The treasury transformation project undertaken by UAE-based conglomerate Al-Futtaim Group was highly successful in simplifying complexity, automating manual processes, and providing increased transparency, analysis capabilities, and efficiencies for the treasury function. Key aspects of the multi-year transformation included developing a target operating model, implementing a new treasury management system, establishing governance policies and structures, and providing treasury training to strengthen capabilities across the organization. The transformation inspired a wider finance transformation at Al-Futtaim and continues to evolve the treasury function.
This document discusses the importance of accurate cash flow forecasting for corporate treasurers. It outlines the challenges of attaining visibility over cash across multiple bank accounts and currencies. It also describes the process of developing both on-the-day and long-term cash flow forecasts, noting the importance of integrating data from accounting systems, business managers, and treasury knowledge of expected cash flows. Developing organizational buy-in for accurate reporting from business units is highlighted as critical for quality long-term forecasting.
The Treasurer Feb 2017 Christoph Nelischer profilebenpoolewriter
Christof Nelischer is the global group treasurer of Willis Towers Watson, overseeing the merger of the legacy treasury teams and functions following the merger of Willis Group and Towers Watson. His main focus is on streamlining the differing treasury platforms, operating models, and accounting practices of the two companies. This includes implementing a single treasury management system, establishing an intercompany netting system, and merging the fragmented bank structures and accounts. Nelischer draws on his experience from previous M&A integrations to approach the merger strategically through rationalization and standardization efforts.
Joanne Bates profile The Treasurer magazine June/July 2018benpoolewriter
1) Joanne Bates is the co-treasurer of Worldpay, a global payments processor formed by the merger of Worldpay and Vantiv.
2) As co-treasurer, she oversees areas such as debt management, capital management, cash forecasting, FX management, and risk management. She is also involved in strategic initiatives and integration projects following the merger.
3) The treasury team faces complexity from regulating cash separately by legal entity and managing bank accounts in over 100 banks across more than 2000 bank accounts worldwide. The team works to design products efficiently and integrate systems and policies following the merger.
Nearly three years after SEPA's launch, its benefits and remaining work are clear. SEPA allows corporates to consolidate operations and banking structures across Europe with just one bank account. However, some challenges remain, including local variations, requirements to maintain local accounts for tax payments, and "IBAN discrimination" in systems. Future developments like PSD2 aim to further standardize payments and open banking APIs to boost innovation.
Faster payments feature for The Treasurer April/May 2018benpoolewriter
This document discusses the rise of domestic instant payment schemes worldwide in the past six months and whether faster payments present more challenges than benefits for corporates. It notes that Australia, Europe, and the US have recently launched real-time payment systems, while the UK system has been operating for 10 years. Lower transaction limits and individual bank limits can hinder the business case for corporates using faster payment schemes. The increased speed also requires enhanced fraud monitoring, cash flow visibility, and liquidity management capabilities to address challenges. Demand exists for cross-border real-time payment tracking and instant payments, but a unified global approach is lacking.
The document discusses the growth of Islamic trade finance. It notes that trade between Organization of Islamic Cooperation (OIC) countries and the rest of the world grew 6.2% from 2011 to 2012, while trade within OIC countries rose 9% over the same period. Islamic trade finance benefits from this increasing trade activity. Popular Islamic trade finance instruments include the Islamic letter of credit and murabaha contracts. However, challenges remain such as improving global connectivity, developing talent, and demonstrating that Islamic products provide value beyond religious compliance.
The document discusses challenges that large multinational corporations face when opening bank accounts due to stringent know-your-customer (KYC) regulations. It notes that some corporations, like Chevron Phillips, have struggled for over 12 months to clear KYC processes. While regulations aim to prevent financial crimes, banks tend to overcomply in a way that harms customer experience. New technologies like blockchain show promise in streamlining KYC processes, but banks have been slow to adopt them. Overall, the strict application of KYC rules creates difficulties for both large corporations and small businesses in accessing basic banking services.
This document discusses the importance of accurate cash flow forecasting for corporate treasurers. It outlines the challenges of attaining visibility over cash across multiple bank accounts and currencies. It also describes the process of developing both on-the-day and long-term cash flow forecasts, noting the importance of integrating data from accounting systems, business managers, and treasury knowledge of expected cash flows. Developing organizational buy-in for accurate reporting from business units is highlighted as critical for quality long-term forecasting.
The Treasurer Feb 2017 Christoph Nelischer profilebenpoolewriter
Christof Nelischer is the global group treasurer of Willis Towers Watson, overseeing the merger of the legacy treasury teams and functions following the merger of Willis Group and Towers Watson. His main focus is on streamlining the differing treasury platforms, operating models, and accounting practices of the two companies. This includes implementing a single treasury management system, establishing an intercompany netting system, and merging the fragmented bank structures and accounts. Nelischer draws on his experience from previous M&A integrations to approach the merger strategically through rationalization and standardization efforts.
Joanne Bates profile The Treasurer magazine June/July 2018benpoolewriter
1) Joanne Bates is the co-treasurer of Worldpay, a global payments processor formed by the merger of Worldpay and Vantiv.
2) As co-treasurer, she oversees areas such as debt management, capital management, cash forecasting, FX management, and risk management. She is also involved in strategic initiatives and integration projects following the merger.
3) The treasury team faces complexity from regulating cash separately by legal entity and managing bank accounts in over 100 banks across more than 2000 bank accounts worldwide. The team works to design products efficiently and integrate systems and policies following the merger.
