As COVID-19’s international spread has accelerated, markets have started to price in epidemic-related risks. This paper provides a four-step approach that can enable executives to quantify impacts and define mitigating actions, helping them tackle near-term (crisis management) and long-term (structural liquidity management).
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
US Retail Banks have enjoyed several years of strong profitability and positive revenue growth. However, we see numerous headwinds to growth due to demographic, competitive, and consumer trends. While many of these trends will persist well into the future, 2019 will be a pivotal year. The attached white paper provides insights into the growth challenge and creative solutions for banks can act to accelerate their growth.
COVID-19: Sustaining Business in All Scenarios: A New Lens on Bank Credit Ris...Boston Consulting Group
Risk drivers specifically related to the COVID19 outbreak are not currently directly captured by credit ratings systems. It is therefore critical for banks to ensure they understand their positions and prepare to take mitigating action.
Authors: Matteo Coppola, Lorenzo Fantini, Filippo Fioravanti
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
Deloitte India: The beginning of new M&A sessionaakash malhotra
Learn about the changes that mergers and acquisitions are undergoing in the present era with Deloitte India. See More : https://www2.deloitte.com/ie/en/pages/finance/articles/the-beginning-of-a-new-MA-season.html
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
US Retail Banks have enjoyed several years of strong profitability and positive revenue growth. However, we see numerous headwinds to growth due to demographic, competitive, and consumer trends. While many of these trends will persist well into the future, 2019 will be a pivotal year. The attached white paper provides insights into the growth challenge and creative solutions for banks can act to accelerate their growth.
COVID-19: Sustaining Business in All Scenarios: A New Lens on Bank Credit Ris...Boston Consulting Group
Risk drivers specifically related to the COVID19 outbreak are not currently directly captured by credit ratings systems. It is therefore critical for banks to ensure they understand their positions and prepare to take mitigating action.
Authors: Matteo Coppola, Lorenzo Fantini, Filippo Fioravanti
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
Deloitte India: The beginning of new M&A sessionaakash malhotra
Learn about the changes that mergers and acquisitions are undergoing in the present era with Deloitte India. See More : https://www2.deloitte.com/ie/en/pages/finance/articles/the-beginning-of-a-new-MA-season.html
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
Healthcare reform: Five trends to watch as the Affordable Care Act turns fivePwC
In its first five years, the Affordable Care Act (ACA) has had a profound, and likely irreversible, impact on the business of healthcare. Industry leaders must rethink strategies to remain relevant in a post-ACA world.
Web Page: http://www.pwc.com/us/acahealthreform
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Health Services Tax Conference May 18-19, 2015, Presentations included: Mega Trends and the Impact on Healthcare, The Healthcare Industry: A View from Washington and The New Health Economy.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
One of the biggest drawbacks in the subprime crisis was a wrong fit of risk measurements and tools to the firm’s portfolio allocation strategies.1 Crouhy (2009) and Stulz (2009) among others point out what went wrong in the risk management practices during the current and other recent financial crisis:
(a) Inadequate use of risk metrics. Daily VaR (Value at Risk) is widely used in financial institutions to assess the trading activities risk. However, VaR measures the minimum worst loss expected (at 99% or 95% confidence level, depending on the distribution used) and not the expected worst loss (Stulz, 2009). Furthermore, VaR does not tell us anything about distribution of the losses BEYOND the minimum worst loss and even worse, it is not sure whether VaR can capture low probability catastrophic events.
The impact of Basel III, also known as The Third Basel Accord, will vary by geography -- from potentially slowing down economies in emerging nations, to protecting the European Union from financial collapse, to increasing capital adequacy and improving risk management. Given the framework and timeline for implementing Basel III, the burden falls on national regulators to translate the international guidelines into national policies that suit and stabilize their economic environment and support economic growth.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
Healthcare reform: Five trends to watch as the Affordable Care Act turns fivePwC
In its first five years, the Affordable Care Act (ACA) has had a profound, and likely irreversible, impact on the business of healthcare. Industry leaders must rethink strategies to remain relevant in a post-ACA world.
