by Michael Burkie, Market Development Manager, BNY Mellon Treasury Services EMEA
The financial crisis has acted as a wake-up call for many corporates. While the days of free-flowing credit meant inefficiencies in long-standing working capital and risk management systems and practices could be ignored, this is no longer the case. Certainly, credit constraints mean that these processes, which were previously upstaged by more strategic activities (such as M&A), are now in the spotlight.
Another area under scrutiny is the strategic role treasury departments can play – including their expansion to include responsibility for bottom-line improvement (as well as identifying solutions to daily cash-management challenges, improving internal data control and meeting compliance requirements).
Given both these developments, now is the time for finance and treasury professionals to have their views heard at board-level. In doing so, they will play a major part in driving their organisation towards its goals. And as a first step towards doing this, many corporates are reassessing their banking relationships, and culling those that fail to deliver.
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