Download PDF

The big picture out there really matters to treasury because disorder caused from geopolitical risk, and uncertainty caused from uneven growth and technological disruption are promoting rethinks about the global business environment with knock-on effects for FX, interest rate, tax, regulatory and political risks. But how can you predict the effects of this on your business? How do you know which signals to read? Best-selling author Pippa Malmgren, a former presidential advisor on the impact of terrorism on the economy, and named as one of the top five women in finance, will argue that economic signals are everywhere and in the most unlikely places -- everyday signals that can help empower you in decisions to navigate troubled times. As a well-known trend-spotter, Malmgren also advises the UK government on Brexit and the Ministry of Defence on global strategic patterns. Focussed on innovation as well, she can offer insights into how technologies will solve new problems created by a changing world.

 Dr. Pippa Malmgren, Trendspotter, Bestselling Author, Co Founder, H Robotics, UK

Moderated by:

 Sebastian di Paola, Partner, PwC, Switzerland
 Naomi Holland, Assistant Treasurer, Intel Corporation, Ireland

Deluged by 24/7 news and analysis? We have the key themes you need to understand covered by the most respected experts in their respective fields.

Ten months of Trump: After the radical promises of his campaign, Donald Trump’s presidency has prompted some radical activity in Congress, but how much real economic and regulatory change? And how are his interventionist, protectionist tendencies playing out in practice? What can we expect to be the impact on trade?
 Jamie Thompson, Head of Macro Scenarios, Oxford Economics, UK

Europe on the brink?: The Eurozone recovery continues to gather pace. EU elections in France and the Netherlands have boosted confidence. But do Brexit and the Greek and Italian experiences mean the Eurozone needs a rethink or a redrawing?
 Erik Berglof, Professor & Director of the Institute for Global Affairs, London School of Economics, UK

Brexit bumps: The initial lack of a ‘Brexit effect’ surprised economists but the economy is now delivering their worst fear. And the June election has created yet more uncertainty. So how should companies prepare for Brexit without making key changes too early? Will there be treasury impacts on tax, payment and liquidity structures?
 Daniel Franklin, Editor 'The World in 2018' & Executive Editor, The Economist, UK

Inflation: In the US, the Eurozone and China inflation is the conundrum. Are core inflationary pressures real? Should central banks adopt higher inflation targets? What about increasing levels of household and corporate debt? We provide a roadmap for corporates and their treasurers.
 Jeffrey Franks, Director, IMF Europe Office, Brussels

Emerging markets: A rising tide floats all boats. But what about the ebb? Does a stronger dollar hurt emerging economies and make borrowing more difficult? Which markets are most exposed to US policy shocks? And where is political risk the most highest?
 Philip Worman, Managing Director, GPW Ltd, UK

Stream 1: Enhancing core processes: fixing treasury pain points

When the Big Picture is so uncertain, it’s easy to take your eye off the basics. Trump, blockchain and artificial intelligence will undoubtedly change the world, but you still need to make payments and manage your bank accounts. So what are the problems that still plague treasury and what are the latest solutions to fix them?

 11:40 AM
The first thing is still centralisation  

It's hardly ground-breaking, but the true centralisation of all core treasury processes is the single most important step on the road to efficiency and visibility. It is also critical in ensuring cyber-security. More subtly, a rolling programme of centralisation ensures a continuous focus on wringing efficiencies from every single underlying process. It breaks "efficiency" into a series of identifiable projects, each of which delivers measurable gains as treasury is updated and re-engineered. So what are the key pain points for treasury today? Which structures are becoming outdated and need to be replaced? Which processes can benefit from proven technological innovation - as opposed to those which require investment in the cutting edge? And where do those big picture issues impinge on key processes now and force treasury to react?

 Steven Gomes, Treasury Operations Manager, Bose Corporation, US
 Cathy Fields, Assistant Treasurer and Director of Global Risk Management, Hitachi Data Systems, US
 Tor Stian Kjøllesdal, Head of Internal Treasury, Statoil ASA, Norway

Can treasuries really deliver strategic insights? It's a rare treasurer who sits on the board and even a seat on the ExCo is not a given. One reason for this is simple: if treasury could gather and analyse all the data that flows through it in anything approaching real time, it would indeed be able to deliver the insights claimed. But most can't. Digitalisation changes all of this. Fully digital, straight-through systems make real-time payment, collection and cash management analysis possible; accurate daily cash forecasts; global customer order and payment patterns; procurement and inventory management. With this information not only can treasury deliver strategic insights, it can push back against businesses tired of waiting and eager to exploit the latest tech and opportunities. The problem is, delivering this type of process change is painfully slow in most large corporations. So what can treasurers do to create significant change and have any companies been able to make the transformation. This treasurer says "yes".

 Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche, Switzerland
 Peter Cunningham, Consumer & Healthcare Head, EMEA, Managing Director, Citi, UK

Bank rationalisation is like centralisation: first, everyone should have done it; second, there are "good reasons" why they haven't; third it's the foundation of efficiency and visibility across a key area of treasury activity. The basic rule is simple: don't hold bank accounts where it isn't necessary. The problem, generally, is determining what the existing system is, why it evolved and what is necessary. For any sizeable MNC, unnecessary complexity evolves through acquisition, new market penetration, the creation of business entities for tax and regulatory reasons - the list goes on. Companies end up with, 100s or even 1000s of accounts, creating problems down the line in terms of reporting and analytics. So how should companies go about auditing and rationalising these accretions? What other techniques can be overlaid - virtual accounts for example - that can then reduce numbers further? And will the rationalisation process have any unintended consequences in terms of tax or even bank relationships? Here is a template for initiating a rationalisation programme.

 Romain Douady, Head of Global Treasury, Sephora, France
 Paul Cuddihy, Director, Working Capital Advisory EMEA, Deutsche Bank, UK

Once rationalised, bank accounts still need to be actively managed to prevent inefficiencies developing anew. Opening and closing accounts and maintaining mandates are time consuming and costly, as well as a source of error and, potentially, fraud. And in many regions, where multiple local bank relationships are still necessary, the process is harder still. The core solutions are structural: centralised treasury centres are a basic minimum; better still a payments and collections factory, or at least shared service centres, that can 'see' both ends of the payment/collection cycle; and for some, large corporates, the in-house bank represents the ultimate solution as it can hold all accounts and acts on behalf of the other group legal entities. And there are the basics: maintain up to date authorisation matrices, ensure that a central record of all bank accounts exists and use existing processes to identify unnecessary complexity in bank accounts and connectivity. But which solutions suit which types of company? And what about the Cloud - are there new technology solutions to the problem?

 Bruno Lawaree, VP & Assistant Treasurer, Eaton Corporation, US
 Stefan Windisch, Cash Manager European Region, F. Hoffmann-La Roche, Switzerland
 Susana Aristizabal, Director, Assistant Treasurer, Bombardier Transportation, Switzerland

Visibility is easy to say but harder to obtain. Just as technology promised us the paperless office but in fact gave everyone a printer, it promises us transparency but creates myriad ways to create opacity through complexity. Most corporates have evolved a tangle of TMS, ERP and bank portals and may struggle to corral them into a single, transparent information flow. So what are the options? External suppliers such as Swift, the Cloud and other FinTech providers can bring order to specific parts of treasury workflows. But they all come with costs and caveats. And they tend to require that core work on process simplification, implementation of industry standards and interface building has already been done. This treasury took a deep-dive on all its systems and processes as the prelude to a treasury-wide digital transformation programme. In this session the treasurer explains what the process revealed, the solutions they chose and why.

 Amit Singh, SVP & Treasurer, Newell Brands, US

Anyone who has run a (non-finance) division will have a story about trying to explain their business to central finance or the auditors. They will remember being annoyed by questions like, "What's your sales forecast for next year? What about profit?" And they will have been tempted to answer, "Most likely +/-10% of last year, give or take." That disconnect between a function that seems to want to impose a spurious accuracy on real-world uncertainty can be a real problem - and that problem will lead to poor forecasting and a limit to how much treasury can really support wider business goals. Bridging the disconnect is partly a question of work: treasury must take the time to properly understand the nitty gritty of selling engine parts in Thailand or advertising in China. It's also a question of personality: uncertainty and unpredictability are normal. People drawn to finance often don't like that. So is the answer more data and better analytics? This treasurer thinks so. How can the forecasting accuracy pain point be solved?

 Graeme Williamson, Assistant Treasurer, Boston Scientific, US
Stream 2: Treasury and the SSC

Are SSCs treasury’s friend or is it how treasury disappears? Companies are increasingly spinning off functions such as AP/AR reconciliation, daily liquidity management and FX into SSCs, leaving treasury teams smaller and handling fewer tasks. Some SSCs even have a veto over treasury policy. So what is the right balance?

 11:40 AM
Alive and kicking: the treasury SSC  

FinTech, the Cloud, de-globalisation, outsourcing, regulatory complexity, harmonising global wages – there are so many possible reasons to write off the shared service centre and yet companies are still setting them up domestically and internationally. So why does it still make sense to open SSCs? What functions are best transferred to an SSC and why? And is treasury still a prime mover in these programmes or just a small part of wider business process re-engineering?

 Lesley Rogers, Director, Treasury, Banking & Cash EMEA, AT&T, UK

The trend towards shared service centres was greatly helped by another trend: the relaxation and global harmonisation of financial, tax and compliance regulations. Regional initiatives, such as those in Europe, were part of a wider, competitive move by countries to make it easier for multi-national businesses to operate in them. The question is: is this trend going to continue or have we entered a phase of protectionism and de-globalisation? And if we have, do we face a global business environment increasingly fragmented by regulations designed to boost the local at the expense of the international? It is very early days, but would that kind of environment alter the cost/benefit equation for SSCs? Just as today it is hard to centralise in fragmented regions like Asia, would a splintering global business environment stymie treasurers’ continuing drive for centralisation and harmonisation?

 Bas Rebel, Senior Director Corporate Treasury Solutions, PwC, The Netherlands

Cyber-security has moved to the top of board, finance and treasury priority lists. And these key stakeholders are finding that creating a cyber-secure environment is a great deal harder than it may first have appeared. This is true even in those business areas that they control directly. It is much more of a problem in tech-heavy standalone units often situated in emerging markets. First, the need for global connectivity creates opportunities for cyber-criminals. Second, high staff turnover is typical in low-skilled, offshored jobs, making training difficult. Third, low wages create incentives for dishonesty: banks are finding that it may be more cost effective to move call centres and any operations that handle personal data back onshore rather than expose staff to the temptation of large payments to steal information. So is re-onshoring the answer to SSC cyber-security or are there better solutions? What are the critical risks and what are the best remiediations for them?

 Nico Bruno, Senior Treasury Manager EMEA/APAC, Citrix, Switzerland  Tom Durkin, Managing Director, Digital Channels, Bank of America Merrill Lynch, US

The success of an SSC is predicated on how well corporates can migrate treasury processes into them. A typical sequence of migration starts with bank reconciliations and bank account management, followed by cash forecasting and bank guarantee management, with additional functions being transferred from in-country OpCos after that. The later process migration is not simply a case of moving transactions and their associated processes, but one of breaking down and re-designing existing on-shore jobs. This company set up its first SSC in 1998 and the first treasury activity took place a decade later in 2008. Now 20 years in it has recently gone live on its latest, more complex phase of migrated work. So, from this experience in managing this process, what has treasury learned? What has gone well and why? What improvements could still be made? And when it comes to complex migrations, what are the key challenges and solutions?

 Frances Hinden, Vice President, Treasury Operations, Shell International Ltd, UK

Deciding on the location of any centralising business structure is still a critical step in the process. In general, companies still centralise by region (with the US often counting as one). In Europe, a number of countries compete to be the most attractive, and this event is sitting in one of the most successful. Barcelona – and Catalonia as a whole – have increasingly been recognised as candidates for the delivery of centralised finance, IT, asset management and customer care services to MNC’s European and worldwide customers. As well as the standard claims of high internationalisation, skilled staff and a business-friendly environment, Catalonia does also have a genuine claim to be a centre of technological innovation. The ALBA Synchrotron and the Mare Nostrum Supercomputer require high-level IT infrastructure to function and this is available to any companies in the vicinity. So in the digital era, in which the SSC is part of business transformation and not a low-cost, low-skill processing centre, how has the priority list changed when it comes to SSC location? What are the three most important attributes of a geography now? And what does the fact that Barcelona is so popular tell us about those priorities?

 Katarzyna Stefanska-Balos, Treasury Operations Manager, Colgate-Palmolive, Poland
 Krisztián Kozma, Treasury Director, CEMEX, France
 Marija Djordjevic, Head of Corporate Finance, Nelt Group, Serbia
Stream 3: The intelligent treasury: the intersection of treasury and the business

In one sense, treasury has never been more strategic. Given current levels of volatility and uncertainty, its protection of the business against them, and its help in exploiting them, is business critical. Digitalisation requires the re-engineering of every system and process in the business: treasury is a key partner in this transformation.

 11:40 AM
The perfect partner for the business  

This case study will look at how treasury can play a role in the strategic aspects of business partnering. Treasurer Johan Nystedt, fresh from turning treasury into a more strategic role at Levi Strauss, joined Conagra Brands in April 2016 as the Treasurer and head of Investor Relations, looking for ways that his department could work with the business to create more value. This has included the centralization of FX, the spin-off of the Lamb Weston business, various sales and acquisitions, and the renegotiation of the company’s credit facility. Treasury participates in the Audit and Finance Committee meetings of the Board and chairs the Risk Oversight Committee, oversees Investor Relations and has made some significant changes to the company's debt profile. He will talk about creating a step by step recipe for success.

 Johan Nystedt, VP Treasurer & Chief Risk Officer, ConAgra Brands, US

Situated on front-line of digital disruption, the retail space has been bombarded with disruptive forces from digital payment methods, new payment providers and new consumer demands and shifting expectations. This session explores:
• The origins and driving forces behind the rapid evolution of e- and m-commerce
• The impact of e-commerce on traditional retailers
• Payment as part of the customer experience
• Consumer financing - a new battle ground?
• End-to-end processing across platforms and payment methods - The Holy Grail?
• A changing competitive landscape and the outlook for payments and e-commerce over the coming years.

 Jesper Broskov, Group Treasurer, The Lego Group, Denmark
 Stefan Lindmark, Head of Product, Tradera, Sweden
 Sophia Wikander, Head of Business Innovation, Nordea, Sweden

Rapid business growth is a test for all business processes from sales to HR. For treasury it puts particular pressure on existing systems especially where multiple acquisitions create additional integration issues. So what are the key pressure points on treasury when the underlying business races ahead? What can go wrong most quickly with the most damaging consequences? And how can treasurers ensure the continuity and accuracy of core treasury functions across the group without getting in the way of the business? This company has used growth as the catalyst for a treasury transformation project, which included insourcing treasury operations, redefining treasury technology, building talent and teams and developing a flexible organisational framework. In this session, the treasurer explains how they have continued to deliver overall treasury excellence at a time of profound change and global expansion.

 Pedro Batista, Director of Banking, OPTAL, UK

Commodity and currency risk are typically managed separately by treasury and procurement. Worse, while financial risk management is usually highly sophisticated, commodity exposures are still often managed on an ad hoc, manual basis through supplier contract terms. And the correlations between FX and commodity prices are ignored. The high volatilities seen in both the currency and commodity markets make this approach untenable. Not only can corporates be caught out by price swings through poor commodity risk management (losing margin and/or market share), they can also find their hedges working against each other over non-contiguous time periods and quantities. Businesses that manage their commodity and currency risk in a more centralised and sophisticated manner gain an edge over rivals that don’t, as this treasurer demonstrates. Here’s how to marry up the two.

 Rob McAnally, Group Treasurer, Associated British Foods, UK  Mark O’Toole, VP, Commodities & Treasury Solutions, Openlink, US

The challenge of managing a global treasury in today’s dynamic regulatory landscape – particularly its rapidly evolving tax reforms – is substantial. Regulation continues to increase the cost to banks of providing core corporate services: in mature markets, there is increased emphasis on making sure each local entity of a bank is fully capitalised and controlled locally, which puts extra pressure on banks maintaining international networks; global regulations are increasing the cost of risk management transactions and changing liquidity in key markets such as FX, leaving new players to fill the gap. What does this mean for treasury decision-making, strategies and structures?: full fat, onshore, local trading and treasury activities? And then there is BEPS: how will it affect cross-border supply chains and the treasury and cash management structures which have arisen on their back? Is a de-centralised, 1960s version of treasury the future? In the age of instant global communication and networking, are we going to find ourselves living again with the inefficiencies of cash piling up in some countries, while others have debt?

 Damian Glendinning, VP & Treasurer, Lenovo, Singapore

Anyone who has ever been involved in a merger or acquisition, especially of a public company where the data room is limited, knows that information gained at the start of the deal pays back with interest. Is the target business performing as described? Are there issues that will derail expected synergies? Are there unusual tax and accounting structures or other financial engineering that obscure the true profitability of the operating business? And what is the real trade-off between buying the business and organic investment? Getting treasury and finance in right at the beginning is a crucial step in getting the answers to these questions. So how can treasurers make sure their contribution is understood and asked for?

 Alexander Foltin, Corporate VP, Finance & Treasury, Infineon Technologies AG, Germany
Stream 4: A day in the life of best practice treasuries

'Best practice' can be a nebulous term, but what does it really mean when applied to treasury? What concrete, measurable steps can treasurers take to ensure that they are meeting the highest standards? And what does 'best practice' look like in the different contexts of particular sectors or business scales?

