Conference program

If you would like to be a part of the 2018 speaker line-up then we would like to hear from you. Please email Jelena Tararyko to join our elite speaker line-up and raise your profile within the treasury industry.

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Tuesday 15 May 2018

Garbage in, garbage out: Getting treasury intelligence right

It’s easy to focus on the minutiae of tax or payments, but the economic big picture matters to treasury. Geopolitical risk means uncertainty; uneven and unpredictable growth means uncertainty; and technological disruption upends entire business sectors with a speed and profundity that matches the effects of wars or industrial revolutions. All of these factors impact FX, interest rate, tax and regulatory risks. But how can you predict the effects of this on your business? How do you know which signals to read? This session puts you in the know and where you should maintain your focus.

• Peter Ceretti, Analyst, The Economist Intelligence Unit

Drowning in data? These are the key micro and macro drivers you need to understand for your business covered by the most respected experts in their respective fields.

The economic year ahead The IMF has raised its global growth forecast to 3.9 percent in 2O18 on the back of robust global demand, the stimulation of US tax cuts and reduced deflationary pressures. But faltering productivity, climate events, slowing global trade, uncertainties about the longer-term effects of technology and ringing inequality are ringing alarm bells. What are the key variables for business?

Is Europe breaking up? Brexit negotiations proceed at a crawl; Hungary and Poland increasingly pursue policies incompatible with EU membership; Catalonia votes for independence prompting Spanish charges of sedition and rebellion against elected politicians; in Austria the far-right Sebastian Kurz is the chancellor. The list of upsets goes on. Can anyone predict the impact of Brexit? More generally, where is Europe headed and what does it mean for businesses that operate there?
• Peter Ceretti, Analyst, The Economist Intelligence Unit

China? With Xi Jinping likely to be in power for years to come, and with his stated aim to ‘strive for the great success of socialism with Chinese characteristics’ to take ‘centre stage in the world’ it seems clear that China will be a more assertive and competitive presence globally. But that does that mean day to day? In which regions and sectors will China’s presence be most keenly felt?
• Mike Hartnett, Director, Global Risk Consulting, Economics & Country Risk, IHS, US

How will GDPR affect your business? Here’s what you need to know. PSD2 and MiFID II, GDPR and other KYC/AML and data privacy rules represent a fundamental transformation of the financial services landscape. But the interplay of these new laws with different global jurisdictions promises confusion. What can business do to anticipate change and benefit from it?
• Benjamin Brook, Co-founder,, US
• Michael Farrell, Co-founder,, US

How will you be affected by US tax reforms? So complex are the effects of the revisions to the US tax code that companies are still evaluating the possible effects. However, it seems clear that they will affect treasury in areas as diverse as cash pooling, capital allocation and corporate finance and treasury and subsidiary location. What are the key conclusions so far? • Paul DeCrane, Principal – Global Treasury Services Leader, Ernst & Young , US

 4:00 PM
Adjourn to the exhibition floor for a special conversation
FinTech unravelled: Forget the theoretical, focus on the practical

FinTech is everywhere. Or rather, small start-ups promising to re-invent every financial process you can think of are everywhere. Leaving aside the fact that almost all of them will fail, the revolution they promise, if deliverable, poses significant risks to the stability of the financial services sector and beyond, at least according to people like Bank of England’s 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. So, should you wait and see, or start migrating now?
* Refreshments will be served during this session

Moderated by: Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK
• Aarti Rao, Managing Director, LiquidX, US
• Chris Skinner, Chairman, Writer & FinTech Commentator, The Financial Services Club
• Gene Vayngrib, CEO & Co-founder, Tradle, US
Stream 1 - Digital treasury: Strategic edge

Harnessing the power of digital transformation is easier said than done. So is it better to get the basics sorted out rather than go straight for the newest techniques and technologies?

 11:40 AM
Creating a digital roadmap: reaching tomorrow's treasury today

Digital transformation is not an end in itself. Each treasury should define, in detail, its own objectives and the problems it needs to solve. Only then can it begin to identify and evaluate the technologies that may be appropriate. Is visibility the core issue? Is that opacity the result of tangled legacy systems or a centralization programme so successful that treasury is drowning in data? The solutions in each case are digital but different. More generally, has treasury done the core work on process simplification, the implementation of industry standards and interface building? If not, then advanced automation technologies and AI analytics are probably a waste of time and money. 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.

