21st September 2022 – As the Journeys to Treasury partnership, comprising BNP Paribas, the European Association of Corporate Treasurers (EACT), PwC and SAP, marks its seventh year, the value of diverse, practical insights to help treasurers equip their organisations for challenge and change ahead has never been more important.
Twelve months since our last report, circumstances once thought exceptional have become part of our daily experience. The war in Ukraine, soaring inflation and energy prices, catastrophic climate events around the world and rising interest rates mean that treasurers’ role in managing liquidity and risk continues to be essential to business success, even survival.
While no-one can predict how the next twelve months will unfold, this year’s Journeys to Treasury helps treasurers to adapt and be prepared:
Digitisation and automation must remain an essential priority to ensure efficient processes, informed decision-making and adaptability in the face of fast-changing business, regulatory, economic and geopolitical conditions. Steven Lenaerts, Head of Global Channels and Digital Onboarding, BNP Paribas suggests, “Many treasurers had already started on their digital transformation journey, but this has accelerated as the business case has become more compelling. “Treasurers were already keen to embrace the use of data to drive better decisions, but the limitations of existing methodologies became clear during the pandemic. Treasurers therefore need to take a fresh look at what data they have, what they need to drive automated processes and better decision-making, and ways to get there.”
Regulatory compliance is essential to integrity and trust, but can be a drag on resources for all financial market participants. Through digitisation, standardisation and collaboration, there is greater potential than ever to streamline compliance – and therefore free up resources for value-added activities – without compromising on integrity and process rigour. Kevin Braeckman, Senior Manager, Treasury Advisory, PwC emphasises, “Compliance is essential to a well-functioning, trusted international finance system, but it adds no commercial value to either bank or corporate; consequently, it makes sense to try and digitise the process as far as possible to alleviate the resourcing burden whilst also building trust and transparency.”
Paying and being paid efficiently and on time remains crucial to liquid, functioning supply chains and a positive customer experience. Christian Mnich, Head of Solution Management Treasury and Working Capital Management, SAP explains, “Many treasury organisations have traditionally focused on high value payments; today, they are now responsible for, or a key influencer in the entire accounts payable and accounts receivable process, working with shared service centres to create seamless end-to-end connectivity.
And with the impact of climate risk and social inequality never more apparent, treasurers need to step up their efforts to implement sustainable solutions that contribute to positive environmental and social outcomes. François Masquelier, Chair, European Association of Corporate Treasurers (EACT) comments, “The growing importance of ESG as a fundamental strategic pillar also create the opportunity for treasurers to both drive and contribute to the ESG agenda, and position the company as a responsible financial and supply chain participant in the global commercial ecosystem.”
Journeys to Treasury, now in its seventh year, continues in a multimedia format, with a series of podcasts culminating in this report. Together, we bring together expert commentary and practical case studies from leading treasurers globally on their current projects and priorities. This combination of expert commentary and practical, insightful case studies represents the essence of Journeys to Treasury.
To download a copy of the report, please go to www.journeystotreasury.com
For further information or to arrange interviews with the Journeys to Treasury partners, please contact Apoorva Dwivedi at apoorva.dwivedi@bnpparibas.com
