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Adam Smith Awards

Congratulations to our winners

Adam Smith Awards 2019 logo

A celebration of outstanding achievement

Treasury Today’s Adam Smith Awards are universally recognised as the ultimate industry benchmark for corporate treasury achievement. Competition for these coveted awards has once again been extremely strong and the 2019 winners had to demonstrate exceptional best practice, innovation, collaboration, creativity, teamwork and determination.

See 2019 winners Watch winner interviews Watch video montage

Showcasing the successes of Treasurers, CFOs, Finance Directors and their teams, the Adam Smith Awards puts corporate treasury in the spotlight. This year we received a record-breaking 244 nominations from a diverse universe in terms of geography, company size and industry sector, with 30 countries represented.

Adam Smith Awards 2019 winner group photo

Categories

The Adam Smith Awards recognise success across a broad range of areas within corporate treasury, which is reflected in the 2019 categories.

On the day

All Overall Winners and Highly Commended Winners attended the celebratory Adam Smith Awards Gala Presentation Lunch which was held in their honour on Thursday 20th June at London’s prestigious Plaisterers’ Hall.

Winner interviews

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Video montage

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Contact

If you have any questions, please email awards@treasurytoday.com

Adam Smith Awards 2019 logo

2019 award categories

See 2019 winners

Treasury Today’s Top Treasury Team 2019

Open to any corporate treasury team that has made an outstanding contribution to its organisation over the past 12-18 months. This award recognises those who have made the world of corporate treasury that much better. This could be purely the treasury team or a broader team effort involving different disciplines (eg tax, legal, procurement) across the enterprise. The team may have undergone a complete treasury transformation, integrated a new acquisition and/or delivered a suite of projects and/or addressed skills and training to respond to new challenges; why not showcase what your treasury team has achieved.

Best Cash Management Solution

Any solution which demonstrates how the company manages/forecasts its cash is eligible. It could be a simple single country/single currency/single bank solution or a multi-country/multi-currency/multi-bank solution. It might simply improve your cash visibility/cash flow forecasting; show how a hybrid/virtual account structure has been implemented; involve complex cash pooling structures or support a full regional treasury centre (RTC), shared service centre (SSC) or in-house bank (IHB) structure. All are valid in this category. Perhaps you manage a region(s) from another part of the world or have deployed an Open Banking solution. Tell us how you achieved this.

Best WCM, AP/AR Solution

Efficient working capital is a key challenge for companies of all shapes and sizes. What have you done to improve your key performance indicators (KPIs) of DPO, DSO, DIO and/or DWC? Have you improved your cash conversion cycle (CCC)? Tell us how this has been achieved. Perhaps you have taken the step from straight-through-processing (STP) to straight-through-reconciliation (STR), automating the reconciliations process? Have you streamlined your AR/AP processes or perhaps you have implemented an ‘on-behalf-of’ (POBO/ROBO/COBO) structure? Maybe SWIFT or Open Banking is the key enabler of your solution. Tell us how.

Best Card Solution

Cards are no longer just a piece of plastic; corporate cards have become an integral part of the cash management set-up. Have you implemented/re-engineered a card programme to achieve increased control and/or visibility and/or improved your T&E processes? The winning solution, including virtual cards, could cover any aspect of corporate cards, from improving the richness of procurement data to minimising the risk of fraud.

Best Trade/Supply Chain Finance Solution

This category combines trade and supply chain finance to acknowledge the special relationship between buyer and seller. Any solution which addresses the supply chain, either financial or physical, qualifies here. Perhaps you are looking at reverse supply chain. Have you embraced electronic documentation or are you using blockchain to improve the process? Have you implemented a smart solution involving letters of credit, guarantees and/or do you practice open account trading? Have you opened a new trade corridor in an emerging market or perhaps you have implemented a paperless trade solution and/or a supply chain finance solution? Tell us your trade/SCF story.

Best Funding Solution

Many corporates are exploring alternative sources of funding, diversifying and/or refinancing their funding sources. With credit squeezed, corporate bonds have made a comeback. Has your company issued commercial paper or bonds? Perhaps you have looked at financing an acquisition or considered securitisation, IPOs, crowd-funding, peer-to-peer or the private placement market? Maybe you have reviewed your funding mix. Whether a single transaction or as part of a company’s overall debt strategy, this category is open to all types of funding.

