes, and league tables across M&A, Equity Capital Markets, and Debt Capital Markets. Examine deal flows, top deals, most active nations, and most active sectors.

 


Report Highlights

INVESTMENT BANKING FEES 
An estimated US$1.1 billion worth of investment banking fees were generated in the Middle East & North Africa during the first nine months of 2022, 5% more than the same period in 2021 and the highest first nine-month total since 2008.  Almost half of this year’s fees were generated during the first three months of the year, with quarterly fees declining in the following two quarters.  Fees totalled US$186.4 million during the third quarter of 2022, the lowest quarterly total in the region in six years.
MERGERS & ACQUISITIONS
The value of announced M&A transactions with any MENA involvement reached US$69.7 billion during the first nine months of 2022, 17% less than the value recorded during the same period in 2021.  Despite the decline in value, the number of deal announcements in the region increased 5% from last year to the highest first nine-month total since our records began in 1980.
EQUITY CAPITAL MARKETS
MENA equity and equity-related issuance totalled US$15.3 billion during the first nine months of 2022, the highest first nine-month total since 2008.  Proceeds raised by companies in the region increased 166% compared to the first nine months of 2021, while the number of issues increased 110%.
DEBT CAPITAL MARKETS
MENA debt issuance totalled US$18.3 billion during the first nine months of 2022, down 80% from the value recorded during the same period in 2021 and the lowest first nine-month total since 2011.  The number of issues declined 68% from last year at this time.

Download the report

Optimising cash and liquidity through currency management

31-10-2022 | treasuryXL | Kantox | LinkedIn |

Can you improve cash and liquidity management with the help of more effective currency management? The answer is: yes, you can! In this article, we see how currency management and cash management are, in effect, joined at the hip.


Five important touchpoints

There are at least five crucial, yet sometimes unduly neglected, touchpoints between FX risk management and cash or liquidity management. Let me briefly set the stage first. Then I will discuss their interactions.

(1) Swapping. Adjusting the company’s hedging position to the cash settlement of the underlying commercial exposure requires a lot of swapping.

(2) Collateral. In a world of shifting interest rates, treasurers need solutions that allow them to optimise collateral management.

(3) Working capital management. Solutions to improve working capital and liquidity are rarely mentioned in the context of FX risk management. Yet, they exist!

(4) Netting. Netting allows companies to generate savings in trading costs and in terms of the cash balances needed to satisfy collateral requirements.

(5) Cash flow forecasting. According to a recent survey by HSBC, more than half of treasurers worldwide say that cash flow forecasting is the most important task in treasury.

How and when currency management meets liquidity management

Take the case of a hedging program designed to protect the FX budget rate. It includes stop-loss orders to protect the FX rate used in pricing or a ‘worst-case scenario’ FX rate. It can also include profit-taking orders to lock in more favourable exchange rates.

As long as the stop-loss orders are not hit, hedge execution is postponed. This means that the cash required for collateral requirements can be set aside at a later date. It also means that treasurers have more time to improve their cash flow forecasts.

And it’s not over yet! Hedging incoming firm sales/purchase orders or invoices leads to very precise currency hedging. This means that purchasing managers are in a position to buy confidently in the currency of their suppliers. These, in turn, will be more inclined to grant extended paying terms.

With the perfect end-to-end traceability that comes with automated programs, managers can safely aggregate exposures without fear of losing the benefits of data granularity. This can create more netting opportunities, again reducing the need to set aside cash in terms of collateral.

Finally, swapping can be easily automated.

And voilà!

Feedback effects

That’s how effective FX risk management ends up improving liquidity management. Note that the process feeds on itself. Let me give you an example. Because swap automation releases valuable treasury resources, treasurers can take advantage of the benefits of using more currencies. Automated swap execution, therefore, improves not only the cash management part of the FX workflow but also —indirectly— working capital management.

That’s what I call a win-win situation!

Understanding the Importance of Working Capital for Treasury

27-10-2022 | treasuryXL | TIS | LinkedIn |

Working capital is a critical consideration for any business – particularly in an uncertain economic environment. If a company’s working capital is not managed effectively, the company may struggle to meet its obligations, secure the right level of funding, or invest in growth. But for many companies, gaining full visibility over working capital is often a difficult task – especially given how it is an activity that spans many different parts of the business.

Going a step further, recent economic and geopolitical events from the past couple of years have presented even more challenges to working capital management. In fact, PwC’s Working Capital Study 21/22 found that net working capital days reached a five-year high in 2020, “driven by the shock and uncertainty of the COVID 19 pandemic.” More recently, the 2022 AFP Strategic Role of Treasury Survey identified working capital improvements as one of the two most challenging tasks faced by treasury professionals today.

