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Be Ready! Internal Controls in Treasury Departments

Be Ready! Internal Controls in Treasury Departments

by François Masquelier, Head of Corporate Finance and Treasury, RTL Group, and Honorary Chairman, EACT

This article deals with the importance of improving internal controls in the treasury departments of European MNCs. Automation and straight-through processing (STP) is the radical solution. The critical and specific features of their work make treasury managers potential specialists in internal control. 

If you ask people, even financiers, how to define internal control, you may well get a big surprise and a major disappointment. So what is an internal control? According to the ICI (Internal Control Institute – www.internalcontrolinstitute.org) an internal control is: