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Treasury Strategy & Transformation
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A Treasury Optimisation Journey at Wolseley

by Royston da Costa, Group Assistant Treasurer, Treasury Systems & Development, Wolseley plc

Wolseley has a centralised approach to treasury management with a global treasury centre based in the UK. Over the past few years, we have undertaken a journey of ongoing improvements to enhance both financial and operational efficiency. This article details some of the milestones in this journey, how we addressed challenges along the way, and the outcomes of these initiatives.

Project background

Until 2006, cash, treasury and risk were managed using a series of spreadsheets, with a large number of labour-intensive processes, such as confirmation transmission and matching, and manual transfer of data to ancillary systems such as the general ledger, consolidation system and electronic banking. In 2006, we made the decision to implement a treasury management system (TMS), which was followed in 2008 by automated confirmation matching. These provided a platform that would enable us to develop more sophisticated treasury strategies and support the evolving needs of the business more effectively.