As the economy tilts treasury priorities toward riskmanagement, technology choices are starting to reflect that. WhenEADS, the 49.1-billion-euro ($63.7 billion) European aerospace anddefense giant, decided on a new treasury system, it selectedCalypso, opting for the kind of risk management muscle usuallyassociated with banks.

“Volume-wise, we're like a small bank,” says AndreasDrabert, head of treasury controlling at EADS and sponsor of theselection and implementation project. “A corporate system couldn'tquite give us all the capacity and features we need. We have astrong order book and subsequently big currency exposure, mainly toUSD and, to a smaller extent, towards GBP.”

Risk management is becoming a focal point for treasuries acrossindustries and company sizes. Treasury technology for cash andliquidity management is mature and unlikely to take quantum leapsforward, but the tools for risk management are “still in theirinfancy,” notes Joe Siu, director of financial risk management forChatham Financial in Kennett Square, Pa. “The crisis spurred a lotof innovation around risk management. That will be the excitinggrowth area for the next decade.”

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