Tag Archive for: treasury

Senior Analist Financieringen & Treasury (m/v, only Dutch speakers)

25-09-2020 | Treasurer Search | treasuryXL

Onze Partner Treasurer Search zoekt een Senior Analist Financieringen & Treasury voor een onderneming die impact heeft op het dagelijks leven van alle Nederlanders en een aantal niet-Nederlanders. Het betreft een nieuwe positie in een corporate treasury afdeling waar regelmatig zeer grote, internationale en diverse financieringen worden gestructureerd. We zoeken een analyst die vanaf het begin verantwoordelijkheid krijgt (en neemt) in bijvoorbeeld analyses, investor relations, leningdocumentatie en credit ratings. Het liefst met de potentie deal captain te worden. Counterparty risk analyse en management is een taak die aan deze analyst wordt toevertrouwd. Het team is niet groot, het zal zeker voorkomen dat ook moet worden ingesprongen in cash management.

Ideale Senior Analist Financieringen & Treasury

De ideale kandidaat voor deze positie heeft een relevante, afgeronde academische opleiding. Recht, economie of bedrijfskunde zouden bijvoorbeeld passend zijn. Hij hoeft nog niet alle expertise te hebben en werkte bij een bank aan de credit kant, als consultant of in een corporate treasury afdeling. Aantoonbare ervaring met kapitaalmarkten, financieringen, documentatie en reporting & analyse zijn zeer gewenst. Als persoon is de analyst nieuwsgierig, communicatief en zij zal zich zeker nog verder ontwikkelen. Schriftelijk en mondeling communiceren in Nederlands & Engels is een vanzelfsprekendheid. In Duits zou een grote plus zijn.


Onze Opdrachtgever

Onze opdrachtgever heeft impact op het dagelijks leven van alle Nederlanders en een aantal niet-Nederlanders. Haar activiteiten zorgen voor het oplossen van grote maatschappelijke issues die nu prominent in het nieuws zijn. In het bereiken van de ondernemingsdoelstelling is de corporate treasury afdeling essentieel en het treasury team is een innovatieve en bekende partij in de internationale kapitaalmarkten. Het team is informeel en inhoudelijk gedreven. De onderneming investeert actief in haar personeel en zorgt bewust voor een goede work-life balans.

Arbeidsvoorwaarden en Proces

Het verwachte basisinkomen voor deze positie is €70K met een ruime bandbreedte voor jonge talenten en ervaren kandidaten die iets extra’s kunnen brengen. De secundaire voorwaarden zijn zonder meer goed en ontwikkeling van personeel krijgt veel aandacht. Voor passende kandidaten die interesse hebben, is er een uitgebreide functiebeschrijving beschikbaar.

 

Contactpersoon

Pieter de Kiewit

T: (0850) 866 798
M: (06) 1111 9783
E: [email protected]





Locatie

Midden Nederland



APPLY HERE

 

 

Webinar recording: The Future of Cash Flow

| 11-08-2020 | Cashforce

Cash forecasting has been essential to treasurers over recent months both with respect to systems/behaviour/data.

In this webinar we discuss the future of cash flow, together with Caroline Stockmann (ACT), Ginny Wu (Walker Shop Footwear), Gerard Tuinenburg (Unilever), James Adams (Chalhoub) and Nicolas Christiaen (Cashforce).

Watch recording:

 

Financing and FX; The fundamental concepts

10-08-2020| Niki van Zanten

Each field of expertise has some fundamental concepts that the decision makers tie to as general rules of thumb. For example, a purist chef might stick to a maximum of 5 ingredients on each plate, a winemaker might say only grapes and nothing else, and another winemaker might say any trick goes as long as it feels the wine.

The treasury purist might say the fundamental concept that should be applied and/or benchmarked is to get as close to a zero sum game as possible. I personally tend to agree with this concept, taking into account it’s not a pure mathematical equation. A zero sum game in Treasury would mean looking beyond one pillar of treasury (I would even recommend to look beyond the treasury scope once in a while and why not, even look beyond scope of just your company), and thereby combining the outcomes of a solution across multiple pillars and see if they balance out.

Today we will take a stab out doing that for FX and Financing. Below topics give some insights in when to apply and what to look at for:

  • External Financing in Foreign Currency
  • Internal Financing in Foreign Currency
  • FX swaps
  • Conclusion

External Financing in Foreign Currency

Interest rates not only fluctuate but also have different (base) interest rates per currency/country. In general, the all in interest for financing consist of a base rate for a certain tenor and the bank spread based on perception of customers credit. At first glance it might seem interesting to look at financing in a low interest rate currency.

