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Managing your own career: If you want promotion, avoid making yourself indispensable

Companies can find it hard to promote good people

Getting Global Process Owners – who really were the experts in their area – to train up staff with the skills needed to do the GPO’s jobs was really hard. The GPOs liked being the “go to see” and didn’t want to share that. But they never would be fully rewarded in their present jobs and needed to be moved or promoted to develop their careers. We couldn’t do that while they were indispensable.

Lord Turner on the crisis and the regulator’s job

Essential reading for treasurers The crisis, what went wrong, what the regulators need to change?

In any company where there is no banker or regulator or top economist, people turn to the treasurer to help them understand the current financial system crisis and what regulators need to do to prevent a recurrence.

Mending a broken market

So, 2009 has started off in a fairly turbulent way despite our wishes for a quieter time. The UK authorities have announced further action to support the banks. The extent of this additional and massive support indicates that the problems within some of the banks were much worse than was apparent in the autumn.

Risk management

Risk management is certainly in the spotlight at present and likely to be so for some time to come. Many have been shocked at the failure of what were considered to be sophisticated risk assessment and management techniques to protect the financial markets from the disaster that has befallen us.

The resources listed below are designed to help members of the Faculty think more broadly about the risks they are managing.

Guide to risk management

Falling foul of currency hedging?

Falling foul of currency hedging? Options, real and financial, are probably part of the answer A common mistake is hedging a two-way economic exposure to a financial price with an outright cash flow hedge of one outcome. Jan Cienski’s article in the Financial Times of January 28 (Polish companies fall foul of currency hedging, see gives us another example.

Constructive in difficult times

Firstly I would like to wish you all a less turbulent 2009. Whilst I am not one for predictions I do believe that we in the treasury profession need to be planning for some unusual times in 2009 and 2010.

I joined the ACT a few weeks ago in a full-time capacity. Prior to becoming Chief Executive I spent many years as a finance practitioner and have been an ACT Member since the membership exams were launched.

Working capital management

The financing of working capital is currently in the spotlight as banks and other lenders, customers and suppliers review their trading relationships and credit risk.

The following articles and guides may be of interest:

Relationships with customers and suppliers

Working capital efficiency

The Treasurer magazine

Cashflow reporting – could do better

That cash is (still) king needs to be high in the minds of companies as company reports are made in 2009.

The Corporate Reporting Users Forum (CRUF) recently wrote to finance directors/chief financial officers appealing for an improvement in the level of cash disclosure in company accounts.


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