Our treasury offering - EY · PDF fileContacts 13. Ernst & Young ... With the increasing importance of treasury, companies must choose a robust and ... i t y a s s u r a n c e T reasu

All eyes on corporate treasuryOur treasury offering

SummaryThe evolving treasury function 1

Organization and governance 3

Tax and the treasury function 4

Financial risk management 5

Cash and liquidity management 6

Corporate funding 7

Financial instruments valuation and accounting 8

Treasury technology 9

Assurance and control 10

Performance assessments 11

Contacts 13

1Ernst & Young Treasury management

A challenging contextThe demands on corporate treasury departments are subject to constant change with, for instance, an increasing requirement of shareholders for companies to demonstrate how financial resources and financial risks are managed. These requirements for increased transparency and control have led to a global trend toward centralization of treasury activities. In addition, treasurers need to cope with a growing complexity of financial instruments, ever more volatile financial markets and the introduction of new regulations and accounting practices. For treasury, this means a need to update know-how continuously to ensure reduction of costs, minimize volatility, bring value to the company and ensure short and expansive lines of communication.

Your goals — our missionWe will help you to define clearly the responsibilities of the treasury function and to engage further in supporting the business. We have the required know-how and expertise available for all the important topics of treasury (for example, cash and liquidity management, financial risk management, accounting, system utilization). In addition, we will confirm whether the internal control of the treasury function is in accordance with statutory requirements and market practices.

More than ever, it is important to adopt an integrated holistic approach instead of pursuing temporary solutions for individual issues.

How we can helpThe growing demands on the treasury function are driven to a large extent by the current market situation. They are associated with a heightened awareness of management for operational and financial risks, focused on the following themes:

► Improvement of cash-forecasting quality and methodologies for liquidity management and financial planning

► Management of derivatives, market price and counterparty risks

► Accounting and valuation of all treasury transactions

In parallel, there is continual pressure to improve the efficiency of, and control over, the treasury function.

Ernst & Young provides a portfolio of services that cover the full scope of a treasury function. We have a knowledgeable team, with the right combination of treasury skills and experience to support your treasury through all types of challenges.

TopicsOur primary treasury services cover the following areas:

► Treasury organization and governance ► Treasury performance assessments ► Financial risk management (interest, FX, credit and

commodity risks) ► Cash and liquidity management, including cash forecasting ► Corporate funding and capital management ► Treasury technology, including treasury management system

(TMS) selection and implementation ► Valuation and accounting for financial instruments (IFRS and

local GAAP) ► Advising on the tax aspects of the treasury function ► Audit, quality assurance and compliance

Your benefits ► Integrated service offering ► Powerful, customized approach ► Rapid, sustainable knowledge transfer ► Solid process embedment ► Holistic perspective ► Profit from our global treasury network and multinational team

What next? ► Self assessment using our proven analytical methodology ► Analysis of potential improvements, based on your

current situation ► Individual approaches to address any weaknesses identified ► Quick check of accounting policies and hedge relationships

We are happy to discuss how we can help you drive your treasury function forward.

The evolving treasury function

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Assuranceand control

Valuation andaccounting

Tax and the treasuryfunction

Organizationand governance

2 Ernst & Young Treasury management


Organization and governance

Choosing the right organizationWith the increasing importance of treasury, companies must choose a robust and dynamic organizational structure. In particular, a well thought-out strategic, forward-looking approach is essential. This begins with choosing the right operating model. In order to do this, the scope of activities that are covered by the treasury function and the degree of centralization must be determined. Does the treasury function execute only the most necessary activities such as liquidity management? If the treasury function is considered a “core” organizational process, does it cover the full range of services? This must be taken into account when designing the optimal hierarchical structure of the central and local treasury functions.

Reorganization and transformationA reformulation of the organizational structure, processes and financial risk management is needed due to changing circumstances such as:

► Transactions (mergers, acquisitions, carve-outs, spin-offs)

► Reorganization projects (enterprise resource planning (ERP))

How we can helpUsing a gap analysis of your current treasury structures compared with the requirements according to your strategic objectives, we make recommendations for choosing the right organization and

optimizing the treasury function. This leads to, inter alia, improved communication and reporting processes and identifies process duplication and redundancies.

