Agenda

The fresh new programme is based on 1,000+ conversations with treasury leaders around the world.

Benefit from our proven track record of predicting future treasury trends.

Plenary

Resilience in the face of stress

It is clear that the current political, economic and technological turmoil is here to stay. Demographics and environmental damage look set to intensify the fundamental problems which underlie these changes. If it’s not just a blip, then companies and their key functions must respond, and respond differently.

David Blair

Chair: David Blair, MD, Acarate, Singapore

David Blair
David Blair Acarate, Singapore MD

David Blair puts his 25 years of treasury and management experience to work for a broad range of clients through Acarate in Singapore. After starting his career with Price Waterhouse, David went on to set up international treasury operations for ABB and Nokia. David became Group Treasurer at Nokia, and subsequently Vice President of Treasury at Huawei.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

Robert Novaria
Robert Novaria Treasury Alliance Group, US EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 8:00am
    Registration and exhibition opens
  • 9:00am
    Welcome address
  • 9:10am
    Chair's introduction
  • 9:20am
    Re-thinking globalisation

    Globalisation has driven corporate profit growth for the past 25 years but is the party over? Is globalisation slowing down, is it in reverse or is it just changing? And what elements of globalisation, if reversed, would cause business the most difficulty? These are not simply questions of trade wars, anti-capitalist populism or capital flows; globalisation as a corporate strategy assumes that the benefits of multi-national sprawl outweigh the costs. But is that true when local markets catch up or become self-reliant, or when high-margin services rather than high-volume goods are the growth sectors to be in? Globalisation has been the centrepiece of corporate growth strategy for longer than most executives have been employed. What are the key assumptions they may have to revise? What does de-globalisation mean for different regions and industrial sectors, for the availability of finance and access to supply chains? And is there a wider issue – are the easy gains from globalising gone and if so, what next?

    Karthik Ramanna

    Karthik Ramanna, Professor of Business & Public Policy, University of Oxford’s Blavatnik School of Government

    Karthik Ramanna
    Karthik Ramanna University of Oxford’s Blavatnik School of Government Professor of Business & Public Policy

    Karthik Ramanna is Professor of Business & Public Policy and Director of the Master of Public Policy Programme at the University of Oxford’s Blavatnik School of Government. Karthik was previously on the faculty of Harvard Business School. At Harvard, he also held the Henry B. Arthur Fellowship in ethics, the Marvin Bower Fellowship recognising innovative faculty research, and a visiting fellowship at the Kennedy School of Government. Additionally, he is a faculty associate of the Weatherhead Center for International Affairs. At Harvard, Karthik taught the MBA course Leadership & Corporate Accountability, where he helped build a curriculum to develop leaders who can confront the 21st century’s most challenging problems. Karthik serves on the editorial boards of several scientific journals, including as co-editor of the interdisciplinary journal Accounting, Economics & Law and as associate editor of the Journal of Accounting & Economics, the most-cited outlet in that field. To more directly impact business policy, Karthik occasionally writes for the popular press, including the New York Times and the Economic Times. He has also consulted with the Brookings Institution, the Center for Audit Quality, and several leading auditing and financial firms. Karthik received his Ph.D. in management from the Massachusetts Institute of Technology. He is an American citizen.

  • 10:00am
    Technology stressors: over the technology tipping point

    For all the talk of transformation, for most businesses, digitalisation has meant Rackspace, Salesforce and a third-party e-Commerce and payments platform, if that. Larger, and also purely digital companies, have gone much further but for even the largest SMEs, the costs and complexities of true digital transformation have been unsupportable and the benefits hard to quantify. That has changed. The methodologies of surveillance capitalism – the monetisation of customer data – is upending businesses from energy utilities to auto manufacturers. Traditional communications channels between businesses and customers are failing, disrupting everything from marketing to payments. Digital transformation is finally happening but mostly externally, to companies and not by them. So how do companies recapture the agenda in this process? How can ‘normal’ companies survive the transition? 

    Kristina Libby

    Kristina Libby, EVP of Future Science & Research, Hypergiant Industries, US

    Kristina Libby
    Kristina Libby Hypergiant Industries, US EVP of Future Science & Research

    Kristina Libby is the EVP of Future Science and Technology for Hypergiant Industries where she leads research focused on emerging and growing technology. She is a sought-after thought-leader, brand builder, and technology insider. Her career encompasses advising and building large scale and high growth companies. From Microsoft to National Geographic to Phillips to AI and Cybersecurity companies that work with the world’s largest governments she has helped companies launch, scale and grow. This work has enabled her to see trends before they happen and help companies develop new products, new stories and new ideas before anyone else. In addition to her corporate experience, Libby is a professor at New York University, a former University of Florida professor and an accomplished thought leader who has written in and/or appeared in Entrepreneur, Popular Mechanics, Elle, LA Times, Washington Post, Good Housekeeping, Cosmopolitan and others.

  • 10:40am
    Refreshment break

    Sponsored by:

  • 11:20am
    Treasury priorities: must-do versus nice-to-do

    While proactivity is the ideal, in reality most firms change because they have to. They react to external drivers – customers, regulators, politicians, technology – solving problems as they arise. Treasury in turn responds to changes in demands from the business. This new environment threatens core infrastructure treasurers have long taken for granted. They face the sudden disruption of availability of credit; sudden disruptions of supply chains; the bankruptcies of key suppliers and customers; the sudden introduction and cancellation of trade tariffs; increased political interference in tax affairs; more fraud and more cyber and financial crime.

    So in this session our panel of treasurers will give their tips on how to get in front of these issues:

    • Securing access to credit globally and locally
    • Hedging price risks ahead of supply chain contingencies
    • Business continuity planning for key relationship bankruptcy/unavailability
    • Upgrade controls for fraud and financial crime
    • Improving cybersecurity and data privacy as digital transformation increases digital risks
    • Enhanced processes for volatile regulation

    Sebastian di Paola

    Sebastian di Paola, Partner, PwC, Switzerland

    Sebastian di Paola
    Sebastian di Paola PwC, Switzerland Partner

    Sebastian leads PricewaterhouseCoopers Global Treasury Consulting practice. He is based in Geneva where he is responsible for a multi-disciplinary team of consultants, advising corporates on all aspects of their treasury activities, including risk management, treasury policies, processes, system selection and implementation, controls and accounting. Sebastian is a UK Chartered Accountant, a member of the ACT and has an MA in Law from Emmanuel College, Cambridge.

    John McAnulty

    John McAnulty, Group Treasurer, Richemont, Switzerland

    John McAnulty
    John McAnulty Richemont, Switzerland Group Treasurer

    Mr. McAnulty was appointed Group Treasurer of Richemont, one of the leading luxury goods companies, in 2000 and is based in Geneva. In addition to coordinating all treasury activities he is responsible for overseeing the Group's global pension and insurance programmes. Prior to joining Richemont, he worked from 1989 for SmithKline Beecham plc undertaking a variety of roles in finance and strategy development. From 1985, he worked for the Midland Bank group, first in its leasing subsidiary and subsequently in the banks central finance function. Born in the UK, Mr. McAnulty holds a degree in business studies and is a Fellow of the Association of Corporate Treasurers.

