The events of the last five years have reshaped companies' understanding of the risks they face when dealing with their banks. While concerns about bank counterparty risk have subsided from the levels seen in the immediate wake of the U.S. financial crisis and during the various flare-ups of Europe's sovereign debt crisis, the lessons have sunk in.

"Corporate treasurers certainly have wakened up to the fact that when it comes to the banks they've dealing with, things can happen," said Matthew Dunn, senior manager in Deloitte's treasury risk management practice. "Things can happen fairly quickly. As we saw in the crisis, even large banks could not exist anymore overnight. It really can happen that fast."

The crises resulted in many conversations between corporate treasurers and their banks, said Greg Kavanaugh, head of the global liquidity product team at Bank of America Merrill Lynch. "Whether it was the economic crisis in 2007-2009 or the sovereign debt crisis in Europe, we witnessed clients rechecking their policies, rechecking their counterparties and checking where they stand with them," Kavanaugh said.

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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.