We work with you through the whole process, from definition of objectives to implementation of a new or revised organization of the governance structure and underlying processes.

Current state analysis

► Analyze the current state compared with “leading practices” and established control requirements

► Assess the systems and methodologies focusing on the identification of potential improvements

Future state development

► Define the target organization given the objectives

► Identify leading practices that are both fit for purpose and focused on value optimization

► Define, update or standardize policies, processes and procedures for:

► Banking network (banking selection and rationalization)

► Cash management (pooling or netting)

► Short- and medium-term financing (e.g., factoring and securitization)

► Financial risk management (strategy optimization)

► Treasury accounting ► Define and adjust key

management indicators ► Select and implement TMS(s) ► Define roles and responsibilities,

job descriptions and provide assistance toward recruitment and/or secondment placement

Implementation support

► Project planning and management (objectives, resources, milestones)

► Identify and implement “quick wins”

► Assist with planning and implementation of the new global structure rollout

► Knowledge transfer through workshops covering operations, accounting, finance, legal, tax services and information systems

► Interim staffing of operational or control functions (when allowed)

Your benefits ► Realignment of the treasury function to

meet current and future economic and regulatory requirements

► Realization of potential synergies and efficiencies by optimizing treasury processes

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Your benefits ► Compliance with relevant treasury tax

legislation ► Centralization of treasury activities

improving visibility and reducing treasury tax risk

► Managing tax costs on cash management structures

► Compliance with treasury transfer pricing requirements

► Effective hedge accounting from a tax perspective

Treasury transactionsAlmost every treasury transaction requires consideration of the tax implications. The techniques and instruments used by a treasury function often give rise to complex accounting and tax issues, since the tax treatment sometimes depends on how a transaction is treated in the accounts.

The value of treasury transactions can also be significant (e.g., foreign exchange gains and losses) and significant tax exposures can arise on unhedged balances in the accounts.

Given their complexity, treasury transactions are often scrutinized by tax authorities, so it is important that the tax issues are considered before a treasury transaction is executed.

Key questions and how we can helpSome of the key questions to consider in respect of how tax interacts with treasury, as well as how we can help you, are set out below.

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Tax and the treasury function

Issue Key questions How we can helpForeign exchange ► Does the group have foreign exchange risk on

financing activities? ► Does the group “net investment hedge” in the

consolidated accounts?

► Review of accounting hedges for tax effectiveness ► Advice on tax matching and hedging regimes

Interest rate risk ► How does the group manage interest rate risk? ► Does the group enter into interest rate swap arrangements?

► Advice on tax treatment of interest rate swaps

Liquidity and access to finance

► Does the group have sufficient access to funds? ► When are existing bank facilities due for renewal? ► Is debt being restructured?

► Tax advice on financing/refinancing and debt restructuring

► Advice on thin capitalization and other interest restrictions

Cash management ► Does the group have visibility over surplus cash? ► Have existing cash pooling arrangements been reviewed for

transfer pricing?

► Tax advice on cash pooling for participant companies ► Transfer pricing on allocation of benefits of cash pool

arrangement

Working capital ► How is working capital managed within the group? ► Is there significant intragroup trade?

► Transfer pricing advice on intragroup trading policy ► Advice on factoring/invoice discounting

Treasury operations and location

► Does the group have a central treasury function? ► How effectively do tax and treasury teams engage with

each other?

► Advice on implementing a central treasury company structure

Hedging commodity risk ► Does the group engage in hedging activities? ► Is the group fully aware of the tax treatment of hedging

instruments e.g., forwards?

► Advice on taxation of hedging transactions e.g., forward contracts, currency swaps

Treasury transfer pricing ► Does the group have significant intragroup financing? ► Does the group have a group-wide transfer pricing

policy in place?