• Heather Kissinger, Treasury Operations - Cash Management, Anadarko Petroleum Corporation, US
• Luis Eduardo Díaz Loera, Treasury and Financing Manager, Grupo Kuo, Mexico
• Tom Durkin, MD, Digital Channels, Bank of America Merrill Lynch, US
 12:20 PM
SSC the next generation: How to make it so

Companies looking at setting up an SSC, and those concerned with protecting existing investments in them, need new technology to justify these structures.  Outsourcing as a short-term cost fix is not enough. Using advanced analytics to derive value from the cross-functional data embedded in operational processes offers one possible approach. The robotic process automation of processes that can be broken down into repeatable tasks and learned by a software robot is another. But does the use of these technologies in SSCs make them more efficient, or does it just provide a model for re-onshoring processes outsourced for labour cost reasons in the first place? How do treasurers harness the power of these technologies in offshore SSCs when this kind of digital transformation is proving extremely difficult in the core treasury operations? A year is a long time in technology and many SSCs were set up years ago. Can they be cost-effectively upgraded at all?

• Catherine Stone, Assistant Treasurer, Cabot Corporation, US
 2:20 PM
C2B connectivity: A difficult dance

Simplifying corporate-to-bank connectivity has long been a two-way headache. Corporates struggle with multiple standards, bank-specific practices and jurisdictions; banks struggle with the often unique demands of particular corporate ERP and TMS implementations and the demands of their treasurers. SWIFT is part of the answer. But so is additional technology. Sophisticated solutions are available to handle complex protocol management, mapping, translation, report generation and automation needs. These are starting to incorporate sophisticated cybersecurity and data security protection. But to achieve the levels of simplicity, reliability and ease of switching treasurers would like, corporates, ERP and TMS providers, banks and other technology partners have to co-ordinate in a complex dance in which plug-and-play is still a distant dream. With so many potential points of failure, and the costs of implementation still high, what are the key lessons that have been learnt? What are the sensible compromises treasurers should make? And at what point is it worth making which levels of investment?

• Katrina Baptista-Capelo, Assistant Group Treasurer, Metalor, US
• Michelle Pereira, Senior Treasury Manager, Bacardi, US
 3:00 PM
The journey to automation

Changing regulation and compliance alongside improvements in the financial sector have increased the importance of the treasury function and its impact on business and operating divisions within a company. Royston Da Costa of the Ferguson Group will take you through their journey of automation and future proofing of the Treasury function. This session will look at improving banking relationships, workflows, visibility and collaboration. How can companies challenge their banking and third party vendors to innovate. The session will touch om key initiatives such as cybercrime, GDPR and other regulatory issues common to many companies and how treasury has a role to play.

• Royston Da Costa, Assistant Group Treasurer, Ferguson Group Services, UK
Stream 2 - End-to-end risk oversight: A role for the intelligent treasury?

Treasury’s standard portfolio of bank relationship and counterparty risk, FX, interest rate and liquidity risk is growing. Cyber risk management, data privacy compliance, PCI DSS and more have been added. As global rates rise though, are funding and investment risk the next big ones?

 11:40 AM
Managing rising rates, and rising investment risks

As the global interest rate cycle turns, treasurers, especially those sitting on large cash holdings need to look at their investment strategies. The cash buckets that have made sense for a decade of near zero rates may not if rates rise quickly. Shortening duration may cost money upfront but it leads to lower MTM losses and a quicker portfolio response to rate rises. Rising rates imply strengthening economies and so (often) tightening credit spreads – so is now the time to move out along the credit curve? The onus still remains with treasury teams to assess investment risks independently, so which are the best providers that can help not just with execution and reporting but also sophisticated analytics to help evaluate investment decisions? And is it time to look at unconventional assets and structures?