 11:40 AM
Future proofing the future  

A key problem with the current drive for digital transformation – as well as less ambitious attempts to upgrade treasuries – is understanding which structures will stand the test of time and which costs are just funding transitional arrangements. In this session three treasurers will discuss how they have undertaken transformations in the following areas of treasury and how they have tried to avoid transitional technologies:

  • • Pooling
  • • In-house banking
  • • Payment factories

 Hans Maarten van den Nouland, Executive Director, Global Head Liquidity and Cash Management, Merck Sharp & Dohme, The Netherlands
 Janko Hahn, Head Treasury Operations, Autoneum Management AG, Switzerland

High-growth companies face the same problems of transitional technology as any other treasuries, but multiplied by the need to build in capacity to cope with expansion. They cannot afford to overspend on disposable solutions but equally the business cost of non-robust, non-scaleable solutions is unacceptable too. So how can treasurers at these companies build a flexible, modern treasury able to cope with the often unexpected twists and turns of a growing, possibly acquisitive, business? When building a treasury essentially from scratch to cope with rapid expansion, what should they focus on first - banking partners, cash management, AP/AR, risk management, tax structures? And what traditional treasury stages can they skip? Three companies give their stories.

 Douglas Tropp, Corporate Treasurer, The Priceline Group, US
 Patrik Hallerström, Treasury Director, Spotify, Sweden
 Jori McCuskey, Director of Treasury, Symantec, US

For a business that handles approximately one order per second globally that Oriflame picks and packs and ships to customers (all of its systems and handling of these are global) and 95% of business done online, the company has undergone a critical and essential digital revolution. How does a company manage such a transformation with the complexity and challenges it faces? Meanwhile, Oriflame has a lot of business cycles every year (17), and this requires close monitoring of cash handling / management and its international flow of funds. Its Swiss-based treasury hedges around 70% of its exposures and it maintains cash pools, the primary purpose of which is to keep the cash with its core banks in Europe and thereby to minimise the risk of having it trapped in local entities and local currencies. This treasurer will talk about the change in business model and the impact on finance.

 Georgi Karapanchev, VP Tax & Treasury, Oriflame Cosmetics, Switzerland

The generic pros and cons of in-house banking are well known. The main con is the expensive, multi-year project that is needed to put one in place. The main pros are centralisation of control, concentration of funds, reduced reliance on external funding and investment instruments and cash visibility. In addition, an in-house bank provides treasury with a way to determine company-specific lender and borrower rates and terms. But in these uncertain times, the in-house bank's most valuable function may be that it allows corporates to isolate themselves from bank counterparty and sovereign risk. If customers pay foreign subsidiaries not into local bank accounts but accounts those subsidiaries hold with the in-house bank, located in a secure market, the local risk is eliminated. As banks are buffeted by political and regulatory risk, and face disintermediation by technology, counterparty risk is a significant issue. This treasurer explains how in-house banking works for their company and looks at how elements of the in-house bank philosophy can be applied in companies that cannot afford the full solution.

 Jeremy Hamon, Head of Group Treasury, Primetals Technologies, UK  Michael Bach, Consulting Director, BELLIN, Germany

A holistic approach to liquidity that encompasses cash management, loan portfolio management and the supply chain avoids the inefficiencies that silos can bring and improves FX risk management. Best practice treasuries concentrate cash efficiently and then structure that cash to meet the short- and longer-term needs of the company, ensuring that the mix leaves only what is necessary in the lowest yielding bucket. They also work to improve the efficiency of FX risk management across all areas. Beyond three or four currencies, getting FX risk in liquidity structures can become expensive and unwieldy. In pooling structures, both short-dated FX swaps or notional conversion to a base currency can create problems. . And it's not just in cash management. Most large MNCs operating in multiple countries will have evolved large portfolios of financings and inter-company loans in multiple currencies and conflicting terms and conditions. Many will no longer match the original need and they too will be tying up liquidity and creating FX risk. Re-organising cash management and financing structures can have a significant effect on long-term cash flows.

 Paul Buck, Director Treasury EMEA, PPG Europe BV, The Netherlands

Non-core operations are a drag on management time and a distraction from the strategies that will drive the core business forwards. Divesting these businesses is simple in theory and complex in practice. Add to that the often very compressed timescales – three to six months is common – and the differences with larger M&A transactions become clearer. The creation of a spin off treasury may well fall to the treasurer alongside minimizing business disruption and the cost-cutting required post-deal if the remaining business’ cost-structure is now awry. And treasury itself may have made things more difficult: the trend towards highly-integrated businesses, shared services, and common ERP systems makes converting a business line into a stand-alone business difficult. This company shares their experience of a carve-out, the check-list they built, and how that blueprint helped provide readiness to build integrated treasury operations, processes and applications, in a near simultaneous merger.

 Mario Del Natale, Director, Treasury Operations, Systems & Applications, Johnson Controls International, Belgium
Stream 5: Front and centre for risk management

While it is true that the current political upheavals create their own complexities and event risks, treasurers are still really faced with managing the same exposures they always have: FX, interest rate and counterparty credit. What's really changing is how technology is enabling the better management of these risks and how, increasingly, businesses are changing the way they think about them.

 11:40 AM
The treasurer as the risk office  

No matter how sophisticated their risk quantification and identification, most corporates end up with layered hedging strategies, risk by risk, in a way that has not changed in 20 years. This methodology ignores concepts such as risk appetite, risk bearing capacity and risk budgeting that have become normal in the financial sector and which have begun to help in hard-to-measure risks such as cyber. Best practice corporates are currently changing the way they look at risk to examine the overall impact of interest rate, FX and credit risk on their long-term competitiveness. So, instead of looking at FX gains and losses as line items, instead companies can decide to risk manage their EBITDA footprint in currency and interest rate terms. Conceptually this sounds easy but it has profound impacts on financial and management accounting. So how does it work? And why is it different to more traditional methods?

 Ayca Arisoy Kilic, Treasurer for Europe, Middle East & Africa, Bunge, The Netherlands
 Christopher Donohoe, Assistant Treasurer, Ingersoll-Rand, Ireland
 John McAnulty, Group Treasurer, Richemont, Switzerland

Treasury isn't just about process efficiency and the latest payments software, treasurers are still called upon to fund and hedge large, complex transactions. This company was keen to pursue one of the last remaining strategic deals available in a rapidly consolidating sector - a multi-billion dollar cross-border acquisition. For the treasury team, the first job was assembling the bank group and arranging first a bridge loan and then a multi-currency refinancing package. Given the size of the exposures, the company wanted an FX hedge in place that would attract hedge accounting treatment. It also wanted the hedge to be contingent on the deal taking place, and there were regularity issues: the nightmare scenario of being locked into FX forwards without an underlying transaction. So how did treasury work with the banks to devise the overall funding and hedge strategy? Why was hedge accounting so important? And how did they come up with a pricing structure that reflected the deal dynamics?

 Jacques Molgo, Group Financing & Treasury Director, Air Liquide, US

Sensational payment frauds observed around the world in the last 18 months involve reputable names, with people on the inside scratching their heads as to how ‘rock solid’ processes were exploited. How can technology support you and where do you start in securing business payments across your enterprise? How can you monitor, alert and report suspicious or unusual behaviour in financial transactions real-time? In this session we will explore how other organisations are acting, and how industry-wide security programmes are starting to change the behaviour. If you want to learn about the latest trends in cyber fraud, and how to improve both control and compliance within the finance and treasury function, this session will help you understand how best to secure payments in today’s climate.

 Robert Scriven, Group Treasurer and Planning Manager, Cairn Energy PLC, UK
 James Richardson, Head of Market Development - Risk & Fraud, Bottomline Technologies, UK

The ability to model "what ifs" is key to strategic business decision-making. So treasurers continually need to understand how the risk to performance changes as a consequence of choices in hedging, funding, market volatility and other variables. Value-at-risk (VaR) is one methodology, tailored to financial institutions; cash-flow-at-risk (CFaR) is a better fit for treasurers who need to model the levers they control. CFaR's role in helping treasury navigate increasing volatility and uncertainty is becoming more significant as a tool for better competitive positioning as well as tactical treasury. So how can treasurers on limited budgets implement the methodology quickly and cheaply to evaluate its usefulness? In this session learn why CFaR is a key risk management tool and explore the core elements of the underlying calculation. See how CFaR is directly relevant to treasury and how to create a working CFaR system with limited external resources, directly in Excel, and how to use the result in making key business decisions.

 Vincent Delort, Global Treasury Risk & Reporting Manager, JTI, Switzerland

After 10 years of exceptional growth, in many new countries, the LEGO treasury team was faced with an altered foreign exchange landscape. A review of the traditional “bucket hedging” approach proved that a more structured approach to portfolio correlation and driving greater value from hedging activities was needed. In addition to a new hedging approach, the business looked for more active involvement from its FX Risk team. What were the practical learnings, risks and opportunities of moving to a portfolio (VaR) based approach? And in which areas can the FX team be an active sparring partner to the business and impact decisions in a consumer driven organisation?