► Transfer pricing advice on group loan pricing policy, guarantee pricing and loan variations


Financial risk managementStrong market volatility, constant evolution of the international accounting standards and increasing importance of financial reporting prompt companies to improve regularly their financial risk knowledge and to optimize its management. In this environment, identification of risk drivers and exposures, definition of risk management policy and implementation of appropriate management tools, communication lines and reporting are the key means to enable effective financial risk management.

Treasury and financial derivativesIn order to control financial risks, most treasury departments use financial derivatives, among other things. The hedging strategies need to be aligned with the overall objectives of the company, while ensuring that valuation methods for derivatives do not lead to unwanted volatility of profits. In addition, a consistent separation of functions in risk management and appropriate monitoring systems are needed.

Major risksThe key financial risks that treasury functions need to identify, quantify, manage and monitor are liquidity, FX, interest rate and counterparty risks. An increasing number of companies are also active in commodity or energy risk management.

How we can helpBased on our extensive experience, we provide advice and support for all elements of financial risk management, for example:

► Identify the main sources of financial risk exposure and measure the company’s “natural” hedging effectiveness

► Co-develop a strategy for financial risk management within the group’s financial supply chain

► Develop and validate models to quantify and monitor financial risks, including Value at Risk (VaR), Generally Accepted Accounting Principles (GAAP) and scenario analysis

► Integrate more complex financial products into your information systems

► Implement appropriate (hedge) accounting processes to reflect adequately the (economic) exposures, including hedge effectiveness testing

► Develop appropriate reporting to enable effective monitoring and steering of financial risks by management

The financial crisis has demonstrated that methods that work in “normal circumstances” may fail during major crises.

For example, a significant interaction between market prices, collateral demand, liquidity and credit quality occurred. Therefore, the creation of an overall corporate financial risk framework is a central aspect of our treasury advisory approach.

Your benefits ► Develop and strengthen the

understanding of financial risk management strategies to help you best achieve your business goals, both economically and in terms of financial reporting.

► Outline of an adequate organizational structure and infrastructure (policies, controls, processes, models, etc.) as well as the development of methods and processes for quantifying, assessing and monitoring financial risks.

► Scenarios and stress-testing methods, including emergency plans that are tailored to your company’s risk profile and classification so that you are fully prepared to handle crisis situations.

Financial risk management

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Identify Diagnose Design Deliver Sustain

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task

s • Analyze and comment on your current risk management framework

• Understand and validate the current state of your FX risk management framework

• Analyze impact of FX risk management framework on your results

• Formulate recommendations to implement enhanced risk management framework

• Post implementation analysis and sustainable improvement plan

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• Understand your business structure, economic model and transactional flows

• Conduct FR risk exposure analysis of your FX portfolio

• Analyze your current FX risk management policy and hedging framework

• Analyze business planning schedule and cycle vs. FX risk forecast schedule and cycle and comment on potential improvement

• Assess and validate the current state of your FX risk management framework

• Define criteria forevaluation and understand your desired future state

• Assess accounting schemes and impact of FX risk management framework on your results for both statutory and management reporting

• Identify benchmark competitors in terms of FX risk management

• Set FX management objectives considering linkage with shareholders’ value

• Define your FX risk tolerance taking into account your business dynamics

• Design and enhance your FX risk management policy and hedging framework

• Formulate recommendations of potential benefits of using or not using hedge accounting

• Develop the approach and requirements for the selected improvements as stated in the new FX risk management policy

• Design and enhance the FX risk management manual

• Validate the newly designed FX risk management framework

• Analyze impact and redesign of FX risk management framework on statutory accounting, management reporting and SOX control framework

• Support on FX risk management framework implementation

• Confirm the newly designed FX risk management framework operates as intended and captures lessons learned (KPIs, performance management reporting) • Run performance tests toidentify gaps of the newlydesigned FX riskmanagement framework

• Implement an ongoing monitoring program

• Identify further opportunities to extend the benefits acrossyour group


Cash remains kingThe ability of companies to manage liquidity and loans is scrutinized with ever more attention by financial markets and stakeholders. During the financial crisis, the capacity of a firm to generate liquidity has re-emerged as the priority. The treasury function plays a central role in monitoring liquidity risks, setting up cash-flow forecasting and planning and reporting on liquidity buffers, relevant financial covenants and other key indicators for liquidity risk.

