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Implementing a Best Practice Treasury at Richemont

by Vassilina Lapteva Walford, Group Treasury Projects Manager, Richemont

The mission of Group Treasury is to find the right balance between the business strategy of the Group as a whole and the treasury strategy.

Richemont Group Treasury faces similar challenges in treasury and cash management to those of many other companies which have a decentralised structure. A key challenge is the number of accounting and electronic banking systems used by the Group operations as well as the high number of payment centres. In Europe alone, the Group has 14 electronic banking systems and 30 payment centres. The mission of Group Treasury is to find the right balance between the business strategy of the Group as a whole and the treasury strategy.

Richemont Group Treasury was created in 2000 when the Group’s Board of Directors took the decision to centralise treasury and cash management activities with a view to achieving visibility over cashflows, managing liquidity more effectively, leveraging assets and improving management reporting. The centralisation process can be summarised in four main phases (fig 1).