 Jesper Broskov, Group Treasurer, The Lego Group, Denmark

Data compiled by the Frontier Strategy Group says that in 2016, $51bn was lost by the 211 European and North American companies it surveyed due to the direct impact of currency volatility. However, this type of statistic masks the No. 1 myth of hedging: MNC’s exactly know their exposure. Complexity of most MNCs' operations generate different forms of FX risk and the economic implications of these across a portfolio of businesses and currencies is not easily modelled. Thus treasury's job is not simply to hedge, it is to understand these exposures and the business implications of altering the FX mix. So, given recent large movements in core currencies, does translation risk exposure merit a re-evaluation? Does this extended period of volatility mean treasurers should look at extending the maturity of hedges[ or “enjoy” more flexibility in hedging? Do lower margins or the need for strategic change, driven by new business models, mean that the business needs more cash flow certainty while it invests in innovation? If so, how can treasury help develop the natural hedges that best achieve this?

 Frank Waechter, Senior Head of Group Treasury & Insurance, PUMA SE, Germany
Stream 6: Treasury and technology: march of the machines

Technology is the answer to every problem and the cause of most of them – at least that’s how it can seem. Treasury in particular seems to have become a never-ending IT project. So is the treasurer’s main job to manage the technology transition from spreadsheets and legacy systems to redundancy as humans become unnecessary? In this process, what are the key steps from now: TMS upgrades, the Cloud, single-instance ERP, AI, RPA? And which systems and suppliers suit which types of corporate?

 11:40 AM
Paralysed by choice? Ask your peer group  

Treasurers face a bewildering array of potential solutions, across a large number of process areas and delivered on a variety of platforms and cost bases. To make things more complicated, the vendors themselves must cope with a rapidly changing marketplace and disruptive competition and some will not make it. The best way to identify the solutions that meet your needs is to see how your peers have made these choices and to look at how those choices turned out. So in this session treasurers will explain how and why they chose between:

  • • A Cloud solution
  • • An on-premise solution
  • • An Application Service Provider (ASP) solution
  • • A Software-as-a-Service (SaaS) solution

 Amit Singh, SVP & Treasurer, Newell Brands, US
 Aroon Dasappa, Senior Vice President Finance, Tata Communications, Mumbai, India
 Christian Kammann, Group Treasurer, Trelleborg, Sweden
 Luis Martinez Jurado, SVP Treasury & Financing, NH Hotel Group, Spain

Treasuries are challenged by constant change as their companies continue to grow and face more complexity. As treasuries and their companies continue to evolve, successfully digitalising treasury to ensure efficiency and control risks becomes paramount, particularly as many treasuries are asked to handle more operations with less people. But exactly how is this achieved? This case study session will look at how Willis Towers Watson improved its treasury function amid constant change, taking a holistic approach to digitalisation from vision to vendor selection and implementation.

 Caroline Cundill, Director of International Treasury, Willis Tower Watson, The Netherlands
 Paul Higdon, Co-CTO, ION Treasury, UK

To develop and lead a global treasury organisation, you need to have a vision that the team believes in. It starts with a total review of all policies and procedures and a team that challenges everything. Benchmarking, gap analysis, identifying the resources to get to world class and developing a road map are all critical components. Harley Davidson will share their 5-year road map of which world-class technology was a key feature. The company implemented an all new payroll system, a TMS, OCR and global AP/T&E system in order to achieve efficiency, globally and visibility. The treasurer will discuss the vision, the results and the benefits.

 Darrell Thomas, VP and Treasurer, Harley-Davidson, Inc., US

Everyone agrees that technology is critical to the future of companies yet many treasury functions still rely on spreadsheets. Technology is the backbone of effective treasury management, and despite it looking like a marathon task to decide and implement, it is actually getting easier than ever to install, maintain and measure its effectiveness. This workshop will look at what you need to know. What technology makes sense and how do you get a project off the ground? Are you looking for best of breed or a one system only solution? In fact, which would make more sense for your corporate objectives? How can treasurers differentiate between available TMS systems and providers? How do they evaluate a TMS versus, say, an ERP-based solution before buying? What are the considerations you need to make in your selection? Do you really need a full-blown RFP or is that something of the past?

Staff in technology departments are often not notably well remunerated and departments are generally understaffed and reliant on consultants or contractors. In this kind of environment, how can treasurers persuade the board to buy the best, not just the transitional make-good? Can they identify the best? And can ‘best’ be translated into metrics that relate to business value or competitive advantage? What can you expect from a systems implementation?

Plus, what are the current trends in TMS technology? What are providers developing for the future? How do you ensure scalability for the future? Vendors will be on hand to answer your questions.

In this workshop you will learn:

  • • How to evaluate systems
  • • How to demonstrate the ROI
  • • Articulate the short and long-term effects of underinvesting in technology
  • • Cloud security issues
  • • The treasury technology landscape

 Bob Stark, VP Strategy, Kyriba, US
 Christian Mnich, Senior Director Solution Management, Treasury, SAP, Germany
 Jerome Albus, SVP - Treasury & SaaS Solutions, FIS, France
 Michael Juen, Managing Director, BELLIN, Germany
 Phil Pettinato, CEO, ION Treasury, US
 Terry Beadle, Global Head of Corporate Development, GTreasury, UK
Treasury Lab: Imagining the future today

Treasury’s success and perhaps its existence, will be determined by advances in technology. But how can treasurers hope to keep up with advances in so many different fields and still do their day job? The best way to understand the many strands of digital and FinTech innovation is to hear from the people doing the innovating. Treasury Lab will take place in the exhibition hall. Sessions will be interactive and led by experts from corporate treasury, FinTech providers and banks

 11:40 AM
Follow the money: who’s funding what in treasury solutions?

The most successful FinTechs won’t necessarily be those with the most backing, but investor enthusiasm is one gauge of where FinTech will impact treasury most significantly in the near future. That said, successful FinTech solutions need to address real treasury pain points and problems. They may integrate multiple existing systems for better data visibility or solve key connectivity issues; they may automatically create budgets, forecasts, and data visualisations; or they may offer functionality to SMEs previously only available to the largest MNCs. Hear the accelerators explain what they think is coming down the pike.

 Alex Puig, Founder of Fintech Barcelona, Spain
 Elizabeth Kleinveld, Partner Success Lead, Startupbootcamp, The Netherlands Spain
 Laurent Descout, CEO & Founder, NEO Bnk, Spain
 Katka Letzing, Lead, FinTech Vertical, Kickstart Accelerator, Switzerland

The blockchain will affect corporates first in payments, right? Maybe not. Innovations will be adopted most eagerly where they solve the most pressing problems, and payments work pretty well. Trade finance, supply chain finance, identity management, collateral management and other inefficient, partly manual, sometimes insecure processes are more likely to be transformed simply because new solutions will be easier to sell where they are needed. Which solutions are ready for roll-out?

 Aarti Rao, Managing Director, LiquidX, US
 Ashley Kemball-Cook, Business Development and Product Manager, Qadre, UK
 Kush Patel, CEO, Tallysticks, UK
 Wim Grosemans, Head of Product Management, International Payments and local offer EMEA, BNP Paribas, Belgium

PSD2 plus fintech equals bye bye banks? That is certainly one view – and book title. But giving third-parties access to bank data via APIs does raise the possibility that previously automatic relationships, lending, FX and cash management for example, break down as products and services become unbundled. The short-term benefits may be cheaper or easier to use products; but in the longer term, if customers abandon the concept of wallet and cherry pick services across banks and FinTechs, will their core lenders and payments infrastructure still be there? What does the latest snapshot of the FinTech ecosystem tell us about the future of corporate banking?

 Craig Ramsay, Global Innovation Lead, Global Liquidity & Cash Management, HSBC, UK
 Joy Macknight, Deputy Editor, The Banker, UK
 Natalie Willems, EMEA Head of Payments and Receivables, GTS, Bank of America Merrill Lynch, UK
 Sophia Wikander, Head of Business Innovation, Nordea, Sweden

FinTech or next generation SCF providers are one example of how successful FinTech grows where it is most needed. Traditional SCF has proved unwieldy and unpopular, full of manual and paper processes. The new solutions are trying to address the key issues: making finance available to all of suppliers, not just the largest; solving the problems of supplier on-boarding; reducing the workload of standalone programmes by integrating with ERP systems to create fully automated and scalable programmes and maximising the ability to customise programmes to individual lender and borrower needs while lowering risk. Here’s how and here’s who.

 Andy Nash, former SVP Finance Transformation, Royal Ahold Delhaize, Switzerland
 Amer Qavi, Founder & CEO, Swipezoom, UK
 Colin Sharp, EMEA SVP, C2FO, UK
 Matthew Stammers, VP Marketing, Taulia, UK
 Michael Vrontamitis, Head of Trade, Europe & Americas, Transaction Banking, Standard Chartered, UK

A number of surveys have shown that relatively few even large companies have significant Big Data projects. Worries over costs and the difficulty in predicting the value of these projects up front derail initiatives; and SMEs assume that this kind of investment puts Big data Data out of reach. Again, FinTech solutions that deliver Big Data aggregation, cleaning and analysis in the Cloud are the answer to these problems. So which products are available, who is using them and what results are they achieving?

