What's Neu - News from the The NeuGroup Network of Peer Groups

Blog entry
By jneu, May 25, 2018
“Big A” analysts in treasury are hoping to free up resources from stress testing for regulatory purposes to focus also on banking business challenges like modelling depositor behavior. Modelling deposits and more will now go beyond betas – or the sensitivity to Fed rate changes—to look at myriad factors. It’s time for new playbooks!   
 
Members of the Bank Treasurers’ Peer Group met on May 9-11 in New York to discuss how bank regulatory reform is progressing, share experience with the latest rounds of stress testing and consider how reg reform will change them. They also considered the rate outlook and how to position themselves in terms of asset sensitivity and, most importantly, how to model deposits—looking beyond betas, or the sensitivity to Fed rate moves, to myriad factors. This represents the current focal point of shifting “big A” analytical resources, typically found in treasury, from focusing solely on stress testing, expected to become less onerous with new legislation and Trump prudential regulator appointments, to also look at banking business challenges like deposit acquisition and runoff mitigation.
 
Among the key takeaways: 
 
• Crapo bill expected to pass before Memorial Day. The Crapo bill, among other things, will move the line for SIFIs from $50B in total assets to $250B with an 18-month phaseout for banks between $100B and $250B. According to our opening dinner speaker, the legislation could have gone further, but the significance of moving the line is important, which was corroborated in our session the next day. 
 
This takeaway proved true, with Congress passing the bill Tuesday. Per the New York Times: (Congress Approves First Big Dodd-Frank Rollback): 
 
“A decade after the global financial crisis tipped the United States into a recession, Congress agreed on Tuesday to free thousands of small and medium-sized banks from strict rules that had been enacted as part of the 2010 Dodd-Frank law to prevent another meltdown.
 
In a rare demonstration of bipartisanship, the House voted 258-159 to approve a regulatory rollback that passed the Senate earlier this year, handing a significant victory to President Trump, who has promised to “do a big number on Dodd-Frank.”
 
Still, the end of stress testing is not at hand… 
 
• Don’t plan on shelving CCAR or DFAST next year. While some members below the $50B or $100B thresholds would love to shelve full stress-testing submissions as soon as next year, it is probably still wishful thinking to expect requirements to fall off so fast—but it is still possible. Stress testing will continue without regulatory fiat—this remains the consensus—but members want to be able to scale back documentation, model validation requirements and governance overkill. For example, what if models could be validated on a multiyear staggered basis? Also, could stress tests keep to the Fed variables or be even further refined to focus on the most useful in consideration of the expense and effectiveness of the others?

What will banks do as a result of less onerous stress testing?
 
• Opportunity to deploy analytical resources honed by stress testing. New deposit and other banking playbooks will be written using “big A” analytical capabilities typically found in treasury that have been honed by stress testing and the resources built up for them. Deposit modelling is just one element of this. What factors are driving deposit retention and acquisition apart from rate sensitivity, including marketing spend and customer persona?  Also, what might banks offer depositors to reduce runoff as rates rise? This is all a part of a deployment of predictive analytics to drive better decisions. 
 
• Deal with new competition. It is also timely to help community and regional banks better compete with larger banks, direct/internet banks and fintechs looking to home in on their business. Like everyone, banks need to make more time for digital transformation.
 
It’s the beginning of a new era for banks. 

Following are NeuGroup Founder Joseph Neu's key takeaways from the meeting:
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 

 

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Blog entry
By aorwick, May 24, 2018
Why are today's top treasuries incorporating algorithm trading in their FX programs? NeuGroup counts five reasons you should use FX algorithms right now.
 
Ted Howard, iTreasurer Managing Editor and NeuGroup Associate Director, recently sat down with Susan Gammage of Thomson Reuters to discuss the recent explosion in FX algos.
 
Click here to watch a replay of the live webinar. 
 
During this event, you will: 
• Understand how current liquidity models can impact the effectiveness of various algos
• Learn new ways to use algo trading to improve the effectiveness and overall costs of your current FX trading program
• Discover ways to use algos as part of your FX trading strategies to improve trading accuracy and execution speed
 
Watch the recording to explore all the ways FX algorithms can help you save on time, efficiency and costs. 
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 
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Blog entry
By bshegog, May 24, 2018
Many thanks to the members and attendees of the GCBG 2018 H1 Meeting last week in Leawood, Kansas. 
 
Forecasting Cashflow: Treasury’s Ongoing Challenge. One treasury operations manager described the company shifting to the SAP treasury management system (TMS) from Quantum, now a part of FIS. Still split between the systems, treasury is developing the analytical piece to better project cash inflows and outflows while creating a framework touching departments such as human resources and legal, to capture the unpredictable, one-off elements impacting cash.
 
• Takeaway: People Input is Key. “What really drives forecasts are the things we can’t forecast,” noted one member. Hence input from relevant executives around the company is essential. Another member described the Excel spreadsheet “with a lot of macros” that her treasury sends out to those officials, showing the cash forecasts relevant to them and asking them to adjust for the one-offs. Top-level management emphasizing the importance of that communication is essential, she said. Read more about cash forecasts here.  
 
New Tax Law Reneges on Territorial System, Imposes Global Tax. Republicans originally promoted a significantly lower corporate tax rate and a territorial tax system similar to virtually every other developed economy, where only domestic income is taxed. The new rate of 21% is among lowest worldwide. However, in the view of tax experts at Ernst & Young, the law institutes a hybrid system containing elements of a territorial system but requiring multinationals to pay at least some tax on overseas earnings. 
 
• Takeaway: No Rush. NeuGroup Peer Research shows 39% of responding members expect their companies to repatriate between $1 billion and $9 billion, with 6% more than that amount, and 11% between $500 million and $1 billion. But 34% don’t anticipate repatriated cash to be fully deployed until at least the latter part of this year, and another 20% well into next year. 
 
• Takeaway: Hybrid System Upends MNCs’ Financial Structures. No more trapped cash, but where will the cash go? And how will carefully planned financial structures change, to optimize tax exposures? The complex global intangible low-taxed income (GILTI) provision levies an effective 10.5% rate on certain foreign income, while the base erosion & anti-abuse tax (BEAT) imposes a minimum tax to limit deductibility of certain payments to foreign related entities. 
 
Data Science: A Cross Functional Endeavor. Data experts from C2FO, essentially a late-stage start-up whose business model relies heavily on recognizing data patterns, discussed its approach to applying data science. The combined processes comprise rule-based machine learning and logic-based artificial intelligence, defined respectively as computer programming that accesses data to drive outcomes from a set of signals and patterns, and the use of “intelligent machines” that work and react like real humans. 
 
• Takeaway: Communication, Communication, Communication. Constant communication and collaboration between treasury, IT, the business, and other relevant departments is essential to ensure the data solution meets users’ needs and the strategic goal, and avoids a resource-draining, finger-pointing. 
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
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Blog entry
By aorwick, May 23, 2018
Institutions like Deutsche Bank are interacting with fintech providers to bring new solutions to banking clients — including treasurers — to harness data, process payments and better meet the needs of customers in the new digital age.
 
Join this live webinar as Ted Howard, iTreasurer Managing Editor and NeuGroup Associate Director, sits down with a panel of experts from Deutsche Bank and Hyperwallet to discuss fintech trends and solutions for treasury. 
 
The Future of Fintech 
June 11, 1 p.m. ET 
 
During this live event, you will:
• Learn how leading institutions like Deutsche Bank are taking a community-based approach to solving client problems with fintechs to better meet the needs of customers in the digital age.
• Better understand the role of fintech in treasury transformation projects.
• Discover the ways in which banks and fintechs are serving their stakeholders by working together as collaborators
 
MEET THE EXPERTS 
 
David Watson
Managing Director - Head of Cash Management Americas and Global Head of Digital Cash Products 
Deutsche Bank
 
Alex Verbaeten 
Director, Head of US Technology and Fintech Industry, Cash Management Corporates, Global Transaction Banking
Deutsche Bank
 
Derrick Walton
Executive Vice President of Global Financial Networks
Hyperwallet 
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 
 
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Blog entry
By thoward, May 21, 2018
Earthport is speeding up payments not by wowing with new tech, but by using old rails, solid research and a global presence.
 
Faster, cheaper, transparent. These words are music to any treasurer's ears and a goal for departments where doing more with less is the mandate. Unfortunately, this is a challenge to achieve when it comes to cross-border payments. Despite the emergence of new technologies and promise of initiatives like the Federal Reserve’s Faster Payments Task Force, getting to that sweet spot has been tough. In cross-border payments there are a lot of moving parts that even blockchain and other innovative technologies may be challenged to overcome.
 
Under current structures, corporate treasurers must navigate a byzantine network of platforms and messaging systems to get payments from one point to another. This means they can wait a day or more for debits or credits to appear in their corporate bank accounts. The current set-up is also prone to error, inefficient, expensive and very often unpredictable. What’s more, it’s not very transparent and one of the reasons why payments in the US take so much longer to settle versus just about every other developed economy -- and some developing ones, too. 
 
But payments company Earthport, using old rails of ACH augmented by regulatory knowledge and a global reach, has been able to smooth out and speed up payments. Learn more about it here.
 
Meanwhile, banks are learning that getting too fancy when it comes to cash management platforms actually works against them in the long run. According to an Aite study, cash management systems that have been overly customized by banks cannot be as easily upgraded. As a result, they fall behind. 
 
Lately banks have been trying to rectify things and Aite says 86% of corporate banks are upgrading to new systems. Read more here.
 
For over 20 years, iTreasurer has delivered intelligence for treasurers. Based on exclusive access to senior treasury executives who are members of The NeuGroup Network of treasury peer groups, iTreasurer takes their real-world experience to produce articles, case studies and reports that are specifically meaningful to treasury best practice. www.iTreasurer.com.
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Blog entry
By bshegog, May 18, 2018
The ERM spring meeting in Houston hosted by Marathon Oil gave members the chance to discuss their respective ERM programs (and they vary), share best practices, and work through some real-life examples of ERM’s opportunity to influence and play a role in strategy decisions. Morris Clark, VP and Treasurer from Marathon Oil, welcomed guests and helped set the stage by outlining the importance of integrating ERM into strategic thinking. 
 
Single greatest risk to a company is a strategic decision. “Companies need to be ready to change,” said Dr. Paul Walker as he kicked off the “Clunky Dance Part 2.5.” This discussion centered around the relationship between strategy and risk. “Companies must get better at seeing the risk and uncertainties in their strategic choices,” explained Dr. Walker, who is the Schiro/Zurich Chair in ERM at St John’s University. He noted that companies now are being valued differently; book value matters less because investors are more focused on the value of the market and future value. No longer is the money that was made important, but what money will be made in the future is the focus. Read more about ERM strategy here.
 
A well-controlled organization provides a solid foundation for the risk assessment process. The tone also must be set from the top. One member walked fellow members through the process of using “black swan” risk workshops to inform them of strategic planning activities. Some key black swan questions from the workshops include, what must be true in our current plans for the company to succeed? What are the biggest assumptions in these loans, and are we prepared? This member shared the results of their workshop and explained to members how the company changed its strategy. 
 
How do members organize risk? From risk categories to risk registers, members had a variety of methods used to organize risk. Although the names varied as well as the level of granularity, all members use some type of “bucket” format to organize risk. One member puts its nine highest-level risks on a one-page summary along with mitigation strategies. Another member said his company has some persistent risks that never go away. Most members update these risks annually although some update monthly. 
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 
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Blog entry
By afriberg, May 15, 2018
Tech20 members gathered recently in Sunnyvale, California, for a mid-year meeting sponsored by HSBC. Here’s just a sampling of some of the standout topics and key takeaways from the event. 
 
Once repatriated money is home, you have two quarters. First on everyone’s mind vis-a-vis tax reform are cash repatriation questions: where is the offshore cash; how much can we bring home; how soon can we bring it back; what do we do with it; and how much time do we have to deploy it? There are many considerations. For example, is any part of previously taxed income considered for tax credits? And absent clear signals about what other jurisdictions will do in response to US tax reform, you don’t want to move too quickly in case something changes, for example in the EU. “Smart is better than speedy,” as one member noted. But the truth is that low effective-tax rate companies have a target on their backs. Firms keeping IP onshore now have an advantage; those with IP structures offshore may have to justify it if the additional cost of moving it onshore is not significant enough. Whether or not you have announced what you’re doing with your repatriated cash, once you bring it back, “investors will give us two quarters” to deploy it, a member who is head of treasury and tax asserted.
 
“What? Cash forecasting? Me?” After the “lazy” offshore cash is home, formerly cash-rich subsidiaries are in for an attitude adjustment. Under the old US tax regime and trapped cash, there was no need for forecasting except when money needed to be mobilized to, say, pay for an acquisition. From now on, an entirely new mindset needs to sink in: how much cash do foreign subs need to operate (and how do you determine that?), and how can accurate cash forecasting processes be taught and implemented? Precise cash and exposure forecasting just went from Holy Grail to Holy Imperative.
 
Good communications with regulators = opportunities, but don’t be selfish. One Chinese member updated the group with a few pointers on PBOC and SAFE decision making and communication. He  brought to light some cultural differences in how Western and Chinese companies view rules and guidance. The former often ask for written confirmations and, in effect, treat the absence of one as a no, while Chinese companies view verbal guidance as an opportunity to proceed. But, don’t focus only on what you need from regulators. Find out how they are measured (what their KPIs are) and try to contribute to those (e.g., bringing investment into the province), and you’re more likely to face a smoother process for your own requests. And if you have entities that straddle multiple jurisdictions, it’s ok to go “branch shopping.”
 
Cyberthreats call for collaboration and a “culture of security.” Becky Pearson, cyber insurance broker at Willis Towers Watson and John Schaefer, director of risk management at Lam Research, talked about what John called a “culture of security, and what insurance companies and tech firms are doing together to mitigate cyberthreats and transfer the residual risk via insurance. John said, “A breach is much cheaper if handled well,” and that the recovery will be faster. First, engage the organization beyond just information security to create resiliency, including the board, legal, HR, etc., and educate employees to be part of the solution. Negligent or malicious employees are your greatest risk. If security processes make jobs much harder, people will circumvent them and you still won’t be secure.
 
Following are NeuGroup Founder Joseph Neu's key takeaways from the meeting:
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
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Blog entry
By bshegog, May 14, 2018
The TIMPG2 spring meeting in San Francisco, hosted and sponsored by DWS, gave members the chance to discuss where they stand, post-tax reform, on repatriating (and spending) overseas cash, the global economic outlook, rising interest rates and bringing technology to the investment management process. Here are some of the standout themes that emerged:
 
Tax reform takes center stage. Tax reform and its various implications are top of mind for cash managers, with pre-meeting survey results ranking tax planning and analysis the top project and priority. Many members are still in a wait and see mode, letting assets shorten over time and preparing for word from management about when and where repatriated cash is going. Members who plan to bring money back onshore were either strategically short in duration or plan to let assets mature over time and leave the liquidity offshore to bring back onshore as liquid cash. The latter seemed to be the preferred method, with many members’ tax departments judging the sting of the unrealized loss from an asset transfer too large a sacrifice, not to mention keeping track of multiple sets of accounting records. 
 
Members stressed the need for better cash flow forecasting as they will be forced to operate with smaller cash liquidity buffers once money comes back on shore. Several members mentioned the timing of the cash movement as the biggest variable.  One member, whose company previously wanted to generate maximum cash offshore for tax efficiency, is now asking whether to continue with this structure “or will repatriation be a continuous event?” But when all was said and done, many members left the meeting feeling comforted that not everyone has mapped out precisely how much cash is going to be repatriated, when it’s going to be moved back to the US, what that cash will be used for exactly, or has figured out the accounting details of transferring assets from one country to another.
 
“If you are questioning the markets you are not alone.”  Deutsche Bank assured members that with so many variables in the current environment, markets have become a bit unpredictable. The firm shared the top ten issues that will impact markets — many negatively, potentially — for the remainder of the year. Geopolitical events loom large; in Asia there’s uncertainty over the outcome of talks between North and South Korea, with the US and China in the background, as Japan and others boost military strength. On a more positive note, one DWS presenter commented that a strong and focused Federal Reserve chair (and vice chairs) will keep the economy steady. He believes that this is the strongest Fed in decades, saying, “This is a positive. We have some strong folks there.”
 
Starting to test the waters of technology. Recognizing that no one system does it all, members shared their experiences with a variety of systems such as Power BI and Tableau to compile data into one place. One member noted, “No one system will do everything, so how do I integrate? We have built an in-house data warehouse solution. The next issue is do you have the skills in treasury?” Members also shared that once you find someone with the right skill set, you need to guard them as everyone is out there looking. Read more about technological transformation here. 
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 
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Blog entry
By thoward, May 14, 2018
Transforming treasury sometimes means making like the Beatles: follow the sun.
 
Treasury transformation is all about keeping up with the pace of rapid change. And many corporate treasuries are contending with the transformational changes within treasury departments that are fueled by big shifts in business models and technology that threaten traditional treasury roles and functions. As a result, many look at HQ and changes there. However, another approach to transforming the department is perhaps to break it up. That is move parts around.
 
At a recent NeuGroup Treasurers’ Group of Mega-Caps (tMega) meeting, members explored the viability of relocating to low-cost locations as a start. This would include moving nonstrategic treasury operations to lower-cost parts of the US (especially if they’re currently in California), which can save a ton of money. Florida is a popular destination because it gives treasury an East Coast time zone presence at as much as 70% of a cost reduction to HQ (lower real estate prices, no state income tax, etc.). What’s more, talent also seems to be there. Moves like this are often coupled with shifting treasury roles to “global business services” or “business services centers.” In this way, treasury can follow the sun. Read more here.
 
Also this week, a look at pensions. A recent increase in treasury rates has given a slight boost to both corporate and public-sector pension plans in the last month. Nonetheless, there are many US pensions still struggling or facing shortfalls over the next few years. This is why some countries are adopting hybrid pension plans that are more sustainable and often offer better returns. The new schemes mimic the better parts of old-fashioned defined benefits (DB) plans and mixes in a little defined contribution seen in 401(k)s. The new pension is called “collective defined contribution” (CDC), and also known as “defined ambition.” Read more here.
 
For over 20 years, iTreasurer has delivered intelligence for treasurers. Based on exclusive access to senior treasury executives who are members of The NeuGroup Network of treasury peer groups, iTreasurer takes their real-world experience to produce articles, case studies and reports that are specifically meaningful to treasury best practice. www.iTreasurer.com.
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Blog entry
By wchan, May 07, 2018
The Asia Treasury Peer Group (AsiaTPG) met in mid-April 2018 in Singapore, where members shared their top projects and priorities and enjoyed wide-ranging discussions on issues such as “trapped cash” in Asia, cash flow forecasting, the implications of US tax reform for treasury in Asia, plus technology solutions surrounding banks’ know your customer (KYC) requirements. Here are some highlights from the meeting:
 
US tax reform enables “frictionless” dividend payments. With US tax reform in place, corporations are expected to repatriate significant dividends to the US. Boundaries between US cash pools and international cash pools will start to disappear, and corporates can look forward to managing just one cash pool. Tax and legal teams are now likely to review the legal entity structures of all subsidiaries to maximize the benefits of US tax reform changes. 
 
Future regional treasury center roles may focus on corporate finance and capital markets. As US MNCs consider raising funds outside the US (instead of in it), regional treasury teams may need to build up their experience and skills raising capital in the region. Asia’s growth is still accelerating, so raising capital to take advantage of that growth may arise as an in-region activity.
 
Standardize, centralize, digitize. These are three core principles identified by IHS Markit surrounding technology solutions for KYC compliance: setting common standards on documentary requirements (standardizing); putting all content in a common place (centralizing); using a trusted technology medium to share information (digitizing) in a controlled manner. 
 
KYC compliance will no doubt get more burdensome, as regulatory standards rise and become more complex as growing businesses operate in multiple jurisdictions. Is “country level utility” the way to streamline KYC compliance? Following its success in South Africa, where Thomson Reuters launched a country utility to streamline KYC compliance, the company is working in consortium to build similar country utility services in Singapore and Hong Kong. This entails working with many banks to set the baseline standard regarding KYC documentation requirements. The solution is to establish a (nationwide) central repository that stores data and documents required to support a financial institution’s KYC procedures, and provide permissioned access to information requestors.   
 
Blockchain technology presents opportunity for “collective KYC.” In a “sharing economy” approach, blockchain technology can present an opportunity for a transparent and trusted environment to create collective standards regarding KYC. IBM, a guest speaker at this meeting, shared details of its pilot implementation of this concept in Singapore.
 
Technology can ease workflows in KYC compliance. Another guest presenter, Bloomberg, discussed how it acts as technology service provider for its extensive user base, enabling a secure way to exchange documents with any counterparty. Leveraging on technology that recognizes text in documents to pre-populate data fields in databases or pre-fill any form based on designated corresponding fields, it assists to reduce duplicate tasks, thereby making work easier, simpler.  
 
Leverage financial planning and analysis (FP&A) team for better cash flow forecasting. Quality cash flow forecasting allows treasury to be proactive about liquidity planning, rather than reacting to surprises. Raising accountability requires treasury to build partnerships with FP&A and reporting teams, and get involved earlier to cultivate familiarity with the data. At a member company, various finance teams across multiple countries and business units are “competing” to do their task well and produce forecasts of high quality, so such partnership efforts are paying off.
 
Following are NeuGroup Founder Joseph Neu's key takeaways from the meeting:
 
For more than two decades, NeuGroup has lead the way in peer knowledge exchange for treasury and finance professionals. With an unrivaled network of 18 invitation-only peer groups, NeuGroup facilitates more than 30 face-to-face meetings that connect peers, exchange knowledge and distill discussions. These face-to-face interactions, coupled with formal benchmarking, inform actions, transform practices, and enhance careers for the 440 members of the NeuGroup Network. Find out how you can connect at www.Neugroup.com.
 

 

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