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2023 Agenda

Agenda CTA

                                               

Moderated by:
  • Robert Novaria

    Senior EuroFinance tutor and partner, Treasury Alliance Group

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Moderated by:
  • Dan Blumen

    Partner,

    Treasury Alliance Group LLC

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8:00am -9:00am

Light breakfast and registration

    9:00am -9:10am

    Welcome Day 1

    • Emma West

      Managing director,

      EuroFinance and CPI

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      9:10am -9:30am

      Opening remarks

      • Sarah Birke

        Mexico City bureau chief, The Economist Group

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        9:30am -10:30am

        The power of little ideas

        We tend to imagine innovation as slow, incremental change or else industry-shifting disruption. Yet for most companies, neither works. In The Power of Little Ideas, MIT Sloan professor David Robertson outlines a third way of innovation, actual working strategies for world-class companies. Building on his groundbreaking study of Lego’s rise from near-bankruptcy, Robertson shows us the organizational practices that lead to sustained innovation.

        • David Robertson

          David Robertson, Author, The Power of Little Ideas and Brick by Brick, Senior Lecturer, MIT Sloan

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          10:30am -11:40am

          Networking break

            11:40am -12:30pm

            Recalibrating risk in global treasury

            Risks in treasury are ever changing and the pace of change is ever increasing. Recent events have tested treasury risk tolerances in every direction, from the closing of markets in the pandemic period, to the supply crisis that followed, the restructuring of business and capital, to the spiking of inflation in domestic markets and now the rate hikes that increase the cost of capital as the Fed seeks to tame the rising tide of prices. Recently, risk has resurfaced in the financial sector, and the stability of capital is less certain. At the centre of this maelstrom of risk, stands at the helm the treasurer, battening the hatches whilst steering to calmer waters. In this session we ask treasurers how they have recalibrated their approaches to risk through the recent period in several aspects of treasury operations, from cash management and collection, to maintaining working capital ratios, to hedging and financing strategies to dodge market curveballs. We also highlight the technology tools that treasurers took to help stand up to risks now and in the future.

            • Doug Tropp

              SVP and treasurer,

              Booking Holdings Inc.

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            • Mack Makode

              VP, treasurer,

              Under Armour

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            • Pradipto Bagchi

              Treasurer, Zimmer Biomet 

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            Moderated by:
            • Dan Blumen

              Partner,

              Treasury Alliance Group LLC

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            12:30pm -2:00pm

            Lunch

              2:00pm -2:40pm

              A crunch 12 months for the region?

              Major central banks in the region have been increasing interest rates for more than a year, but above target inflation may lengthen the cycle of tightening. So predicting when rates may start to ease is difficult. Given the influence of the US economy, understanding the path of US growth and forecasting Federal Reserve actions are still key. Global growth drives the region’s export markets, and here again there is uncertainty around key economies in Europe as well as the US and China. Politics in the region will continue to drive economic instability: governments tend to swing violently from left to right during election cycles with each new regime undoing what came before it, including sensible policies and reforms. This is leading to the election of more extreme, “outsider” candidates. So is there is any likelihood of sustainable long-term economic growth?

              • Robert Wood

                Principal economist, manager country risk Latin America and the Caribbean,

                Economist Intelligence Unit

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                2:00pm -5:20pm

                Conference breaks into tracks

                  2:00pm -2:40pm

                  Coping with the end of easy money

                  After a decade of exceptionally low interest rates, most companies have evolved capital structures, borrowing programmes and business models that depend on high levels of cheap-to-service debt. The monetary response to COVID prolonged the cycle to such an extent that despite the pandemic, in late 2021, US corporate bankruptcies had fallen to historic lows. Companies avoided the need to restructure and could stay afloat by borrowing more. Rising inflation and tightening monetary policy will make that strategy more difficult as input costs rise and debt service bills spike. ESG-related capex and a need for higher inventory levels may also put pressure on working capital and credit facilities. Treasurers need to maintain access to bank and capital markets funding. They need to keep ratings agencies onside. And they need to suggest a range of balance sheet options mapped to different economic and business scenarios.

                  • Mike Giakoumatos

                    Vice president of treasury,

                    Perry Ellis International

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                  • Royston Da Costa

                    Assistant group treasurer, Ferguson plc.

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                    2:40pm -3:20pm

                    How to tackle Scope 3 emissions through Sustainable Supply Chain Finance?

                    The challenges that companies face in driving their net zero objective are many, and while Scope 1 and 2 targets (those owned or controlled by the company) are perceived as more attainable, Scope 3 (activities not owned or controlled by the company and mainly in the supply chain) are far more elusive. In this context,  the multinational food and beverage corporation, Nestlé have introduced a novel solution to achieve a Sustainable Supply Chain by supporting Nestlé’s suppliers on their transition.

                    Nestlé has two-thirds of its emissions in Scope 3, in order to tackle these emissions its suppliers are offered incentives through financing alternatives, if they can demonstrate clear processes and practices as they transition to sustainable models. This case study will detail the joint innovative approach and will highlight the key role CFOs and treasurers hold in reducing their Value Chain emissions and achieving Net Zero goals.

