By Rich Bond
Treasury & Risk Magazine’s recent webcast, Global Pandemic: A Force for Change in Treasury, deals with issues every treasury professional should be thinking about and developing a plan to address. If you haven’t already listened to the webinar, I recommend doing so immediately!
The insightful presentations deal with the current liquidity crisis, managing the expected FX and credit risk, and finally, the need for digitization and a “cash culture” going forward.
As the discussion progresses, it becomes obvious that the companies that have an automated, centralized treasury function, plus data in the cloud have suffered much less risk and dislocation than the companies that don’t. Much of the webcast relates to system enhancements treasury departments should make. Treasury and IT have been on a convergent course for a long time; this crisis only reinforces that point.
My experience in working with and recruiting treasury professionals leads me to believe that many companies will delay making the necessary transitions because of their initial costs. It’s true that better systems and advanced digitization can be a major expense with limited payoff, unless the company employs a knowledgeable staff who can run those systems properly. Over the past 25 years, I have seen many examples of well-executed change paying for itself many times over.
The key is for your organization to find the right “change agents,” if they don’t already exist internally. Investment in treasury talent, as well as treasury systems, can ensure that organizations will not only survive this crisis but thrive in the long run.
I would really like to know what you think of the premise of the webcast and what you get out of it when you listen – https://www.treasuryandrisk.com/2020/04/22/global-pandemic-a-force-for-change-in-treasury/. Please email me at firstname.lastname@example.org or call me at 203-221-3233. I look forward to having a conversation with you.
To learn more about my treasury recruitment practice, please visit bondandcompany.com.