Moderated by: Sara Flour, Managing Director, Head of Corporate Treasury Coverage, Americas, DWS
• Edward Moselle, Senior Treasury Manager, Capital Markets & Operations, BioMarin Pharmaceutical Inc., US
• Rick Smith, Managing Director, Senior Portfolio Manager, DWS, US
 12:20 PM
Treasury’s two-way street: What are you worth to your banks? And what do you get in return?

Despite the advances in treasury technology and bank connectivity, few treasurers have access to a consolidated view of relationships/accounts with their banks and its value to the bank or the dollar number for annual revenue. And that’s not surprising because most banks do not have real-time access to that data either. That’s a problem: corporate clients need to know how they can maintain relevance as a client not only to access core products and services, such as credit, FX and transaction banking, but also to ensure that they are high up the list when it comes to information requests or issue resolution. So how has banks’ view of their corporate clients changed as new regulations have become established? How transparent are they in revealing their requirements in terms of wallet? And what can treasurers do to ensure that they remain valued relationships?

• Douglas Tropp, Corporate Treasurer, Booking Holdings Inc., US
• Steven Vu, Director, Treasury, Prologis, US
 2:20 PM
The endless cyber problem

According to three companies, the NotPetya ransomware attacks cost FedEx $300 million, Möller-Maersk up to $300 million and Merck's insurers up to $275 million. IT departments do not understand risk management and neither do cybersecurity vendors. But treasurers do.  In an increasingly digital world with fraudsters becoming more agile every day, treasures have no choice to be proactive on cyberattacks and fraud.   At the same time, the security and privacy requirements of the EU's GDPR directive, with fines of up to 4% of global revenues, are about to become a huge business and compliance problem. Treasury has the experience and expertise to help mitigate and manage these risks. So what is best practice in these areas and is treasury the right team to help?

Moderated by: Adam Taplinger, Director, Financial & Treasury Management, PwC, US
• Lisa Fedczuk, Global Shared Services Manager, Xylem,US
• Luis Eduardo Díaz Loera, Treasury and Financing Manager, Grupo Kuo, Mexico
• Christian Mnich, Sr. Director, Solution Management, Treasury, SAP, Germany
• John Rogers, Chief Information Security Officer, BNP Paribas, US
 3:00 PM
Refinance or wait? How to play the tipping point

US debt markets boomed partly on inflows from non-US investors running from zero and negative yields. But with QE in Europe starting to wind down, and investors hedging against rate rises, that demand for corporate paper may well diminish. At the same time, a record $2 trillion of U.S. corporate debt comes due in the next five years, with industries such as telecom and energy having especially significant refinancing needs. Does it make sense to refinance existing facilities now, even if they have two to three years still remaining? What cost-effective hedges are available for those who would rather buy protection against a surprise curve steepening than incur the costs of balance sheet restructuring today? And have central banks misread the signs – will rate rises stall as growth slows?

• Pradipto Bagchi, VP & Assistant Treasurer, Allergan, US
Stream 3 - How treasury can support and promote business growth

A key treasury objective is the creation of a scalable treasury organization to support rapid growth in the underlying business. Technology is important, but so are the basics.

 11:40 AM
Centralize and centralize and centralize again

So you think you’ve centralized? So your TMS has been implemented for 100% of the business? All instances of TMSs and ERPs, if different, can seamlessly exchange all the data you need? And your proprietary solutions – including Excel – can integrate too? In fact, treasury centralization is an ongoing project that is never finished. Old problems are solved, but new ones emerge – from new businesses, acquisitions, technology. The key is to identify where decentralized processes are constraining the business and to deal with the most significant pain points quickly. Which structures are becoming outdated and need to be replaced? Which processes can benefit from proven technological innovation? And are you sure you’ve addressed the fundamental issues?