                    • Juan Carlos Pardo Bejarano

                      Head of corporate affairs,

                      Nestlé Mexico

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                    • Rafael Galaviz

                      Head of advisory GTB,

                      BBVA México

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                      2:40pm -3:20pm

                      Cash confidence in uncertain times

                      American companies are still sitting on near record piles of cash according to a June 2022 analysis of Fed statistics. About half that amount is held as cash and checkable deposits – an all-time high in terms of percentage of US corporate cash. Despite in-depth research that has shown that the key driver for these cash piles is tax, the shift to the most liquid forms of cash suggest other factors are at play. Treasurers are understandably wary of economic volatility, interest rates, inflation and access to capital markets especially given the unpredictable risks that will surface as quantitative tightening replaces a decade of ultra-easy money. So, what worries treasurers most? Have the old problems of cash visibility and forecasting been replaced by more fundamental concerns around counterparty risk and access to working capital? And can new technologies help with advanced scenario modelling and liquidity management? This discussion will touch on all aspects of cash strategies. 

                      • Brent Kinman

                        SVP, North America,

                        Corcentric

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                      • Todd Yoder

                        MD strategic finance & treasury,

                        Fluor Corporation

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                        3:20pm -4:00pm

                        Networking break

                          3:20pm -4:00pm

                          Networking break

                            4:00pm -4:40pm

                            Catching up with the rest of the world

                            Traditional issues in Latin American treasury have been the slow development of digital and automated solution, the prevalence of cash as a means of payment, legal complications around core treasury risk and liquidity management techniques, tax and, in some countries, trapped cash. On all these fronts there has been a great deal of progress. Central banks are embracing open banking initiatives and developing instant payment systems.  Technology providers and local banks are rapidly building infrastructure similar to that which is now taken for granted elsewhere. And overall digitalization is accelerating – especially the use of cards, wallets and cross-border e-transactions. This panel of regional treasury veterans spare their perspectives on progress as well as problems and describe how they are structuring their Latin American treasuries.

                            • Pamela Potrie Altieri

                              Latam finance sr director,

                              PedidosYa / Delivery Hero

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                            • Ana María Paz López

                              Head of treasury Colombia, Ecuador and ABS,

                              Holcim

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                              4:00pm -4:40pm

                              Understanding the new dynamics of global treasury operations function

                              Treasurers have spent much of their time over the last decade tweaking existing systems and processes. In a largely stable environment, their focus has been on incremental gains in efficiency and risk mitigation.. But incremental evolution is no longer the best approach in a world of rapid, extreme and sometimes chaotic change. This requires new approaches not just to treasury staples like forecasting, liquidity and risk management but also to the fundamental structure and management of the treasury function. So, if tweaking is not enough, what should treasurers really be thinking about? As industries and business models get upended, this session will look at three companies in a period of great transformation and why treasury needs to understand and respond to the underlying company’s business vision. What might treasury look like in the future and how are banks and tech partners supporting this change? These treasurers have a plan (or already started in that journey) and supporting vision for changes to talent, required skillset, changes to the structure of treasury operations and changes to both treasury and enterprise technology and data governance. They know that to be an effective and strategic treasurer requires in-depth understanding of the business, address implications of business changes on liquidity and risk management, and continuously evolve treasury operations talent, tools and structure to respond to these changes. In this session hear from treasurers as they describe their visions for their own operations and the drivers of those transformations

                              • Bruce Edlund

                                Group director, assistant treasurer,

                                Cloud Software Group

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                              • Elvira D’Amore

                                Director, treasury transformation leader,

                                3M

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                              • Victor Grado

                                VP, assistant treasurer, Kyndryl

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                                4:40pm -5:20pm

                                FX hedging in uncertainty: unemployment, inflation, rates, and dollar mean reversion?

                                Analyzing the economic currents, including inflation expectations in the longer run, differences in interest rate expectations between the US Federal Reserve and market participants,  low unemployment rates, and a possible recession impacting the USD.  When rates or volatilities spike, treasurers must weigh their response: stick with the existing hedge program or pull it or reset it? Pay up to lock in certainty, or wait for conditions to normalize? Few companies have formal procedures for evaluating the pros and cons of these choices at times of turmoil, leaving them open to decisions based on ‘regret aversion’ or on arbitrary benchmark hedge rates set when markets were very different. So, should treasurers ‘stick’ with their systematic approaches or ‘twist’ and respond? What underlying business drivers inform these decisions? And if current conditions persist, will firms have to change the way they think about risk management and evaluate other more strategic options?

                                • Patrick Baumann

                                  VP treasurer, Tupperware Brands Corporation

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                                • Robert Huang

                                  Senior treasury manager, CrowdStrike

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                                • Trent Handler

                                  Sr. manager, treasury, Activision Blizzard

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                                  5:20pm -7:00pm

                                  Networking reception

                                    7:00pm

                                    End of day 1

                                           

                                      Moderated by:
                                      • Robert Novaria

                                        Senior EuroFinance tutor and partner, Treasury Alliance Group

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                                      Moderated by:
                                      • Dan Blumen

                                        Partner,

                                        Treasury Alliance Group LLC

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