In order to manage working capital effectively, companies first need to understand it – you can’t manage what you can’t measure, as the saying goes. With this in mind, let’s dive a bit deeper into the core dynamics of working capital and the subsequent implications for treasury and finance.

What is Working Capital Anyway?

Simply put, working capital is the cash that businesses can use to meet their day-to-day financial obligations, such as for paying rent, employee salaries, and supplier invoices. Calculated as the difference between a firm’s current assets and its current liabilities, a strong working capital position is essential to the smooth running of any company. For this reason, working capital is often described as the lifeblood of a business.

Working capital can be measured using a variety of metrics. The following concepts are key when it comes to understanding the component parts of the working capital cycle:

 

 

  1. Days Sales Outstanding (DSO) measures how long it takes a company to collect cash from customers and clients (i.e. accounts receivable).
  2. Days Payables Outstanding (DPO) measures how long the company takes to pay its suppliers (i.e. accounts payable).
  3. Days Inventory Outstanding (DIO) measures how quickly the company sells its inventory.
  4. Cash Conversion Cycle (CCC) measures how long the company takes to convert the cash spent on raw materials into sales. This is calculated as follows: CCC = DSO + DIO – DPO.

As a rule of thumb, the shorter a company’s cash conversion cycle, the more efficiently it is using its working capital – although typical cash conversion cycle times can vary considerably between different industries, world regions, and company sizes. Any company’s cash conversion cycle can also be adjusted by optimizing one or more of the above components: companies can speed up customer collections, delay/expedite payments to suppliers, and/or alter the timeframe that cash is tied up in inventory.

You might also like: What is Working Capital Management, examples of typical acitivties and frequently asked questions; Explained by treasuryXL experts

How Does Working Capital Impact Treasury & Finance?

Treasury and finance teams have an important role to play in optimizing their company’s working capital.  Working capital is critical to a company’s financial health: if the business doesn’t have enough cash readily available, it may struggle to pay its obligations on time. It may also seek more external financing than is really needed or may lack the funds needed to invest in innovation or business growth.

In order to effectively manage these cash inflows and outflows, treasury must not only have an accurate and timely view of their “current” working capital status, but they must also have a grip on future cash flows as well. This means that treasury must be proactive in developing cash forecasts that reflect anticipated changes in working capital, including deviations in supplier invoicing or payment behavior, as well as changes to the level of planned spend by procurement and other internal departments.

By working with other departments such as procurement, AP, and AR, the treasury team is well placed to drive improvements to the cash conversion cycle and unlock the company’s working capital. Because treasury typically seeks to maintain global visibility and control over cash positions, payments activity, and general financial workflows, they are in the perfect position to evaluate and influence high-level working capital decisions. For this reason, treasury is sometimes referred to as the “steward” of working capital internally.

However, there are a variety of hurdles that can negatively impact treasury’s view of, and control over, working capital.

 

Challenges in Managing Working Capital

While the importance of effective working capital management is clear, there are a number of reasons why this can be a challenge:

 

 

Disparate Data Sources: By its nature, managing working capital means optimizing activities that span different departments within the organization, including accounts payable (AP), accounts receivable (AR) and procurement, as well as treasury and finance. Working capital needs to be managed holistically, with access to data from these different parts of the business – but this can be constrained by siloes and disparate systems and data sources.

Lack of Alignment & Communication: Effective working capital management can be held back by a lack of awareness or competing priorities across different parts of the business. Because there are a range of departments that need to be on the same page in order to drive working capital optimization, it can be difficult to align the KPIs and drivers of each department to achieve a cohesive strategy. For this reason, a strong focus on working capital is needed from senior management in order to ensure a consistent approach across the organization.

Global Operational Complexity: Payment practices, vendor or customer behavior, and internal business models can vary considerably across different countries and regions, which can make it difficult to manage working capital consistently at a global level.

Supply Chain Relationships: The relationship a company maintains with its vendors and suppliers within the supply chain can have a massive impact on working capital. For example, companies frequently adjust their working capital position by either reducing or extending the time they take to pay invoices to suppliers. However, these strategies can have an adverse impact on vendor relationships, especially if companies choose to delay payment as long as possible. As such, working capital strategies that focus on altering vendor invoicing or payment terms should always be treated carefully.

 

How Does TIS Help Treasury Manage Working Capital?