Nearly three years after SEPA's launch, its benefits and remaining work are clear. SEPA allows corporates to consolidate operations and banking structures across Europe with just one bank account. However, some challenges remain, including local variations, requirements to maintain local accounts for tax payments, and "IBAN discrimination" in systems. Future developments like PSD2 aim to further standardize payments and open banking APIs to boost innovation.
Faster payments feature for The Treasurer April/May 2018benpoolewriter
This document discusses the rise of domestic instant payment schemes worldwide in the past six months and whether faster payments present more challenges than benefits for corporates. It notes that Australia, Europe, and the US have recently launched real-time payment systems, while the UK system has been operating for 10 years. Lower transaction limits and individual bank limits can hinder the business case for corporates using faster payment schemes. The increased speed also requires enhanced fraud monitoring, cash flow visibility, and liquidity management capabilities to address challenges. Demand exists for cross-border real-time payment tracking and instant payments, but a unified global approach is lacking.
The document discusses the growth of Islamic trade finance. It notes that trade between Organization of Islamic Cooperation (OIC) countries and the rest of the world grew 6.2% from 2011 to 2012, while trade within OIC countries rose 9% over the same period. Islamic trade finance benefits from this increasing trade activity. Popular Islamic trade finance instruments include the Islamic letter of credit and murabaha contracts. However, challenges remain such as improving global connectivity, developing talent, and demonstrating that Islamic products provide value beyond religious compliance.
The document discusses challenges that large multinational corporations face when opening bank accounts due to stringent know-your-customer (KYC) regulations. It notes that some corporations, like Chevron Phillips, have struggled for over 12 months to clear KYC processes. While regulations aim to prevent financial crimes, banks tend to overcomply in a way that harms customer experience. New technologies like blockchain show promise in streamlining KYC processes, but banks have been slow to adopt them. Overall, the strict application of KYC rules creates difficulties for both large corporations and small businesses in accessing basic banking services.
The document discusses the opportunities and risks associated with cryptocurrencies, including their volatility and reliance on decentralized software. It also talks about central banks embracing digital currencies to maintain control over the financial system while regulating privately created cryptocurrencies. The document covers a wide range of topics related to cryptocurrencies, central bank digital currencies, and the future of money.
casestudy-opec-fund-for-international-developmentJacobs Edo, PMP
The OPEC Fund for International Development (OFID) realized significant efficiency gains and cost savings of 20-25% by implementing a SWIFT service bureau solution from D+H to improve its payments processes. Previously, 30% of OFID's payments in over 100 currencies across 145 countries were manual, with rising costs. The new solution provided a unified payments platform integrating treasury data across all banks using standardized formats and processes. The implementation was completed in less than three months with no disruptions.
Entrepreneurship Workshop Yerevan -Building Value and Startup FundingGrow VC Group
TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.
Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan
1) Japanese companies are extending their supply chains throughout Asia to diversify risk by sourcing parts from multiple local suppliers instead of just Japanese ones. This was prompted by natural disasters disrupting supply chains.
2) Japanese companies are also investing more in other Asian countries by establishing local manufacturing plants either on their own or through partnerships with local companies. This allows them to sell locally while transferring technology.
3) To further mitigate supply chain risks, Japanese companies are using financial tools like trade receivables finance and letters of credit to improve cash flow and accelerate payments. They aim to have flexible supply chains that allow quickly switching suppliers or locations.
The document provides an overview of the blockchain and ICO industries. It notes that while blockchain has significant potential, the industry remains underfinanced compared to fintech. ICOs have emerged as a new tool to address funding challenges, surpassing VC funding for blockchain companies in 2017. ICOs allow startups to raise millions quickly through crowdfunding models. However, the market is still developing and many low quality projects exist. Overall the document analyzes trends in blockchain investments and the growth of ICOs as a new funding mechanism.
Crowd Valley Digital Investing and Lending Platform Report - Q2 2015Grow VC Group
The present report is based on surveying a randomly-selected sample of 100 individuals and companies out of the ones that have expressed an interest in entering this market during the second quarter of 2015. Therefore, the analysis provides probably the first data-driven insights on how the international digital investment sector is developing in Q2 2015.
The demand for digital investing platforms is still mainly based in the USA and it is above all directed at equity investment models for private companies. Nevertheless, during this quarter Crowd Valley observed an increase in the demand for lending platforms. Other regions including Europe also play a major role in the digital investing sector, representing a significant proportion of the total demand for these kinds of services.
The document summarizes a presentation on structured finance given by Prajeesh Jayaram. It discusses gaps in the supply and demand of money that structured finance addresses, such as the need for returns between stocks and loans. It also covers how structured finance products like securitization allow originators to sell loan receivables to access funds today in exchange for future repayments. The document highlights how data analytics can be used to analyze loan pools and predict credit losses.
The Bank of Japan published its approach to central bank digital currency (CBDC). While the Bank currently has no plans to issue CBDC, it believes it is important to prepare for changes. The document outlines:
1) Expected functions of CBDC including serving as a payment instrument alongside cash and supporting private payment services.
2) Core features CBDC would require, such as universal access, security, resilience, and interoperability.
3) Next steps include experiments through a proof of concept phase and exploring institutional arrangements.
4) The Bank will continue coordinating with stakeholders to deepen understanding and apply knowledge in considering CBDC issuance.