• Noel Marsden, Vice President and Corporate Treasurer, Brightstar Corporation, US
 12:20 PM
Getting the best from your banks, keeping your options open

In 10 years, we’re told, we will all be buying micro-services from a teeming ecosystem of FinTechs. The whole concept of a bank will have changed. But until then treasurers need a strategy for bank relationships and the purchase of core banking services. How this works depends on how developed the treasury is. In a fast-growing firm with a handful of banks, there is an opportunity to build an optimum structure from scratch, incorporating best-of-breed technologies, bank agnostic platforms and solutions such as virtual account management to drive simplicity, efficiency and visibility. Larger firms, with the tangled complexity that results from longer evolution, first need to audit their current arrangements, identify unnecessary complexity and remove it. All companies still need to ensure they have sufficient strong relationships to guarantee access to core services. Wise ones will keep abreast of new providers. Rationalize or expand? Old banks or new providers? It’s more complicated than that.

Edwin Veenman, Head of Treasury, Yanfeng Global Interior Systems, Germany
 2:20 PM
Is your treasury fit for change?

Central finance functions have not traditionally been noted for their flexibility and agility. It is true that as corporate treasuries have been slimmed down, the tight-knit teams that result have become inherently more nimble and potentially able to respond more quickly to changing circumstances. In smaller, high-growth companies, this treasury flexibility and agility is critical: growth is change, and growth today involves the rapid integration of new geographies and technologies. But in larger firms, even if teams are small and open to change, treasury, ERP and MIS systems are often not. So how can companies keep the flexibility in forecasting, planning, funding and risk management they develop when they are small? Do small teams really create agility or are they just overworked and unable to change? And how can agility be built upon legacy technology frameworks and processes?

• Francisco Cesari, Senior Manager, LatAm Regional Treasury, American Tower Corp., Brazil
• Jeffrey Williams, Senior Director, Treasury, American Tower Corp., US
 3:00 PM
FX risk management

The foundations of any risk management process are first, an understanding of the exposures the company faces; second, the consequent a board-sanctioned risk management policy; and third buy-in from business units that they either pay for risk mitigation or own any risk that they don’t want to pay for. In practice, those foundations are not straightforward to build. And they are complicated today by the rapidly changing nature of FX market liquidity provision, risk management technology and the possibilities for outsourcing. So what are the critical points treasurers must get right in setting up and maintaining a scalable FX risk process? What is must-have and what is just nice-to-have? And how is technology changing the internal corporate FX process, the FX market and the interplay between the two?

• Charlie Herche, Director, Treasury Capital Markets, Expedia, Inc., US
• John Zavaglia, Senior Director, Treasury Capital Markets, Expedia, Inc., US
Complex Countries Series – NEW!

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 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.

Wednesday 16 May 2018

How technology will improve treasury intelligence

Treasury tech till now has focused largely on improving efficiency, reducing errors and centralizing data for better visibility. The next generation of tools will transform decision-making.

We live in a three-stream world where the developed economies of the last century are stumbling towards being the legacy economies of this century. South-South trade is forecast to become the fastest growing markets, and countries from China to Colombia are re-inventing money with the internet. The result is that the most innovative ideas around finance are not coming from Europe or America, but from Asia, Latin America and sub-Saharan Africa. Will these innovations be mainstream by the next decade, and how do things like artificial intelligence and blockchain play in markets that had nothing before?  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. 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.

• Chris Skinner, Chairman, Writer & FinTech Commentator, The Financial Services Club, UK

Since the US tax reform was passed earlier this year, companies are scrambling to prepare for wide-reaching implications to treasury structures, processes and strategy. Changes too brought about by BEPS, Asian tax reforms and Brexit are causing a wholesale rethink for many treasuries. This session will be opened by a tax expert who will talk about the implications to global liquidity structures, hedging strategies, capital structure and legal entity structures followed by a specific discussion on the responses that forward thinking treasurers are undertaking.

• Bruce Edlund, Director of Treasury, Citrix, US
• Douglas Tropp, Corporate Treasurer, Booking Holdings Inc., US
• Ron Stott, Senior Manager Global Treasury Services, Ernst & Young, US
 4:00 PM
Adjourn to the exhibition floor for a special conversation
New technology workshop

The treasury technology ecosystem offers a bewildering array of potential solutions, across a large number of process areas and delivered on a variety of platforms and cost bases. From ERP and TMS, to payments, SCF and trade finance, cash management and liquidity management, and even automated regulatory and compliance solutions. There are established players and innovative start-ups, many of whom will likely disappear. So who to choose? Where should new technology be adopted and where is it better to wait? One 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 new software in core treasury functionalities. How did the process work and what have been the results? Solution providers will also be on hand to answer your questions