    Cuan Duncan

    Cuan Duncan, Head of Treasury & Corporate Finance, Al-Futtaim, UAE

    Cuan Duncan
    Cuan Duncan Al-Futtaim, UAE Head of Treasury & Corporate Finance

    Cuan Duncan is head of group treasury and corporate finance for the Al-Futtaim group of companies, based in Dubai, UAE. He is responsible for group capital structure, including equity and debt structuring and capital raising, as well as the management of group liquidity and market risk. He has 23 years’ broad finance experience, particularly in capital raising, structuring and principal investment. He has led transactions across a number of geographies in the Middle East, Southeast Asia and the African continent – including during periods of financial market disruption. Cuan joined the Al-Futtaim group in December 2008. Prior to joining Al-Futtaim, Cuan ran a successful cross-functional structured finance business for the Barclays group in South Africa, with specific responsibility for strategic equity acquisitions. Previously, he held roles with HSBC and PricewaterhouseCoopers in M&A and project finance, having qualified as a Chartered Accountant with Price Waterhouse. Cuan is a Chartered Accountant in both England & Wales and South Africa. He holds an honours degree in commerce and a postgraduate law diploma. He is married with two children.

    Regina Ochev

    Regina Ochev, VP, Assistant Treasurer, Prologis, US

    Regina Ochev
    Regina Ochev Prologis, US VP, Assistant Treasurer

    Regina Ochev is a Vice President and Assistant Treasurer at Prologis where she oversees the management of company’s banking and rating agency relationships, foreign exchange strategy, liquidity planning, global cash operations and investments. Regina has spent eleven years at Prologis driving and transforming Treasury department as the company quadrupled its balance sheet, entered new markets and increased assets under management more than ten-fold. She has participated in numerous banking and industry conferences including AFP and EuroFinance. Prior to joining Prologis, Regina spent eight years in a variety of corporate treasury and risk management roles at International Paper Company, Hewlett Packard and Charles Schwab. Regina holds an MBA from New York University Stern School of Business and a bachelor’s degree in Finance and Accounting from University of San Francisco. She is a California CPA.

    Naomi Holland

    Naomi Holland, Assistant Treasurer, Intel Corporation, Ireland

    Naomi Holland
    Naomi Holland Intel Corporation, Ireland Assistant Treasurer

    Naomi is responsible for Treasury Internationally: Operations, Foreign Exchange Risk Management, Fixed Income Investment, Banking and Regulation. Her team is located throughout EMEA and Asia. Naomi joined Intel in 1996 and held a number of positions within the Treasury Organization, culminating in her role as ‘Intel Corporation EMEA Treasurer’. She then took a career break in 2007 to allow her focus on family life, which she combined with a number of Non-Executive Directorships and rejoined Intel Corporation in her current role in 2015. Naomi holds a Bachelor of Commerce degree from University College Dublin and is a Fellow of the Institute of Chartered Accountants of Ireland, having completed her training with PWC.

  • 12:00pm
    Staying positive: smart growth strategies for tough times

    When the going gets tough it’s easy to fall back into survival mode, cutting costs, increasing risk aversion and finding reasons not to invest or innovate. But comfort zones can be dangerous places at times of rapid change so, while business and treasury must prepare for the worst, they must also keep looking at new customers and channels, new sales models, new acquisitions and other new opportunities. In this session three companies describe how they are combining a renewed focus on risk mitigation with strategies for growth and how treasury can be a part of both. What are the key growth hacks? Can treasurers drive new data-based growth? Where has treasury had most impact in the business – creating growth or helping maintain and de-risk it?

    Douglas Tropp

    Douglas Tropp, Corporate Treasurer, Booking Holdings Inc, US

    Douglas Tropp
    Douglas Tropp Booking Holdings Inc, US Corporate Treasurer

    Doug joined Booking Holdings Inc. in 2014 as Corporate Treasurer. Doug oversees funding, investments, cash management, share repurchase, insurance, risk management and bank relations. Priceline’s brands include; Booking.com, priceline.com, KAYAK, Agoda.com, rentalcars.com and Open Table. Prior to Priceline, Doug spent 7 years at GE Capital, 7-years at IBM, 2-years at the Hertz Corporation and 8-years as a money markets trader at Fuji Bank Ltd.

    Philip Maton

    Philip Maton, VP Treasury, Head of Risk, Liberty Global, UK

    Philip Maton
    Philip Maton Liberty Global, UK VP Treasury, Head of Risk

    Philip has led the risk team at Liberty Global since January 2018. The team has primary responsibility for executing and maintaining the hedge portfolio associated with interest rate and currency risk for its associated operating companies (Virgin Media, UPC, Telenet, VodafoneZiggo) along with managing its pension risk, strategic equity positions and its share repurchase programs. Prior to Liberty Global, Philip was an interest rate derivatives structurer, firstly at RBS and then Santander. He studied mathematics at Cambridge and is a CFA charterholder.

  • 12:40pm
    Lunch

    Sponsored by:

Stream 1

How to improve your treasury core strength

Resilience is a function of its foundations. If the business is to thrive in a chaotic global environment, core treasury strategy and operations must be solid. Today this also means that treasury has adopted the key digital tools necessary to provide the business with the intelligence it needs to compete. At the heart of all this is cash: collecting it, distributing it, managing it and understanding its every move.

David Blair

Chair: David Blair, MD, Acarate, Singapore

David Blair
David Blair Acarate, Singapore MD

David Blair puts his 25 years of treasury and management experience to work for a broad range of clients through Acarate in Singapore. After starting his career with Price Waterhouse, David went on to set up international treasury operations for ABB and Nokia. David became Group Treasurer at Nokia, and subsequently Vice President of Treasury at Huawei.

  • 2:00pm
    An easier path to digital treasury transformation?

    The need for real-time cash visibility demands centralised payments hubs, real-time payment execution and tracking and new payment platforms and instruments. Real-time working capital efficiency demands all of this plus more efficient multi-bank management. For treasury this means a crash course in digital disruption, new connectivity options across banking, payments and supply chains, security best practices, cybersecurity and fraud prevention and in data analytics.

    Patrick Verspecht

    Patrick Verspecht, Group Treasurer, Trillium Flow Technologies, France

    Patrick Verspecht
    Patrick Verspecht Trillium Flow Technologies, France Group Treasurer

    Patrick has 35 years of experience in the field of Corporate IT and Treasury. He started his careers in the IT department of Dresser Industries Inc, and in the late 90’s decided to switch to Finance. He then became in 2005 the EMEA treasurer for Dresser. In 2011, he became Global Treasurer for a 4.1 Bn revenues segment of GE Oil & Gas. Between 2017 and 2019, he worked as temporary treasurer for some US and Belgian companies, before joining Trillium Flow Technologies in April 2019 as Group treasurer. Patrick is member of the board of ATEB, the Belgian Association of Corporate Treasurers, member of ATEL, and the Belgian representative at IGTA, the International Group of Treasurers Association. He is a member of several Advisory Boards and workgroups in the field of Fintechs.

    Marcus Hughes

    Marcus Hughes, Head of Strategic Business Development, Bottomline Technologies, UK

    Marcus Hughes
    Marcus Hughes Bottomline Technologies, UK Head of Strategic Business Development

    With over 30 years’ experience in the banking and software industries, Marcus helps corporates and banks to streamline payments & cash management and maximize the benefits of SWIFT and financial supply chain automation. He has held senior positions with NatWest and Banco Santander in trade finance, corporate lending and transaction banking. A thought leader on working capital optimisation, Marcus has presented at numerous industry events and authored many articles on the future of business payments, SWIFT, supply chain finance, real time payments blockchain, fintech and Open Banking.