Web Page: http://www.pwc.com/us/acahealthreform
In depth: New financial instruments impairment modelPwC
On June 16, 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments – Credit Losses (Topic 326) (the “ASU”). The ASU introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. The new model will apply to: (1) loans, accounts receivable, trade receivables, and other financial assets measured at amortized cost, (2) loan commitments and certain other off-balance sheet credit exposures, (3) debt securities and other financial assets measured at fair value through other comprehensive income, and (4) beneficial interests in securitized financial assets.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Health Services Tax Conference May 18-19, 2015, Presentations included: Mega Trends and the Impact on Healthcare, The Healthcare Industry: A View from Washington and The New Health Economy.
International Capital Standard (ICS) Background PwC
PwC US risk & capital management leader Henry Essert and PwC global insurance regulatory director Ed Barron
recently sat down to discuss the proposed International Capital Standards (ICS) for insurers. They addressed at
length what the ICS is and what it could mean to insurers. The following pages contain their thoughts on the
standard, as well as some background information on capital management and related issues in the
insurance industry.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
One of the biggest drawbacks in the subprime crisis was a wrong fit of risk measurements and tools to the firm’s portfolio allocation strategies.1 Crouhy (2009) and Stulz (2009) among others point out what went wrong in the risk management practices during the current and other recent financial crisis:
(a) Inadequate use of risk metrics. Daily VaR (Value at Risk) is widely used in financial institutions to assess the trading activities risk. However, VaR measures the minimum worst loss expected (at 99% or 95% confidence level, depending on the distribution used) and not the expected worst loss (Stulz, 2009). Furthermore, VaR does not tell us anything about distribution of the losses BEYOND the minimum worst loss and even worse, it is not sure whether VaR can capture low probability catastrophic events.
The impact of Basel III, also known as The Third Basel Accord, will vary by geography -- from potentially slowing down economies in emerging nations, to protecting the European Union from financial collapse, to increasing capital adequacy and improving risk management. Given the framework and timeline for implementing Basel III, the burden falls on national regulators to translate the international guidelines into national policies that suit and stabilize their economic environment and support economic growth.
This presentation will survey and discuss various quantitative considerations in liquidity risk for a financial institution. This includes the concept of liquidity-at-risk (LaR) as a determinant of buffers, as well as how one defines and quantifies such buffers. We will also examine issues such as limit-related input for liquidity policy and transfer pricing as an alternative concept. Two stylized models of liquidity risk are presented and analyzed.
A set of international banking regulations put forth by the Basel Committee on Bank Supervision, which set out the minimum capital requirements of financial institutions with the goal of minimizing credit risk. Banks that operate internationally are required to maintain a minimum amount (8%) of capital based on a percent of risk-weighted assets.
Capital flows management in emerging countries: Some lessons from the recent ...Mahmoud Sami Nabi
- International capital flows and economic development
- Rationale for the capital flows management (CFM)
- Impacts of the COVID-19 crisis on capital flows in emerging countries
- Some lessons from the CFM during the COVID-19 crisis
La pandemia di coronavirus (COVID-19) pone sfide di stabilità sanitaria, economica e finanziaria senza precedenti. A seguito dell'epidemia di COVID-19, i prezzi delle attività a rischio sono crollati e la volatilità del mercato è aumentata vertiginosamente, mentre le aspettative di inadempienze diffuse hanno portato a un aumento dei costi di indebitamento. Le decisive azioni di politica monetaria, finanziaria e fiscale volte a contenere le ricadute della pandemia e sono riuscite a stabilizzare gli investitori tra la fine di marzo e l'inizio di aprile. I mercati hanno recuperato alcune delle loro perdite.