 Aniket Kulkarni, Director – Treasury & Trading, PwC, Switzerland
 Bridget Meyer, Senior Director, Redbridge Analytics, US
 Gordon Roxon, Director of Sales, Europe, MindBridge Analytics Inc, Spain
 Oscar Sala, VP Product Strategy at Strands; Co-Chair OpenBanking WG at Mobey forum, Spain

Trade and trade finance are still among the most arduous, manual processes companies face. No surprise then that FinTech players have focused on everything from invoicing, bill of lading, border crossing and receivables financing. A number of these solutions use the blockchain to reduce the risk of documentary fraud, to create self-executing contracts, to provide traceability and authenticity of products in the supply chain and to provide a secure transfer of value and deliver a solution to the trade finance problem of endorsement. But with so many solutions in development, should treasurers watch and wait, or help with proof-of-concept? At the very least, understand these new developments by listening to the firms that are building them.

 Daniel Cotti, CFO, TradeIX, UK
 David O'Rourke, Group Trade Finance Manager, Ornua, Ireland
 Gadi Ruschin, CEO & Founder, WAVE, Israel
 Ignacio Sanchez-Miret, Global Treasurer & Risk Manager, HMY Group, France
 Michael Dietz, Global Head of Trade Finance Flow, Deutsche Bank, Germany

Many countries present unique challenges for corporate treasury, whether from volatile macroeconomic and geo-political constraints or because of shifting regulatory landscapes, underdeveloped banking infrastructure, exchange controls, and liquidity and FX constraints to name but a few. How can companies navigate these environments, mitigate the risks and the impacts to the bottom line as well as to identify opportunities?

Join these small, interactive workshops with market briefings from the Economist Intelligence Unit and practical insights from corporate treasurers and banks active in these markets. There may be no outright solution to all the problems these markets pose, but this series will help you to benchmark your operations and question our panellists on how to do more effective business.

Moderated by:
 Patrick Peters-Bühler, EuroFinance Tutor & CFO, Grupo Phoenix, US

The Regulation Series

Taking place in the exhibition hall, these 15 minute sessions are designed to give you the latest updates on important regulatory changes and top trending topics. Stay ahead of the game, understand the latest issues.

 12:00 PM
The many faces of MIFID2 

Are banks simply taking a reactive approach to PSD2 compliance and missing the point? There is a societal shift where decoupled services are integrated across multiple providers and therefore your customers will thrive whether you remain in business or not, no matter what the regulators enforce. This update will shed light on the longer term implications for corporate treasury.

 Fredrik Lindström, Executive Vice President, CIO Corporates & Institutions, Danske Bank

From May 2018 most companies that do business within the EU and hold personal data about EU residents will have to comply with the General Data Protection Regulation (GDPR). This means it impacts companies globally not just in Europe. The risk management issue is massive. If companies fail to comply, the end result could be bankruptcy.

 Colm Murphy, Director, Cybersecurity and Information Resilience, BSI Group, UK
 09:10 AM
Will treasury be freed or terminated?  

Artificial intelligence has moved from science fiction to business tool in the blink of a robot's eye. Across sectors as diverse as finance, law, healthcare, transport and energy, the practical applications of AI are becoming increasingly clear: AI is the only way organisations can make sense of the huge volumes of data they now generate and it can deliver fast, actionable insights. AI can drive automated financial advisors and planners in banking and across corporations this technology can be used to deliver the answers to complex data-intensive questions direct to senior management. So what does this mean for treasury? Is AI the technology that frees treasurers from the problems of data overload and solves core problems of Big Data analytics and visibility? Or, since strategic treasury is all about delivering business insights derived from its visibility into enterprise data, does AI look more like a technology that threatens the existence of treasury altogether.

 George Zarkadakis, Digital Lead, Willis Towers Watson, UK  Adam Rutherford, Writer, Broadcaster, Scientific Adviser on AI & Robotics for films Ex Machina, Life, Annihilation, UK

It’s easy to think of Big Data as just more data – a bigger dataset to plug into existing analytics to deliver more accurate results. And it is true that better data gathering, automation and digitalisation, as well as new data sources such as social media, are creating vast new data flows. But it would be more accurate to think of the data revolution in terms of Big Analytics. It is advances in statistical and computational methods, the development of ‘Big Algorithms’, that can generate new insights and allows machines to outperform even the most knowledgeable groups of experts in fields as diverse as medicine, cosmology and the law. Hear how these general principles can be applied to any data to drive more accurate forecasts and valuable insights which previously would have remained hidden.

 Chris Wigley, Partner, McKinsey & COO of QuantumBlack, UK

Despite high-profile initiatives such as R3 and the individual endeavours of individual banks and companies, usable blockchain products have been thin on the ground. But is that about about to change? In finance, HSBC has proclaimed that ‘blockchain technology could revolutionise trade’; seven of the world’s leading global banks, HSBC, Deutsche Bank, KBC, Natixis, Rabobank, Société Générale and UniCredit have announced an agreement in principle to develop a shared blockchain platform to make cross-border commerce easier for SMEs and Citibank has invested in post-trade blockchain innovator Cobalt. Away from pure finance, companies including Bosch, BNY Mellon, Cisco, Foxconn, and Gemalto have joined a collaborative effort with a number of startups to develop a blockchain-based Internet of Things protocol; in the legal industry blockchains transform the entire contract process; and Accenture has called blockchain the ‘perfect technology’ for the airline industry. If 2017 is the year that blockchain initiatives finally begin to generate real-world applications, where are they most likely to appear and how will they affect treasury

 Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK

The FinTech revolution poses significant risks to the stability of the financial services sector, says Bank of England governor Mark Carney, and may require new regulation. One issue: FinTech’s disruption of the business models of traditional banks could increase liquidity risks for the broader financial system and “the opening up of the customer interface and payment services business, could, in time, signal the end of universal banking as we know it.” But the promise of FinTech also means lower pricing, better efficiency and even potentially more robust security for the finance function and your banks. Authorities around the globe are pushing innovation and creating safe spaces to understand and promote the right development. At the same time they are promoting their countries as key players that will shape the future of FinTech and banking. Here they share their views.

Moderated by:
 Daniel L. Blumen, CTP, Partner, Treasury Alliance Group LLC, US
 Angus McLean, Partner and Simmons & Simmons’ representative on the Bank of England's FinTech Community, UK
 Gulru Atak, Head of Innovation & Dublin Lab, Treasury and Trade Solutions, Citi, Ireland
 Matthew Davies, Head of Global Transaction Services, EMEA, Bank of America Merrill Lynch, UK
Stream 1: Enhancing core processes: fixing treasury pain points

When the Big Picture is so uncertain, it’s easy to take your eye off the basics. Trump, blockchain and artificial intelligence will undoubtedly change the world, but you still need to make payments and manage your bank accounts. So what are the problems that still plague treasury and what are the latest solutions to fix them?

 2:00 PM
Streamlining payments  

For all the talk of innovation, many corporates’ cross-border payment infrastructure remains largely unchanged. Treasurers’ problems are much the same too: visibility on FX rates used for conversions; use of offshore subs simply to make foreign payments; difficulty in reconciling payments and invoices because of limits on payment information; a lack of real-time visibility into transaction status. Before treasurers worry too much about bypassing banks through the use of e-wallets or focus too much on the blockchain, they need to solve these bread-and-butter problems. For a start, have you quantified how changes to your existing payment processes could reduce costs, the risks of fraud and reconciliation failures? SWIFT’s global payments initiative should help with transaction progress reporting but what are the other priorities for payments? And who needs to be involved across the business? How can you streamline your payments processes?

 Laurent Marret, General Manager Operations, ArcelorMittal Treasury, France
 Wim Grosemans, Head of Product Management, International Payments and local offer EMEA, BNP Paribas, Belgium

Know your customer (KYC) and anti-money laundering (AML) regulations continue to create problems for both corporate and their banking counterparties. As the demands of regulators escalate, the requirements around KYC have become extensive and the volume of requested personal and legal documentation to corporates has increased exponentially. Combine this with inconsistent regulatory interpretations and then multiply it by each institution that a corporate has, or wants to have a relationship with – the result is a time-consuming, complicated and highly-repetitive administrative headache that needs to be brought under control. The KYC Utility model is emerging to support both financial institutions and corporates streamline and simplify the management and distribution of KYC documentation from through a single, secure platform. In this session we explore the KYC Utility model and listen to how one treasurer has leveraged it to minimize the impact of responding to KYC requests on critical treasury function.

 Damian Glendinning, VP & Treasurer, Lenovo, Singapore
 Caitlin Sinclair, Global Head of Strategy and Provider Adoption, KYC Industry Solutions, Thomson Reuters, UK

Corporates are doing more business in Africa. So how can treasury support these initiatives while maintaining some version of best practice across a vast and diverse continent? One answer is to set up a regional treasury centre and the three leading contenders at present are Dubai, South Africa and Mauritius, each with their own particular pros and cons. Even with an RTC, the diversity of regulations and tax regimes makes even basic cash management difficult, with trapped cash a significant problem. However, as this treasurer will explain, the environment is changing rapidly not least because of the rapid adoption of new digital and mobile solutions in banking and payments. Just as happened in telecommunications, Africa looks set to leapfrog an entire ecosystem of legacy technologies and move straight to digitalisation. What does this mean for corporates operating in the region and are there lessons to be learned here that can be taken back to the so-called ‘developed’ markets?