This document discusses a report by PwC on the economic impact of blockchain technology. PwC economists estimate that blockchain has the potential to boost global GDP by $1.76 trillion over the next decade, with an expected $66 billion impact by 2021. The top five potential uses of blockchain that could generate economic value are identified as provenance, payments/financial instruments, identity, contracts/dispute resolution, and customer engagement. China and the US are expected to benefit the most economically from blockchain technology globally over the next decade according to PwC's analysis.
Banks and Regulators in Fintech: results of 2016 and trends for 2017Vladislav Solodkiy
Life.SREDA VC is a venture capital firm that invests in blockchain and fintech startups. It has offices in Moscow, Singapore, and London. The document provides details on Life.SREDA's investments, research focus, and accelerator programs. It also discusses trends in banks increasingly partnering with and investing in fintech startups to access new technologies, ideas, expertise, and customers. Some banks are launching venture arms, accelerators, and making direct investments in fintech companies. The future of banking will involve closer collaboration between traditional banks and fintech partners.
- Private investment counsel, which provides personalized portfolio management services, was traditionally only accessible to investors with portfolios over $1 million. However, declining costs of technology and the rise of ETFs have allowed some firms to lower their minimums to as little as $100,000. This has democratized access to private investment counsel services.
- While still not widespread, some brokerages and independent advisers are now serving clients below $500,000. Technology has significantly reduced the back-office costs required to manage smaller portfolios. ETFs also allow effective diversification with fewer holdings.
- Private investment counsel provides a personalized approach with a dedicated portfolio manager, unlike mutual funds where investors don't interact with the
Diffusion 2019 Launch by CEO & Founder Jamie Burke and AvA BerlinOutlier Ventures
This document provides an agenda for the Diffusion 2019 event. It includes:
- Introductions from the CEO of Outlier Ventures and overview of the Convergence Stack.
- Presentations on Ocean Protocol, their updates and involvement in Diffusion 2019.
- Presentations on Fetch.AI, their updates and involvement in Diffusion 2019.
- A networking session in the evening.
The event aims to accelerate development of an open data economy based around blockchain, AI and IoT technologies. It will include tracks for builders to collaborate on projects in this area.
The document discusses the private banking industry on the Isle of Man. It summarizes that the Isle of Man has a growing economy driven by financial services, with low unemployment. Private banks on the island are focusing on high net worth individuals and expanding their offerings to include investment management. While some banks are facing pressure from rising costs, the private banking industry remains strong by adapting to demand for new services and staying ahead of increasing regulation.
The central bank has historically engaged in commercial activities like taking deposits and lending to private citizens and firms. For over two centuries, the Bank of England vigorously pursued profit through these commercial activities. Similarly, the First and Second Banks of the United States actively participated in credit markets. Sometimes central banks dominated financial intermediation, as was the case for the Bank of Spain in 1900 which held over two-thirds of banking sector assets and deposits. The historical precedent suggests central banks opening their balance sheets to the public is not a new concept.
Outlier Ventures Investment in Blockchains report by Research Analyst Joel John and Partner & Head of Research Lawrence Lundy.
The report provides an overview into blockchain investment and market trends in 2019. According to the report, $23.7 Billion has been raised by 3738 blockchain companies since 2013.
Early stage fundraising high in count, but follow on rounds few and scarce. Blockchain startups have raised finance in multiple forms including ICOs, debt, direct investments and crowd-funding. However, discounting a handful of exchanges and wallets, there hasn’t been an application that has broken through to mainstream adoption, yet. This definitely isn’t for lack of capital. The challenge is more about expertise and guidance at early stages, especially when it comes to areas unique to Web3 such as token design.
Overview of Russian IT venture capital deals in 2011Mikhail Demidov
This first edition of the MoneyTree
ТМ
: Venture Capital Market Navigator (the MoneyTree
TM
Russia Report) 2011 is fully devoted
to venture capital investment in the IT sector, which is the most dynamic and transparent sector of the Russian market
Using Blockchain technology, CCC enables an independent, fully audible and distributed ledger that facilitates B2B payments at a nominal cost. Pre Seed pitch deck.
Survey BIS - Bank Of International Settlement - CBDCRein Mahatma
This survey summarizes the responses from 66 central banks regarding their work on central bank digital currencies (CBDCs). Key findings include:
1) 80% of central banks reported engaging in work on CBDCs, with half looking at both general purpose and wholesale CBDCs.
2) Emerging market economies reported stronger motivations for CBDCs and some have progressed pilots or development work.
3) 10% of central banks said they are likely to issue a general purpose CBDC in the next 3 years, representing 20% of the world's population.
Adaptive Insights: ITE Group - A Customer Success StoryAdaptive Insights
ITE Group relied on spreadsheets across multiple offices to manage their global budgeting process, which took 3-4 months on average. They implemented Adaptive Insights to automate the process and provide web-based access and instant consolidation. The implementation took less than 2 months and saved significant time on consolidation and changes. Users now have improved access to data to better understand potential issues.
The document discusses the opportunities and risks associated with cryptocurrencies, including their volatility and reliance on decentralized software. It also talks about central banks embracing digital currencies to maintain control over the financial system while regulating privately created cryptocurrencies. The document covers a wide range of topics related to cryptocurrencies, central bank digital currencies, and the future of money.
casestudy-opec-fund-for-international-developmentJacobs Edo, PMP
The OPEC Fund for International Development (OFID) realized significant efficiency gains and cost savings of 20-25% by implementing a SWIFT service bureau solution from D+H to improve its payments processes. Previously, 30% of OFID's payments in over 100 currencies across 145 countries were manual, with rising costs. The new solution provided a unified payments platform integrating treasury data across all banks using standardized formats and processes. The implementation was completed in less than three months with no disruptions.