Given the global financial crisis of 2007–2009, do you anticipate an.pdfindiaartz
Given the global financial crisis of 2007–2009, do you anticipate any changes to the systems of
fixed exchange rates and forward contracts in the near future? Are the changes you envision
strictly procedural or regulatory, or do you believe that some of these changes will intend to
provide safeguards against ethical lapses or loopholes?
Solution
As a result of the global financial crisis of 2007-2009, it showed that the protection companies
and investors have at the time to hedge against exchange rates instability were severely lacking
resulting in billions of dollars in lost wealth globally. Any financial market carries risks for its
users, but the main function of some markets is redistribution of risk. This is exactly what
forward markets and derivative markets do. They are more risky, but at the same time it is where
risks may be reduced or eliminated. Since the emergence of derivatives market, hedging
operations are increasingly performed in the futures and forward markets (due to minor
transaction costs, more expedient transactions, etc). Investors use forwards with a view to
protecting a certain yield level through the transfer of risk to other trade participants. This risk is
undertaken by speculators who take opposite positions from the hedgers and thus make the
market liquid. Hedgers, however, protect themselves by the transfer of risk to other participants
(speculators) against losses, but also reduce the possibility of profit increase.
Financial crises have many common features. In the background real economy, there is usually
the presence of an asset price “bubble” (or asset price inflation, for purists), a corresponding
credit boom, and large capital inflows into that economy (see, for example, Reinhart and Rogoff,
2008). However, these characteristics are necessary, but not sufficient, for a financial crisis to
develop. The severity of the crisis depends crucially on the underlying financial sector’s
exposure to these conditions and, in fact, the overall market’s uncertainty about the financial
sector’s exposure to them. A key role of financial regulation is to put limits on financial
institutions, so as to limit this exposure. While there are many reasons for the relative calm of the
U.S. financial system during the 50 years after the Great Depression, many analysts continue to
give credit to the financial regulation that was enacted at that time.
Given their inherently high leverage and the ease with which the risk-profile of financial assets
can be altered, banks and financial institutions have incentives to take on excessive risks.
Ordinarily, market mechanisms would be expected to price risks correctly and thereby ensure
that risk-taking in the economy is at efficient levels. However, there are two factors that have
impeded such efficient outcomes. First, with the repeal of most protections from the Banking Act
of the 1933, the only remaining protection against risk-shifting is capital requirements. If the
guarantees are m.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
Boston Consulting Group partners with leaders
in business and society to tackle their most
important challenges and capture their greatest
opportunities. BCG was the pioneer in business
strategy when it was founded in 1963. Today,
we work closely with clients to embrace a
transformational approach aimed at benefiting all
stakeholders—empowering organizations to grow,
build sustainable competitive advantage, and
drive positive societal impact.
Our diverse, global teams bring deep industry and
functional expertise and a range of perspectives
that question the status quo and spark change.
BCG delivers solutions through leading-edge
management consulting, technology and design,
and corporate and digital ventures. We work in a
uniquely collaborative model across the firm and
throughout all levels of the client organization,
fueled by the goal of helping our clients thrive and
enabling them to make the world a better place.
Independent of industry, BCG Green Ventures believes in 12 concrete opportunities the world needs to get to net zero. These are the 12 levers available for any given corporate to participate in the decarbonization economy, which we are treating as a massive value creation opportunity.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
COVID-19’s uneven trajectory has created a slower-than-expected rebound in urban travel worldwide. Some mobility modes, however, are poised to exceed pre-pandemic levels. BCG provides a breakdown of recovery levels in urban mobility by region and mode--and over time.
Of the different patterns that have emerged in governments’ fight against coronavirus—crush and contain is the most effective. While many countries missed the initial opportunity to crush and contain, it is critical that governments prepare now to make sure they don’t miss the opportunity again.