  • 2:40pm
    Optimising accounts payable: making the right choice

    Whether or not you call it a payment factory, the centralisation of accounts payable is still a valid treasury objective. But treasurers now have more options in creating this payments hub than ever before. They can centralise account payables processes and staff into a single location in a SSC; they can create a hub into which decentralised accounts payable processes feed and which then makes payments to partner banks; they can focus on creating a defined global workflow and a set of controls that harmonise payment processes more stringently; or they can choose from a range of in-house (TMS, ERP) or cloud applications, some of which now incorporate machine learning to identify the most effective timings and channels for making payments. These options all take different approaches to reducing costs and risks and improving efficiency. But which are best for which types of corporate? This treasurer evaluated the various alternatives and came up with an innovative solution.

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    Choosing the right cash concentration structure

    Getting cash concentration right is not simply a matter of efficiency. Sweeping and pooling structures are critical to ensuring that the right amount of liquidity is available in the right accounts, locations and currencies, at the right times. In difficult markets this can be an important strategic tool in reducing risk. But picking the right structure is not straightforward. Each version of ZBA sweeping, physical cash pooling or notional pooling has its own subtleties and interacts with regulations differently. New rules, such as BEPs, alter these interactions and so treasurers must constantly monitor the status of their particular arrangements. And again technology has given treasury a range of choice that, while welcome, complicates the process. In this session three treasurers will explain their different choices, taking you though the reasons they chose a simple ZBA structure, a more complex multicurrency notional pooling arrangement and a hybrid pooling structure enabled by new technology.

    Allen Davis

    Allen Davis, Treasury Manager, EME, AGCO Limited, UK

    Allen Davis
    Allen Davis AGCO Limited, UK Treasury Manager, EME

    Allen Davis is the Treasury Manager for AGCO Corporation’s EMEA region, which encompasses 39 different countries and 85 legal entities. Allen started his career at AGCO in 2011, and has served in several roles of increasing responsibility within AGCO’s Finance & Treasury functions in his 8 years with the company. Allen is based at AGCO’s European finance headquarters in Stoneleigh, UK, and began his career at AGCO at the company’s headquarters in Duluth, Georgia, USA. Allen graduated from the University of Georgia’s Honors College with degrees in Accounting and Finance in 2010. Allen is a Certified Treasury Professional, a designation he has held since 2015.

    Janko Hahn

    Janko Hahn, Head Treasury Operations, Autoneum Management, Switzerland

    Janko Hahn
    Janko Hahn Autoneum Management, Switzerland Head Treasury Operations

    Janko Hahn is Head Treasury Operations at Autoneum in Winterthur, Switzerland, since 2011. Before he joined Autoneum, he acted as Treasury Manager at Rieter since 2010. Prior to that, he worked for Timberland Switzerland GmbH in Schaffhausen, Switzerland, in various Treasury roles since 2005. Janko is married and has three kids.

    Sofiane Himer

    Sofiane Himer, Head of Treasury, Safran, France

    Sofiane Himer
    Sofiane Himer Safran, France Head of Treasury

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Stream 2

Should treasury…?

Many of the core questions in treasury remain open because the answers depend so much on context and the individual company. But all companies face a core set of commonalities, from the economy to new regulations and technology. This stream uses case studies from your peers to illustrate some best practice approaches to near universal problems.

Chris Robinson

Chair: Chris Robinson, Senior EuroFinance Tutor, TransactionBanking.com

Chris Robinson
Chris Robinson TransactionBanking.com Senior EuroFinance Tutor

Chris has over 30 years’ experience in the payments business, working in treasury, cash management, transaction services, trade, e-commerce and card acquiring. He has worked in senior roles for Citibank and Bank of America and founded the treasury workstation company, IT/2. In 2003 he set up TransactionBanking.com, a treasury and payments best practice training and consulting business, working with large multinational corporations and financial institutions around the world. He has a broad depth of experience in the trends and development of payments and treasury across many regions and countries.

  • 2:00pm
    Should treasury revisit the limits of centralisation?

    The generic benefits of treasury centralisation are clear and well-known. The practical problem has always been how to implement centralisation when local differences in business practices, financial markets and regulation remain so critical to frontline operations. So how should treasury pursue centralisation strategies in a world that appears to be decentralising in terms of politics and trade? Do ostensibly global initiatives like BEPS actually force treasurers to re-regionalise treasury centres? Or can technology knit-together local and regional requirements and provide an overlay that creates the effects of centralisation while allowing the business to benefit from local expertise and specific local practices? This session will show how companies approach centralisation in today’s world.

    Markus Kede

    Markus Kede, Director, Group Treasury & Insurance, H. Lundbeck A/S, Denmark

    Markus Kede
    Markus Kede H. Lundbeck A/S, Denmark Director, Group Treasury & Insurance

    Director within Treasury & Insurance at H. Lundbeck A/S a pharmaceutical company in C25 in Denmark. Markus also has experience from a highly leveraged private equity owned company in Sweden where he held the position as Group Treasurer.

    Carl Burman

    Carl Burman, Head of Financial Markets & Cash, Maersk Group, Denmark

    Carl Burman
    Carl Burman Maersk Group, Denmark Head of Financial Markets & Cash

    Carl is head of the front office in Maersk’s group treasury, with responsibility for global cash infrastructure and liquidity planning, as well as the company’s debt and FX portfolio. Carl has 15 years of treasury experience from Scandinavian corporates.

    Alwin Harkema

    Alwin Harkema, Head of Northern European Sales, GTS EMEA, Bank of America Merrill Lynch, Germany

    Alwin Harkema
    Alwin Harkema Bank of America Merrill Lynch, Germany Head of Northern European Sales, GTS EMEA

    Alwin Harkema is Head of GTS Large Corporate Sales, Northern Europe, leading a team focused on delivering cash, trade, liquidity, card and transactional FX solutions to a portfolio of headquartered corporate clients in Switzerland, Germany, Austria, Ireland and Nordic countries as well as EMEA treasury and buying centres for U.S. and Asia multinationals in this particular region. He has worked in the transaction banking area over 20 years now and joined Bank of America Merrill Lynch in April 2013 as GTS Senior Treasury Sales Officer and since May 2018 active in his current role as Head GTS Large Corporate Sales. Before joining Bank of America Merrill Lynch, Alwin was Heading up the GTS & Transaction Banking department for Germany, Austria and Switzerland at BBVA in Frankfurt and before worked in different senior positions in the GTS and Client Coverage area at ABN AMRO Bank/RBS and Rabobank International.

  • 2:40pm
    Should treasury revisit its liquidity set up?

    For treasurers the most immediate concerns in a world of increased uncertainty and potential cash stress are: access to funding and ensuring tight control of overall liquidity management. This means doubling-down on cash concentration and working capital management, reporting and visibility, and sophisticated cash segmentation. It also means keeping an eye on how their banks are affected by global conditions too. With rates rising and the slope of the yield curve shifting, banks, and not just those holding billions in corporate deposits, will respond in ways that will directly affect treasurers. While these core challenges tend to be similar from cycle to cycle, this time round treasurers have a much wider range of technologies and third-party, non-bank solutions to choose from. In this case study, this treasurer discusses how they are preparing for the future and how they are approaching the new solutions providers.

    Theis Jensen

    Theis Jensen, Head of Group Cash Management, DSV Panalpina A/S, Denmark

    Theis Jensen
    Theis Jensen DSV Panalpina A/S, Denmark Head of Group Cash Management

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    Should treasury transform or change its current treasury structures?

    Given political and economic uncertainty, plus increased regulatory oversight and technology disruption, perhaps now is not the right time for change. That said, if the business must respond, and if treasury is truly a core business function, then it too must change. If so, which treasury structures are suited to the current environment and which may need to change? Is now the time to adopt an agile model incorporating an in-house bank, or does that conflict with de-globalization? Should treasurers be ensuring they plug into the new digital liquidity and cash pooling solutions that banks (and their software suppliers) are now making available? And if cost-cutting is a likely response to profit fears then can treasury contribute with better management of bank fees, with Cloud adoption, payment factories and other efficiencies? These three companies look at what structures give treasury the agility for the current world.

    Vishal Verma

    Vishal Verma, Executive, Cash & Treasury Operations (MENAT/SSA), GE Corporate Treasury, UAE

    Vishal Verma
    Vishal Verma GE Corporate Treasury, UAE Executive, Cash & Treasury Operations (MENAT/SSA)

    Vishal leads the Cash and Treasury operations at GE’s Corporate treasury for the Middle East & Africa region, based out of Dubai. With over 14 years of experience in the treasury and banking space, he demonstrates deep domain knowledge, a strong industry network and meaningful experience in leading change in a complex cross-cultural environment. Vishal has spent the last 9 years with GE’s Corporate Treasury in pivotal roles that have been placed at the center of strategic objectives. He has led and executed change in international assignments across numerous M&A deals, regulatory/policy changes and shifting organizational priorities. In his last role, Vishal was based in Paris from where he led the cash banking strategy for the company in Europe, a role he took on after successfully leading the cash workstream for treasury integration in the Alstom acquisition. In his foundational years, Vishal worked extensively in the banking sector with HSBC and ABN AMRO. He holds a Bachelors degree in Economics from Delhi University and a MBA from the Narsee Monjee Institute of Management Studies, Mumbai, India.

    Ziwei Wang

    Ziwei Wang, Regional Treasury Manager, Kone, Finland

    Ziwei Wang
    Ziwei Wang Kone, Finland Regional Treasury Manager

    Ziwei works as Regional Treasury Manager at KONE Corporation covering North America, Europe, Middle East & Africa region. She has recently rejoined KONE for this newly established role to centralize and support banking relationships and treasury activities of KONE subsidiaries. Ziwei is also actively managing and participating in Treasury development projects. Ziwei started her career in 2014 in KONE with various roles in cash management, reporting and FX trading. Before rejoining KONE, she has worked for 3 years in Aujan Coca-Cola Beverages Company in Dubai both in Treasury and Procurement Finance. Ziwei holds a Master’s degree in Economics and Business Administration from Aalto University.

    Catherine Hill

    Catherine Hill, Director, Treasury, Salesforce, Switzerland

    Catherine Hill
    Catherine Hill Salesforce, Switzerland Director, Treasury

    Catherine oversees EMEA, APAC and LATAM Treasury Operations for Salesforce and is currently based in Morges, Switzerland, where she recently implemented Salesforce’s inaugural in-house bank. Prior to her current role, she led the Salesforce Americas Treasury Operations team out of San Francisco where milestone achievements included the implementation of SWIFT Alliance Lite 2 and the integration of several major acquisitions. Prior to Salesforce, Catherine began her career in banking at Wells Fargo Bank where she managed technology and life sciences clients and graduated from the credit management training program. In her free time, Catherine enjoys traveling, skiing and hiking.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Stream 3

Technology transformations

Treasurers are becoming technology buyers and advisors. As their own roles become more dependent on tech and data, and their bank and other service providers become technology vendors, treasurers are increasingly arbiters in decisions on upgrading and replacing technology.
So how do they keep up to date with the latest innovations? And how do they work with the tangle of IT functions typically found inside large MNCs?

Adrian Rodgers

Chair: Adrian Rodgers, Senior EuroFinance Tutor, ARC Solutions, UK

Adrian Rodgers
Adrian Rodgers ARC Solutions, UK Senior EuroFinance Tutor

After qualifying as a Chartered Accountant, Adrian spent a number of years with IBM, in a variety of treasury and sales roles. Adrian was also part of the implementation team which created IBM International Financial Services, the European centralised treasury operation based in Dublin. Adrian then joined the newly created cash management consultancy team of Chase Manhattan Bank, with a brief to help create cash management solutions which matched the needs of customers’ underlying businesses and technology infrastructures. As a Director at PricewaterhouseCoopers, he specialised in managing change in the finance function, including re-engineering of corporate treasury. His current company is an independent consultancy providing advisory, design and implementation services to corporates and banks, on a variety of change-related issues within the finance function. Services include strategy development, process design, bank and vendor selection and project management. Clients include major corporations with a strong international focus.

  • 2:00pm
    Defining digital the treasury way

    Treasury has always been about data and much of that data has been digital for years, so what exactly does it mean to talk about treasury digitalisation? For some, it is the use of better technology (e.g. Cloud) to integrate or replace legacy systems with real-time, straight-through processes. For others it is the application of emerging technologies in robotics, analytics, blockchain and machine learning to deliver the next level of efficiency and strategic insight. And for others, the truly digital treasury is one fully integrated into the wider business information ecosystem in the company, enabling enhanced decision-making not just around the core treasury mandate, to optimise financial assets and liabilities, drive cash flow improvements, process cash transactions and manage financial risk, but across the whole company. In this session, our speakers define their vision of digital treasury and explain the steps they are taking to realise it.

    Hans Oostenbrink

    Hans Oostenbrink, Head of Benelux Sales, Treasury & Trade Solutions, Citi, Netherlands

    Hans Oostenbrink
    Hans Oostenbrink Citi, Netherlands Head of Benelux Sales, Treasury & Trade Solutions

    Bart Verweij

    Bart Verweij, Deputy Treasurer, Booking.com, Netherlands

    Bart Verweij
    Bart Verweij Booking.com, Netherlands Deputy Treasurer

    Bart Verweij joined Booking.com in May 2011. As Deputy Treasurer he is currently responsible for the Front-Office and Banking teams within Treasury. Prior to joining Booking.com, Bart gained 5 years of Treasury experience in various roles at Kroymans Corporation and Citadel Enterprises in the Netherlands. Bart has a Master of Science degree in Business Administration from the Vrije Universiteit Amsterdam. He is a certified International Cash Manager and holds the Registered Treasurer title. Early 2019 Bart joined the Dutch Association of Corporate Treasurers (DACT) as board member.

  • 2:40pm
    Defining the digital treasury another way

    Digitalisation upends business strategy and so structure. By de-emphasizing physical assets and locations, and elevating people, knowledge, R&D and information technology, digital business models change how companies need to align themselves with their customers and how their internal business networks function. For corporate treasury, digitalisation is an opportunity to be part of that critical realignment process. Facing out, treasury can deliver seamless payments for retail and wholesale customers. It can transform supply chains by adopting new SCF solutions. And facing in, treasury digitalisation creates a real-time picture of enterprise risks, cashflows and business dynamics. Treasury adoption of APIs builds new, powerful insights from data scattered among banks partners. This session will look at both the digitalisation of treasury and the wider digital transformation of business enabled by innovative treasurers.