 Andrew Mills, Group Treasury Manager, MultiChoice, South Africa
 Anneli Walltott, Deputy Group Treasurer, Head of Cash Flow Management, Sandvik, Sweden
 Maria Mayrhofer, Managing Director & Head of International Corporate Sales, Transaction Banking, Africa & The Middle East, Standard Chartered, South Africa

Accounts receivable (AR) management can be one of the weakest areas of treasury. Poor planning and enforcement, plus conflict with the business, can mean cash is tied up with customers for far longer than necessary. Even when bills are paid, companies often take too long to recognise the fact. So before embarking on the complex road to a collection factory, treasury must make sure the basics are in place: do all customers have defined credit and payment terms and are those terms recorded so that they are acted on? Is invoicing accurate and timely? When cash is received how quickly and accurately is it reconciled with invoices and recognised? If any of these processes are weak, working capital suffers and the task of extracting cash late payers is made even more difficult. If treasury is happy with the KPIs of the core AR system, then it’s time to look at virtual accounts, automation and STP and how to maximise the benefits modern ERP systems can bring to collections. Finally, treasurers must understand how innovations in payments feed through to the collections process.

 Aroon Dasappa, Senior Vice President Finance, Tata Communications, Mumbai, India
Stream 2: The challenges of funding and liquidity management

In the funding markets, investors are worried about the price of corporate bonds; treasurers are worried about rising rates and issuing as much as they can. When it comes to excess cash, the roles are reversed. Treasurers fret about inflation and rates, structural changes to core investment vehicles and political risk. In this stream hear how your peers plan to negotiate the challenges in capital raising and liquidity management.

 2:00 PM
Funding: The devil is in the details  

With interest rates still near all-time lows and macro-economic uncertainty increasing, surely now it a good time to review capital structures and funding programmes and prepare for rising rates? This is partly an economic question: if uncertainty is going to hold rates down, then restructuring makes little sense; if inflation and politics pushes rates up, it does. But it's partly a market question and one way to gauge the market's mood is to look at changes in the covenants in the bond and loan markets. In 2016, covenants in both were extremely lax, reflecting the easy conditions. However, in 2017 we may be seeing the first signs of a lender/investor pushback. In the bond markets, borrowers scrapped language in new bond offerings that would have spared them from paying a make-whole premium in the event of a default (from a simple covenant breach to actual bankruptcy). In the loan markets, lenders are starting to rebel against ever looser definitions of EBITDA and have been shaken by events such as J Crew's transfer of IP into an unrestricted subsidiary. Are the good times over?

 Ravi Jacob, Vice President & Treasurer, Intel Corporation, US

It is a market assumption that because most investors are limited to buying rated paper, and still value the transparency that a rating confers, obtaining a rating will lower funding costs. So the standard evaluation nets the savings to be made by having a rating against the cost, work and management time involved with obtaining one. However, this isn't always true! This debate will cover companies that are both unrated and rated, why they made the decision they did; how to analyse the implications for funding costs and the processes involved in funding with or without a rating. What are the key considerations? How can treasurers analyse their own positions? And at what point does a company think it will be compelled to obtain a formal rating? This panel will feature an unrated company talking about why they made that decision alongside others that chose to be rated.

 Andrea Talpo, Group Vice President - Corporate Treasury, STMicroelectronics, Switzerland
 François Masquelier, Senior Vice President , Head of Treasury and Enterprise Risk Management , RTL Group, Luxembourg
 Sekar Sundaram, Treasury Director, PAREXEL International, US
 Edwin Veenman, Treasurer EMEA & NA, Yanfeng Global Interior Systems, Germany

Getting companies to view working capital strategically has been slow. This has partly been because without an accurate global picture of cash, and without the structures in place to maximise it, working capital optimisation has been more theory than practice. But today, with the 2,000 leading US and European companies having an estimated trillion dollars or more tied up, and with the tools available to get that number down, boards have noticed. They’ve also noticed the studies that show that every $1 locked up in net operating capital is worth 52 cents less for shareholders than $1 held in cash that can be invested in growing a business. CEO business reviews now routinely include elements of working capital as metrics, pushing WCM into operations, supply chain, procurement, IT and even sales. Treasury’s job is to turn this newly strategic imperative into results. In this session this treasurer looks at some of the new tools and techniques that have boosted working capital at their firm

 Jan-Martin Nufer, Director, Treasury & Funding, Borealis Group, Austria

In the wake of substantial money market fund reform, with rates and inflation rising, and, in the US at least, the possibility of changes to the tax constraints that trap cash offshore, treasurers face a particularly uncertain outlook for their cash portfolios. Treasurers need to keep abreast of all the available options, including the use of money market funds.  Having gone through an extended period of reform, now is an excellent time to assess what the changes will mean for you.  What fund products will be available to help in the new world? This session takes an in-depth look at money market fund reform and the impact this will have on treasurers’ liquidity management strategies in today’s uncertain times

 Jane Lowe, Secretary General, IMMFA, UK
Stream 3: The intelligent treasury: the intersection of treasury and the business

In one sense, treasury has never been more strategic. Given current levels of volatility and uncertainty, its protection of the business against them, and its help in exploiting them, is business critical. Digitalisation requires the re-engineering of every system and process in the business: treasury is a key partner in this transformation.

HP’s recent split into two new independent and publicly-traded companies was undertaken to optimize financial growth opportunities, and to enhance capital allocation and future cash flows. Zac Nesper, VP & assistant treasurer, HP will detail the journey, looking at works streams such as banking, technology and systems, capital markets, FX risk management and others. This session will provide valuable lessons learned that are applicable equally to those setting up treasury as to those doing spin-offs. What were the insurmountable obstacles? What were the lessons learned? How would they do things differently is they were to do the process again? What were the accomplishments of which treasury was most proud?

 Zac Nesper, VP & Assistant Treasurer, HP, US

One of the commonest conflicts within businesses is that between the centre and the frontline. Sales people struggling to open new markets do not take kindly to central dictats on KYC or payment terms. Business unit chiefs chafe against the constraints of corporate risk management policies. To change this perception, central functions such as treasury must deliver solutions with obvious business benefits. That way, instead of being seen as ”computer says no”, they become partners from whom the business seeks advice. Often overlooked intermediaries in this process are your banks. As well as delivering the core services that can relieve administrative stress and improve business processes, large transaction banking specialists have long experience in helping to deliver strategic advice and business change, from helping with TMS and ERP systems to explaining the most effective ways to borrow, move cash and manage risks in difficult new markets. Here’s how one treasurer leveraged their bank’s expertise to build a better relationship with the business.

 Albert Grifols Coma-Cros, Managing Director & Global Treasurer, Grifols Worldwide Operations Ltd., Spain
 Andrew Betts, Head of Global Trade & Receivables Finance for Europe, HSBC, UK

We’ve all heard the pitch: SCF is a win-win, with suppliers gaining predictability of cash flows and MNCs increasing DPOs and boosting working capital without increasing risk in the supply chain. Usually it sounds too good to be true. Often seems little more than a way to make suppliers pay their large customers for paying before 120 days. That aside, establishing and ensuring utilisation of SCF facilities is not a simple process. Simply choosing from the complex array of programmes is difficult; winning over stakeholders with a vested interest such as treasury, procurement, legal, accounting, audit and IT departments can stop an SCF programme in its tracks. And then there is the question of single or multi bank solution. In this session the treasurer will go through the opportunities and challenges of setting up a SCF program. What are the typical goals? What stands in the way? And how to measure success? He will also give practical examples that quantify the operational and financial impacts and will look at structuring, pricing, supplier onboarding and platform/process set-up.

 Andrew Wilson, Global Finance Process Lead, AstraZeneca, UK

An often overlooked variable in the ‘strategic treasury’ discussion is visibility. The strategic treasury should be aligned with the company’s mission and financial priorities, as defined by the board and c-suite. The development of treasury dashboards, themselves a spin-off from the improved financial technology spreading through corporates, for the first time gives senior management a regular and easy-to-understand insight into core treasury activities and their performance. But, Treasury must define KPIs that support company’s strategic objectives and avoid the distraction of its own operational mechanics and the pitfalls of data fatigue. Typical KPIs include debt, cash visibility, counterparty exposure, value at risk, cost of funds. This process is easiest for larger firms with sophisticated IT infrastructure, with a TMS linked to the ERP and other systems. However, every treasury can benefit from developing KPIs and ensuring that they reach senior management, as this treasurer explains.

 Fred Schacknies, SVP & Treasurer, Hilton, US
Stream 4: A day in the life of best practice treasuries

'Best practice' can be a nebulous term, but what does it really mean when applied to treasury? What concrete, measurable steps can treasurers take to ensure that they are meeting the highest standards? And what does 'best practice' look like in the different contexts of particular sectors or business scales?

 2:00 PM
How to scale treasury alongside the business: the Amazon story  

Amazon treasury has had to keep pace with a company that has grown from $6 billion to $136 billion in revenue between 2004 and 2017. Here they tell their story about how treasury has been involved and what that has meant in terms of managing cash, foreign exchange and associated systems and processes as well as the implications for financing the business. Hear about the direct organizational impacts and changes that treasury was required to undergo during this journey of building scalable infrastructure for the future.