The retail banking industry is facing unprecedented challenges as a result of COVID-19. Customer behaviour has changed drastically and will continue to evolve in a post-Covid world. This LABTalk explores trends in channel usage, customer preferences and brand perceptions captured in the latest REBEX Pulse Survey spanning 30 countries. Join this LAB Talk session to learn how you can use the data and insights for your next case.
Authors: Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn Schwarz, Aldo Tolentino & Monica Wegner
Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.
What Does the Recovery of Demand for Urban Mobility Look Like Post-COVID-19?Boston Consulting Group
Based on a survey of 5,000 residents in china, the EU, and the US, BCG analyzed the likely recovery of demand in urban mobility following the COVID-19
outbreak. Ultimately—until a cure emerges—we expect we expect a major shift away from public transit toward private mobility modes, specifically private cars and bikes. But the magnitude of the shift will differ across the varied type of cities.
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
How should nonprofit leaders adjust to the new reality of operating under COVID-19? This detailed checklist can help you understand the actions needed to protect team health, improve financial resilience, and continue executing on your mission with clarity and impact.
Data science is one of the hottest and fastest-growing fields in companies around the world. But it remains a highly male-dominated field, with women making up as few as 15% of data science professionals globally. This gender imbalance is a
significant threat to sustainable growth and to unbiased, safe AI
Responses to a BCG global survey of over 9,000 current and former students across ten countries make it clear that a
significant share of the problem lies with the companies themselves.
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
This presentation poster infographic delves into the multifaceted impacts of globalization through the lens of Nike, a prominent global brand. It explores how globalization has reshaped Nike's supply chain, marketing strategies, and cultural influence worldwide, examining both the benefits and challenges associated with its global expansion.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the what'sapp information for my personal pi vendor.
+12349014282
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the what'sapp contact of my personal pi merchant to trade with.
+12349014282
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
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COVID-19: Sustaining Liquidity/Funding Management and Treasury Operations in All Scenarios
1. White Paper
COVID-19: Sustaining Liquidity/Funding
Management and Treasury Operations in All
Scenarios
Matteo Coppola, Lorenzo Fantini, Michele Rigoni, Pascal Vogt
March 2020
2. 1
BOSTON CONSULTING GROUP March 2020
hile the COVID-19 outbreak appears to be plateauing in Greater China, it has
reached an inflection point elsewhere, characterized by the emergence of
multiple epicenters. More than 140 countries have been affected, compared
with around 20 in mid-February, and infection rates in many are rising fast.
As COVID-19’s international spread has accelerated, markets have started to price in
epidemic-related risks. Equity markets have posted some of the biggest daily declines
since the 2007 financial crisis. Based on the experience of previous outbreaks (MERS in
2014, 2015, and 2016 or the Spanish flu in 1919 and 1920), the virus is likely to strike in
several waves, suggesting that containment measures will be only partially effective until
the release of a vaccine, which is currently not expected before Q1 2021. In this context,
the crisis could last for another year and the risk of recession is real, although it is too
early to call given financial market volatility is mostly being driven by uncertainty.
Several central banks have taken action to shore up the financial system and offset an
economic slowdown. The European Central Bank (ECB) on March 12 announced a
number of measures to ensure that its directly supervised banks can continue to fulfil
their role in funding the real economy. In particular:
Banks can make full use of their liquidity buffers. The European
banking sector has built up significant liquidity reserves. The ECB will
allow banks to operate temporarily below the minimum level of the
liquidity coverage ratio (LCR).
Banks can get relief on Pillar 2 capital requirements. They can make
use of hybrid capital instruments that do not qualify as Common Equity
Tier 1 (CET1) capital, for example Additional Tier 1 or Tier 2 instruments,
to meet Pillar 2 requirements set to come into effect from January 2021.
Based on historical evidence, a V-shaped scenario – in which a GDP hit is followed by a
rebound, with no long-term loss of output – is most likely. However, more pessimistic
scenarios remain possible – especially in today’s interconnected world – and even a
relatively speedy rebound may have long-lasting impacts on consumer behaviors, value
chains, politics, and organizations.
