These days treasurers don't just worry about interest rates or foreign exchange risks, but also the creditworthiness of banks and a range of other risks. As managing risk moves higher on treasurers' to-do lists, technology companies are taking note. For example, workstation provider Kyriba struck a deal with FXpress in June that gives clients access to FXpress's risk management solution. "The focus on risk is very much increasing and becoming more and more central to treasury

groups," says Jud Murchie, an analyst with financial services consultancy Aite Group. "It comes from just the nature of an evolving global economy. Companies are dealing in more currencies, and risks emerge and companies need to respond."

Elizabeth St-Onge, a managing director at consultancy Treasury Strategies, says corporate scandals like Enron, the Sarbanes-Oxley legislation and current market conditions have combined to focus treasuries on not only financial risks but also operational risks. "One little error in treasury could have a massive impact on the financial well-being of the firm as a whole," she points out.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.