Stress tests are becoming increasingly important to monitor potential liquidity risks. These should reflect both company specific and market-wide scenarios and are based on historical market trends, while also mapping hypothetical — but possible — future business scenarios. Based on these tests, liquidity constraints can be identified and taken into account in your planning and risk control.

How we can helpWe help you identify optimal methodologies for managing and monitoring cash and liquidity risks.

We will assist you to:

► Define a liquidity risk management strategy, policy and procedures

► Review your company’s local, regional and global cash collection, disbursement and bank account structure

► Develop cash pooling solutions, ranging from architecture and processes to a request for proposal (RFP) and bank shortlist

► Develop or review methodologies for cash-flow forecasting and variance analysis procedures

► Review or select systems and technology used in the cash forecasting process

► Optimize the cash and liquidity management processes and structures in alignment with global tax strategies

► Assess and reorganize cash management activities (for instance, methodology to implement shared service centers)

► Develop a framework for structured monitoring of key indicators for liquidity risk

► Enhance cooperation from local management

Your benefits ► Optimization of your company’s

financial resources (cash management and funding) and identification of best practices in order to manage your cash effectively

► Assessment of cash forecasting reliability and process adequacy as well as execution or design of a cash forecasting model that works for your organization

► Provision of experience to assist you in securing your payments: more effectively leveraging on Single Euro Payments Area (SEPA) and other changes in the payments landscape

Fifty percent of large companies have not implemented homogenized procedures to forecast their cash flows.

Thirty-four percent of companies do not analyze the variances between real cash flows and forecasts systematically, in order to make the necessary improvements.Source: Ernst & Young European Treasury Survey

Cash and liquidity management

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Funding strategyIn today’s financial context, with recurrent liquidity tensions and increases in funding costs, the control of liquidity risks is of strategic importance to companies. Access to a substantial and diverse “pool” of financing is a security interest, providing companies with the flexibility to adjust their financial strategy. Regulatory, legal, tax and accounting constraints complicate both the assessment and the implementation of financing solutions.

In this environment, the key factors to success in the financing function of treasury are:

► The definition of an optimal funding strategy, to optimize financing costs while at the same time minimizing liquidity risks

► The set up of appropriate in-house banking structures in a complex regulatory and tax environment

► Effective bank and investor relationship management

► Effective management of the financial documentation supported by management and control

How we can helpOur services cover the full range of financing activities, from defining the strategy to support in negotiating and implementing a financing arrangement.

Define the financing strategy

► Identification of the medium- and long-term financing needs

► Development of a methodology for forecasting and monitoring financing needs and financial covenants

► Practical examination of the borrower and its group in terms of banking loans, intragroup loans and recurring and exceptional guarantees granted to third parties

► Identification of diverse financing structures, for example, bond/Medium Term Note (MTN) issues, money market, open market or syndicated banking credit/loan, securitization, project financing, sale/leaseback and factoring

Negotiate financing

► Implement a “call for tenders”/RFP procedure, including assistance preparing term sheets to support negotiations with banks

► Examination and negotiation of the financing arrangements alongside legal advisors

► Receive a second opinion on offered financing arrangements, including pricing of (embedded) derivatives and key covenant implications

► Analyze the implied credit risk of the company, based on the credit spread included in the financing arrangement

► Analyze and advise on tax and/or accounting operations treatments

Implementation support

► Assist with implementing the necessary structures and teams to manage the financing needs

► Support in setting up an in-house bank, including a transfer pricing policy for financial instruments and guarantees

► Provide advice on tax constraint management while preserving an acceptable administrative management level (e.g., withholding tax, deduction of interest, stamp duty and VAT)

Your benefits ► Appropriate structures, procedures and

systems to determine and manage the financing strategy of the company

► A financing strategy that is tailored to meet the organizational, legal, regulatory, fiscal, contractual and accounting constraints

► Support in reaching optimal financing costs and appropriate diversification of funding sources

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The solid base — or did you feel it shaking too?Reliable information is the basis of your decisions. The valuation of your financial instruments is, inter alia, the foundation for measuring and managing risks and taking strategic decisions. If this foundation is not stable, the whole “building” is in danger.

