Treasury Maturity
Achieving treasury maturity: opportunities and challenges
Corporate treasurers are always considering ways to optimize their treasury function to meet ever-changing internal and external requirements and respond to market developments. However, and due the ever-changing environment, defining a clear roadmap with next steps for treasury strategic development is not an easy task. The geopolitical, technological, banking and legal landscape is changing and it is looking increasingly unlikely that stability will return to pre-crisis levels anytime soon, if ever. But new tools are here that can be leveraged to improve efficiency in treasury processes and to support strategic decision making.
The position of treasury compared with their peers in
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There may be elements of centralization however most likely on a small scale with cash pooling possible however manually orchestrated. Control of bank accounts may reside locally.
• Stage 3 is ‘Established’ where there is normally a clear central treasury structure and governance model in place with a full treasury charter and responsibility for delivering on formalized treasury objectives. Treasury activities are carried out in a structured and efficient manner. Sound management of debt covenant compliance and maturity profile with basic scenario/stress testing.
• Stage 4 is ‘Enhancing’ which denotes a defined treasury roadmap, full complement of treasury resources and budget, more than adequate treasury roles and responsibilities and strong automation in treasury technology. Elements of business partnering and knowledge sharing around risk management with procurement and credit departments. There may be interaction with FP&A for risk management forecasting and identification with regular investigations on alternative financing
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The key output from the Solution Design step will be the blueprint for the future treasury set-up, the ‘A to Z’ of the new treasury. The Treasury Roadmap classifies the Solution Design into sub-projects for each area. The Roadmap graphically portrays the timeframe, typically up to 3 to 5 years, to fully complete the treasury transformation estimating the duration to fully complete each individual component of the Solution Design
Within the overall Treasury Centralization Project there will be many sub-projects, each with a different priority, some more material than others and all with their own risk profile. It is important therefore for the overall success of the transformation that all sub-projects are logically sequenced, incorporating all inter-relationships and more importantly all inter-dependencies.
For such a strategic Treasury Roadmap, the inclusion of high-level milestones (where possible to estimate) is also beneficial as it demonstrates already that there are key decision points for senior management to
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