Companies cannot afford for their treasury teams to be offline, without access to their systems, for more than a few hours. Treasurers should have a plan to ensure their teams are always prepared. There are multiple sources for best-practice business continuity planning, including the Association for Financial Professionals (AFP).
The following tips are a good place to start in preparing your planning:
1. Real-time response.
The need to manage and disburse cash never stops. Ensure that your treasury management system gives you access to cash at all times, with minimal to no downtime. If you use a cloud-based treasury management system, what is the up-time guarantee?
2. Multiple time zones.
Many treasury teams are distributed across multiple continents, requiring remote access to treasury systems. How do you consolidate financial controls across time zones?
3. Mobility.
Both treasury and the CFO may travel, and may require mobile access to treasury systems. What is the mobile access plan?
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