Best Sustainable Finance Solution

This is a new category for 2019 to recognise the steps companies are now taking to address the environmental, social and governance (ESG) issues when arranging finance. Solutions here could include sustainable funds, green bonds, impact investing, active ownership and credits for sustainable projects. Finance related to the mitigation of and adaptation to climate change/CO2 emissions also qualify here.

Best Risk Management Solution

Risk continues to be top of every treasurer’s agenda; the winning solution could relate to any aspect of risk which arises in the corporate treasury arena. Have you changed the way you control foreign exchange risk, counterparty risk, commodity risk, interest rate risk, cyber risk or your supply chain risk? Does currency volatility open your eyes to new risk management concerns and are you rethinking your hedging strategy? Are you monitoring new risks such as sovereign risk, weather risk, employee risk or perhaps even reputational risk? Has Brexit changed the way you view risk and what are you doing to mitigate fraud?

Harnessing the Power of Technology

Whilst we appreciate technology will inevitably be a key component in many of the submissions entered in other categories, we include this category in its own right to capture any traditional treasury technology solutions which are helping you run your treasury. Have you re-engineered your processes where technology is the key enabler? Entries here could include a simple in-house developed spreadsheet solution to a full blown TMS/ERP project. Perhaps technology is helping you to comply with the ever-increasing KYC, regulatory, security, cyber-crime and/or fraud demands on your organisation. Perhaps SWIFT is central to your technology solution. Tell us your treasury technology story.

Best Fintech Solution

New for 2019, this category has been introduced specifically to capture the emerging technology solutions. We have heard much about the fintech revolution, Open Banking, artificial intelligence (AI), big data analytics, robotics, blockchain and other distributed ledger technologies. Has your company moved beyond ‘proof of concept’ stage and is now using one or more of these emerging fintech solutions? Solutions here could have been developed in collaboration with a fintech, bank or by an in-house innovation team. Tell us your story.

Best Cyber-Security Solution

Whilst solutions which address cyber-security can be submitted in other categories, we have introduced this specific new category in 2019 as it is a major issue for corporates. Many household names have been in the spotlight recently as the victims of cyber-crime. What has your organisation done to address this issue; the solution could involve new technology, training, process re-engineering or a combination of all these factors. Tell us how your company is mitigating the threat of a cyber-attack.

Best in Class Treasury Solution in the Middle East

Any treasury, cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/sustainable finance, FX, risk and/or technology/cyber security/fintech solution implemented, or in the process of being implemented, in the Middle East will qualify.

Best in Class Treasury Solution in Africa

Given the particular challenges when operating on this continent, any treasury, cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/sustainable finance, FX, risk and/or technology/cyber security/fintech solution implemented, or in the process of being implemented, in Africa will qualify.

Best in Class Treasury Solution in Latin America/Caribbean

New for 2019, any treasury, cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/sustainable finance, FX, risk and/or technology/cyber security/fintech solution implemented, or in the process of being implemented, in Latin America, including the Caribbean Islands, will qualify.

Best Liquidity Management/Short-Term Investing Solution

This category is included to capture best in class liquidity solutions such as cash pooling structures. The solution can be single country/single currency or multi-country/multi-currency. Short-term investing is also included, providing an opportunity to show how your company has optimised and/or diversified its short-term investments. How have you addressed the trade-off between yield, liquidity, cash preservation and counterparty risk? Have you explored alternative investment vehicles? How have you overcome the low/negative interest rate environment and have you had to consider the new regulations in the world of money market funds? Do you use CNAV, VNAV funds or Low Volatility Net Asset Value (LVNAV) funds? Perhaps you have been subject to share cancellation as a way of distributing ‘negative income’ in a negative yield stable NAV or had to convert to a floating NAV. Tell us your story.

First Class Relationship Management

This category incorporates any relationship (internal as well as external) managed by the treasury function, such as investor relations, employee relations, ratings agencies, procurement etc., in addition to your core bank(s)/other service provider(s) relationships. Economic turmoil has certainly focused the attention on relationships. Perhaps you have introduced a new RFP/bank selection process or had to innovate to maintain credit lines? Are you looking at bank charges, bank account analysis, managing mandates, using digital signatures, KYC or eBAM perhaps? Do you benchmark your bank(s) or have you had to change how the treasury function interfaces with procurement or taken a fresh look at investor relations. Has Brexit changed the way you handle relationships? Tell us your story.

Best Foreign Exchange Solution

This category includes any solution implemented, or in the process of being implemented, which addresses foreign exchange. It could be a single transaction, suite of transactions or a complete change in your FX strategy or policy, a hedging programme, use of specific instrument(s) or a new FX requirement as a result of entering a new market or dealing with a new currency and/or client/supplier. Have you entered new markets and, if so, how have you dealt with any currency volatility encountered?