Entrepreneurship Workshop Yerevan -Building Value and Startup FundingGrow VC Group
TECHNOLOGY ENTREPRENEURSHIP WORKSHOP: STEP ARMENIA
Enterprise Incubator Foundation (EIF) in cooperation with CRDF Global. Technology Entrepreneurship workshop conducted by invited Top serial entrepreneurs form US and Europe.
Setup Presentation for early stages funding panel
Securing Early-Stage Funding: Equity Financing (Angel and VC investments), Crowdfunding, Non-equity Funding (self-funding, grants, bank financing, etc.)
Lead Presenter: Valto Loikkanen
Panelists: Ray Johnson, Yeva Hyusyan and Manuk Hergnyan
1) Japanese companies are extending their supply chains throughout Asia to diversify risk by sourcing parts from multiple local suppliers instead of just Japanese ones. This was prompted by natural disasters disrupting supply chains.
2) Japanese companies are also investing more in other Asian countries by establishing local manufacturing plants either on their own or through partnerships with local companies. This allows them to sell locally while transferring technology.
3) To further mitigate supply chain risks, Japanese companies are using financial tools like trade receivables finance and letters of credit to improve cash flow and accelerate payments. They aim to have flexible supply chains that allow quickly switching suppliers or locations.
The document provides an overview of the blockchain and ICO industries. It notes that while blockchain has significant potential, the industry remains underfinanced compared to fintech. ICOs have emerged as a new tool to address funding challenges, surpassing VC funding for blockchain companies in 2017. ICOs allow startups to raise millions quickly through crowdfunding models. However, the market is still developing and many low quality projects exist. Overall the document analyzes trends in blockchain investments and the growth of ICOs as a new funding mechanism.
Crowd Valley Digital Investing and Lending Platform Report - Q2 2015Grow VC Group
The present report is based on surveying a randomly-selected sample of 100 individuals and companies out of the ones that have expressed an interest in entering this market during the second quarter of 2015. Therefore, the analysis provides probably the first data-driven insights on how the international digital investment sector is developing in Q2 2015.
The demand for digital investing platforms is still mainly based in the USA and it is above all directed at equity investment models for private companies. Nevertheless, during this quarter Crowd Valley observed an increase in the demand for lending platforms. Other regions including Europe also play a major role in the digital investing sector, representing a significant proportion of the total demand for these kinds of services.
The document summarizes a presentation on structured finance given by Prajeesh Jayaram. It discusses gaps in the supply and demand of money that structured finance addresses, such as the need for returns between stocks and loans. It also covers how structured finance products like securitization allow originators to sell loan receivables to access funds today in exchange for future repayments. The document highlights how data analytics can be used to analyze loan pools and predict credit losses.
The Bank of Japan published its approach to central bank digital currency (CBDC). While the Bank currently has no plans to issue CBDC, it believes it is important to prepare for changes. The document outlines:
1) Expected functions of CBDC including serving as a payment instrument alongside cash and supporting private payment services.
2) Core features CBDC would require, such as universal access, security, resilience, and interoperability.
3) Next steps include experiments through a proof of concept phase and exploring institutional arrangements.
4) The Bank will continue coordinating with stakeholders to deepen understanding and apply knowledge in considering CBDC issuance.
This document discusses a report by PwC on the economic impact of blockchain technology. PwC economists estimate that blockchain has the potential to boost global GDP by $1.76 trillion over the next decade, with an expected $66 billion impact by 2021. The top five potential uses of blockchain that could generate economic value are identified as provenance, payments/financial instruments, identity, contracts/dispute resolution, and customer engagement. China and the US are expected to benefit the most economically from blockchain technology globally over the next decade according to PwC's analysis.
Banks and Regulators in Fintech: results of 2016 and trends for 2017Vladislav Solodkiy
Life.SREDA VC is a venture capital firm that invests in blockchain and fintech startups. It has offices in Moscow, Singapore, and London. The document provides details on Life.SREDA's investments, research focus, and accelerator programs. It also discusses trends in banks increasingly partnering with and investing in fintech startups to access new technologies, ideas, expertise, and customers. Some banks are launching venture arms, accelerators, and making direct investments in fintech companies. The future of banking will involve closer collaboration between traditional banks and fintech partners.
- Private investment counsel, which provides personalized portfolio management services, was traditionally only accessible to investors with portfolios over $1 million. However, declining costs of technology and the rise of ETFs have allowed some firms to lower their minimums to as little as $100,000. This has democratized access to private investment counsel services.
- While still not widespread, some brokerages and independent advisers are now serving clients below $500,000. Technology has significantly reduced the back-office costs required to manage smaller portfolios. ETFs also allow effective diversification with fewer holdings.
- Private investment counsel provides a personalized approach with a dedicated portfolio manager, unlike mutual funds where investors don't interact with the
Diffusion 2019 Launch by CEO & Founder Jamie Burke and AvA BerlinOutlier Ventures
This document provides an agenda for the Diffusion 2019 event. It includes:
- Introductions from the CEO of Outlier Ventures and overview of the Convergence Stack.
- Presentations on Ocean Protocol, their updates and involvement in Diffusion 2019.
- Presentations on Fetch.AI, their updates and involvement in Diffusion 2019.
- A networking session in the evening.
The event aims to accelerate development of an open data economy based around blockchain, AI and IoT technologies. It will include tracks for builders to collaborate on projects in this area.