Due to the volatility in the financial markets, the assessment and valuation of financial instruments has become more complex. Counterparty and liquidity risks have to be quantifiable components of your risk assessments and valuations.

With the increasing use of derivative instruments, it is important to keep the accompanying, sometimes very complex, accounting rules in mind to ensure that the accounting results are in line with the economic rationale of your hedging strategy.

How we can helpFor Ernst & Young, valuation and accounting are essential core competencies. Our goal is to translate this knowledge to add value to our clients. Our support services can be divided as follows:

Valuation

► Valuation of complex financial instruments, including embedded derivatives and personnel options

► Modeling and valuation of complex derivatives

► Quantification of credit risks or spreads and impacts on valuation

► Valuation and hedging in illiquid markets

Accounting for financial instruments

We will help you to apply the (hedge) accounting provisions of IAS 39 or your local GAAP, in particular:

► Preparation or review of your accounting policy compared with leading practices

► Design and optimization of hedge accounting procedures

► Measurement of hedge effectiveness ► Support in applying the de-

recognition requirements so that a reliable accounting of asset-backed securities, transactions, factoring, etc., is achieved

► Reviews of large portfolios ► Provision of accounting advice for the

issuance of mezzanine capital, such as convertible bonds and hybrid bonds

► Knowledge transfer and training to the treasurers and relevant operating units

Finally, we support you in the application of disclosures and risk assessment-related information according to IFRS 7.

Accounting for commodities and energy derivatives

► Valuation of energy derivatives, such as virtual power plants and modeling of electricity spot prices (Hourly Price Forward Curve)

► Application and interpretation of the “own use exemption”

► Industry-specific features (energy and utilities sector)

► Hedge accounting for commodity derivatives, including emission rights

Your benefits ► Experience in financial instruments

and valuation ► Skills for modeling and quantifying risks

and valuing derivatives ► Forward-looking statements due to the

use of various solid valuation methods

Financial instruments valuation and accounting

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Technology — the core of treasuryThe TMS has a central role in the control environment of treasury. It provides functionality for front, middle and back office activities and controls, with a trend toward “straight-through processing.” In addition, the TMS provides the basis for critical information such as forecasting, valuation and reporting. It is, therefore, essential to ensure that the system aligns with the company’s requirements and is adequately configured and implemented. At the same time, the range of offers in the software industry is becoming more and more complex due to significant evolutions in technologies and approaches.

In the current economic environment characterized by the concentration of vendors, IT solutions tend to widen their scope of functionalities, covering needs from market activities to cash management as well as banking communication.

How we can helpWe work with you to identify your organization’s treasury function’s current and future business requirements to find a solution that best fits your needs. This analysis should not only focus on functional requirements but also on technical and vendor-related aspects. Based on this analysis and our extensive knowledge of the TMS market we provide:

► Advice on vendors to be considered in a structured selection process

► Support in development of an RFP based on existing, “proven” templates

► Management of the complete RFP process, including vendor communication

► Advice on vendor responses ► Facilitation of vendor demos, “proof-of

concept” and reference visits ► Assistance with the preparation of the

cost or benefit analysis and business plan

Implementation support and guidance

To ensure that the IT solutions quickly and seamlessly fit into your treasury business systems, we will:

► Manage the overall program and/or project

► Conduct design workshops and prepare design documents (blueprints)

► Define and configure static data ► Design prototype instruments and

unit tests ► Define reporting requirements ► Reconcile static data

► Develop and perform testing programs and scripts

► Provide end-user training

Your benefits ► Optimal alignment of treasury

technology to your requirements ► Fast and efficient integration of systems

into the process ► Extensive TMS knowledge and proven

methodologies for system selections and implementations

► Independence in choosing a system provider

► Sustainable knowledge transfer

Forecasting system

Bank systemCash management Interest risk Treasury accounting

Back-office

Treasury control and reporting

Liquidity management FX risk

Corporate finance Credit risk

Risk

Trading platforms

Project start and planning

• Strategic scope

• Final report with recommendations

• Test agenda

Risk management system Accounting system Reporting system

Confirmation systems

Market data systems

Treasury management system

Review:• Determine

selection criteria

• Draw up request for information

• Make long list

DemosFinal report

Implementation/integration

Duration

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Analyze system integration

Send, receive and assess Request For Information (RFI)