In order to drive improvements to working capital, treasury teams first need full visibility over their company’s global cash, payments, and invoicing activity. As noted above, obtaining this data in an accurate and timely manner presents a major challenge for most companies, as does the task of effectively analyzing and leveraging it.

In order to simplify these tasks for treasury, TIS recently launched a new solution, TIS Working Capital Insights, which provides companies with 360-degree visibility over their core working capital metrics and KPIs.

 

 

With this suite of capabilities, organizations can seamlessly integrate their ERPs and corresponding AP and AR data with our solution in order to review payment terms and behavior for vendors and customers, analyze invoice and billing activity, and measure all elements related to their net working capital status and cash conversion cycle.

As TIS enables clients to aggregate and classify their data, users can evaluate their metrics globally or granularly according to specific entities, regions, or customers and suppliers. Users can also leverage TIS’ visual dashboards for intuitive reporting and refine their analyses by any timeframe to view activity and cash flows through customizable and flexible parameters.

By leveraging these tools in conjunction with TIS’ other liquidity and payment management solutions, organizations can access all data and information related to their global cash balances, payment statuses, and broader working capital operations for the entire company. The result is total visibility and control over working capital, and a much easier workflow for identifying the best strategies to optimize it.

For more information about TIS Working Capital solutions, download the full factsheet or request to speak with one of our experts!

Live Panel Discussion: Treasury Trends for 2023

25-10-2022 | treasuryXL | Nomentia | LinkedIn |

 

Join us on our live panel discussion about treasury trends for 2023. Together with Nomentia we invited industry experts who will have an open discussion on the things you need to consider as a treasurer in the year 2023. There’s the possibility to ask questions as well.

 

 

Some of the topics we’ll cover:

  • Market and FX Risk management in current times of uncertainty.
  • Top treasury technologies to consider for 2023.
  • Will APIs deliver their promises?
  • Building the bridge between Ecommerce and treasury.
  • The rapidly changing role of treasury to facilitate business success
  • Treasury technology visions beyond 2023.p

 

SIGN UP TODAY

November 17 | 11 am CET | 45 minutes

Panel discussion members:

Pieter de Kiewit, Owner of Treasurer Search (Moderator)
Patrick Kunz, Independent Treasury Expert (Panel member)
Niki van Zanten, Independent Treasury Expert (Panel member)
Huub Wevers, Head of Sales at Nomentia (Panel member)

 

 

 

 

 

Crisis After Crisis, Treasury Steps into the Advisor Role

24-10-2022 | treasuryXL | Kyriba | LinkedIn |

From the 2008 global financial crisis to the ongoing COVID-19 pandemic, treasury departments have served as strategic advisors regarding capital structure, liquidity and finance operations. Without the guidance and leadership of treasury management in these critical moments, many organizations would not have survived. But it begs the question—what can companies do on an ongoing basis to best position themselves for when the next crisis happens?

By Andrew Deichler
 Content Manager, Strategic Marketing

Source

The Company Vaccine

Treasury is often viewed as a bit of a niche area. Even though virtually every company has some semblance of a treasury department and the function has been around for a long time, many departments outside of finance don’t really know what treasury does. That’s essential for understanding the value of the function.

But as Lee-Ann Perkins, CTP, FCT, assistant treasurer for Specialized Bicycle Components, explained, they suddenly have a wake-up call when a crisis occurs. “During COVID and the financial crisis, treasury became that department that had a chance to shine,” she said. “I think, myself and other treasury folks, used that opportunity to really raise the profile of the treasury department.”

In the case of the pandemic specifically, companies relied on treasury to immediately get them into a better liquidity position and procure PPP loans if needed. “Treasury was the department that ran with those projects,” Perkins said. “We have the relationships with the banks, and we understand the importance of covering liquidity and covering covenants.”

Much of what treasury does is forward-looking—constantly future-proofing the organization. And in crises like the pandemic or the current supply chain shortage where cash is paramount, the C-suite looks to treasury to make sure the company can withstand future shocks. “I think, along with the heads of accounting, finance and tax, treasury has become known as our own department that can provide useful answers to the C-suite,” Perkins said. “During COVID, I made this analogy that the treasury department should really be the ‘prevention’ department. We want to be the vaccine that’s out there to prevent you from needing the medicine in the first place.”

But for the vaccine analogy to really be accurate, shouldn’t treasury already have that voice as an advisor? There will always be another crisis around the corner, but if companies are already listening closely to what treasury has to say, they might be able to weather those events much more efficiently than if they were asking for treasury’s advice at the last minute.