To safeguard stability and respond appropriately, CFOs, treasurers and CROs need a clear
understanding of how liquidity/funding management and the treasury operating model
may be impacted. A four-step approach can enable executives to quantify impacts and
define mitigating actions, helping them tackle near-term (crisis management) and long-
term (structural liquidity management) challenges. (See Exhibit 1).
W
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BOSTON CONSULTING GROUP March 2020
Exhibit 1: Four key steps in a scenario-based approach
Step 1 – Vulnerability analysis. Assess the short-term vulnerability of the
operating model and the bank’s liquidity and funding position.
Step 2 – Scenario design. Design scenarios to assess the medium- to long-term
impact on both operating model (e.g. increasing employee absence) and liquidity
and funding positions (e.g. substantial closure of short-term repo markets)
Step 3 – Impact assessment. Derive the impact on (i) business activity/volumes,
(ii) treasury operating model and (iii) liquidity /funding financial impacts.
Step 4 – Trigger-based structural actions. Prepare decisive trigger-based
mitigation actions (e.g. change governance/reporting lines for capital markets
swap desks).
Step 1 – Vulnerability Analysis
Banks should consider two dimensions when assessing the vulnerability of treasury
activities:
COVID-19 risk – driven for example by remote vs. on-premise working, presence
of backup facilities, need for concentration of FTEs in physical spaces, time-
criticality.
…
…
…
1. Vulnerability analysis 2. Scenario Design 3. Impact assessment
4. Trigger-based
structural actions
4 steps for a structural scenario-based action planning
Business impact
Operating model impact
Liquidity & funding impact
Scenario A
Scenario B
Scenario …
KPIA1 KPIA…
KPIB1 KPIB...
KPI… KPI…
Clients draw committed
credit lines
…Small team for Treasury
hedge execution
Increasing funding
spreads
BusinessOperationFinancial
…
…Safeguard retail deposit
volumes
…
…Change governance for
CM swap desk
Free-up additional
collateral
Opportunities
4. 3
BOSTON CONSULTING GROUP March 2020
Necessity of any activity in crisis mode – driven for example by the regulator’s
expectations for continuity.
The treasury function faces a range of specific vulnerabilities emanating from the COVID-
19 crisis. (See Exhibit 2). For example, remote working is often difficult for a trading desk
– remote access is usually limited to few employees. Additional fragmentation (beyond
emergency trading rooms on-site) usually introduces inefficiencies and can hinder the
bank’s ability to execute trades under internal compliance policies.
Exhibit 2: Structural assessment of treasury vulnerability
Project work should be carefully prioritized. It may be that some projects can be
descoped or even postponed. A rigorous assessment should take into consideration, i) the
level of commitment and obligations to regulators and internal stakeholders (board,
senior management, internal audit), and ii) the level of risk exposure generated by the
project (e.g. financial, reputational).
For monitoring and reporting activities, a more differentiated approach is required.
Some activities can be deprioritized if resources are scarce (e.g. detailed analysis of new
asset volumes). Others are critical, including monitoring of liquidity and funding positions
(including buffer volumes, open credit lines, impact on money market and repo
operations, short-term issuance programs, and potential deposit outflows). For many, this
will be familiar from the last financial crisis.
