| |
| |
Foreword | |
| |
| |
Preface | |
| |
| |
Acknowledgments | |
| |
| |
| |
The World of Corporate Treasury | |
| |
| |
| |
Role of Treasury in a Global Corporation | |
| |
| |
Introducing Treasury Leadership | |
| |
| |
Organisation Structure and Responsibilities | |
| |
| |
Treasury Functions and Responsibilities | |
| |
| |
KPIs and Deliverables | |
| |
| |
A Day at the Office-What Does the Treasurer Do? | |
| |
| |
Summary | |
| |
| |
| |
Treasury Design | |
| |
| |
Key Elements of Treasury Design | |
| |
| |
Introducing Centralisation | |
| |
| |
Evolution of Treasury Models | |
| |
| |
Summary | |
| |
| |
| |
Treasury Culture | |
| |
| |
Qualities | |
| |
| |
General Skills | |
| |
| |
Technical and Work-Related Skills | |
| |
| |
The Many Hats of the Treasurer | |
| |
| |
Summary | |
| |
| |
| |
Importance of Operations and Control Efficiency | |
| |
| |
Tools | |
| |
| |
Different Offices: Front, Middle, and Back | |
| |
| |
Summary | |
| |
| |
| |
Transactions and Cash Management | |
| |
| |
| |
Account Management and Structure | |
| |
| |
Putting an Account Structure in Place | |
| |
| |
Account Operation and Approaches | |
| |
| |
Rationalising Account Structures | |
| |
| |
Examples of Account Structures Across Sectors | |
| |
| |
Summary | |
| |
| |
| |
The Movement of Money | |
| |
| |
Money Transfer Mechanisms | |
| |
| |
Domestic Clearing and Settlement Systems | |
| |
| |
Cross-Border Payments and Collections | |
| |
| |
Summary | |
| |
| |
| |
Netting | |
| |
| |
Introduction and Concepts | |
| |
| |
Netting Implementation | |
| |
| |
Benefits and Caveats of a Good Netting Solution | |
| |
| |
Summary | |
| |
| |
| |
Liquidity Management Introduction and Float | |
| |
| |
Introducing Liquidity Management | |
| |
| |
Pooling as a Concept | |
| |
| |
Float and Its Causes | |
| |
| |
Summary | |
| |
| |
| |
Cash Pooling and Efficiency | |
| |
| |
Cash Concentration Structures | |
| |
| |
Pooling Structures | |
| |
| |
Implementation Aspects of Concentration Structures | |
| |
| |
Summary | |
| |
| |
| |
Cash Flow Forecasting | |
| |
| |
Forecasting in the Context of Liquidity Management | |
| |
| |
Forecasting Methods | |
| |
| |
Summary | |
| |
| |
| |
Balance Sheet and Liquidity Management | |
| |
| |
| |
Liquidity and Working Capital | |
| |
| |
Working Capital in the Operating Cycle | |
| |
| |
Cash Conversion Cycle | |
| |
| |
Financial Supply Chain and Its Potential Pain Points | |
| |
| |
Summary | |
| |
| |
| |
Financial Strength and Linkages with Liquidity | |
| |
| |
Importance of Company Financials | |
| |
| |
Key Financial Ratios | |
| |
| |
Summary | |
| |
| |
| |
Sources of Capital | |
| |
| |
Capital Markets | |
| |
| |
Capital Structure | |
| |
| |
Factors in the Capital Decision | |
| |
| |
Debt Capital Markets | |
| |
| |
Equity Capital Markets | |
| |
| |
Summary | |
| |
| |
| |
Financing the Supply Chain | |
| |
| |
Physical and Financial Supply Chains | |
| |
| |
Different Financing Solutions | |
| |
| |
Summary | |
| |
| |
| |
Managing Operating Cash and Investments | |
| |
| |
Different Elements of Cash | |
| |
| |
Managing Operating Cash | |
| |
| |
Surplus Cash and Investments | |
| |
| |
Considerations and Aspects of Investment Decisions | |
| |
| |
Investment Process | |
| |
| |
Summary | |
| |
| |
| |
Credit Ratings and Bank Credit Assessment | |
| |
| |
Credit Ratings | |
| |
| |
Credit Rating Methodology | |
| |
| |
Bank Credit Assessment Process | |
| |
| |
Important Focus Areas and Discussion Points with Banks During Credit Reviews | |
| |
| |
Summary | |
| |
| |
| |
Markets and Risk Management | |
| |
| |
| |
Art and Science of Risk Management | |
| |
| |
Kinds of Risk | |
| |
| |
Classical Definitions | |
| |
| |
Why Manage Financial Risk? | |
| |
| |
Styles of Risk Management | |
| |
| |
Factors Impacting Risk | |
| |
| |
What Does Risk Management Do? | |
| |
| |
Objective of Risk Management | |
| |
| |
Summary | |
| |
| |
| |
Markets and Risk Aspects of Each Market | |
| |
| |
World of Markets | |
| |
| |
Movement of Markets | |
| |
| |
Summary | |
| |
| |
| |
Risk Management in Practice: Ensuring the Right IMAGE� | |
| |
| |
IMAGE� Methodology | |
| |
| |
Risk Identification | |
| |
| |
Risk Measurement | |
| |
| |
Risk Accounting and Reporting | |
| |
| |
Risk Governance | |
| |
| |
Risk Management Evaluation | |
| |
| |
Summary | |
| |
| |
| |
Products for Managing Risk | |
| |
| |
Forwards Family | |
| |
| |
Options Family | |
| |
| |
Swaps Family | |
| |
| |
Credit Family | |
| |
| |
Summary | |
| |
| |
| |
Combining the Products to Manage Risk: Risk Governance | |
| |
| |
Devising Risk Strategy Using Products | |
| |
| |
Using Products to Manage Risk | |
| |
| |
Credit Risk | |
| |
| |
Liquidity Risk: Balance Sheet and Asset-Liability Management | |
| |
| |
Use of Analysis | |
| |
| |
Operations and Technology Risk | |
| |
| |
Legal and Compliance Risk | |
| |
| |
Summary | |
| |
| |
| |
Risk Management Governance Strategies | |
| |
| |
Key Elements of the Governance Strategy | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Summary | |
| |
| |
| |
Operational Aspects: Documentation and Execution | |
| |
| |
Documentation | |
| |
| |
ISDA Framework of Documents | |
| |
| |
Execution | |
| |
| |
Summary | |
| |
| |
| |
The Toolkit | |
| |
| |
| |
Treasury Policy | |
| |
| |
Framework | |
| |
| |
Aspects of Policy Implementation That Need Closer Scrutiny | |
| |
| |
Review | |
| |
| |
Implementational Aspects | |
| |
| |
Summary | |
| |
| |
| |
Treasury Systems | |
| |
| |
Treasury Management System Background | |
| |
| |
Some System-Related Questions | |
| |
| |
TMS Establishment Process | |
| |
| |
Developments and Standards | |
| |
| |
Summary | |
| |
| |
| |
Centralisation | |
| |
| |
Rationale for Centralisation | |
| |
| |
Basic Model Design | |
| |
| |
Post-Model Design Stage | |
| |
| |
Barriers to Centralisation | |
| |
| |
Summary | |
| |
| |
| |
Key Performance Metrics for a Treasury | |
| |
| |
Introducing Performance Metrics | |
| |
| |
Some Criteria for Deciding Performance Metrics | |
| |
| |
Performance Metrics | |
| |
| |
Some Caveats on Metrics and Evaluation | |
| |
| |
Sample Treasury Performance Metrics | |
| |
| |
Treasury Fitness | |
| |
| |
Summary | |
| |
| |
| |
Banks and Service Relationships | |
| |
| |
Sample Bank Organisation Structure | |
| |
| |
Banking Services and Products for a Corporate Treasury | |
| |
| |
Bank Selection and RFP Process | |
| |
| |
Review Process | |
| |
| |
Service and Relationship Management | |
| |
| |
Summary | |
| |
| |
| |
Operations and Control Checklist | |
| |
| |
List of Processes | |
| |
| |
Right Control at Treasury | |
| |
| |
Control Checks and Reviews | |
| |
| |
Some Common Causes for Error and Control Lapses | |
| |
| |
Summary | |
| |
| |
| |
Outsourcing | |
| |
| |
Selection Stage | |
| |
| |
Pre-Implementation | |
| |
| |
Implementation | |
| |
| |
Post-Implementation | |
| |
| |
Summary | |
| |
| |
| |
Building and Sustaining a Treasury Culture | |
| |
| |
Evaluation | |
| |
| |
Summary | |
| |
| |
| |
Managing Treasury in Uncertain Times | |
| |
| |
Uncertainty and Its Impact on Treasury Management | |
| |
| |
Triggers and Events | |
| |
| |
Simple Method to Manage Treasury During Times of Uncertainty | |
| |
| |
Summary | |
| |
| |
Glossary | |
| |
| |
Further Reading | |
| |
| |
About the Author | |
| |
| |
About the Website | |
| |
| |
Index | |