Building Strategic Relationships

Perhaps the most important relationship a treasurer can have in an organization is with the CFO. The CFO is typically the one that represents finance (and treasury by extension) in meetings with the CEO and the board. But if a treasurer has a good relationship with the CFO, that CFO may bring the treasurer into those conversations, explained Jim Gilligan, former assistant treasurer for Evergy and currently senior vice president of MFR Securities. “If you have a CFO that recognizes the strategic value of treasury in those executive discussions, then that goes a long way towards becoming a strategic partner,” he said.

The treasurer’s personality and skill set are also important factors in this regard; treasurers shouldn’t just hope the CFO notices them. “If you have a personality that allows you to interject yourself in those sorts of strategic discussions, then that could help to get you a seat at table,” Gilligan added. “If you’re not that type of personality or your CFO does not necessarily recognize that specific skill set, then you’ve got to find a way to get yourself noticed.”

Getting noticed by the CFO and senior leadership isn’t easy. Treasury professionals can establish themselves by adding value in other areas of the business that they may not typically have much interaction with. For example, payment processing is handled through customer service at many companies. Customer service representatives may not be aware of some of the new payment rails and capabilities that have cropped up in recent years, like real-time payments. By getting involved and helping customer service adopt some of these new payment methods, treasury can show a lot of value, Gilligan explained.

Treasury can also better establish itself by developing relationships with the operational teams and inserting itself in the annual budget process, explained John Dourdis, CTP, a corporate treasurer most recently with Conair. “Say, ‘I want to be part of that.’ Because I think that gets a lot of attention with regard to CEOs and COOs,” he said. “That’s important to give yourself that visibility that treasury isn’t always going to have.”

Dourdis noted that, whatever the company’s business might be, treasury is not going be top of mind for operations. But operations and the C-suite might look to treasury sooner if it inserts itself in the budget process. And that can lead to treasury being involved in other areas, like the forecast update process.

Treasury would also be wise to get involved in 12-18-month strategic cash flow forecasting. CFOs have been prioritizing this area in recent years but have mostly relied on FP&A to do so, while leaving treasury to handle short-term forecasts. Treasury departments should reach out to FP&A to see how they can help in the process. With treasury’s overall proven track record of developing accurate forecasts, both FP&A and the CFO may welcome their input.

Treasury departments can also help companies with large debt burdens as interest rates begin to rise. With the era of inexpensive debt coming to a close, organizations could face strict enforcement of loan covenants. Treasury’s knowledge of covenant compliance and forecasting should help immensely in this regard; a bank may agree to amend a loan and add new covenants if financial projections are strong.

Strategy and Technology

Technology can play a key role in helping the treasury department establish itself further. With the latest treasury management software, team members can spend less time doing manual work and more time contributing strategically.

Easton Dickson, vice president and global treasurer for Bain & Co., believes that technology can improve the situation drastically. He has observed treasury teams spending copious amounts of time reacting to daily operations. And with a company as big as Bain that operates in over 40 countries, that means that any day of the week, treasury may have to resolve a mini-crisis in any part of the world, while maintaining its ongoing M&A activities, due diligence, etc.

“Operationally you’re bogged down,” he said. “And so, I think whatever we can do to streamline and automate processes will make it so much easier because it’s freeing up time.”

Those times of crisis typically shine a light on areas where companies need to sharpen their edges. “Maybe you’re underinvesting in technology and relying too heavily on manual processes,” explained Dana Laidhold, treasurer for Nasdaq. “You realize, now we need to move faster, and we’ve got tons and tons of people running manual processes that could be automated.”

But often in those chaotic moments, it can be too late to course correct. A treasury department that suddenly needs to provide liquidity positions to senior leadership on a weekly or even daily basis is going to be sufficiently challenged if they are relying solely on Excel. And at that point, there’s also no bandwidth to begin a treasury management system implementation project.

“I hope finance leaders have learned, having gone through the Great Recession and the pandemic, that it’s really important to think ahead,” Laidhold said. “It’s so much harder to backpedal than it is to build smartly along the way.”

It’s therefore incumbent on the treasury team to communicate to senior leadership what insights it needs to deliver and the right technology that can make that information more accessible and accurate. Treasury should vocalize the problems that it may need to solve in the future and whether it will need greater capabilities to do so.

Laidhold hypothesized that there might be a question that doesn’t need to be answered currently, but somewhere down the line it could become important. And there’s a type of analysis that treasury would need to do, but it doesn’t have the data or technology to do it yet. “So how do we plan today to be in the position to be able to do that? I think it’s myopic to assume that whatever situation you’re in now you’re going to be in forever,” she said.