    Silver Zuskin

    Silver Zuskin, Director, Finance & EMEA Treasurer, Dell, Slovakia

    Silver Zuskin
    Silver Zuskin Dell, Slovakia Director, Finance & EMEA Treasurer

    As a EMEA Treasurer for Dell based in Bratislava, Slovakia, Silver Zuskin is responsible for all treasury operations in the region focusing on business partnership, cash and liquidity management, bank relationship management, financing and trade as well as some global treasury operations initiatives including treasury systems. His focus in the past years was liquidity mobilization and working capital efficiency at regional and global level. Silver has joined Dell in 2006, Dell Treasury in October 2007 and prior to joining Treasury team he was leading EMEA Reporting Center. Before Dell Silver has spent 9 years at Alcatel Lucent (now Nokia) in various finance positions in Slovakia, Germany and France. He has graduated from the University of Economics in Bratislava, is CTP and CGMA certified. Silver is married and has two daughters.

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    Building the business case for better treasury technology

    Getting budget for new technology is never easy. The generic benefits of improved IT are agreed by everyone in principle. But building specific business cases for particular projects is a different story. When it comes to treasury management systems (TMS) the situation is complicated by the choice between traditional and Cloud-based systems, new on-demand models and the availability via fintechs or other third parties of functionality previously carried out by a TMS. Those issues make choosing the right upgrade more difficult, but a TMS is still a core piece of treasury technology and is likely to remain so. So the core question is always: how can treasury quantify the benefits of any new functionality and performance against the costs, disruption and possible increased operational complexity of implementing a new TMS? The answer requires a deep-dive into the limitations of the existing system and the ability of any new system to deliver measurable improvements in significant metrics.

    Jesper Nielsen-Terp

    Jesper Nielsen-Terp, Director, Head of Treasury & Credit Risk, Danske Commodities, Denmark

    Jesper Nielsen-Terp
    Jesper Nielsen-Terp Danske Commodities, Denmark Director, Head of Treasury & Credit Risk

    Combined 20 years experience in finance and treasury, whereas the last 10 years has been in managing treasury roles within Fortune 100 companies, where some of the key responsibilities has been to create and develop inhouse banking setups in various contexts, with the aim always to drive his organisation towards and finally beyond best practise solutions. Besides operational responsibilities he today as well is strategic responsible for all banking and credit risk activities within Danske Commodities, a fully owned subsidiary of Equinor. Recently the Treasury Team in Danske Commodities has been running a project of optimising the internal system landscape, which among others involved an internal business case setup, from planning to implementation.

    Dory Malouf

    Dory Malouf, Senior Principal Value Engineer, Kyriba, US

    Dory Malouf
    Dory Malouf Kyriba, US Senior Principal Value Engineer

    Dory is a Treasury and Cash Management thought leader with a professionally recognized career. Dory’s accomplishments in optimizing Treasury best practices and enabling Treasury Transformation have been featured in Treasury and Risk Magazine as well as case studies by the Association of Financial Professionals (AFP). As Kyriba’s Lead Value Engineer, Dory collaborates directly with treasury teams to enable their own treasury transformation through adoption of treasury technology and innovative process improvements that deliver value to their organization.

  • 4:40pm
    Accelerating the payments processes: shifting to a higher gear

    When German sports car manufacturer Porsche wanted to improve its daily transparency over cashflows, it embarked on a project to introduce central monitoring and more efficient payment processes. Moreover, the goal was to increase security, compliance and ways of automating this. The end result was a system that offered consistent processes, compliance standards across the group and sported a centralized and automated approach. It incorporated a multi-bank, multi-channel and multi-ERP platform with integrated reporting and analytics. Porsche will talk about its journey from identifying what to reengineer to project definition to the end result: one system as a single source of truth offering an efficient and automated approach to payments and cashflow.

    Joerg Wiemer

    Joerg Wiemer, CEO, Treasury Intelligence Solutions GmbH, Germany

    Joerg Wiemer
    Joerg Wiemer Treasury Intelligence Solutions GmbH, Germany CEO

    Joerg Wiemer, MBA, is co-founder and CEO of TIS. Joerg draws on more than 20 years of experience in the treasury and corporate finance area, with his most recent previous appointment being Senior Vice President and Head of Global Treasury at SAP SE, where he and his team were responsible for international treasury management.

    Matthias Brantl

    Matthias Brantl, Director Transaction Controlling & Cash Management, Porsche AG, Germany

    Matthias Brantl
    Matthias Brantl Porsche AG, Germany Director Transaction Controlling & Cash Management

    Responsible for Cash Management, Bank Account Management, Treasury Operations and ePayment. Besides implementing a global payment platform with TIS, restructuring the global bank account structure and reorganizing the group wide cash pool setup, we are focusing on setting up an omni-channel ePayment service that enables any Porsche business to accept customer payments over any sales channel via various payment methods.

    Vivien Hasenjäger

    Vivien Hasenjäger, Specialist Cash Management and Payments, Porsche AG, Germany

    Vivien Hasenjäger
    Vivien Hasenjäger Porsche AG, Germany Specialist Cash Management and Payments

    Implementing a global payment platform, managing bank relationships and bank accounts, monitoring and managing daily cash positioning and short term liquidity, designing and implementing an omni-channel payment strategy to support new business models in the area of Smart Mobility and Connected Car Master in Finance, Goethe Business School, Germany Bachelor in Business Information Systems, DHBW, Germany Study abroad in Computer Science, California State University, USA

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Stream 4

Collaboration is key to resilience

The simplistic idea that silos are bad and networks are good is being replaced by the understanding that silos are necessary concentrations of expertise and that networks are only as good as the information flows within them. Increasingly, collaboration – the practical outcome of those flows – is a critical driver of efficiency, innovation and resilience. This collection of case studies demonstrate how treasury’s partnership with key business units and functions benefits the business and turns treasurers into strategic business consultants.

Damien Glendinning

Chair: Damien Glendinning, Principal, Treasury Matters, France

Damien Glendinning
Damien Glendinning Treasury Matters, France Principal

After 21 years with IBM, Mr. Glendinning joined Lenovo in 2005 as Group Treasurer, based in Singapore, following the acquisition of IBM’s personal computer business. He held that position until his retirement in 2018. Mr. Glendinning is an FCCA and has a degree in French and Italian from Oxford University. He was president of the Association of Corporate Treasurers (Singapore) from 2010 to 2018, and is currently chairman of the advisory board of ComplexCountries, and principal of Treasury Matters.

  • 2:00pm
    Treasury: the backbone of enterprise data

    Treasury’s increasingly important role as a central repository for key corporate data makes it a natural partner for departments across the business. But for treasury – and the business – to benefit fully, that data has to be timely and aggregated in a form that is usable. As volumes explode, all too often data pours into the centre in multiple formats and systems reducing visibility instead of enhancing it. Big data storage, processing and analytics, particularly AI-driven, will enable treasury to supply far greater insight into liquidity, sales, supply chains, working capital, inventory management and procurement, amongst others. So how does treasury get on top of the data flows it needs to do this? What is the role of core transaction banking partners in this process? And what are the key practical steps on the journey to data nirvana? In this panel, our experts discuss how to harness the power of data to make treasury a key node in firms’ information network.

    Karen Van den Driessche

    Karen Van den Driessche, Assistant Treasurer, Avnet, Belgium

    Karen Van den Driessche
    Karen Van den Driessche Avnet, Belgium Assistant Treasurer

    Marc Gallet

    Marc Gallet, Vice President Corporate Finance, Ontex, Belgium

    Marc Gallet
    Marc Gallet Ontex, Belgium Vice President Corporate Finance

    Marc Gallet, Vice President Corporate Finance at Ontex joined Ontex in December 2013. Before joining Ontex Marc Gallet has been active in commercial and corporate banking (senior management roles with Generale Bank, Fortis, AbnAmro and BNPPF) as well with Inbev (ABInbev ) as VP Treasury and Risk Management. During his long career Marc has built op strong experience in financing (Acquisition finance, Bank loans, Private placements, Bonds, IPO’s, equity raising, ….), working capital management and risk management (fx, commodities, interest, insurances, …).