Treasury activity analysis
High
Low
HighLow
Covid 19
risk
of activity
Necessity
of activity in
crisis mode
1 Money Market / Repo
Execution functions
2 Liquid asset buffer
3 Equity issuance
4 Funding issuance
5 Investment portfolio
6 Swap execution
1 Liquidity Management
Steering tasks
2 Funds-Transfer-Pricing
3 Analytics / modeling
4 Hedge-Accounting
5 Stress testing
6 Recovery planning
7 Investor relations
8 IT related project work
12
3
4
5 6
12 3
4
5
6
7
8
9 Other project work
10 Reporting
10
9
10
Focus on
crisis relevant
reporting
5. 4
BOSTON CONSULTING GROUP March 2020
Step 2 – Scenario Design
While tactical short-term measures can partially restore day-to-day activities, they should
be seen as the first step in a concerted effort. To build resilience, organizations should
swiftly move to a scenario-based approach. Scenario design should start with the
identification of two/three macro scenarios relating to the spread of the contagion. As in
any scenario-building exercise, there should be two macro types:
A general health-related scenario, often used by researchers and medical experts
to describe the spread of diseases based on aggregate statistics (e.g. number of
infected people, contagion curve impacting treasury staff in key activities).
An event-based scenario, which is idiosyncratic and relates to specific triggering
events (e.g. quarantine of a specific area, expected drop in volumes).
We recommend starting with a limited number of these high-level scenarios and then
translating them into treasury-specific sub-scenarios, based on a narrative that
comprehensively captures the key vulnerabilities identified in the previous step. A few
simplified examples:
1. Pressure on the liquidity buffer:
o Potentially lower inflows (from LCR point of view) from suspended
mortgage payments (e.g. Italy), deterioration of credit portfolio and defaults
on loans, lower volume of secured lending transactions due to scarcity of
underlying securities.
o Potentially higher outflows (from LCR point of view) due to evolution of
contingent liabilities (higher drawing of committed credit lines), deposit
withdrawals (in particular for lower-rated, lower-capitalized banks), higher
margin calls on derivatives, less secured funding backed by level 1 assets,
due to market scarcity – more with level 2 and below, leading to higher
haircuts.
2. Funding spreads increase and funding markets shut down:
o Interbank and repo markets dry-up; good quality collateral gets scarce,
even with central bank intervention (muted impact of Fed interventions in
the repo market).
o Senior unsecured and hybrid capital instruments: new issuance levels
drop; refinancing spreads increase drastically.
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BOSTON CONSULTING GROUP March 2020
o Covered bond collateral exhausted, not enough supply of new mortgages.
Virtually any financial risk (and some non-financial risks) can turn into liquidity risk. The
most critical of these should be accounted for in scenario modeling. These might include
credit risk reducing cash inflows, counterparty risk exponentially increasing liquidity risk,
and interest rate volatility undermining the liquidity of a bank’s investment portfolio due
to increasing haircuts.
It is important that each scenario is assigned a qualitative likelihood (e.g. high, medium,
or low) and, more importantly, a set of leading KPIs (e.g. size of liquidity buffer available
for the next N working days) – and thresholds - that can highlight potential changes in the
likelihood of each scenario. Monitoring of KPIs against a set of predefined thresholds will
provide early warning signals relating to which scenarios are more likely and guide
remediation strategies (see below). They should be closely and regularly monitored and
reported to senior management, the board and risk/audit committees, which should
ensure adequate oversight of the process.
Step 3 – Impact Assessment
The next step is to identify the potential economic impact of each scenario. To simplify
and structure this step, it makes sense to group impacts in the same categories as used in
the vulnerability analysis:
Business activity/volumes: The level of potential decline in sales or trading
volumes will depend on the level of disruption (e.g. to revenues, earnings) due to
loss of business volumes/customers and/or lower levels of transactions. It can be
measured through quantitative (e.g. deterministic or stochastic simulation/stress
testing) or qualitative metrics (such as loss of reputation). Once the business impact
has been estimated, the CFO, treasurer and CRO should jointly assess the impact
on liquidity/funding management.
Treasury operating model. This will depend on the number and relevance of the
impacted functions. We recommend banks structure the impact assessment in line
with i) necessity of treasury activities in crisis mode, and ii) risks posed by the
COVID-19 epidemic. Clearly, a scenario affecting several critical functions will
have a more severe impact.
Liquidity/funding financial impact. Potential impacts include a structural liquidity
shortage or structurally increased funding costs, leading to lower profits or losses.