• Royston Da Costa, Assistant Group Treasurer, Ferguson Group Services, UK
• Vincent Delort, Global Treasury Risk & Reporting Manager, JTI, Switzerland • Andrew Blair, Treasury Consultant, GTreasury, US
• Mark O'Toole, Head of Sales & Marketing Americas, Cashforce
Stream 1 - Digital treasury: Strategic edge

Harnessing the power of digital transformation is easier said than done. So is it better to get the basics sorted out rather than go straight for the newest techniques and technologies?

 11:20 AM
Automating KYC: a problem shared?

Satisfying customers and regulators is banks' problem du jour. Their initial response to KYC/AML regulations was to beef up back offices to trawl through transaction and client records. This approach is unsustainable: it is expensive, time consuming and error-prone. And it stifles growth. Client onboarding, client lifecycle management and transaction compliance need technology solutions. Banks that are able to ease the client experience and satisfy the regulators most cost-effectively will win market share as well as improve their operational efficiency. This panel will look at how digitization and automation can speed up Customer Due Diligence and provide a consistent, repeatable, provable and auditable system of risk based controls. What technologies and platforms offer the best solutions? What about KYC and the blockchain? How can treasurers help their bank partners in what is a problem they both share?

• Gene Vayngrib, CEO & Co-founder, Tradle, US
• Michael Aragona, Head of Sales, Global Transaction Banking, Mizuho Americas, US
 12:00 PM
The old ones are the best ones: Solving treasury problems

It is tempting to focus on novelty and innovation as key treasury challenges, but ask treasurers and they list the same problems with which they have struggled for years: how long a payment takes for the beneficiary to be paid; the predictability of that time; impossibility of tracking payment status; inconsistency of data requirements by different banks; poor quality of remittance data sent with payments; costs and predictability of costs of making a payment; the time and difficulty of dealing with rejections, stopping payments and performing payment repairs. So what are the existing payment providers doing to solve these long-standing issues? What about the banks, whose inconsistent practices compound the inefficiencies in the various systems? And do the new tech providers really address any of the fundamental issues?

• David Tao, Senior Manager, Treasury, Uber Technologies Inc., US
• Matt Wegner, Global Head of Partner Payments, Uber Technologies Inc., US
 2:00 PM
Treasury takes back control? Solving payments issues

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?

• Javier Orejas, Head of Banking, EMEA & Americas, IATA, Spain
 2:40 PM
Choosing the right supply chain solution

Technology is transforming supply chain finance. It has expanded SCF availability outside the initial few global trade finance banks; it makes the onboarding process practical for both sides; and, most importantly, it has made it easier for nonbank, third-party investors (asset managers, private equity, hedge funds) to contribute their capital and risk appetites to the business, which is essential to finance programs as they grow in size and complexity. However, technology creates its own issues, one of which is choice: there is a now a wide range of SCF, credit evaluation, e-Procurement, e-Invoicing and other trade-finance related vendors all offering the ideal combination of easy onboarding, access to credit and flexible terms. There are also new platforms that enable corporates to help with the credit evaluation and insurance they may need to set up SCF programmes for their own suppliers. So how do treasurers evaluate these new products? What questions should they ask the sellers of Cloud and blockchain solutions? And which banks are making the best use of these third-party technology providers?

• Mack Makode, VP Treasurer, Under Armour, US
• Victor Pausin, Director, Finance & Strategy –Treasury, The Goodyear Tire & Rubber Company, US
• Swinda Salazar, Head of Strategic Alliances, Taulia, US
Stream 2 - End-to-end risk oversight: A role for the intelligent treasury?

Treasury’s standard portfolio of bank relationship and counterparty risk, FX, interest rate and liquidity risk is growing. Cyber risk management, data privacy compliance, PCI DSS and more have been added. As global rates rise though, are funding and investment risk the next big ones?

 11:20 AM
Centralizing currency – the last great treasury problem?

