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Treasury Today’s Adam Smith Awards is universally recognised as the ultimate industry benchmark for corporate treasury achievement. Our panel of judges have had the exceptionally challenging task of selecting the very best solutions that demonstrate exceptional best practice and innovation in the corporate treasury arena and the Overall Winners and Highly Commended Winners have now been announced.
At this moment, Treasury Today’s first concern is for our staff, our readership and our whole community’s wellbeing. We have therefore updated our event delivery for this year's Adam Smith Awards and want to inform you all of these changes.
In a challenging year for all of us, it has never been more important to share the achievements of our community and celebrate the 2020 Adam Smith Award winners at a safe distance with you all, our global audience.
We know that you are all working harder than ever to deliver excellence and we want that to be recognised. On 8th June we hosted a live announcement of the award winners results. This announcement and subsequent Adam Smith Awards season will take the place of our Gala Presentation Lunch.
We have now launched the 2020 digital Adam Smith Awards season during which we will be hosting a series of winner podcasts, delving deeper into each winning solution and featuring all Overall Winners and Highly Commended Winners and their key partners. We will also be producing case studies on all award winners, these will also be featured in our Adam Smith Awards 2020 Yearbook, to be digitally published in July.
The Adam Smith Awards is globally recognised as the industry benchmark for best practice and exceptional solutions in treasury, and this year will be no exception. We look forward to receiving all nominations, to celebrating the winners achievements with you all and to bringing our formidable community together once again.
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 blazed a trail in the world of corporate treasury. This could be purely the treasury team, or a broader team effort involving different disciplines (eg tax, legal, procurement) across the enterprise. This award will showcase your team’s achievement – whether it be it a complete treasury transformation, the integration of a new acquisition or the delivery of a suite of projects, or addressed skills and training to respond to new challenges; Treasury Today’s Top Treasury Team Award is the most coveted.
For treasury, any solution which demonstrates how the company manages/forecasts its cash is eligible for this award. 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 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 to win the award in this category. From managing a region(s) from another part of the world, or deploying an open banking solution, this is your chance to shine.
Efficient working capital is a key challenge for corporates of all shapes and sizes. What has your business done to improve key performance indicators (KPIs) of DPO, DSO, DIO and/or DWC? Has your cash conversion cycle been improved? How was it 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 it’s been achieved.
Cards are no longer just a piece of plastic; corporate cards have become an integral part of the cash management set-up. Has your business 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.
This category combines both 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 for this award. Perhaps your business is 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.
Many corporates are exploring alternative sources of funding, diversifying and/or refinancing their funding sources. With credit being 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.
A new category introduced in 2019 – Best Sustainable Finance Solution – has been expanded this year to accommodate any solution which addresses environmental, social and governance (ESG) issues. Solutions here could include sustainable funds, green bonds, impact investing, active ownership and credits for sustainable projects. Finance related to the mitigation of and/or adaptation to climate change/CO2 emissions also qualify in this category, as do investment strategies which incorporate ESG factors and any other projects which address sustainability in your organisation. Perhaps you have introduced key performance indicators (KPIs) to measure ESG and/or your approach to ESG/CSR has had a positive impact on your credit rating. Tell us your story.
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, or 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?
Whilst technology will inevitably be a key component in many of the submissions entered in other categories, this category captures any traditional treasury technology solutions which are helping you to 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, a full blown TMS/ERP project, or a complete treasury technology transformation. 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.
Another new category introduced in 2019, this category specifically captures 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 the ‘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. We’d love to know.
Whilst solutions which address cyber-security can be submitted in other categories, it continues to be a major issue for corporates. Many household names have been victims of cyber-crime in recent months. 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.
Any treasury in the Middle East that has implemented a cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/ESG, FX, risk and/or technology/cyber security/fintech solution, or is in the process of being implemented, will qualify.
Given the particular challenges when operating in Africa, any treasury, cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/ESG, FX, risk and/or technology/cyber security/fintech solution implemented, or in the process of being implemented, in Africa will qualify.
Any treasury in Latin America that has implemented a cash/liquidity management, card, trade/SCF, WCM/AP/AR, funding/ESG, FX, risk and/or technology/cyber security/fintech solution, or is in the process of being implemented, in Latin America, including the Caribbean Islands, will qualify.
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 your business with an opportunity to show how it 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? Perhaps you have considered ESG factors when investing. 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. This is your chance to shine.
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? We’d love to know.
This category includes any solution implemented or in the process of being implemented, which addresses foreign exchange. It could be a single transaction, a 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?
This category is 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.
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 and shine a spotlight on your/their talents.
Nominations
The Overall Winners and Highly Commended Winners of the Adam Smith Awards 2020 have now been announced. In this exceptional year, we have been overwhelmed with the standard and number of submissions received, with corporates from 24 countries participating.
Please don’t be dissuaded from submitting a nomination in the event that you feel your company may not qualify for whatever reason.
You do not need to be a major multinational to qualify. Focus on the problem that the solution you have implemented, or are in the process of implementing, addresses. Quantify the benefits, both qualitative as well as quantitative.
If you feel your submission qualifies for more than one category please tick the relevant categories on the submission form.
Please submit any relevant supporting documentation if you think it will add to your submission.
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 were eligible in any currency/country/region and only deals implemented between 1st January 2019 and 14th April 2019 qualified.
All winning solutions are profiled in case studies which appear in our Adam Smith Awards Yearbook. The case studies are based on the winning nominations and are written by our editorial team. The text is submitted to the winners for their approval prior to publication. By submitting a nomination in the Adam Smith Awards you accept that if you win an award, a case study outlining the details of your winning solution will appear in the Adam Smith Awards Yearbook.
The venue
The Adam Smith Awards 2020 Gala Presentation Lunch takes place on Wednesday 17th June at:
Our welcome desk opens for guest registration at 12 noon and there will be a pre-lunch welcome reception in the Livery Hall.
A sumptuous three course lunch will be served at 1pm in the spectacular Great Hall, during which the awards presentation ceremony will take place.
During the presentation ceremony, each winner will be invited on stage to be presented with their individually engraved crystal awards.
Our photographers and videographers will be in attendance throughout the event and a full pictorial account of the day, including photos and footage of winners, guests and their partners, will appear in the 2020 Adam Smith Awards Yearbook and online.
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.