Draw up test agenda

Our systems’ knowledge base

• Motivated short list

•Request for information (RFI)• Motivated long list


Effective controlSeveral recent events remind us of the importance for a company and its shareholders to have an effective control environment for its treasury activities.

The international accounting standards (IFRS and FAS) and the obligation for executives to report the internal control framework (e.g., the Financial Security Agreement Law and the Sarbanes-Oxley Act (SOX)) have created an additional level of compliance.

For a technical and “high-risk” function, such as treasury management, specialized assistance is often necessary to alert the cash manager, the finance department or the executive management team about the main challenges and to provide reassurance about the quality of the organization and the internal control framework related to cash, financing and risk management activities. It is often necessary to reinforce the company’s internal teams, mobilizing competencies and methodology specifically developed for treasury management control.

Key questions ► Are the objectives for treasury

and financial risk management clearly defined?

► Are all financial risks of the group identified and correctly measured?

► Is treasury management meeting its objectives and does it respect the limits and guidelines assigned to it?

► Is the organizational setup satisfying and are its procedures correctly documented and implemented?

► Are the resources of the treasury management department sufficiently numerous, competent and independent?

► Is the reporting on treasury transactions and positions relevant, exhaustive and independently done?

► Are the methods used and the financial, legal and fiscal risks related to derivative instruments well understood, measured and controlled?

How we can helpWe offer to share control and management systems and methodologies, taking into account the requirements for:

► Legislative or regulatory compliance ► Efficiency ► Efficacy ► Accountability

To this end, our review will check and analyze the current state, followed by recommendations for optimization with regard to the statutory requirements based on our experience of leading practices.

Our services include supporting existing internal audit units in planning, preparation, performance and reporting, taking into account current and future trends. The results are:

► Recommendations for the development of an effective (continuous) monitoring control environment

► Support for the implementation of programs (such as fraud prevention or SOX)

► Evaluation of implemented controls and their efficiency

Your benefits ► Advice focused on minimizing

operational risks and identifying potential operational improvements

► Compliance with relevant legislation ► Active use of your control framework to

increase efficiency and effectiveness of processes

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Current state analysisOur performance assessments can be the first step toward developing a risk-and profit-oriented, comprehensive view of your treasury activities. Based on our treasury experience and peer comparison in the market, we identify potential points for improvement and further development potential.

The thorough investigation of structures and processes and their comparison with the legal framework and market practices are the foundation of our treasury advisory’s holistic approach.

How we can helpErnst & Young has developed a specific framework for assessing the functional performance of a treasury departments, based on our global experience with treasury organizations, regular treasury projects and client surveys. In addition, external benchmarks and guidelines are taken into account, for example, from local Associations of Corporate Treasury, IFRS 7 and the local Corporate Governance Code.

The many facets of corporate treasury require a practical and pragmatic interpretation of relevant regulations, which need to be considered in the broader context of the complexity and risks of the company.

Our compact corporate treasury checklist allows you to benchmark against leading practices comprehensively and provides quick insight into potential improvements.

In addition, the “maturity” of the treasury function is assessed compared with well-established, “leading” treasury organizations, while taking into account the firm-specific characteristics.

Key factors Basics Developing Established Leading classPolicies and procedures Informal policies and

procedures not documented.High-level policy statements setting out central treasury activities. Limited documented guidance on local treasury activities and incomplete procedure documentation.

Well documented group treasury policy and procedures. Limited policies and procedures on treasury activities in local business units.

Comprehensive policy document for group treasury and the business units.

Governance Treasurer or group FD responsible for all aspects of treasury. No compliance monitoring or internal audits.

Regular reporting to the board on treasury activities. Internal audits not performed by treasury experts. Minimal compliance reporting.

Treasury compliance regularly monitored and reported to the board and the relevant treasury or finance committees. Regular internal audits using external treasury specialists.

Treasury activities monitored by and treasury strategy approved by, board or board subcommittee. Regular internal audits by, treasury experts with treasury self assessments.

Structure Decentralized treasury structure with local businesses responsible for managing their own treasury activities. Little or no interaction between group treasury and group companies.

Centrally managed funding with businesses responsible for managing local treasury activities. Some interaction between group treasury and group companies.

Centralized treasury with clear guidelines governing any local treasury operations. Communication between group treasury and group companies on an informal basis.

Centralized treasury with all treasury activity managed by group treasury (as far as possible). Regular dialogue between group treasury and business units.

People and skills Treasury activities are performed by personnel with little or no treasury experience, for example by finance staff on part-time basis.

Dedicated treasurer with inexperienced assistant(s) and support staff.

Experienced and established team with appropriate professional qualifications or qualified by experience in key positions. Good knowledge of all aspects of treasury and of the company’s business.

Experienced and qualified professionals in all key positions within treasury. Good knowledge of treasury activities and experience of working in a multinational treasury function.

Treasury function maturity

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The main areas covered in a treasury assessment are:

► Treasury organization, strategy and systems

► Integration into the company’s strategy, rules and responsibilities

► Management of financial risks (e.g., interest rate, currency and commodity risks)

► Liquidity and cash management ► Internal controls ► Performance measurement ► Reporting

Your benefits ► Assessment of your treasury

organization compared with leading practices, with individual recommendations for potential further improvements and significant risks

► Ability, based on the assessment, to determine priorities and — if applicable — define an action plan, for implementation

Company XYZ: Treasury management — — maturity assessment dashboardprocess efficiency

Weighted scores Maturity profile — weighted

Dimensions Current state

Future state

Leading practice

Operational strategy 2.0 3.0 5.0

Process & policy 3.0 4.0 5.0People & organization 2.0 3.5 5.0

Technology & data 3.5 4.0 5.0Performance management 3.0 3.0 5.0

Vertical maturity index 3.0 3.5 5.0

Vertical maturity index (%) 60.0% 70.0% 100.0%

Raw — equal dimensions Maturity profile — raw — equal dimensions


Future state

Leading practice






Raw scores — equal questions Maturity profile — raw — equal questions


Future state

Leading practice






Technology & data

Technology & data

Technology & data


Contacts EMEIA treasury services

TreasuryContactsFranceOlivier Drion+ 33 1 46 93 79 [email protected]

GermanyDr. Steffen Kuhn+ 49 [email protected]

IndiaMuzammil Patel+ 91 22 4035 [email protected]

ItalyEmilio Maffi+ 39 [email protected]

LuxembourgLaurent Denayer+ 352 42 124 [email protected]

Middle EastDr. Sandeep Srivastava+ 971 4 3129 [email protected]

NorwayMorten Abrahamsen+ 47 476 18 [email protected]

SpainFrancisco de Asis Velilla Velasco+ 34 91 [email protected]

SwedenKarin Sancho+ 46 8 520 590 [email protected]

SwitzerlandRoger Disch+ 41 58 286 41 59 [email protected]

The NetherlandsNico Warmer+ 31 88 40 [email protected]

United KingdomRichard Brown+ 44 20 7951 [email protected]

TaxContactsFranceClaire Acard+ 33 1 55 61 10 [email protected]

GermanyRoland Häussermann+ 49 89 14331 [email protected]

HungaryHenriett Palotai+ 36 1 451 [email protected]

ItalyPiera Vitali+ 39 [email protected]

LuxembourgElmar Schwickerath+ 352 42 124 [email protected]

NorwayMartin Wikborg+ 47 24 00 22 [email protected]

SwedenStaffan Estberg+ [email protected]

Switzerland Marie-Hélène Revaz+ 41 58 286 [email protected]

The NetherlandsDick Hoogenberg+ 31 88 40 [email protected]

United Kingdom Mark Minihane+ 44 121 535 [email protected]

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