We recommend treasurers define and calculate a few KPIs (e.g. liquidity cushion
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BOSTON CONSULTING GROUP March 2020
after N days, funding need in the next N months; regulatory metrics like LCR and
NSFR would play a second order role) to summarize the severity of each scenario,
combining all impacts above and allowing reviewers to compare scenarios and
their impacts over time. A reporting dashboard is a powerful tool that can help
managers gauge required actions and their urgency.
Step 4 – Trigger-based Structural Actions
The ECB regards the treasury function as “critical”, which means it is required by law to
continue operating. This fact alone highlights the need to respond to any significant
impact derived from crisis scenarios.
As in a traditional risk appetite framework, contingency actions should be activated when
there is a breach of early warning levels for identified triggers. Mitigating solutions should
be defined consistent with the categories described in the previous sections. They should
be more or less aggressive depending on the likelihood and severity of the scenario and
should comprehensively cover:
Operating model stability actions. These may include:
o Diversification (including on a geographical basis and within buildings) of
key treasury activities – potentially working across time zones and backups
for critical activities (even multiple ones).
o Limitations and tracking of contact among employees responsible for
critical functions - when required to work on premise.
o Provision of protective or smart working equipment, part-time working
options, reliable remote connection options, Still, some treasury activities
will not be suited to smart working (e.g. market access) and companies need
to plan ahead.
o Change in governance, for example bringing money market and repo desks
fully under treasury control (if they are not already).
o New IT infrastructure will be required if 50%-60% of people work remotely.
Liquidity and funding stability actions. These may include:
o A switch to “amber code” liquidity management, with more frequent
evaluation of liquidity buffers and treasury portfolios, and related reporting
to senior management.
o The activation of ad-hoc contingency measures, evaluating the trade-off
between liquidity and profitability – for example, increase liquid asset
buffers for as long as possible to cover all scenarios analyzed in steps 2 and
3.
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BOSTON CONSULTING GROUP March 2020
The more rigorous the approach to the four scenario-planning steps, the more resilient
the treasury organization will be. Senior management should plan carefully, so that
effective remediation steps can be put in place quickly once a scenario (or a variant of it)
materializes.
Finally, while it is paramount in a crisis to manage uncertainty, there may also be an
opportunity to add value:
In an adverse scenario, a more liquid bank (not necessarily better capitalized) can
pick-up less liquid assets at discounted prices. Weaker banks may be forced to shed
Level 2 and below assets for cash.
There is a potential benefit for banks that are perceived as “stronger” in the long-
run – they will likely see a deposit influx, as seen during the last financial crisis.
Conclusion
In light of the spread of COVID-19, bank treasurers (along with CFOs and CROs) must
refocus on maintaining operating model stability and safeguarding the bank’s liquidity
and funding position. Equally, it is vital that they communicate clearly, both internally
(providing assurance and helping to shape culture and behaviors) and externally
(reassuring stakeholders that the company understands its potential vulnerabilities and
has structural solutions to address them). A lack of communication will cause stakeholders
to assume the worst (significant impact and no contingency actions).
In the midst of a period of uncertainty, there is little value in hesitancy. Leaders must
proactively manage their response and work with determination toward the best possible
outcome.
Matteo Coppola
Lorenzo Fantini
Michele Rigoni
Pascal Vogt
Matteo Coppola is a senior partner and managing director in the Milan office of Boston
Consulting Group. Lorenzo Fantini is a partner and managing director in the firm’s Milan
office. Michele Rigoni is a principal in the firm’s Milan office and Pascal Vogt is a partner
and director in the firm’s Cologne office.
You may contact the authors by e-mail at:
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BOSTON CONSULTING GROUP March 2020
coppola.matteo@bcg.com
fantini.lorenzo@bcg.com
rigoni.michele@bcg.com
vogt.pascal@bcg.com
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