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GTR Turkey 2019

Your correspondent likes a busy life. No sooner returned from Dubai than I was off for a debut appearance, speaking for the ACT for the first time at the GTR Turkey event in Istanbul. If you’ve never been, go. A huge complex city and country that is an important trade partner for the UK. In fact the UK is their second largest export market after Germany. As with many other emerging/developing/maturing (take your pick) markets, Turkey’s treasury and finance issues are familiar yet have their own twist. Yes currencies fluctuate but the Turkish Lira fell 65% against the dollar during

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

Council election 2019 – Voting is now open

In January, I contacted eligible members (Fellows and Associate Members) inviting nominations for election for the three vacancies on Council for the term commencing 1 May 2019. In line with our recent governance review, we said that we encouraged members from diverse backgrounds and at different stages of their treasury career to stand for election and highlighted a number of skills and experience that Council felt would be particularly desirable. These were: Financial expertise, including financial accounting, management accounting, business planning, corporate finance and treasury Risk management – both financial and business risk Education – both learning and assessment Marketing

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

Deals of the Year Awards – celebrating treasury success

Phoenix Group, the specialist consolidator of heritage life assurance funds, was declared the overall winner at the 2018 ACT Deals of the Year Awards, held on Thursday 7 February, for its £2.9bn acquisition of Standard Life Assurance Limited (SLAL). The Awards were held at London’s Banking Hall, with an audience of over 150 senior treasurers and treasury specialists. Caroline Stockmann, ACT chief executive, and Scott Barton, managing director, large corporates at Lloyds Banking Group, welcomed guests to the annual ceremony. Senior treasury and finance professionals from corporates internationally had come together to celebrate excellence in the treasury profession at the

Partnering around the world

The last couple of weeks have stood out for me in terms of our strong partnerships around the world.  From the GTR event in Dubai where we ‘host’ a corporate treasury afternoon, to a breakfast supported by ADIB looking at Islamic banking, to member events in Hong Kong and Singapore hosted by PwC and Deloitte respectively.  And it didn’t end there. It was great to see some other old friends again – the ACT Singapore joining our member event, meeting with the IACCT in Hong Kong to talk about our future continuing collaboration, and running a seminar on strategic influencing

Connecting cash in a digital world – conference roundup

The ACT Cash Management Conference was back and packed more talks, discussions and detail in a focused new 1-day format. From regulation and cybersecurity to corporate case studies and liquidity management, the day featured it all, including the one topic that unsurprisingly kept being mentioned: Brexit. Opening the day was Barclays’ Global Head of Transaction Banking, Karen Braithwaite, who began the event with a look at the evolution of cash management including recent developments. Sky’s Assistant Treasurer joined rating agencies, Fitch Ratings and S&P Global Ratings, and Chrysoula Zervoukadis of Edison Investment Research, for a discussion moderated by Barclays’ David


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