The document discusses the private banking industry on the Isle of Man. It summarizes that the Isle of Man has a growing economy driven by financial services, with low unemployment. Private banks on the island are focusing on high net worth individuals and expanding their offerings to include investment management. While some banks are facing pressure from rising costs, the private banking industry remains strong by adapting to demand for new services and staying ahead of increasing regulation.
The central bank has historically engaged in commercial activities like taking deposits and lending to private citizens and firms. For over two centuries, the Bank of England vigorously pursued profit through these commercial activities. Similarly, the First and Second Banks of the United States actively participated in credit markets. Sometimes central banks dominated financial intermediation, as was the case for the Bank of Spain in 1900 which held over two-thirds of banking sector assets and deposits. The historical precedent suggests central banks opening their balance sheets to the public is not a new concept.
Outlier Ventures Investment in Blockchains report by Research Analyst Joel John and Partner & Head of Research Lawrence Lundy.
The report provides an overview into blockchain investment and market trends in 2019. According to the report, $23.7 Billion has been raised by 3738 blockchain companies since 2013.
Early stage fundraising high in count, but follow on rounds few and scarce. Blockchain startups have raised finance in multiple forms including ICOs, debt, direct investments and crowd-funding. However, discounting a handful of exchanges and wallets, there hasn’t been an application that has broken through to mainstream adoption, yet. This definitely isn’t for lack of capital. The challenge is more about expertise and guidance at early stages, especially when it comes to areas unique to Web3 such as token design.
Overview of Russian IT venture capital deals in 2011Mikhail Demidov
This first edition of the MoneyTree
ТМ
: Venture Capital Market Navigator (the MoneyTree
TM
Russia Report) 2011 is fully devoted
to venture capital investment in the IT sector, which is the most dynamic and transparent sector of the Russian market
Using Blockchain technology, CCC enables an independent, fully audible and distributed ledger that facilitates B2B payments at a nominal cost. Pre Seed pitch deck.
Survey BIS - Bank Of International Settlement - CBDCRein Mahatma
This survey summarizes the responses from 66 central banks regarding their work on central bank digital currencies (CBDCs). Key findings include:
1) 80% of central banks reported engaging in work on CBDCs, with half looking at both general purpose and wholesale CBDCs.
2) Emerging market economies reported stronger motivations for CBDCs and some have progressed pilots or development work.
3) 10% of central banks said they are likely to issue a general purpose CBDC in the next 3 years, representing 20% of the world's population.
Adaptive Insights: ITE Group - A Customer Success StoryAdaptive Insights
ITE Group relied on spreadsheets across multiple offices to manage their global budgeting process, which took 3-4 months on average. They implemented Adaptive Insights to automate the process and provide web-based access and instant consolidation. The implementation took less than 2 months and saved significant time on consolidation and changes. Users now have improved access to data to better understand potential issues.
Coca-Cola Hellenic Business Services Centre: 3 Steps from Transactional to Co...Chazey Partners
In just four years, the CCH Business Services Organization in Sofia, Bulgaria, has established itself as a valued and strategic partner. Find out how the team pushed the business to prepare for migration.
American Express launched a strategic program to transform its global customer remittances operations. It aimed to standardize processes and platforms, improve the customer experience, and enhance control. Amex determined its existing internal systems were inadequate, so it implemented a new corporate payments hub platform provided by D+H. The multi-year migration involved moving all payment types and markets onto the standardized hub platform to deliver benefits like reduced risks and costs and improved quality.
The document discusses how robots and artificial intelligence are changing the skill sets needed for finance transformation projects. It notes that routine tasks are being automated, increasing the need for skills like data analysis, project management, and strong interpersonal skills. To succeed, organizations must have the right mix of seniority, experience, and skills mapped to their specific project needs. Maintaining the right grade mix over time, as tasks change, is important for delivering projects and long-term services effectively.
Building a business process center of excellence wsjmiyashby
1) High-performing companies establish Business Process Centers of Excellence (CoE) to continually improve business processes.
2) A CoE sets process improvement priorities, creates strategy, standardizes procedures, and shares best practices.
3) For a CoE to be successful, it must have support from executive leadership and represent all areas of the organization to gain buy-in for process changes.
This document discusses middle office outsourcing in the investment management industry. It provides an overview of middle office functions, why outsourcing these functions has become more popular, and key considerations for asset managers evaluating middle office outsourcing. Current outsourcing models like lift outs and conversions are described. The document also outlines challenges in client onboarding for outsourcing providers and how Hexaware can help with activities like requirement analysis, conversions, and steady state support.
Working Links improves scenario modeling and forecasting with Adaptive InsightsAdaptive Insights
Working Links was facing challenges with their existing budgeting and forecasting system that made scenario modeling difficult and the process slow. They implemented Adaptive Insights within two months which provided an intuitive interface and robust scenario planning capabilities. This helped Working Links better understand the impacts of changes and reduced the time spent on budgeting. Users found Adaptive Insights easy to use and it provided increased transparency into the numbers.
This document discusses how agile methods can help organizations deliver projects more quickly and adapt to changing needs. It outlines the principles of agile, including early delivery of working software and welcoming changing requirements. Three case studies are presented that show how agile was used to transform post-trade support at banks, consolidate support across many applications, and deliver benefits for a finance transformation earlier. The document concludes by providing information about Cutting Edge Consulting, an agile consulting firm that has worked with many financial clients.
A4 To A5 Brochure Clinic Cash Perform Sept Plus Logo Finalmardle
The document summarizes a two-hour clinic on working capital optimization led by John Mardle. The clinic helps executive teams focus on working capital issues, gain consensus on actions, and clarify how different areas impact the cash flow pipeline. Participants draw a model of their business's working capital flows to identify root causes of inefficiencies and estimate financial benefits of improvements. The clinic facilitator, John Mardle, has extensive experience implementing working capital optimization in major companies.
1) The document discusses planning, executing, and measuring successful business transformations. It provides best practices from various companies that have successfully transformed their businesses.
2) Common challenges to successful transformation include failure to anticipate changes, misjudging risks, and lack of change management skills. Successful transformations had support from leadership, strong execution, and clear metrics to measure progress.
3) Implementing enterprise project portfolio management (EPPM) solutions can help companies overcome challenges and drive transformation by providing visibility, standardized processes, and metrics to track progress and costs. EPPM supports the innovation, efficiencies, and risk management that companies need to transform.
The document discusses implementing a cloud-based NetSuite system within a finance function to provide consolidated global reporting, integrate other systems like billing and expenses, and improve efficiency. The implementation was completed within 63 days to meet audit and board deadlines, beating expectations. This allowed the small finance team to spend more time on value-added work and have real-time access to data and reporting across subsidiaries.
The document discusses the limitations of existing technology stacks for services-centric organizations. It describes how these organizations initially relied on ERP systems that were not well-suited to their needs, leading to the emergence of specialized PSA tools. However, PSA tools also fell short by not facilitating enough collaboration. As a result, organizations have accumulated a tangled web of different applications for tasks like project management, collaboration, and productivity. This "hairball infrastructure" decreases efficiency and makes it difficult for management to oversee operations. Spreadsheets are often used to fill gaps, but this is an inefficient and limiting approach. The document argues a new technology model is needed to address these challenges.
The document discusses the modern finance organization in the digital age. It describes how digital technologies like cloud, social, mobile and big data are transforming industries and business models. This is creating new tensions as the C-suite tries to prioritize initiatives for customer focus, social media, and data demands. Forward-looking CFOs are creating modern finance organizations that can support agile digital business models through new best practices for key processes like reporting, planning, procurement and project management. Modern CFOs also act as business catalysts and technology evangelists to identify needs and partner across the organization.
This document summarizes reasons why Cisco management hesitated to engage in an ERP implementation project. The key reasons included:
- Fear of decentralization and large "mega-projects" that ERP implementations can become.
- Disruption to existing business processes and operations.
- Need for a strong internal team and partners to lead the project given its complexity.
- Balancing standardization with maintaining some proprietary functionality.
- High costs associated with large ERP projects.
Cisco's approach was to implement the ERP system quickly to minimize disruption to the business.
Case Study on New Shared Services Feasibility Study and MigrationChazey Partners
If you plan to shift processes out of the business and into a new SSC you better be prepared. Pre-planning is vital, and clearly correlates with a better outcome. Find out how to evaluate an SSO’s impact and choose a migration plan that suits your output targets. To download the case study, click the link below: http://www.chazeypartners.com/sites/default/files/Case%20study%20New%20Shared%20Services%20Feasibility%20Study%20and%20Migration.pdf
The document discusses the challenges facing banks in modernizing their technology systems. It notes that banks have historically focused on rapid growth and innovation over efficiency, resulting in thousands of fragmented systems. It proposes that banks undergo an "industrialization" process to simplify their technology and business processes. This involves defining core capabilities, processes, and data assets and organizing people and technology to better support standardized processes. The document provides several recommendations for how banks can initiate this change, such as prioritizing data management, adopting service-oriented architectures, and leveraging cloud computing technologies to reduce costs. The goal is for banks to develop a "solid technical core" that is lean, integrated and operates with predictability and efficiency.
The document summarizes key trade information about several countries in the MENA region. Dubai is highlighted as a major global trade hub, benefiting from its airports, ports, and free zones. Trade in Dubai relies heavily on re-exports and letters of credit are popular instruments. The UAE is investing heavily in infrastructure and exploring alternative power sources like nuclear. Qatar is investing $120 billion in infrastructure for the 2022 World Cup. Saudi Arabia spends heavily on infrastructure and exports large amounts of oil and gas to Asia and Europe. Egypt faces challenges from political turmoil and reduced oil prices/demand from key markets. Lebanon's trade has been impacted by the loss of Syria as a trading partner. [/SUMMARY]
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Correspondent banks are facing economic challenges and increased competition that threaten the profitability of trade finance services. To adapt, banks need to provide competitive pricing, deliver value across the supply chain rather than just risk mitigation, and improve efficiency through measures like right-sizing, business intelligence tools, and centralized operations. Additionally, banks must ensure they can meet growing regulatory burdens like anti-money laundering requirements imposed by rules like the EU directive and Patriot Act, which significantly increase costs. As regulations and capital rules tighten under Basel III, some banks may exit correspondent banking altogether due to the heavy cost of compliance.
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This document discusses how a treasury management system (TMS) can provide enhanced cash visibility and management capabilities for a company. It notes that a TMS can help with cash flow forecasting by aggregating data from different systems and business units. This allows the treasurer to better understand cash positions and flows. A TMS can also streamline accounts payable and receivable processes to further optimize working capital management. Overall, a TMS provides key tools and data that allow a treasurer to gain better insight into cash levels and movements across a company.