    Nicolas Christiaen

    Nicolas Christiaen, CEO and Co-Founder, Cashforce, Belgium

    Nicolas Christiaen
    Nicolas Christiaen Cashforce, Belgium CEO and Co-Founder

    Nicolas Christiaen is the CEO and co-founder of Cashforce. Cashforce provides a ‘next generation’ Cash & Treasury Management System, focused on automation and integration. By offering accurate cash flow forecasting, flexible treasury reporting & other treasury functionalities, this software saves time and money for finance/treasury departments. Under Nicolas’ leadership, Cashforce has grown to a thriving team that is expanding rapidly throughout Western Europe & the United States. He worked as a management consultant for NetN3 and PricewaterhouseCoopers. He successfully assisted clients in a rich variety of business issues (e.g. performance improvements, reorganisations…). This is where he learned how to use a company’s available data to provide them with valuable insights. Triggered by the value that could be created by some of the financial insights, he and former project partner Bart Claes launched his current venture: Cashforce. As a technology and cash specialist he is a renowned guest speaker in the FinTech community as well as a frequent panellist at international Treasury Conferences. Nicolas earned his MSc in Civil Engineering from Ghent University (summa cum laude) & graduated from the RealAcad program at Stanford University. During his studies, he founded his first software company.

    Steven Lenaerts

    Steven Lenaerts, Head of Product Management Global Channels, BNP Paribas, Belgium

    Steven Lenaerts
    Steven Lenaerts BNP Paribas, Belgium Head of Product Management Global Channels

    Steven Lenaerts is the head of product management for BNP Paribas Cash Management’s global connectivity solutions, its associated payments, reporting and treasury services, and the digital enablement of its corporate clients.

  • 2:40pm
    Re-designing treasury together

    Treasury transformation is an enduring objective. But how often is it undertaken simply as an exercise in replacing the technology in treasury’s silo? To deliver a truly strategic transformation capable of yielding significant wider business benefits, treasury redesigns should be executed in conjunction with the frontline staff in procurement, sales, AP/AR, tax, FP&A and any other finance functions including those embedded in far-flung SSCs. That way, a treasury revamp can enable the kind of crossenterprise collaboration that companies need if they are to generate the efficiencies and top-line boosts that strategic treasurers promise but can find hard to deliver. This treasury took the time to engineer its transformation in this way.

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    The transformation continues: GE's journey

    GE has been a frequent presenter at EuroFinance to share their ongoing treasury transformation story about every aspect of changing a 100-year plus company into a modern, digital corporation. After treasury tackled cash visibility, banking partner reductions and manual payments, this segment of its transformation is about giving more accountability to its businesses around costs and funding. It will show it is radically simplifying and enhancing treasury processes to reduce cost structures and efficiently align operational and organisational models to allow for enhanced business operations. Redesigned work streams include: capital and legal entity structures, funding, transaction services and exposure management on a best practice basis.

    Aman Bhutani

    Aman Bhutani, Executive, Consolidated Cash & Banking, GE Treasury, Ireland

    Aman Bhutani
    Aman Bhutani GE Treasury, Ireland Executive, Consolidated Cash & Banking

    Aman has been in his current role since May 2018 and has been in Dublin since June 2016. He oversees cash management & banking relationships for North America and Europe. He is also responsible for consolidated cash reporting & analytics for GE & GEC. Prior to this, he was Director, cash operations for EMEA & APAC based in Gurgaon, India. Aman has been with GE & Treasury since Feb 2007. Prior to joining GE, Aman spent 4 years with PwC in India as an auditor. He is a Chartered Accountant by qualification. Aman enjoys traveling: especially road trips with his wife, Anisha. They have ranked ‘PCH 1’ in California as the best drive they’ve been on so far.

    Clemence Tarenne

    Clemence Tarenne, Banking Relations Director, Europe, GE Treasury, Ireland

    Clemence Tarenne
    Clemence Tarenne GE Treasury, Ireland Banking Relations Director, Europe

    Clemence has been in charge of the relations with our banking partners in Europe for more than 3 years after joining GE with Alstom acquisition in 2015. Based in Dublin since a year, she ensures we get the best in class and most innovative services from the banks from a cash and liquidity perspective, in order to support our Businesses in their day-to-day activities, and our Corporate function in concentrating the liquidity, all in a cost-efficient manner. As a PMO on the Alstom deal, she has developed experience in project management which she increases with her deep involvement in all the recent acquisitions and divestures GE executes. Outside of the office, Clemence enjoys travelling in remote and exotic places, last ones being Siberia and Kirghizstan.

  • 4:40pm
    What collaboration on financing looks like

    Discussions regarding financing often idealise the conditions in which treasury and the business actually operate. But issues, particularly tax and legal issues, and market capital flows depend on the business sector and the leverage of the company raising finance. VodafoneZiggo, one of the leading telco operators in the Netherlands, holds €10bn of debt on its balance sheet, is roughly 5x leveraged, with a €1bn supply chain finance program in place, and has recently finalised a receivable securitisation project. In this case study, hear from the head of treasury about the do’s and don’ts when it comes to executing these type of securitisation projects. He will talk about the importance of flexible indentures, data quality, credit management policies, forecast models, cash flow management procedures, monthly business reporting setup and related compliance. The project required good internal and external communication and coordination with bank and legal counsels. This case study will provide insights for parties to help them minimise execution risk and related costs and look at how receivable securitisation can be a complementary financing tool for companies providing them with a diversified source of funds.

    Caspar Bos

    Caspar Bos, Head of Treasury & Investor Relations, VodafoneZiggo, Netherlands

    Caspar Bos
    Caspar Bos VodafoneZiggo, Netherlands Head of Treasury & Investor Relations

    Caspar Bos joined Ziggo in 2013 and after two mergers with UPC Netherlands and Vodafone Netherlands, he is since 2017 the head of Treasury & Investor Relations of the Joint Venture VodafoneZiggo, a leading telecom operator in the Netherlands. In his role he is responsible for corporate liquidity, corporate finance, risk management and compliance related to the company's financial activities and its capital structure including €10 billion of third party debt. He and his team also act as the primary interface between the Company and the financial community, being focused on ensuring that the strategy is well understood. Prior to joining the Company Caspar gained experience in various business roles at DSM China and DSM Netherlands while building a more solid financial profile during his consultancy tenure in the financial services industry. In 2012, he successfully achieved an MBA from Universidad Carlos III de Madrid and was nominated by the Association of MBA’s as best student of the year. Caspar also holds an MSc in Business Economics from the University of Groningen and is member of the Dutch Association of Corporate Treasurers. He is engaged to his Spanish fiancé, has a sixteen month old son and in his free time he enjoys running, sailing, friends and family.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Stream 5

How to be a business growth story

It’s easy to focus on today’s political and economic downsides, but there are always bright spots – countries, sectors, strategies – in which companies can find rapid growth. This stream is about treasury in growth mode and the challenges that come with rapid expansion. These case studies detail common obstacles faced when growing and how treasury can make a big difference.