Even among the world’s very largest companies, tracking FX risk positions on a global basis is a challenge. Firms often run a combination of regional FX programs side-by-side, forgoing accurate results or the other benefits of a centralized program such as identifying and achieving internal natural hedges. Running FX risk like this also increases transaction costs and can complicate regulatory reporting and accounting. And decentralized operations of any kind are harder to automate and harder to incorporate into modern, high-tech treasuries. It is still common to find scattered FX risk management tools not even directly connected to ERPs. Even companies on the road to centralization may use multiple automated platforms and operate multiple operations centers executing FX. So what are the possible solutions? The largest companies can set up dedicated central currency risk management entities, but what about the rest? The bottom line is that treasury has to understand FX exposures and therefore the business implications of currency movements on an enterprise-wide basis. So what are the latest tools and techniques to help them do that?

• Fraser Woodford, SVP, Treasurer, Discovery, US
• Amrit Batra, Treasury Manager, Global Capital Markets, ZF Group, US
• Raj Salgia, Director of Treasury, OSI Group, US
 12:00 PM
Changing the face of global cash management, virtually

Proponents of virtual account management (VAM) claim that it fundamentally changes global cash management. They say that by rationalizing account structures and enabling corporate customers to conduct transactional operations against virtual account enables entirely new operating and service model for global cash and liquidity management. Banks benefit from a system that improves profitability and creates new business opportunities in transaction banking. Corporates gain the list of advantages all treasurers will have seen. But is it too good to be true? Certainly VAM is not a one-size-fits-all plug-n-play solution. Just as other solutions that have made similar promises, such as notional pooling and ZBA, there are jurisdictions it doesn’t work. And there are still plenty of tax, KYC and data privacy issues that need to be solved both at the banks and at any large MNC hoping to use this model globally. Hear from companies operating VAM in Europe, the US and Asia. This is what they’ve learnt.

• Debbie Riezenman, Senior Manager, Treasury Services, KLX Inc., US
• Edwin Veenman, Head of Treasury, Yanfeng Global Interior Systems, Germany
 2:00 PM
Plan for the worst, hope for the best

When there are too many Black Swans to ignore, but too few to make a trend, modelling a series of possible outcomes and looking at contingency planning is a critical part of the risk management process. In this double session, our panelists will lead an interactive discussion around key treasury scenario planning issues, possible areas of discussion will include Brexit and what that might mean for liquidity structures and supply chain to US tax reform and how that will impact accounts, liquidity, cross-border trade and so on. The session will look at investment and geopolitical risk as well as regulatory risk like new EU directives which impact US businesses. What are MNCs planning for in terms of risk and opportunity? In this highly interactive session, companies will talk about global risk worries and how they are driving business decisions.

• Ivan Troufanov, VP & Treasurer, Medidata, US
• Mike Hartnett, Director, Global Risk Consulting, Economics & Country Risk, IHS, US
• Tim Husnik, Senior Treasury Manager, Medtronic, US
Stream 3 - How treasury can support and promote business growth

A key treasury objective is the creation of a scalable treasury organization to support rapid growth in the underlying business. Technology is important, but so are the basics.

 11:20 AM
Project Valkyrie: Hedging & currency conversion revamp

After a large acquisition in 2015, Medtronic treasury had two legacy processes for currency conversion and FX risk management. Differing strategies required two sets of processes to be maintained for spot conversion and FX risk management. Treasury developed a pan-Medtronic “exposure-by-country” model (nicknamed “The Valkyrie”) which resulted in the ability to make data-driven insights related to the intercompany and consolidated balance sheet hedging strategy. The insights suggested that too much time and energy was being spent maintaining direct hedges in dozens of entities rather than in a consolidated hedging program. The revamp resulted in a more efficient FX risk management and currency conversion strategy.