A few years ago many home owners in Poland used EUR mortgages to fund their homes reducing interest cost by a few percent. This of course is not a saving, even though the interest cost were lower, in return they received a FX risk on EURPLN. In case a forward (sell PLN buy EUR) would be used to eliminate the FX risk it would not only wipe out the interest benefit but also bring additional burden in terms of administration, settlements and understanding the complexity of the structure. One of the complexities of the forward is even a credit component, so the point here is, in order to really see the zero sum game picture and its leakage (spreads, out of pocket expenses etc) things can get tricky.

Internal Financing

In most scenarios internal financing is a pass through and in principle it works the same as external with a back to back leg (albeit in a netting scenario). It does open a new array of choices. The more basic choices to put the (internal) FX risk, which tenors to use, accounting classification and perhaps even do everything back to back with a bank or take some risk on the books. In terms of currency and where to put the FX risk, the most straight forward option is to use the currency is which the predominant cash flows occur. You can also choose to centralise all your FX exposure at HQ but this could cause the accounting books to look different then the economics. In any case, with any back to back transaction in general the golden balance sheet rule should apply, ie duration and conditions internal need to match external, unless you choose to have risk on your books.

FX Swaps

FX swaps (buy and sell currency for different value dates) are commonly referred as FX instruments, but in my view they are pure financing instruments. They can be used to hedge the FX on a loan or to adjust timing of cash flow or related hedges which are both financing related issues. When a swap is executed to spot reference on both legs is equal and therefore the pricing is pure interest based. Swaps can be a great way to fine-tune interest rates as forward prices tend to be closer to interbank then to manage through typical cash management products like loans and deposits. The trade-off can come in the form of a little extra work and basic knowledge is needed, but I would argue the same understanding is required when using a bank solution which has swap incorporated such as cross currency pools.

Conclusion

The FX market at first sight provides an excellent way to obtain close to interbank interest rates. Use it wisely and make sure you have a deep understanding of the situation. There are also many good reasons to choose a simple “plug and play” solution when looking at financing elements. As always, if you care about your funding and cash flow the understanding required for keeping it simple is no different than the understanding required for an outsourced (bank provided) solution. So either way, don’t do what you don’t completely understand. A chat with an expert and/or asking the right questions to your banking partners (don’t be shy to ask for the motives of the solution that is offered) will get you on the right path.

I am curious about your thoughts. Please comment…

 

Niki van Zanten

FX specialist

 

Recap of the first ‘Meet the Expert’ interview series and full overview

| 04-08-2020 | by Kendra Keydeniers |

A couple of months ago, we started the ‘Meet the Expert’ interview series with experts from the treasuryXL community with different treasury expertise.

Treasury needs to deal with an increasing availability of alternative financial products, intensifying risk management requirements, regulatory and compliance constraints.

What do our experts think about this rapidly growing movements within the treasury world? What developments do they expect in the future? What opportunities do they see?

We interviewed 10 experts over the last 10 weeks and asked them about their treasury career, experiences, the future of treasury and of course how COVID19 impact treasury from their perspective.

Did you miss an interview? No worries, here is a full overview of the ‘Meet the Expert’ series:

 

 

 

Bertus van de Kamp

Senior Business Consultant & Cash Management Specialist

read interview

 

 

 

 

 

Wim Kok

International Business Consultant & Trade Finance Specialist

read interview

 

 

 

 

 

Aastha Tomar

FX & Derivatives | Debt Capital Markets | MBA Finance | Electrical Engineer | Sustainability

read interview

 

 

 

 

 

Michael Ringeling

Corporate Treasury, Corporate Control and Banking

read interview

 

 

 

 

 

Olivier Werlingshoff

Cash- and Treasury management

read interview

 

 

 

 

 

Ger van Rosmalen

Trade Finance Specialist

read interview

 

 

 

 

 

Francois De Witte

Owner at FDW Consult | Sr. Project Manager at Gaming1 | CFO at Safetrade Holding

read interview

 

 

 

 

 

Arnoud Doornbos

Interim Treasury & Finance | Consultant | FX & Interest Derivatives | Treasury Outsourcing| Risk | Fintech | TMS

 

 

 

 

 

 

Vinzenco Masile

Treasury Expert/Credit Risk Manager

read interview

 

 

 

 

 

Arnaud Béasse

Debt Management Specialist

read interview

 

 


A big thank you to everyone that worked with me on this series, to everyone that selflessly shared their knowledge and experience with all of us! You guys rock.

If you’ve enjoyed our series so far, don’t worry, this is just the beginning! We are looking into more perspectives to share with you later this year when we will start the second ‘Meet the Expert’ interview series.

Take care and thanks for reading,

Kendra Keydeniers
Community & Partner Manager at treasuryXL

Accounting for FX; the Do’s and Don’ts

08-07-2020 | Niki van Zanten

Let’s start by mentioning a phrase that I hear regularly and, to be honest, also use myself: ‘I am not an accountant, but…..’.
The urge to mention this phrase (usually targeted to an accountant while having an ‘I know it better’ attitude), can perhaps be traced back to the following reasons:

  • Discrepancies between accounting and real economics;
  • The fact that some (from my perspective, way too many) companies are run by accountants and numbers;
  • Historically absurd requirements in terms of hedge accounting*.IFRS on paper brought some relief but the old FAS and IAS standards were over the top accounting driven without a mere grasp of the real world.

The first point could already result into great discussions. As companies are expected to adhere to certain accounting standards, these standards represent the objective part of these discussions. This results in real economics claiming an underdog position.
If companies have to choose between compliance on one hand and doing what works best economically on the other hand, the way to find the right balance is by training accountants about real economics. Many individuals working in treasury have an accounting background, which could be beneficial if that individual takes the economic approach and uses accounting knowledge convince business partners.

Let’s jump into some basic examples where accounting doesn’t reflect economic reality:

  1. IC (inter company) bookings where the transaction is not reported in the same currency at both ends

Entity A (EUR Functional) has a receivable of 1 Mio EUR and entity B (USD Functional) has a payable of 1.1 Mio USD. The Historic rate was 1.10 and cash flow occurred in USD. Entity A decided to book in EUR to avoid any FX reporting. The consequence is that there is indeed no FX exposure visible. However upon settlements all FX results suddenly appear.What a nasty surprise!

  1. Re-measurements not done at correct rates

The best indication for FX effects in your books is obtained when the applied rates are close to the market rates. As you know there are many different sources for markets rates.  The awareness of this fact is not visible in accounting.

  1. Forward points not segregated

If you do not segregate forward points in PL, you can have FX results when the currency in question does not move. That just sounds very strange to me and this also touches upon a bigger issue, namely the allocation of result on PL. In the case your FX does not land in a segregated PL line, or worse non-FX related results end in your FX PL,
this usually does not change the total PL. However this makes it extremely difficult to control FX results, as you need good exposure information as well solid controls in terms of realized results. Segregation of realized and unrealized FX is also a very helpful tool for the Risk manager.

Are companies run by accountants?

That question should be discussed over a beer or glass of wine. Right now, I will limit myself to some pointers on how to identify whether a case could be identified as an accounting issue or economics issue. It is actually very simple and should be done by treasurers and financial controllers, before any discussion occurs on what the actual problem is.

By comparing the accounting steps for each of the proposed solutions with the trades, you can identify where market risk arises and where accounting risk. The one can see that thes are not always the same. Furthermore, it might also be a good time to call for a specialist, if the right level of comfort is not met. This way of working also fits well with the absurd requirements of hedge accounting.

Regarding this topic, ask yourself whether you really need to apply hedge accounting. From my experiences, in most cases hedge accounting is applied only for one reason; to reduce the PL volatility in between hedging and the moment of cash flow for forecasted transactions. (especially true for listed companies).Taking an economic perspective, there is no benefit in hedge accounting at such a significant cost in terms of audits and administration . Hence, determine how high the cliff is, before you dive down into hedge accounting procedures.

Conclusion

In a perfect world with only blue skies and where work consists of having margaritas on the beach, there are no accounting requirements (and probably also no FX to manage). In our world, the same feeling can be obtained by making sure that the accounting for FX reflects economic reality as much as possible. Thisby applying the accounting standards as a framework. Furthermore  take into account what level of known discrepancies between the economic and accounting reality you are comfortable with.

*Please note hedge accounting and accounting for FX are not the same. By accounting for FX I mean the accounting entries done by non-local or group currency items. These can be invoices in different currencies or intercompany bookings. Hedge accounting is only linked to deferring derivative MTM on the balance sheet as opposed to PL immediately.

I am curious about your thoughts. Please comment…

 

Niki van Zanten

FX specialist

 

International Treasury Management and Corporate Finance course in September 2020

06-07-2020 | by Kendra Keydeniers | Francois De Witte | ATEL

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 various modules will allow acquiring an in-depth knowledge of the various areas of the “Corporate Treasure” profession.

Registration

This course will start late September 2020. It includes 13 training modules and 5 intermediary exams. It is necessary to complete this form before your official registration. Registration will be closed early September 2020.

Objectives

At the end of this programme, the participant will able to:

  • assist directly and practically the treasurer of large corporates
  • take over treasury responsibilities in a SME.

The various modules will allow to acquire an in-depth knowledge of the various areas of the “Corporate Treasurer” profession.

Programme

Module 0: Introduction to Treasury Management
Speaker: Benjamin Defays / Treasury Manager

  • Corporate Treasurer’s responsibilities
  • Cash management (bank account opening, closing, KYC, Cash pooling, Payments and bank connectivity)
  • Liquidity management (importance of working capital management,
  • Risk management (foreign exchange, fraud, credit risk)
  • Trade finance (general context, intro to bank guarantees and letters of credit)

Module 1: Financial Maths (Focus on treasury & corporate finance)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School

  • Focus on treasury & corporate finance
  • Time Value of Money
  • Vocabulary
  • Compounding intervals
  • Discount and annuity factors

Module 2: Advanced Excel workshop for treasurers (Dedicated to treasury)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School

Module 3: Corporate Finance
Speaker: Mikael Pereira / Associate, Finance

  • Valuations
    • M&A’s
    • Portfolios
  • Corporate Financing
  • Corporate Investments

Module 4: Cash Management (domestic and international)
Speaker François De Witte / Consultant

  • Payments (Process, Tools)
  • Liquidity Management
  • Cash-Flow Forecasting
  • In-House Banking
  • Banking Relationship

Module 5: Trade Finance
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
  • Alterative security instruments
  • Disruptive technologies

Module 6: Credit Control
Speaker: Anca Vasiliu / Counterparty Risk Manager

  • Concepts & Practices/Types of Credit Risks
  • Understanding Financial Statements and Ratios
  • Credit Scoring/Ratings – S&P, Bloomberg models
  • Collecting overdue receivables – setting priorities
  • Strategies dealing with overdue invoices
  • Debt collection services development

Module 7: Pension / Insurance 

  • General introduction on insurances and pensions
  • Typology of insurances
  • Risk management via insurances
  • Saving via insurances

Module 8: Compliance

  • KYC, GDPR, EMIR, Bale III
  • International sanctions and their impact on transactions & overall business activities
  • Anticorruption (FCPA, UK Bribery Act)
  • EU competition law compliance
  • INCOTERMS
  • Drafting a contract (main considerations)

Module 9: Risk Management
Speaker: Patrick Verspecht / Group Treasurer

  • FX, Interests
  • Counterparties
  • Others (Reputation, etc…)

Module 10: Regulations / Accounting
Speaker: Quentin Bodart / Senior Finance Engineer

  • Emir, Mifid 2, Basle II and III,
  • Dodd Frank, GDPR, Fatca, Section 385…

Module 11: Treasury Accounting
Speaker: Quentin Bodart / Senior Finance Engineer

  • Accounting for Derivatives
  • Hedge Accounting, IFRS9 (all from a treasury side)

Module 12: Technologies
Speaker: Patrick Verspecht / Group Treasurer

  • New Technologies
    • Blockchain, Crypto-currencies, Smart Contracts
  • Treasury Console (Bloomberg, Thomson Reuters)
  • TMS, Fintechs

Module 13: Cyber Fraud

  • Why Cyber fraud needs to be considered as a major risk
  • Identify the consequences of a cyberattack
  • Main fraud schemes
  • How to protect against fraud

Some homework might be proposed for some modules, there will be continuous control in the form of intermediary exams (under the form of QCM) and a final exam will be sanctioned by an attestation delivered by ATEL (The Luxembourg Association of Corporate Treasurers).

There might also be one or two “extra-activity”, such as a visit in a bank trading room or/and a special guest speaker addressing the cursus participants on a specific subject (still to be defined, optional events).

