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Treasury Best Practices webinar presentation: Bank Account Management

Bank Account Management is a critical facet of every treasurer’s role, but remains an area where there is often considerable room for improvement. Hear from industry experts on how you can manage your bank accounts more effectively.

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Treasury Best Practices webinar presentation: Bank Account Management

  1. 1. May 12th, 2016 Bank Account Management
  2. 2. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 2 Webinar Logistics • Listen only mode during the webinar • Questions – submit questions at any time via the webinar console. We will do our best to address all of the questions at the end of the session  For any technical issues before the webinar (difficulty joining, audio connection, etc.) – please contact GoToWebinar support team at 1-888-259-8414. If already in session, please chat any technical issues via text.  CTP accreditation approval letters will be emailed within 3-5 business days to full session attendees  Recorded webinar & slides will be emailed and posted under http://www.kyriba.com/resources/webinars
  3. 3. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 3 Today’s Presenters Paul LaRock, CCM Managing Director, Treasury Strategies paul_larock@treasurystrategies.com Kelvin McWilliams Treasury Advisor, Kyriba kmcwilliams@kyriba.com
  4. 4. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 4  Why Bank Account Management (BAM)  Best practices  Policy considerations  Gain control of BAM process with security: dual-level approval  Set up and maintain banks, branches and accounts; maintain list of signers  Consolidate signers by location or entity  Generate letters: confirmation, audit, and FBAR  Benefits of a robust BAM process Agenda
  5. 5. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 5  Effective bank account management is the first step in establishing controls and regulatory compliance  You can’t manage what you can’t see Why is Bank Account Management Important?
  6. 6. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 6  Establish and distribute formal written policy regarding BAM  Policy should require centralized control and documentation at treasury department  Policy should address people, process and technology Best Practices for Bank Account Management
  7. 7. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 7  People: identify who has authority to open, close and change services, signers and system authorities  Process: explain workflow (including departments outside of treasury)  Technology: identify technology to use as system of record  Database: establish critical data fields to be captured on each account; align with FBAR reporting  Validate: annual validation with other systems (ERP, Bank Account Analysis) The BAM Policy
  8. 8. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 8  Gain control of bank account relationships with automated change management workflows  Track all details of organization’s bank accounts including signatories  Key capabilities: audit trails, bank account tracking, confirmation letters, document storage, and signatory management Kyriba Bank Account Management
  9. 9. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 9  Manage master list of accounts including audit trail and document storage  Opening, closing and modification of account changes can be put through a robust approval workflow Bank Account Management - Accounts
  10. 10. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 10  Manage master list of accounts and authorized signers with approval workflow to support changes to accounts and/or signatories  Document storage of key documents including signature cards, agreements and other documentation Bank Account Management - Signatories
  11. 11. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 11  Generate confirmation letters to support the opening, closing of accounts, changes to signors and audit confirmations  Generate FBAR reporting including signer details and maximum account balance information Bank Account Management - Reporting
  12. 12. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 12  Basis for enhanced risk management and controls  Improved data integrity though validation process  Reduced risk of FBAR violation via auditing bank signatories  Efficient and automated internal workflow  Integrated document management  Complete visibility: reporting across entire corporate landscape Benefits of a Robust BAM Process
  13. 13. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 13 Further Reading Case study: Implementing a BAM solution for BBC Download at: http://kyri.ba/BAMforBBC Fact sheet: Bank Relationship Management Download at: http://kyri.ba/BAMfactsheet
  14. 14. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 14 Thanks for attending facebook.com/kyribacorp twitter.com/kyribacorp linkedin.com/company/kyriba-corporation youtube.com/kyribacorp slideshare.com/kyriba kyriba.com/blog
  15. 15. © 2016 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 15 Q&A

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