Treasury consultant Robert Novaria explains how solid corporate results come to those able to generate the capability to deliver them – and that takes collaboration
After having dedicated more than 30 years in the corporate world to various finance, credit and treasury leadership roles, I was challenged by a fellow partner at the Treasury Alliance Group (TAG) to codify the mind of the treasurer for a banking client.
Insights gained over my years as a treasurer framed questions such as: what issues are always top of mind? How do decisions get made? What factors are critical in choosing business partners? What does it take to become a trusted adviser? My efforts became the basis for a key part of a global training programme, as well as a public webinar on the role of the treasurer. I bring up this piece of history because, as I think about the challenges that treasurers face, I see a common thread between this past training effort and what it takes to fashion workable solutions – strong, collaborative relationships. The evidence is found in the types of outcomes that are delivered.
Broad and consequential regulations have emerged as reactions to terrorism and the financial crisis, adding considerable risk and complexity to the overall achievement of ongoing compliance. The current regulatory line-up is onerous, including FBAR, IFRS 9 & 16, BEPS, GDPR and more. This tees up two broad challenges for companies: who within and outside an organisation should be vested with compliance responsibilities, and what sort of business processes and systems need to be created and/or acquired to ensure compliance processes are comprehensive and efficient.
Compliance efforts for regulations – whether in regards to financial, tax or reporting – usually require input from businesses, functions, customers, suppliers, banks and vendors. This is no small effort. It often takes an army. The experience, comfort and success that treasurers have in working collaboratively are valuable assets. When effectively leveraged, they ensure timely and efficient compliance.
Treasury is a people business
Strategic insight, sound business processes, technological savvy and useful analytics contribute to delivering solid corporate results. However, strong collaborative relationships provide the glue that powerfully connects these together, generating the capability required to consistently deliver value-adding contributions. You can take that to the bank.
Robert Novaria is a partner at the Treasury Alliance Group with more than 30 years of corporate experience as a treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He currently leverages these experiences as a consultant and trainer, as well as a chairperson, moderator and speaker at treasury conferences worldwide
Partner, Treasury Alliance Group
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