• Tim Husnik, Senior Treasury Manager, Medtronic, US
 12:00 PM
Changing the ratio: How to get more science and less art in forecasting

People whose day jobs involve arguing with suppliers in Indonesia or understanding Generation Z’s buying habits have little time to focus on cashflow statements – and they’re not paid to do so either. Analysts are often stumped by the seemingly low forecastability of businesses once they start to dig down. So how to bridge the gap? One first step is to accept and define the boundaries of forecast accuracy and to omit data with no proven value in previous forecasts. A second is to investigate correlations outside the normal MIS data. A third is to focus on probabilistic ranges, as much risk management does, rather than point forecasting which is all too common still. At that stage, automation is an option. In a world of low predictability, data analytics, particularly enhanced by machine learning, is likely to perform at least as well (and much faster) than human forecasters, especially when identifying new external correlations. So how can treasurers make practical use of some of the new thinking in the forecasting of complex systems? How can business manage the forecasting function? And can better forecasts be used to steer businesses towards more stable states and avoid real-world problems?

• Vincent Delort, Global Treasury Risk & Reporting Manager, JTI, Switzerland
 2:00 PM
Working capital management: How can you do better?

According to PwC “net working capital days (NWCD) are hitting their highest (worst) level in the last five years.” Companies face global pressure on capital employed; many have significantly increased debt levels and debt to cash ratios but not delivered commensurate returns; and many in the US have increasing amounts of cash tied up in working capital. The key working capital management response has been to increase DPOs using new and not-so-new SCF solutions, as well as simply not paying on time, but this single variable approach is not sustainable. At many firms, particularly outside the very largest, the working capital solutions lie in receivables, inventory, procurement and better tax management. So what are the continued issues with accounts receivable and are there new solutions? How can treasury and procurement work together across their shared portfolios and in terms of better inventory management? And are the larger issues of ROCE and debt storing up working capital problems for the future?

• Brian Sullivan, SVP & Treasurer, Veolia North America, US
 2:40 PM
Building bridges from business to treasury

How much time does treasury spend delivering business insights? About 25% of the time, according to one recent study. Is that good enough? It depends on whether treasurers truly believe in the idea of treasury as a strategic consultant to the business or not. Central finance functions too often operate as corporate policemen, delivering bad news, cost cuts and redundancy programs from on high. The best ones put staff into the businesses where they operate alongside business unit management with a shared mission to drive profitability and expansion. Some are even incentivised on the bottom line of the business unit. In this way, treasury can deliver solutions with obvious business benefits, and because they are embedded in the business and are seen as integral to it, if tough calls have to be made, they are more readily accepted. This treasury has truly delivered value to the business.

• Ronald Villanueva, Deputy Treasurer for Americas, Royal Dutch Shell, US
Stream 4 - Best practice treasury

In this series of presentations best practice companies reveal how they have responded to the challenges and opportunities of new treasury technology to improve efficiency and increase their strategic value to the business.

 11:20 AM
Best treasury in Latin America

Latin America faces an all-too familiar mix of growth, crisis, scandal and upcoming elections. Its largest economy, Brazil, is the region in microcosm. For treasurers, the volatility in underlying businesses, funding costs and currencies makes cash king and risk management critical. So how are firms keeping DSOs under control? Is it time to review hedge policies? In tough times what is the best trade-off between handing local operation more responsibility for liquidity management, hedging and cash collection local responsibilities, and the centralization required to maintain the visibility that is critical to maintaining stability? How can treasury respond to an economy with reduced bank lending and general liquidity challenges? Hear from companies that in partnership with core bank partners, have managed to combine the best practice of a modern, sophisticated international treasury with the practicalities of managing treasury in Latin America.

• Benjamin Tejadio, Treasury LATAM Banking Lead, General Electric, Mexico
• Joao Cabral, Regional Treasury Director, Interpublic Group, Brazil
• Marc Dubois, Treasury Operations Manager, Hasbro Inc., US
• Santiago Thompson, Managing Director, BBVA, US
 12:00 PM
Best at working capital management

How can companies shorten entire whole cash conversion cycle to generate maximum liquidity without harming t business efficiency and supplier and customer relations? The answer is total treasury optimization: the payment cycle must be extended without damaging supply chains; the receivables cycle must be shortened; inventory levels must fall and innovative inventory financing options explored; receivables financing programmes from whole-book securitization to simple receivables purchase facilities must be evaluated. And that is in addition to all the standard treasury optimizations around banking, cash management and the use of in-house banks, POBO/ROBO structures and shared service centers.