Target Audience

Anyone willing to acquire an in-depth knowledge in corporate treasury and wishing to exercise this knowledge in practice.

Prerequisites

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

Course Material

The course material can be downloaded free of charge via your portal the day before the start of the course (download the Client Portal User’s Guide here).

Certificate

At the end of the programme, the participants will receive a “Certificate of Attendance” delivered by the House of Training, and an attestation of “Exam Success Pass” delivered by ATEL.

In order to get certified, an 80% rate of attendance and a 60% average score on the examinations are required.

The participants will also receive a one-year free membership to ATEL (www.atel.lu) giving a number of advantages.

Register here

 

 

 

 

 

 

How to develop the ultimate Cash Flow Forecast

| 29-06-2020 | Cashforce

Cash flow forecasting has been called many things in literature. Ranging from the cornerstone of a finance & treasury department to the lifeblood of any organization; it’s fair to say cash forecasting is vital to get an accurate prediction of an organization’s health. Cash forecasting, at its core, is simply identifying all the various in & outflows over a given period in order to analyze and compare those estimations with your actuals. However, in reality, it’s not that simple and a lot of challenges arise in getting an acceptable end result, especially when complexity increases i.e. multiple systems, entities, currencies, etc. Additionally, it doesn’t stop at regularly getting the right information in a timely and efficient matter. Setting sensible assumptions and providing contingencies that offer flexibility in case of unexpected events are a few quintessential things to consider. Improving your forecasting results is more than relying on hard data, but bears fruit in the synergy of art and science. Don’t know where to start, or how to fill in the blanks on further optimizing your current process? Then follow this checklist.

1. Set your goals & requirements – getting to the why – decide:
  • Why are you creating a cash forecast?
  • Do you want to perform an indirect or a direct cash forecast e.g. focus on short term (direct) or longer-term (indirect), or a combination of both
  • What does successful (output look like? (formats, visuals…)
  • If you would like to combine both, choose how the reconciliation would work?
  • What level of granularity do you need?
  • What KPI’s will you be measuring?
  • Who will be the main users of the reports and analyses? (operational vs strategic or both)
  • Who will be contributing to generate the forecast?
  • How will the different contributors and users consume the outputs?
  • What other stakeholders will use the forecast? (e.g. shareholders)
  • Will you recognize forecasting performance? (e.g. remuneration)
  • What are your main cash flow drivers? (how do you define your business model?)
  • What will be the main process-steps?
  • To what extent your staff will be involved in the process? (vs. technology doing the work)
  • In case of exceptions, can the process be sidestepped? If so, what happens then?
  • What controls will be put in place?
  • Who will be in charge of setting up the process? (internal/external)
  • Who will be the main owner of the process?
  • How often does the data need to be updated?
  • How will data quality be ensured for new inputs?
  • What process will be put in place to clean the current data?
  • How will you flag and treat mis-allocated cash flows?
  • What will you use as a reporting currency?
  • How do you treat currency differences?
  • What data sources are most relevant for the forecast and what data you want to take into account:
    • Systems holding your (actual & future) payables and receivables?
    • What formats are your bank statements in? (MT940, BAI, EBICS, CODA…)?
    • Financial planning data. e.g. FP&A / budget / planning tools?
    • Do you have any Treasury & financing data, e.g. interest & FX payments on ongoing deals, residing in, e.g. a Treasury Management System or spreadsheets?
    • Do you need to take any other data into account, e.g. in data warehouses, other specialized systems for leasing, salaries, projects, etc.?
    • What manual input do you require? To what level?
  • How will you get the above data into the forecast? Is it possible to automate these processes?
  • How many forecast horizons do you want to define?
  • What cutoffs would you put in place to split the horizons?

How would you divide the short-mid- & long-term components of the forecast, see (e.g. different per data source below:)

An example of Cash forecasting horizons & their sources

  • What cash flow categories do you want to use?
  • Is there a template you can use as a basis of cash allocation categories, e.g. your current ERP, etc.?
  • How will you treat the unallocated transactions/cash flows?
  • Setting up accuracy feedback loops, e.g. regularly comparing actuals vs forecast & reviewing for improvement
  • Choosing which algorithms / logic – based on business drivers – can be integrated into your model to improve the forecast
  • Decide which contingencies to build in, e.g. revenue/cost/currency/… assumptions

Evaluate how you will you compare with and integrate industry best practices, e.g. staying up to date with the latest technology/peers/…

While creating an accurate cash forecast is not rocket science, getting an effective reporting process in place certainly requires a well thought out and reproduceable plan. Defining the who, the what, the when and the how is both a quantitative and qualitative exercise in building out a forecast. This checklist shows you how to combine the art and science of cash flow forecasting to get it done.

My ethics are better than yours

| 12-06-2020 | treasuryXL | Pieter de Kiewit

In these corona times I work just as hard as before. Regretfully we have fewer assignments (Treasurer Search), but as a team, we prepare for better times. Especially not traveling results in extra time in which I am finally able to structurally read Het Financieele Dagblad (the Dutch Financial Times) and contemplate what is happening and what people have to say. Inspired by a column of Matthijs Bouman I connected a number of articles. Bouman writes about “foute bedrijven” (wrong companies). People condemn Booking.com for asking for government support because they made a huge profit and bought their own shares and still ask for support. So, Bouman states, we should punish their employees. The same way we should punish companies that would not survive anyways, supermarkets that sell wrong products or aviation companies that pollute the air. I like the way he shows us how arbitrary our thinking is.

So what do you think about the following?

  • Flow Traders had an excellent quarter because they thrive on market volatility;
  • FX traders of Citibank, BoA and Goldman recently made huge profits.

Is their business model legit? Or are they the proverbial lawyers that chase the ambulance? At the end of the day I make a living finding staff for companies. Also death, sickness and crisis results in searches for new treasurers and I do not lose sleep over picking up these assignments. Demand and supply, simple as that.

We constantly see how the banking industry struggles with what is good and what is right. A string of scandals over the last years led to new legislation and a lot of work in solving derivatives contracts between banks and their clients (UHK). A new support industry rose and fell. Currently a new one is being built to fight money laundering and other dubious transactions, that will be a KYC industry. Bankers already knew what is wrong and ignored the rules so new control mechanisms had to be build. The one thing I learn from this is that external legislation is not a way to improve morality of bankers. Is the solution hidden in their reward system or their upbringing?

For the opponents of tax evasion, a topic that is in the heart of business ethics, there is good news. The number of entities in The Netherlands that are founded for this purpose is quickly getting smaller. This after extensive public discussion and potential policy changes. I like to think that the powers that be started thinking about the purpose of their companies and these entities, and decided that there are better ways. And not solely money driven, but also because it is the better way. I prefer being hopeful & positive over being cynical.

Listening skills and wanting to compete in the championship of ethics are rarely combined in one person. Being sure and loud regretfully often are. I will make a reminder to follow up on this blog in five years or so.

 

 

Pieter de Kiewit

Owner at Treasurer Search

Start your International Treasury Management and Corporate Finance course in September 2020

29-5-2020 | by Kendra Keydeniers | Francois De Witte | ATEL

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 various modules will allow acquiring an in-depth knowledge of the various areas of the “Corporate Treasure” profession.

Registration

This course will start late September 2020. It includes 13 training modules and 5 intermediary exams. It is necessary to complete this form before your official registration. Registration will be closed early September 2020.

Objectives

At the end of this programme, the participant will able to:

  • assist directly and practically the treasurer of large corporates
  • take over treasury responsibilities in a SME.

The various modules will allow to acquire an in-depth knowledge of the various areas of the “Corporate Treasurer” profession.

Programme

Module 0: Introduction to Treasury Management
Speaker: Benjamin Defays / Treasury Manager

  • Corporate Treasurer’s responsibilities
  • Cash management (bank account opening, closing, KYC, Cash pooling, Payments and bank connectivity)
  • Liquidity management (importance of working capital management,
  • Risk management (foreign exchange, fraud, credit risk)
  • Trade finance (general context, intro to bank guarantees and letters of credit)

Module 1: Financial Maths (Focus on treasury & corporate finance)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School

  • Focus on treasury & corporate finance
  • Time Value of Money
  • Vocabulary
  • Compounding intervals
  • Discount and annuity factors

Module 2: Advanced Excel workshop for treasurers (Dedicated to treasury)
Speaker: Hugues Pirotte / Professor of Finance at Solvay Brussels School

Module 3: Corporate Finance
Speaker: Mikael Pereira / Associate, Finance

  • Valuations
    • M&A’s
    • Portfolios
  • Corporate Financing
  • Corporate Investments

Module 4: Cash Management (domestic and international)
Speaker François De Witte / Consultant

  • Payments (Process, Tools)
  • Liquidity Management
  • Cash-Flow Forecasting
  • In-House Banking
  • Banking Relationship

Module 5: Trade Finance
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
  • Alterative security instruments
  • Disruptive technologies

Module 6: Credit Control
Speaker: Anca Vasiliu / Counterparty Risk Manager

  • Concepts & Practices/Types of Credit Risks
  • Understanding Financial Statements and Ratios
  • Credit Scoring/Ratings – S&P, Bloomberg models
  • Collecting overdue receivables – setting priorities
  • Strategies dealing with overdue invoices
  • Debt collection services development

Module 7: Pension / Insurance 

  • General introduction on insurances and pensions
  • Typology of insurances
  • Risk management via insurances
  • Saving via insurances

Module 8: Compliance

  • KYC, GDPR, EMIR, Bale III
  • International sanctions and their impact on transactions & overall business activities
  • Anticorruption (FCPA, UK Bribery Act)
  • EU competition law compliance
  • INCOTERMS
  • Drafting a contract (main considerations)

Module 9: Risk Management
Speaker: Patrick Verspecht / Group Treasurer

  • FX, Interests
  • Counterparties
  • Others (Reputation, etc…)

Module 10: Regulations / Accounting
Speaker: Quentin Bodart / Senior Finance Engineer

  • Emir, Mifid 2, Basle II and III,
  • Dodd Frank, GDPR, Fatca, Section 385…

Module 11: Treasury Accounting
Speaker: Quentin Bodart / Senior Finance Engineer

  • Accounting for Derivatives
  • Hedge Accounting, IFRS9 (all from a treasury side)

Module 12: Technologies
Speaker: Patrick Verspecht / Group Treasurer

  • New Technologies
    • Blockchain, Crypto-currencies, Smart Contracts
  • Treasury Console (Bloomberg, Thomson Reuters)
  • TMS, Fintechs

Module 13: Cyber Fraud

  • Why Cyber fraud needs to be considered as a major risk
  • Identify the consequences of a cyberattack
  • Main fraud schemes
  • How to protect against fraud

Some homework might be proposed for some modules, there will be continuous control in the form of intermediary exams (under the form of QCM) and a final exam will be sanctioned by an attestation delivered by ATEL (The Luxembourg Association of Corporate Treasurers).

There might also be one or two “extra-activity”, such as a visit in a bank trading room or/and a special guest speaker addressing the cursus participants on a specific subject (still to be defined, optional events).

Target Audience

Anyone willing to acquire an in-depth knowledge in corporate treasury and wishing to exercise this knowledge in practice.

Prerequisites

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

Course Material

The course material can be downloaded free of charge via your portal the day before the start of the course (download the Client Portal User’s Guide here).

Certificate

At the end of the programme, the participants will receive a “Certificate of Attendance” delivered by the House of Training, and an attestation of “Exam Success Pass” delivered by ATEL.

In order to get certified, an 80% rate of attendance and a 60% average score on the examinations are required.

The participants will also receive a one-year free membership to ATEL (www.atel.lu) giving a number of advantages.

Register here

 

 

 

 

 

 

Become the next Cash Manager with City Financials Expertise (m/f)

27-05-2020 | Treasurer Search | treasuryXL

Our partner Treasurer Search is looking for a Cash Manager with City Financials Expertise (m/f)

Tasks Cash Manager

The cash manager is responsible for operational tasks like forecasting, payments, liquidy management and bank relationship management. Specifically the use and improvement of the TMS, City Financials, will take substantial time.

Ideal Cash Manager

The ideal candidate for this position has corporate cash management expertise. Only candidates with City Financial experience will be considered.

Our Client

Our client is a multi-billion, international company with a large presence in The Netherlands. 

Remuneration and Process

We are in dialogue with our client about the set of tasks and the ideal candidate for this position. Our first feasibilty study shows a limited number of candidates in the Dutch labour market with City Financials experience. As this is a dealbreaker, we already started communicating with the market mentioning this constraint. We invite candidates with this expertise to contact us and find out if this position might be for them. The Treasurer Test might be part of the recruitment process.

Location

Utrecht Region

Contact person

 

T: (0850) 866 798
M: (06) 2467 9339