  • 2:00pm
    Tailoring treasury to growth mode

    There are no one-size-fits-all templates for treasury, particularly for fast growing companies. Their needs depend on country, sector, resources and the shape of their growth curve. But there are inflection points at which all treasuries need to make important decisions: points in the growth trajectory at which structures and processes that once made sense, start to fail; moments at which customer demands or internationalisation or regulation demand new solutions. In this session a fast growth company explains their treasury evolution in the context of their specific growth path. They generalise their experiences into lessons applicable to you and your treasury, and answer your questions from the floor.

  • 2:40pm
    Glocalising treasury: how to be both global but local

    One of the challenges of modern business growth is the need to provide locally-appropriate customer experiences from an efficient global platform. Customer experience is the playing field on which companies will either differentiate or be disrupted and customer still want to pay in local currency, use local payment platforms and methods (e.g. unusual hire purchase arrangements) and deal with local staff. While delivering local shop windows globally affects the entire business, treasury has a key part to play in enabling the financial platforms, tax efficiencies, funding and liquidity issues, credit control and receivables management needed to deliver what customers demand. It is also treasury that must knit all these disparate local offerings back together to provide the business with the transparency it needs to monitor, report and manage risks. Thirty years ago, expanding Japanese firms used the term dochakuka to describe the need to be simultaneously global and local. The strategy became known as glocalisation. This treasury has a 21st century take on how to deal with it.

    Benjamin Knierim

    Benjamin Knierim, Sales Director EMEA, BELLIN, Germany

    Benjamin Knierim
    Benjamin Knierim BELLIN, Germany Sales Director EMEA

    Benjamin Knierim joined BELLIN as a treasury consultant, but soon shifted his focus to sales. He was involved in presales activities, including preparing and presenting workshops. He moved on to the corporate cash management section at BAWAG P.S.K where he helped complete the SEPA migration process in Austria. Benjamin then returned to BELLIN and was put in charge of sales in Austria, Switzerland, the south of Germany and France. Given BELLIN’s dynamic growth, his focus markets today are France and Switzerland. In 2019, he was also given responsibility for EMEA.

    Jan Ellegaard Hansen

    Jan Ellegaard Hansen, Senior Treasury Manager, Nilfisk A/S, Denmark

    Jan Ellegaard Hansen
    Jan Ellegaard Hansen Nilfisk A/S, Denmark Senior Treasury Manager

    Jan Ellegaard Hansen is Senior Group Treasurer at Nilfisk A/S. His background is in banking, where he worked as a relationship manager for large international corporate clients before becoming group treasurer of a multinational industrial conglomerate. As Senior Group Treasurer at Nilfisk, he has been responsible for establishing a new, efficient treasury department, including the introduction of a treasury management system, following the demerger from NKT.

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    To hedge or not to hedge

    It is always worth revisiting the old questions in case things have changed and the debate over the efficacy of hedging never goes away. This is still largely because companies struggle to identify their net economic exposure, as they lack an overall picture of all the direct and indirect risks their businesses are running. It is easy enough to focus on high-profile FX or interest rate exposures in a business, but much harder to quickly identify new risks arising from sales or procurement, to isolate natural hedges or to measure the huge indirect exposures most companies run via contract terms or through competitive circumstances: hedging an FX exposure may protect against a supply cost increase but may not compensate for the effects of having a competitor operating in a different base currency benefitting from moves that hurt you. In addition, the costs of hedging are often underestimated, with treasury focusing only on transaction costs. The standard answer to these problems has been to demand ever more granular business data to identify these types of risk and to implement a policy of holistic risk management. But how realistic is that? And in fast-growth companies, is treasury time better spent elsewhere?

  • 4:40pm
    Managing FX risk in emerging markets

    Emerging markets are still great sources of business growth but that growth comes at the expense of increased risk. A key component of this is FX risk as companies with operations from Turkey to South Africa have found recently. The publicised losses are generally a simple consequence of local currency depreciation versus foreign-currency costs and an inability to pass on price increases sufficiently to offset the difference. The first question companies face is whether their policies were sophisticated or robust enough to deliver the right hedge ratios at the right time. Hedge ratios often rise and fall with volatility, delivering the lowest level of hedging just as unexpected spikes hit the market. However in emerging markets there are often also structural reasons for poor hedge performance including heightened political and trade risk, a lack of appropriate or liquid hedging instruments or complex regulatory and documentary requirements associated with FX hedging or even moving money in and out of the country. This treasurer has come up with their own programme for dealing with difficult markets exposed to sudden jumps in risk levels.

    Leon Tompkins

    Leon Tompkins, Director, Global Financial Risk, World Vision International, US

    Leon Tompkins
    Leon Tompkins World Vision International, US Director, Global Financial Risk

    Leon has given his adult life to the study, modeling and successful trading of market relationships, the fostering, development and purposeful mentoring of young people, and with his wife, the creation of a home that abounds in love and cultivates the unique talents and individuality within his children. Leon spent a decade as a proprietary trader and portfolio manager including affiliations with Lindquist Enterprises, Tucosn Asset Management, Bear Stearns, NY and First Chicago, Chicago. Immediately following, Leon left the trading floor and spent a decade developing the great work that Young Life with adolescents and young adults as the Regional Director in San Diego, California. In the following decade, Leon returned to the markets, initially building and managing the Bentford Group, a global macro fund in La Jolla, California. After shuttering Bentford at the onset of the financial crisis, Leon relocated to Doha, Qatar with Regency Group Holding, where he managed a $3 bln portfolio of private equity, real estate, listed equity and fixed income holdings as the Head of Investments. Over the last six years, Leon has returned to the non-profit arena and combing his investment experience and care for the under-served. He was the Chief Investment Officer for Imaginations Group, Washington, DC which focused on agriculture development in Tanzania, Mozambique and Malawi and currently he serves as the Director of Global Financial Risk for World Vision International, a global Christian relief, development and advocacy organization dedicated to working with the most vulnerable children, families and communities to overcome poverty and injustice. While at World Vision the Global Treasury has been awarded the Adam Smith Award for FX solutions and the AFP Pinnacle Award Grand Prize. Leon was honored as Volunteer of the Year from the San Diego Sheriff’s Department for his efforts in gang diversion and received the inaugural Cornerstone Award for serving youth in Young Life and was honored for excellence by the San Diego Press Club for the column, ‘Eddie on the Money’ ghostwritten as “Eddie Edstrand”. He also authored the initial Bears Stearns foreign exchange manual. Leon has served on the Boards of Young Life Asia, Young Life Greater Los Angeles, Young Life San Diego and the Afif Charity Foundation, Qatar and is a co-trustee for the Arrow-T Ranch in O’Neill, Nebraska. Leon and his wife, Dr Jodi Tompkins, PsyD, have been married for 35 years and are the proud parents of five adult children. Leon is the founder of the Tides Group and he and his wife are the co-founders of Living Well Unltd. Leon currently resides in La Jolla, California where he pursues markets and mentoring others in various fields of endeavor. Leon is ruthlessly committed to the success of those around him and to helping others pursue happiness within the delicate balance of marriage, family, friendships and vocation.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Stream 6

A focus on global risk management

Over the years, treasury’s risk portfolio has grown significantly. To the core liquidity, tax, FX and interest rate risks, themselves contingent upon political and economic volatility, treasurers now face increasing risks around technology and data, regulation and compliance and even more general issues of corporate governance. In this stream hear how your peers are managing more risk with less resources.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

Robert Novaria
Robert Novaria Treasury Alliance Group, US EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 2:00pm
    Liquidity priorities in a changing world

    Treasury liquidity strategies can sometimes seem like a struggle against the tide: the drive for centralisation and visibility is constantly under threat from the realities of a fragmented and chaotic world. External factors, from trade wars to changing regulations, combined with internal changes to business models, acquisitions and new technology plans, can frustrate the best laid plans of even the most sophisticated treasuries. So how should treasury map out its risk landscape in order to understand it? How should it prioritise its key risk management challenges? What metrics can be applied to some of the newer risk categories to enable sensible resource allocation to them? In this session one company describes how it is understanding and managing this expanding risk portfolio.