Taking Action

The treasury department needs to be proactive if it wants to be seen as a strategic partner outside of times of crisis. That means adding value wherever possible, establishing strong relationships with senior leadership and other departments, and making the business case for technology that will improve its efficiency. Crises are happening more rapidly. Companies will be in much better shape for the next one if treasury is already at the table, providing necessary insights.

Learn More:

  1. AFP Treasury in Practice Guide: Treasury Opportunities in Strategic Cash Forecasting
  2. eBook: Perfecting the Cash Forecast
Click here to view all blogs by Kyriba

BNP Paribas signs an agreement for the acquisition of Kantox

17-10-2022 | treasuryXL | Kantox | LinkedIn |

treasuryXL congratulates highly valued partner Kantox with the announcement that BNP Paribas has signed an agreement to acquire the leading fintech for automation of currency risk management!

Source

Kantox, a leading fintech for automation of currency risk management, will accelerate its growth with the support of BNP Paribas and the strengths of its integrated business model. This acquisition builds on the initial strategic partnership between BNP Paribas and Kantox initiated in September 2019.

BNP Paribas is pleased to announce the signature of an agreement for the acquisition of Kantox, a leading fintech for the automation of currency risk management. Kantox’s software solution has managed to successfully re-bundle the Corporate FX workflow, offering a one-stop-shop, API-driven, plug-and-play solution which has emerged as a unique technology within the B2B cross-border payments sector. Kantox’s technology provides an unrivalled level of automation and sophistication to Corporates in setting up hedging strategies.

By leveraging its integrated business model, BNP Paribas is well-positioned to accelerate and extend Kantox’s offering to a wide range of Corporate clients across the globe.

The acquisition of Kantox is supported by the Global Markets business of BNP Paribas’ CIB division and the business centres of the Commercial, Personal and Banking Services (CPBS) division. The two divisions aim to deploy Kantox technology to large corporates as well as SMEs and Mid-Cap clients, capitalising on market knowledge and the local presence of the group.

 

This acquisition illustrates BNP Paribas’ Growth Technology Sustainability 2025 plan that sets out to accelerate the development of technological innovations, enhance customer experience and provide best-in-class capabilities to its clients.

Philippe Gelis, CEO and co-founder at Kantox: “We have been serving clients together since 2019 when our technology partnership started. During those 3 years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients. It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe.”

Olivier Osty, Head of Global Markets, BNP Paribas CIB: “We are delighted to strengthen our partnership with Kantox, which brings to our clients a unique and innovative platform to automate their currency risk management. Corporate treasurers are currently navigating turbulent markets, and advanced technology can help mitigate some of the challenges, easing the burden of manual tasks and allowing them to focus on their core business.” 

Yann Gérardin, Chief Operating Officer, Head of BNP Paribas CIB: “The acquisition of Kantox presents a further illustration of our ability to establish long-term partnerships with fintechs in an ever-increasing range of areas. Supporting our clients in their international development and providing them with the most advanced technological solutions have always been our priority and are, as such key pillars of our GTS 2025 strategic plan.”

Thierry Laborde, Chief Operating Officer, Head of BNP Paribas CPBS: “This acquisition demonstrates how our distinctive model and integrated platform strategy are able to create value and develop business opportunities. Our leading positions with European companies of all sizes will enable Kantox to further accelerate its development while improving our customers’ experience.”

The acquisition is subject to regulatory approvals and is expected to complete in the coming months.

RECORDING | Live Session: My Treasury Career Development

17-10-2022 | treasuryXL |  Treasurer Search | LinkedIn |


The recording of the Live Session: My Treasury Career Development & How the Register Treasurer education contributed, is Now Available for You.

Duration: 53 minutes

Watch Recording

Make sure to use this Passcode: %Gp@NT=5

 

If you are thinking about how you can shape your treasury career and need some inspiration, this recording is a must watch.  There are plenty of education opportunities, but in what education will you invest and why?

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).

 

Watch Recording

Make sure to use this Passcode: %Gp@NT=5

 

Enjoy!

Best regards,

 

 

Kendra Keydeniers

Director, Community & Partners

 

 

 

Everything you need on the Standardised Approach

13-10-2022 | treasuryXL | Refinitiv | LinkedIn |

 

How can data and analytics help banks meet the FRTB Standardised Approach deadline? This blog by Refinitiv helps you understand everything you need on the Standardisded Approach.

Read more