Tech innovation catch-up tops CFO to-do list in 2019

This article was written by Amanda Iacone from Bloomberg Tax. It appeared first on the Bloomberg Terminal. Innovations like data analytics and automation aren’t reaching corporate finance as quickly as CFOs and controllers would like, prompting them to make a big tech push in 2019. Just 13 percent of controllers and chief financial officers say their teams use robotics process automation. An even smaller group—10 percent—say they have the right skills on their teams to adopt and use emerging technologies, according to a recent joint survey by the Association of International Certified Professional Accountants and Oracle Corp. The Institute of

Tackling the complexity of KYC

This article was written by Lisa Roitman, regulatory compliance workflow specialist and business strategist in Bloomberg’s Enterprise Data department. Evolving regulation and geopolitical conditions have changed operational dynamics and dramatically increased Know Your Customer (KYC) burdens on market players. Financial Services firms face increased pressure to conduct ongoing KYC, draining treasury operations resources. It’s estimated that treasury teams at multi-national corporations spend upwards of 25-hours-a-week tackling KYC requests, often on repetitive and administrative tasks, according to a NeuGroup study. Increasingly, corporate treasurers highlight KYC as one of their most significant pain points, frustrated by the consumption of time, human capital

Addressing the UK’s impending exit from the EU

With the 29 March deadline fast approaching, here’s an update of Brexit activities the Policy & Technical team have been involved in. The Q&As undertaken with the CBI and with support from the FCA and other key organisations (such as ICMA) have been updated to reflect the latest position on key issues such as contract continuity, SEPA access and the rules for financial institutions that do not apply to join the UK’s Temporary Permissions Regime. Our ongoing Brexit readiness poll remains open and we request members to continue to update it with their latest position. Over the last few weeks

Operational Resilience – building a resilient treasury function

‘Operational Resilience’ is the subject of an important new Discussion Paper (DP1/18) issued by the Bank of England and Financial Conduct Authority, but which has important implications for treasurers of all types of businesses that are subject to, and need to manage, operational risk. Some background and guidance is set out below. Over the years since the financial crisis, a number of high-profile operational failures and cyber-attacks have led the Bank to believe that firms were operationally under-prepared for scenarios that could affect their ability to deliver vital business services. The authorities are concerned that operational risks could threaten not

Latest developments in EMIR Reporting – light at the end of the tunnel for corporates

Following the early February political sign-off by Parliament and Council negotiators in trialogue of the EMIR Refit agreement that was struck before Christmas between the Council and rapporteur Langen, we wanted to share with you the latest technical drafting that has emerged. In particular on the core issues for corporates: Reporting of intragroup transactions – there will be a full exemption from the reporting obligation for intragroup transactions (on a global scale), as long as one of the two entities is an NFC and so long as the parent undertaking is an NFC. Reporting of external transactions – there will

The inherent value in finding the right treasury management system

This article was written by Mark Lewis, Corporate Treasury Markets Specialist at Bloomberg. In increasingly complex markets, corporate treasurers need to manage their time more strategically by simplifying processes and using more efficient and automated solutions. Treasury management systems (TMS) are valuable tools for treasurers to achieve such results, providing significant cash visibility and financial controls in order to mitigate risk. Aggregated vendor solutions, patchwork integrations and cost inefficiencies are all major concerns when it comes to procuring a new system. It’s a big investment in time and resources, and the wrong choice may cause treasury workflows to be even

ISO 20022

The UK payments industry is moving to a global standard commonly referred to as ISO 20022. This standard will create a common language for payments data across the globe. It is hoped that standardised and more data rich payment information will deliver significant long-term benefits to companies, government and citizens. THE CONSULTATION PAPER The Bank of England, PAY.UK and the Payments Systems Regulator (authors) issued a consultation paper in June 2018. The purpose was to look at the impact of introducing a Common UK Credit Message (CCM) that would harmonise messaging across CHAPS, Faster Payments and Bacs based on ISO

Blockchain – Definition and context for a treasurer

Members unify with the need to address blockchain. Several of the presenters at our recent ACT Working Capital Conference referred to or were presenting software solutions which used blockchain. The ACT have written on blockchain in The Treasurer last year, and until recently our Wiki definition was drawn from a 2017 article. Member questions revealed a need to get back to basics on the subject: both to redefine blockchain (asked 11 times in one session) and to understand why treasurers may want to know how it works (10 times in the same session). Blockchain was presented as a means of enabling