 Sean Patterson, Assistant Treasurer, Amazon, US

Turning round treasury post-merger in a private equity hothouse is one of the toughest tests. The lessons learned have applications across all treasuries, especially those struggling with centralisation and technology issues. This company, formed by a three-way merger in 2014, has the typical leverage and need for cash generation of a PE-owned business with the additional challenges caused by the merger. Initial problems included a de-centralised organisation with some finance teams abroad; a time consuming and error prone cash reporting and forecasting process; a TMS in place but not exploited to its full capabilities and hundreds of bank accounts at a double-digit number of banks with no central overview. The basic project objectives will be familiar to every treasurer: daily global cash positioning; automated or semi-automated, bank-independent cash pooling; enhancing the cash reporting and forecasting processes; gaining better insights into FX risks and authorisation policies; a streamlined payment process; and making savings in both interest and direct costs via process optimisation. In this session the treasurer explains how they have begun to solve these issues by selecting a new TMS system, benefiting from newly available technologies, reinforcing the treasury team and overcoming the leverage problem that made bank relationships harder. And they show how treasury rationalisation can be seen as a template for the rest of the organisation.

 Albert Hollema, Group Treasurer, Endemol Shine Group, The Netherlands
 Dave van der Zwan, Deputy Treasurer, Endemol Shine Group, The Netherlands

Best practice centralisation is beginning to demand heavy tech lifting. After the easiest inefficiencies are removed, the next steps can be expensive and complex. If you don't have a single-instance ERP, should you move straight to a hybrid Cloud ERP? How feasible is full payment centralisation through POBO for your organisation and what types of payment factory or shared service centre can act as a stepping stone? And then there is the receivables piece of the jigsaw: what problems do virtual accounts solve and which do they leave? And is COBO a realistic proposition for most companies? In this session our cross-sector experts will take you through their thinking on how to come up with a new blueprint for global treasury management:

  • • Leveraging existing technology
  • • The expanding world of virtual accounting
  • • Innovation on a budget
  • • The role of bank tech and FinTech in new treasury structures
  • • Building the business case for treasury: best practice delivers business growth

 Andreas Resei, European Treasurer, Mondi, Austria  Francisco de Barros, Regional Treasurer EMEA Region, AbbVie, The Netherlands  Hans Maarten van den Nouland, Executive Director, Global Head Liquidity and Cash Management, Merck Sharp & Dohme, The Netherlands  Timothy Bartlett, Senior Liquidity Commercialisation Manager, HSBC, UK  Vanessa Manning, MD, Head of Cash Product Europe & Americas, Standard Chartered Bank, UK
Stream 5: Front and centre for risk management

While it is true that the current political upheavals create their own complexities and event risks, treasurers are still really faced with managing the same exposures they always have: FX, interest rate and counterparty credit. What's really changing is how technology is enabling the better management of these risks and how, increasingly, businesses are changing the way they think about them.

 2:00 PM
Country risk: a corporate perspective  

Country risk is no longer an esoteric pursuit of academics at supra-national lenders. The violent political lurches seen in the developed world, and the inability of some developing countries to manage their public finances have turned it into a core operating problem for any multi-national. For treasurers, the challenge is to create actionable data and commentary from which business decisions can be made. In this session, this treasurer explores how they have developed a country risk framework that defines ‘high-risk’ countries using quantitative and qualitative assessment and how the companies can approach the framework of ‘risk adjusted return’ allowing management to compare the cost of doing business in different countries on a level playing field. How is this assessment communicated to stakeholders? What are the right scorecards for them? What are the challenges of implementing such a framework? And what are the key elements of a ‘play book’ – the actions needed to mitigate the country risk proactively before the ‘trapped cash’ problem hits home and enable businesses to continue transacting in this difficult environment?

 Ahmet Gokcen, Director of Financial Risk Management EMEAI, Dow Chemical Company, Switzerland

This panel will investigate known and potential third party cyber risks and opportunities for corporate treasurers.The discussion will be based on the results of a new global EIU survey of corporate treasurers across industry sectors which examines their preparedness for the risks posed by cyber criminals. This Deutsche Bank sponsored report, now in its third year, examines how criminals are increasingly capable of exploiting internal and third party system weaknesses to access company platforms, data, and potentially even financial accounts.The panel will cover a number of relevant questions including:

  • • What are the main entry points for cyber attacks?
  • • Why is there such differentiation in preparedness across sectors and what does that mean in a globalised world?
  • • How can cyber attacks exploit weaknesses in AML practices or new KYC regulations?
  • • How should data security and access internally and externally be controlled?
  • • Do corporate treasurers have a forward looking view in relation to cyber risk?
  • • How much control do treasurers really exercise over their third party partners?
  • • What are treasurers doing to ensure employees understand cyber risks?
 George Zinn, Corporate Vice President and Treasurer, Microsoft, USA
 Greg Day, VP & Chief Security Officer, EMEA, Palo Alto Networks, UK
 David Watson, Managing Director, Global Head of Digital Cash Products and Americas Head of Cash Management, Global Transaction Banking, Deutsche Bank, US

Given the current unpredictability of both developed and developing markets, it is better to model for a number of possible outcomes, rather than develop risk management and operating plans for just one or two. In this double session, our panelists will lead an interactive discussion around key treasury scenario planning issues:

Brexit: Should companies model a two-location strategy? What are the possible outcomes in cross-border payments and banking? What if the UK government pursues a low-tax strategy? Here the panel will work through the Brexit checklist: payment system access, withholding tax, passporting, other tax issues arising from changes to EU/UK tax treaties and cross border trade.

US radicalism? Again tax is a key issue: lower corporate tax rates and a possible amnesty on offshore cash, versus protectionism and penalties for offshoring jobs. With boosts to energy, defence and infrastructure, is the new US enough of a growth market to make foreign risks less attractive?

China/Asia: Aside from the perennial issue of a Chinese slowdown, there is now the risk of a trade war with the US. The solar power industry shows one possible result: US firms forced to move to China. What other examples can treasurers use to try to figure out the unintended consequences of political action? 

Europe at a cross-roads: Greece is still bust; Italy's banks are still shaky; the political far-right is still a threat and the elite still seems unable to break from outmoded solutions. Do treasurers have to model the unthinkable – a European break-up – or is it too complex? In the meantime then, are the key issues country-specific or regulatory?

 Frances Hinden, Vice President, Treasury Operations, Shell International Ltd, UK
 Johan Nystedt, VP Treasurer & Chief Risk Officer, ConAgra Brands, US
 Marc Verkuil, Former Assistant Treasurer, Bunge Limited, US  Mike Dolan, Markets Editor, Reuters, UK
 Thomas Dunn, Chairman, Orbian, UK
Stream 6: Treasury and technology: march of the machines

Technology is the answer to every problem and the cause of most of them – at least that’s how it can seem. Treasury in particular seems to have become a never-ending IT project. So is the treasurer’s main job to manage the technology transition from spreadsheets and legacy systems to redundancy as humans become unnecessary? In this process, what are the key steps from now: TMS upgrades, the Cloud, single-instance ERP, AI, RPA? And which systems and suppliers suit which types of corporate?

 2:00 PM
Unlocking cash and liquidity in the supply chain  

Traditionally, working capital finance has been provided by intermediaries with little incentive to create transparency or to make cash readily available for all companies. In this old model, borrowed working capital is risk-based and requires underwriting by third-party financial institutions. Traditional SCF programmes are part of this mechanism, with terms imposed upon suppliers by larger buyers. Called a win-win, users clearly do not agree: with around $40 trillion of invoices due for payment at any point in time globally, just $2-3 trillion of invoice finance is available from financial institutions. The ideal SCF solution would allow dynamic discounting tailored to suit the exact requirements of the borrower and the risk appetite of the lender. It would eliminate most risk by being based on approved invoices and it would operate as a transparent marketplace in which lenders’ and borrowers’ needs are transparently matched. Such a platform exists. Here a treasurer explains how it is helping to bring liquidity to business supply chains and to give companies visibility of their entire chain, enabling them to pay suppliers early, utilising excess cash to generate a return.

 Piyal Fernando, Implementation Manager, DHL Inventory Finance Services, Germany

Global treasury transformations are nothing new in an ever evolving and increasingly automated world. While various major corporations have gone through this exercise in the last decade following the financial crisis, there is no ‘one-size-fits-all’ solution with every journey presenting its own challenges and sources of insights. How does a company define a global treasury strategy for a decentralised conglomerate organisation that operates brands and businesses across retail malls, real estate development, retail companies, automotive distributors and financial services? How do you develop a target operating model in the midst of large-scale corporate growth, accompanied with ongoing integration strategies? How to account for geographic and developmental specifics of the GCC, Asia and Africa? Cuan Duncan, Head of Treasury and Corporate Finance at Al-Futtaim offers insights on the ongoing Al-Futtaim Treasury Transformation journey as well as lessons learned from strategy definition to organisational design and TMS implementation.