• Mack Makode, VP Treasurer, Under Armour, US
 2:00 PM
Removing the pain from global cash

Global cash visibility is still one of treasurers’ key concerns. For multinational companies with complex business structures and many hundreds of bank accounts, being confident that cash and liquidity reports are accurate is critical, but achieving that goal has proved problematic. However, without visibility, treasurers cannot adequately control and mobilise group cash, create usable forecasts, manage FX risk or maximize returns from excess cash. Treasury technology has long been heralded as the answer to these problems, but the costs and complexity of implementation have been significant barriers, especially for mid-sized firms. Smaller firms struggle with spreadsheets and downloads from different single bank portals to manually build up a picture of the company’s cash; larger firms wrestle with legacy systems and multiple TMS and ERP implementations. But there are solutions. In this case study, learn how this treasurer has used new treasury technology to deliver measurable operational improvements. And see how treasury technology can help treasury teams move from an operational role to a strategic role within their organization.

• Dayna Padgett, Treasury Manager, JDA Software Group, Inc., US
• Warren Davey, EVP, GTreasury, US
 2:40 PM
Maximizing liquidity while minimizing cross-currency exposure

A holistic approach that encompasses cash management, loan portfolio management and the supply chain is critical to improving FX risk management. Traditional hedging with forwards is as efficient as the cash and rate forecasts on which it is based. And those cash positions themselves can be radically improved before the need hedging. Companies first need to improve their liquidity structures, review their multi-currency portfolios of financings and intercompany loans and remove redundancies. This company embarked on a root-and-branch re-organization of its cash management and financing structures and in the process dramatically reduced its need for FX hedges while improving the efficiency of those that remained.

Moderated by: Patrick Peters-Buhler, Managing Director, Treasuryinthe.World, US
• Christian Toyama, Corporate Treasurer, Belcorp, Peru
• Daniel Herrera, Manager of Financial Strategy and Trading, Belcorp, Peru
Thursday 17 May 2018

Intelligent Treasury: Embracing the future
*All sessions will be taking place on the exhibition floor

There is no industry out there that isn't being disrupted. Disruptors are looking for ways to do things better, more productively and at a faster pace across all facets of business. And we are living in a "now" economy where no one wants to wait for anything. What that means for companies is that they need to get ahead with responsiveness and speed. This keynote is a rapid fire review of the major tech trends that will radically shake up the ways you think about disruptive innovation, new product and service development, and satisfying the changing demands of your customers. It will include cutting edge examples and lessons on the processes changes and actions companies will need to take in the future.

• Howard Tullman, Former CEO 1871, General managing partner of G2T3V LLC and Chicago High Tech Investment Partners LLC

Blockchain is at once the most over and under hyped technology in history.  It has been positioned as being as world changing as the internet, but is also seen as the home of fraud and financial crime. Neither of these statements is fully true, or fully false. The family of technologies we call "blockchain" are moving into production in 2018, with major enterprises now taking the space seriously and software tools maturing.  So the real question is, how do we zoom in, how do we understand what's signal and what's noise and what if anything should we do about it?

• Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK
 11:20 AM
Banking on innovation: The fight for financial services

Digital transformation means different things to different banks. In Hong Kong it may be rolling out contactless to thousands of small merchants; in the UK it may be new mortgage platforms; in Europe it may be automating trade finance. There’s the voice revolution, mobile, 3D holographic data display for trading rooms, Cloud, AI-based advisory services and bots, distributed ledger – the list goes on. So what do the key banks believe are the most significant trends for their businesses? Which of these trends do they believe will impact their delivery of products and services to corporates the most? And how do they think customers should prepare for changes in the ways that banks will operate? In this panel, the heads of digital change at key global financial institutions share their insights.

Moderated by: Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK
• Carmela Gomez, Head of Global Treasury Solutions, BBVA, Spain
• Jonathan Aguallo, Director, Innovation, Bank of America Merrill Lynch, US
• Juan Jiménez, Head of Global Corporate Banking Innovation, Santander, Spain
• Sadia Halim, MD, Head of CIB Americas Innovation, BNP Paribas, US