BayernLB has repositioned itself since the financial crisis to focus solely on customer business. It aims to be among the top banks for mid-sized and large German corporates. Corporates currently face challenges from volatile markets and low interest rates. Banks are developing new liquidity management products to help corporates. In the next year, corporates will have to prepare for higher costs of bank facilities and credit lines as Basel III is implemented. Banks like BayernLB are taking steps to ensure long-term relationships through economic cycles to support corporate customers.
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Al-Futtaim profile
1. A TRAILBLAZING TREASURY
TRANSFORMAT
Headquartered in Dubai,
United Arab Emirates
(UAE), the Al-Futtaim
Group comprises more than
200 companies and 42,000
employees. The group is
present in 25 countries,
and while it has a strong
presence in the Middle East,
it can also be found across
Southeast and Central Asia,
and some countries in Africa
as well.
The group mainly focuses on
five core divisions: automotive,
retail, real estate, construction
and financial services. The growth
of the company over the past
decade, in terms of companies
and geographical scope, posed a
challenge to Al-Futtaim Group’s
treasury function.
“We had high-complexity
manual processes and little
automation,” explains Benjamin
Koch, finance transformation
and digitalisation lead at
Al-Futtaim Group. “There
were many different banking
partners globally, all of which
used different online banking
platforms and portals.”
Due to all the different
companies in the group, there
are more than 1,000 bank
accounts to be managed, with
a large number of banking
partners. “One of the key
challenges we faced was that
all treasury activities were
recorded in Excel,” Koch says.
“For an organisation of the size
and complexity we have, it was
very challenging to run all of
this from Excel. It required a lot
of manual work and wasn’t up
to standard any more.”
As such, the treasury team
decided to embark on a treasury
transformation project to
simplify some of the complexity
and automate time-consuming
manual processes.
TRANSFORMATION
TAKES SHAPE
The starting point for
Al-Futtaim’s treasury
transformation was a material
The treasury transformation undertaken
at UAE-based conglomerate Al-Futtaim
Group was so successful that it inspired
a wider finance transformation in the
firm. Ben Poole finds out more
18 August/September 2020 treasurers.org/thetreasurer
2. ION
INSIGHT
needed to be aligned with the
new set-up were established,
while the responsibilities
between group treasury and
division treasuries were agreed.
“We clearly established the
front office, back office and
mid office notion, which is
a standard concept for most
treasuries of this size,” says
Koch. “This was not an entirely
new concept for us, but it wasn’t
very formal in the governance
until this point.”
That also went hand in hand
with the third area of focus:
system implementation. This
represented one of the single-
biggest changes to treasury
operations, moving away from
an Excel way of doing things to
choosing a system. Al-Futtaim
chose SAP and implemented
the treasury management
system as a foundation for the
group treasury in the UAE to
capture all treasury activities
from the different divisions
in the group.
“Part of the strategy was
to strengthen the divisions’
capabilities in dealing with
treasury activities,” explains
Koch. “The treasury centre
has been set up for a little
while, but there were some
missing links both in terms
of interaction points and
counterparty management.
A TRUE TEAM EFFORT
To support the scope of the
treasury transformation, it
was important that the project
was staffed appropriately.
“There was a large IT
team that supported the
transformation and helped
us to implement both the
system and the new processes,”
says Koch. “We had the full
support of the CFO, the group
“One of the key challenges
we faced was that all treasury
activities were recorded in Excel”
analysis of the function and
processes that connect to it in
any way.
“We set up a multi-year
transformation agenda,
focusing on key areas of
improvement, with the strategy
as a starting point,” says Koch.
“We wanted to define the role of
treasury globally – who we are,
what we do and how we support
the businesses.”
From that, a target-operating
model was developed. This
comprised components
that established the right
personnel set-up and the
right organisational set-up for
treasury. This confirmed where
treasury teams might need to be
set up and ensured that capacity
and capability was established.
A similar process was worked
through on the governance
side, where specific policies
that needed strengthening or
GRANTBISHOP
3. INSIGHT
treasurer, IT and divisions,
which is incredibly important.
If you don’t have that support
and sponsorship, you are not
going to get very far.”
With such a big project
impacting treasury staff in
divisions and businesses all
over the Al-Futtaim portfolio,
a certain level of change
management was required
in order to get everybody
on the same page.
“On the technical side, there
were quite a few calls in the
beginning for customisations
of the system, from those
that initially could
not see the benefits
of a standardised
system,” explains
Koch. “There was
also a change in the
way we work together.
Everyone needed to
stick to the process and
how the system operates,
20 August/September 2020 treasurers.org/thetreasurer
or the transaction doesn’t get
completed or recorded. This
was a change management task,
and it took a fair amount of
time to operationalise this.”
CAPITALISING ON
THE BENEFITS
When examining the benefits
of the treasury transformation
project at Al-Futtaim, it is clear
that transparency over treasury
transactions and cash is key.
This is particularly timely given
the COVID-19 pandemic.
“Having transparency at the
push of a button is essential,”
comments Koch. “A few months
ago, this functionality might
have been seen as nice to have,
but maybe only needed every
six months or so. Today, the net
financial position really matters
again to enable timely decision-
making on loans, deposits and
financial risks. Having balance
information readily available is
a great advantage.”
The treasury’s analytical
abilities have also been
transformed by the project,
with various analytical
reporting dashboards
implemented. For the first time,
treasury can analyse aspects
such as the group’s entire cash
positions and understand how
they move over time.
“On the technical side, there were
quite a few calls in the beginning
for customisations of the system”
New role
I’ve been group treasurer
for around two months as
we’re speaking, but I’ve been
working for Al-Futtaim
group treasury
for more than
four years.