 Cuan Duncan, Head of Treasury & Corporate Finance, Al-Futtaim, UAE

Microsoft need no introduction. They have been a treasury leader for decades and a past winner for the EuroFinance Award for Excellence in International Treasury. The session will look at their best practice approach to in-house banking, POBO/ROBO, as well as cross entity/border cash and funding. Never standing still, now Microsoft are harnessing the power of Cloud, machine learning, blockchain, business intelligence and other technologies to use visualisations and interactive dashboards in order to provide real time visibility to minimise risks, make appropriate investment decisions and add genuine value to the business.

 Jim Scurlock, Group Treasury Manager, Microsoft, US

Companies want increasingly centralised, digitalised and automated processes. They want controllable technology costs. And they want to focus resources on their core businesses, not worrying about the virtualisation of the data centre or advanced persistent threats. This corporate wanted to improve visibility into global cash, enhance the accuracy of cash forecasting and optimise its use of cash. They were also keen to implement a global, in-house banking program to optimise cash movement, reduce bank fees and FX translation costs and minimise physical cash movements. By moving to a Cloud-based Software-as-a-Service treasury management system they achieved their core goals as well as generating significant time savings from automating previously manual tasks such as logging into bank portals and calculating cash positions. In addition, implementing the Cloud solution has introduced scalability to the treasury team – and allows them to run more efficiently than larger peer organisations.

 Yves Gimbert, Group Treasurer, Engie, France
Treasury Lab: Imagining the future today

Treasury’s success and perhaps its existence, will be determined by advances in technology. But how can treasurers hope to keep up with advances in so many different fields and still do their day job? The best way to understand the many strands of digital and FinTech innovation is to hear from the people doing the innovating. Treasury Lab will take place in the exhibition hall. Sessions will be interactive and led by experts from corporate treasury, FinTech providers and banks

 2:00 PM
The role of treasury in the new payments landscape  

The evolution of the payments ecosystem has become so rapid that few outside the race itself can fully understand it. And focusing on the innovations in B2C user experiences can mask the far more profound changes in the underlying plumbing of the payments system. PSD2, other regulatory changes, real time payments and SWIFT’s GPII are all part of a tipping point in the development of global payment infrastructure. But where does treasury fit in? The end-user payment experience is determined by third-parties, not the corporate producer of the product or service. So what role should treasury play in the new digital channels? Should in-house banks take control of commercial flows and digital development? Or will companies outsource more and more of their interaction with customers, leaving treasury to just plug in to third-party apps? If so, what are the risks?

 Brian Hanrahan, Chief Commercial Officer, Nuapay, UK
 Christopher Van Woeart, Head of Treasury, Stripe, US
 Tony McLaughlin, Head of Emerging Payments and Business Development, Treasury and Trade Solutions, Citi, UK
 Simon Jones, Head of Treasury Solutions, Treasury Services EMEA, J.P. Morgan, UK

The payments landscape is changing and in just a few years will be unrecognisable. Banks are under threat from nimble Fintech companies popping out of the woodwork at an alarming rate and many will not survive. Many believe that new technologies like blockchain will render old ways obsolete. In this panel session we will look at some of the innovation in this space; who is competing with who and who are the likely winner: you decide when they put their case to the test. SWIFT GPI (global payments innovation) is the payment network's response to the dramatic changes in the market. Already more than 100 banks are actively using the service. Critics say it is clinging to an outdated correspondent banking model while supporters say the trust and security of using SWIFT is what corporates demand. Meanwhile nipping at its heel is Ripple with a blockchain offering that will offer flexibility, immediacy and better efficiency although detractors would say that it is not clear if new technologies are viable and scalable to the amount that large corporates would need. This panel will discuss the environment, the innovation and what its likely outcome might be.

 Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK  Marc Delbaere, Head of Corporates and Supply Chain, SWIFT, Belgium
 Marcus Treacher, Global Head of Strategic Accounts, Ripple, UK
Tax Workshop
 2:00 PM
Transfer pricing of treasury operations - White smoke expected from the OECD's chimney

The time of sailing in the dark seems to finally come to an end. Indeed, the OECD faces the summer heat in a frantic attempt to meet its deadline for the publication of the first ever official draft guidance on the transfer pricing aspects of financial transactions. This guidance could impact each and every multinational on how they structure their intercompany treasury operations.  What can be expected?

  • • After the OECD's Base Erosion and Profit Shifting ('BEPS') Project, the OECD should now finally tackle hot issues like if & how to factor in implicit support, if & how to reflect synergy effects in cash pool structures, the interaction between substance and pricing, etc.  Will the OECD reach a consensus on clear principles, or will they come up with a vague and ambiguous text?
  • • Tax authorities more and more meddle on how groups structure their financing.  Thereto, they feel now even more empowered due to a recent Australian landmark case (Chevron) whereby tax authorities supplemented a plain vanilla high-yield credit facility with securities and financial covenants so to come to a low-risk instrument yielding low interest rates.  Is this the new normal?
  • • Finally, captive insurance agreements, guarantees and hedging instruments often serve important commercial purposes, but are sometimes wrongfully perceived by tax authorities as fancy tax gimmicks because of their inherent complexity. Meanwhile, groups’ treasury and tax departments are left dangling in the wind with little to no guidance to revert to. Luckily, the anticipated OECD guidance is also expected to elaborate on these concepts.

During the workshop, we will have an interactive discussion on how the new trends impact your treasury organisation and our views what the future will bring?

 David Ledure, Partner, PwC, Belgium
The Regulation Series

Taking place in the exhibition hall, these 15 minute sessions are designed to give you the latest updates on important regulatory changes and top trending topics. Stay ahead of the game, understand the latest issues.

 2:20 PM
Nine steps to increasing acceptance rates

Optimising customer interaction and the infrastructure to support payment and settlement - particularly in multiple markets - is often testing. Fraud prevention, scheme fee rules, Merchant Category Codes and local payment preferences, to name a few, can be daunting obstacles for merchants of any size.

 Callum Godwin, Head of Knowledge and Product Development, CMSPI, UK

How quickly are bitcoins and other crypto currencies being adopted and what are some of their innovative uses in the corporate world? What is the situation with regulators?

 Thiago Cesar, CEO, Bit.One, Brazil

Libor will be phased out as the main index in the market by the end of 2021. Could this be the start of a completely new vision for how banks lend to each other or to companies? Everything else is changing in finance so why not this benchmark?

 Joshua Roberts, Financial Risk Consultant, JCRA, UK
 09:10 AM
Banking 4.0: Will your bank make it? 

Banking is being disintermediated by FinTechs, right? Well, what about the re-intermediation of banks by the providers of “global ACH” networks? What about the bank-driven accelerators producing bank-owned FinTech innovators? What about bank-FinTech collaboration? Yes, PSD2 throws open banks’ customers to third-parties via APIs, but it is not at all clear that the disintermediation seen in consumer financial services extends in the same way to the corporate world. It seems equally likely that banks, co-operating in new networks, and offering a new level of plug-and-play products and services via their own FinTechs or in collaboration with new players, will hold on to their key roles in the provision of transaction services. Few people have the breadth of knowledge to look across the whole of FinTech and banking to see the trends, the winners and the losers. One of them is Brett King, bestselling author, founder and CEO of Moven (the first downloadable bank) and a consultant to companies such as Google, Microsoft and Oracle. He is also host of the popular Breaking Banks radio show. You may not care too much about how the world’s financial plumbing will be transformed, but you do need to know which banks will win the innovation wars, which FinTechs to watch and how to identify them and what you need to benefit from the next generation of transaction banking products and services. He can tell you.

 Brett King, World-renowned Futurist, International Bestselling Author, Founder & CEO, Moven, US

For people, societies and businesses, the world seems an unstable place. Political and economic certainties are being swept away; globalisation and democracy seem under threat; new technologies are undermining traditional notions of the company, the job and even the government. But are we getting carried away by connectivity and digitalisation? Are we instead going back to an era of hard power, the nation state and zero-sum game competition? And in a de-globalising, protectionist world, does business need to re-learn old methods? On this panel, we pit representatives of the key theories against each other: those who believe the future will be shaped less by countries than by connectivity, those who believe globalisation has gone too far and those who believe we are entering an era of resource conflicts. They can’t predict the future, but their insights into the key big-picture trends of the present will give you pause for thought.

 Marcos Troyjo, BRICLab Director, Columbia University, US

The annual EuroFinance Treasury Award for Excellence is the benchmark for treasury. Every year the theme changes to reflect a key trend that has emerged in treasury over recent times. This year the theme is The Intelligent Treasury. Treasury is no different than any other function. From manual, de-centralised and heterogeneous, it must standardise, centralise and digitalise. But that is not enough. Even before most businesses have worked out how to execute a digital transformation, the ability to use digital information flows intelligently, the incorporation of robotic automation and artificial intelligence and the concept of ‘smart’ – networked intelligence – are already becoming key differentiators. This year’s treasury award looks at a company who have recognised the need to be ‘smart’ and have made progress in the journey towards the intelligent treasury. New this year: we are awarding a winner in each category: