The economic events of the last few years have resulted in changes to expectations and demands of CFOs and treasurers. From traditional management of cash and capital, to accounting and reporting, to financial risk management, treasury objectives continue to grow in scope and importance to company performance. Take risk management strategy as an example of expanding challenges and opportunities for treasury teams. A treasury group approaching risk can quickly find itself buried in data and complex analysis, in addition to needs for timely execution, accounting, reporting and most importantly positive results. And all of this is in addition to the long-standing expectation of running a well-oiled finance organization. So, how do progressive CFOs and treasurers successfully manage risk? They employ the right tools.
The right risk solutions come in many forms, starting with internal people and knowledge. At some point, companies may find themselves out-growing the capacity of their in-house resources and turning to third-parties, looking for expertise and technology that will enable their treasury team. It’s here where CFOs and treasurers should consider three key elements: 1) organizational alignment and expertise, 2) silo-crossing processes and 3) technology solutions.