Treasury Today Woman of the Year 2019

Open to any woman operating in the corporate treasury environment who can demonstrate real innovation, achievement and someone who is an inspiration in her current role. Do you know someone in treasury who is a role model to other women? Someone who has overcome real adversity? Who may have had a career changing experience? Who has helped others? Someone who may have demonstrated real innovation? What have they achieved? Why do they stand out? You might be our Woman of the Year or you might want to nominate someone else. You can attach or submit by email any material supporting your nomination.

A Rising Star 2019

This category recognises talent coming through the corporate treasury ranks. Have you excelled in a professional qualification? Are you a future Finance Director or CFO? Whilst this category may fit a junior person, later arrivals to the world of corporate treasury are also invited to enter. Nominate yourself or someone you think fits this category.

Adam Smith Awards 2019 logo

Nominations

We have been overwhelmed with the standard and number of submissions received this year, with a record-breaking 244 nominations received from 30 countries.

See 2019 winners

The Overall Winners and Highly Commended Winners attended the prestigious Adam Smith Awards Gala Presentation Lunch at Plaisterers’ Hall in London on Thursday 20th June to celebrate their success and receive their coveted crystal awards.

Should you have any queries please do not hesitate to contact us at awards@treasurytoday.com

Criteria

The basic criterion for the Adam Smith Awards is that they demonstrate best practice and/or innovation as evidenced by any of the following:

  • Outstanding cost savings.

  • Above average ROI.

  • Optimal account/treasury structure.

  • Quantitative improvements in efficiency.

  • Cutting edge technology.

  • Tailor-made solution.

  • Exceptional implementation (budget/time).

  • Quality accreditation.

Deals could be in any currency/country/region and only deals implemented between 1st January 2018 and 30th April 2019 qualified.

Adam Smith Awards 2019 logo

The venue

The Adam Smith Awards 2019 Gala Presentation Lunch took place on Thursday 20th June at:

Plaisterers’ Hall in the City of London, One London Wall, EC2Y 5JU

Plaisterers’ Hall is one of the largest and finest Livery Halls in London and is a stunning venue, beautifully decorated in the neo-classical style.

See 2019 winners Read about the event

The Gala Presentation Lunch

Our welcome desk opened for guest registration at noon and there was a pre-lunch networking reception in the Livery Hall.

Lunch took place in the spectacular Great Hall and commenced at 1pm during which the awards presentation ceremony took place.

During the presentation ceremony, each winner was invited on stage to be presented with their individually-engraved crystal Award.

Our photographers and videographers were in attendance and a full pictorial account will appear in the prestigious Adam Smith Awards Yearbook and online.

Adam Smith Awards 2019 photo montage

Contact

If you have any questions, please email awards@treasurytoday.com

Adam Smith Awards 2019 logo

Adam Smith Awards 2019 logo

2019 gallery

Please see below a selection of photos from the Adam Smith Awards 2019, held in London. Over 240 people from throughout Europe, Africa, the Americas and the Middle East attended this prestigious event, where the winners were presented with their individually engraved crystal awards.

See 2019 winners



Video montage

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Photo gallery

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Adam Smith Awards 2019 logo

Adam Smith Awards

Portrait of Adam Smith

Launched in 2008, the Adam Smith Awards are now in their twelfth year and are a globally recognised endorsement of corporate treasury achievement. Competition is fierce and winning an Adam Smith Award is a true accolade.

See 2019 winners

The Adam Smith Awards are firmly established as the ultimate ‘benchmark’ for true treasury talent and our highly respected judging panel will be looking for innovation, creativity, outstanding insight, thinking ‘outside the box’ and, of course, real business impact.

Why are they called the Adam Smith Awards?

Adam Smith (1723-1790) helped to develop modern economic theory and provided a rationale for free trade and the capitalist system. He was a leading innovator of free-market policies and an advocate of a free society and is perhaps best known for his series of books ‘An Inquiry into the Nature and Causes of the Wealth of Nations’ normally referred to as ‘The Wealth of Nations’. This work advocates the division of labour and the benefits of competition and free trade and also has some wonderful observations on how markets work:

Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, in consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.

Adam Smith

The Adam Smith Awards are not just another industry event. They recognise excellence and achievement in the corporate treasury space. That is why they are named after Adam Smith who reminds us all what best practice is.