Previously,
I was
responsible
for corporate
funding
and was
exposed to the
transformation
process from
that side.
New benefits
Cash visibility has been a life-
changer. Now we can come up
with some strategies around
cash management and cash
pooling, and are in a much
better position to have some
interesting discussions with all
stakeholders, creditors,
banks and others.
A bright future
There is more
functionality
to come, in
terms of an
in-house bank,
with payments,
and for cash-
flow forecasting
– we are close
to realising the ability
to forecast on a 13-week basis.
So there is more to come,
and that’s going to be under
my oversight, which I’m very
excited about.
Identifying the right
external partners
We appointed PwC to help with
the operating model and the
business case, and also as the
architects of the piece. With
them, we worked through what
the vision for the project was
– where we wanted to get to
and what the target operating
model was. This then related
back to the technology, and
we selected SAP Treasury as
the solution.
Agreeing the road map
The business set out
that eventually it would
like to get to an in-
house bank stage, and
we documented the
steps to get there.
Cash visibility was
critical, but we had hundreds
of bank accounts. You can
only gain that visibility if
you start from scratch, with
all transactions transparent,
integrating with the banks
and then building from there.
Introducing standardisation
Standardising the operating
model across the globe was a
challenge. The UAE is properly
organised and has a proper
treasury function. But that’s not
the case in some of the other
regions. We did a good job in
bringing everybody together,
designing and giving input to
a single operating model. From
a technical perspective, we’re
running SAP, and the treasury
solution we implemented is the
next-generation S/4 HANA.
TREASURY TRANSFORMATION TEAM PLAYERS
TREASURY TRANSFORMATION TEAM PLAYERS
Olivier Boutet, group treasurer
Gerhard Roux, CIO
4. treasurers.org/thetreasurer August/September 2020 21
“For our 500 bank accounts
in the UAE, for example, after
six months worth of daily
bank statements, we were
able to analyse the actual
cash movements and where
optimisations are possible,”
explains Koch. “On the
back of that analysis, with
selected banks we were able
to implement credit interests
and mini cash-pooling
arrangements that yield interest
benefits for us.”
Another benefit can be
seen in treasury’s FX trading.
Before the transformation,
the company’s large number
of annual FX trades went into
Excel and manually into the
enterprise resource planning
for accounting purposes. Now,
straight-through processing
is utilised, with Bloomberg
connected to the treasury
system, which itself is
connected to the accounting
system. This opens new
opportunities for tracking
and analysing FX trade data.
“We were also able to
put some robotic process
automation solutions on top
of that, for example, which
enables senior management to
approve major FX deals directly
on mobile phones,” says Koch.
SUPPORTING
TRANSFORMATION
THROUGH EDUCATION
A treasury gap analysis was
carried out to get a clear
picture of how what had been
implemented compared to
Al-Futtaim’s foundational
target-operating model. A key
insight from that analysis was
that while the group had a large
community of treasury people
globally, most were not full-
time treasury staff.
“We realised the potential for
treasury trainings to strengthen
the community’s capabilities,
and support development over
time,” says Koch. “This was
something we wanted to tackle,
to ensure skills were improved
and standardised.”
In early 2020, Al-Futtaim
set up its Finance Academy,
which is the umbrella for all
financial management training
in the group.
“For treasury trainings,
we wanted to go through a
proven framework, which is
something that The Association
of Corporate Treasurers [ACT]
provides,” explains Koch. “We
got accredited with the ACT
and then started a journey to
eventually offer these trainings
globally in the organisation on
a needs basis.”
KEEP PUSHING FORWARD
In March 2020, Al-Futtaim
was awarded the SAP Certificate
for its outstanding performance
and contribution in
implementing and integrating
S/4 HANA Treasury & Cash
Management as a cornerstone
of its treasury transformation
journey. Beyond the roll-out,
there’s still more innovation
planned by the treasury team.
“On the structural component,
we’re in talks with SWIFT and
are further automating our
payments landscape,” says
Koch. “This also ties in with
areas like the bank account
structures, and potentially
rationalising some accounts.”
Treasury has been a
trailblazer for transformation
at Al-Futtaim – so much so that
the wider finance function has
embarked on a transformation
project of its own.
“The treasury transformation
continues as one of the central
work streams in the finance
transformation,” concludes
Koch. “With changes in other
areas of finance, we keep a
keen eye on the treasury target
operating model to make sure it
evolves and fits with the wider
finance transformation.”
Ben Poole
is a freelance
journalist
specialising
in treasury
and banking
IKONIMAGES
The divisional
treasury perspective
The real estate treasury team
is essentially an extension of
the group treasury, due to
the nature of our long-term
projects and large capital
management needs. We work
closely through an operating
model to meet real estate
business needs.
Project input
My role was primarily
participating in steering
strategy formulation,
ensuring alignment and
connectivity of the various
finance transformation
strategy objectives with each
other’s and with the treasury
transformation objectives.
I also ensured that the overall
finance objectives and
capabilities fit the needs
of the real estate business.
Visibility over cash
and risk
A key benefit of the
transformation has been the
ability to create more accurate
cash-flow forecasts. As well as
providing value for decision-
making, these also anticipate
and flag risks, particularly
those to do with capital and
facilities management. The re-
engineering of internal process,
supported by the right systems
and tools, has greatly helped
in creating consistency across
business units and providing
a focus on information
analysis, interpretation
and decision support.
TREASURY TRANSFORMATION TEAM PLAYERS
Ismail Al Khatib, CFO of real estate