    Gurjit Pannu

    Gurjit Pannu, Senior Treasury Manager, EMEA, Uber, Netherlands

    Gurjit Pannu
    Gurjit Pannu Uber, Netherlands Senior Treasury Manager, EMEA

    Gurjit is a member of the Uber treasury team that has played an integral part of growing the banking and payments infrastructure responsible for executing over 4MM payments a week. Over the last five years, he and the team have built the foundation that supports the dynamic business needs of today, expectations for the future, while maintaining the flexibility to seamlessly integrate new markets and products. Gurjit started at the San Francisco HQ office, but relocated to manage the EMEA region in 2015. He led the selection and implementation of Uber’s current TMS and also oversees the global intercompany lending program.

  • 2:40pm
    Dealing with data: the treasury perspective

    Treasury has always been about data – collecting it centrally, cleaning it and extracting meaning from it. So treasurers have always had to deal with the technical, regulatory and business challenges of data centralisation, processing and distribution. So in an era which data primacy is asserted as though it were novel, what does that new emphasis really mean for treasury? Does the external hype help boards better understand the value of treasury data and will they resource technology upgrades better? Does the perception that data is potentially as valuable a resource as the underlying business change the role of treasury? And if treasury is understood as essentially a data centre, to what extent does it also become the centre of expertise in data regulation, data privacy, cybersecurity and data technologies such as AI/ML/RPA? Put simply, if data is the new gold, can global treasurers become critical in mining/extracting/refining and trading it?

    Melanie Noronha

    Melanie Noronha, Senior Editor, Thought Leadership, Economist Intelligence Unit, UAE

    Melanie Noronha
    Melanie Noronha Economist Intelligence Unit, UAE Senior Editor, Thought Leadership

    Melanie is a senior editor for The Economist Intelligence Unit’s thought leadership division in EMEA. Over the past four years, she has led global and regional research projects on: Financial services, Corporate finance, Food, Infrastructure, Healthcare, Sustainability, Trade and investment. Melanie is an experienced speaker and moderator. Examples include: • Moderation of a panel on deep-sea mining at The Economist’s World Ocean Summit in Abu Dhabi • Presentation on global food trends at a press conference at Gulfood in Dubai • Presentation on road technology trends at an infrastructure conference in Barcelona Before joining The Economist Group, she was a senior analyst at MEED Insight, a research and consulting firm serving Middle East and North Africa. At MEED, she developed an expertise in bespoke market studies and financial modelling across a range of sectors spanning construction, finance, power and water, oil and gas, and renewable energy. She has also worked at the Office of the Chief Economist at the Dubai International Financial Centre and at the San Francisco Center for Economic Development. Melanie has an MSc in International Strategy and Economics from the University of St Andrews and a bachelor’s degree in business administration.

  • 3:20pm
    Refreshment break

    Sponsored by:

  • 4:00pm
    How secure are your core transaction services providers?

    The biggest challenge in cybersecurity – and that is saying something – is third-party and supply chain security. It is hard enough for even a moderately sized company to secure its own technology, but evaluating and ensuring the security of connected third parties is another order of problem entirely. For treasury, the issue is particularly acute because, by definition, treasury is running real-time connectivity with multiple critical financial and information systems. And if global payment systems can be hacked (and they can), then why not their third-party Cloud TMS? Their multi-bank cash management portal? Their e-Commerce or payment platforms? Those PSD2-mandated APIs? Or that fintech start-up with whom they’re working? The larger banks have some of the most sophisticated and well-resourced security departments of any sector. In this session they explain the steps companies must take to ensure the security of mission critical connectivity.

  • 4:40pm
    The end of the KYC nightmare?

    The old joke is that Amazon knows your partner better than you do. Yet it highlights an old truth that plays to the strengths of this digital era: groups know more than individuals and sharing information vital to all is cheaper and more effective than individuals getting it themselves. The key is trust in the third-party aggregator and with KYC, SWIFT’s involvement broke the deadlock: banks agreed to share data. The resulting KYC registry, and adoption of the Wolfsberg Correspondent Banking Due Diligence Questionnaire, standardizing the due diligence conducted on correspondent banking, should have consigned bilateral due diligence between banks on their customers to history. But there was still the issue of the corporates. Not all were happy with the idea of their data being shared in this way and they did not have the ability to share data via the Registry to alleviate their own KYC and counterparty issues. In 2019, that will change: from Q4 2019, SWIFT will open its know your customer (KYC) platform to its 2,000 corporate customers. This will allow corporates to upload, maintain and share their KYC information with their banks. Is KYC finally solved? And what other issues can be solved in the same way?

    Gene Vayngrib

    Gene Vayngrib, CEO & Co-founder, Tradle, US

    Gene Vayngrib
    Gene Vayngrib Tradle, US CEO & Co-founder

    Gene Vayngrib, Tradle CEO & Co-founder is a software executive whose products run at 90% of Fortune 500 companies. Gene is applying his extensive distributed networks expertise from running his prior global supply chain management startup to a new blockchain-based industry utility, starting with the Know Your Customer (KYC) product that is uniquely designed for all sectors of banking and insurance. Tradle is KPMG award winner and a Fintech50 company.

    Sebastian Niemeyer

    Sebastian Niemeyer, Senior Market Manager Corporates & Supply Chain, SWIFT, Germany

    Sebastian Niemeyer
    Sebastian Niemeyer SWIFT, Germany Senior Market Manager Corporates & Supply Chain

    Sebastian is part of the team taking care of the Corporates for SWIFT global product offering. In 13 years with the company, he has held various positions from product management and sales roles to global account management responsibilities. Based on his wide experience in global banking services and the financial industry, he is currently leading the global community engagement in regards to The KYC Registry for Corporates solution as well as he is managing the partner framework that allows the integration of SWIFT Connectivity into various ERP- and TMS-applications.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Discovery Lab 1

From pilot to problem solved

It’s easy to be blinded by the explosion of new technologies and new solutions providers. But the critical issues are use-case and implementation: what specific problems do you have, how can you isolate the relevant technologies and providers? How can you move from there to a fully implemented solution? And what are the key issues to watch out for?

Sponsored by:

DBS

Daniel Blumen

Chair: Daniel Blumen, Partner, Treasury Alliance Group, US

Daniel Blumen
Daniel Blumen Treasury Alliance Group, US Partner

Daniel L. Blumen, CTP is a founding partner of Treasury Alliance Group where he leads consulting engagements dealing with working capital management, systems integration, liquidity and risk management and other global treasury issues. Prior to co-founding Treasury Alliance in 2002, he was Managing Director of Knowledge Management Applications, a firm he founded in 1998. Dan was with Bank of America in Chicago and Singapore, where he managed the ASEAN region of the Global Payment Services Group. He also worked for Citibank in Chicago and in London where he had pan-European management responsibility for cash management business development. He has worked with large multinationals and emerging international companies and shares his experience as an author and as a frequent speaker at cash management gatherings worldwide.

  • 2:00pm
    A real-time interaction with AI: a treasury case study

    Too many presentations on Artificial Intelligence and Machine Learning run through the basic concepts or pitch a black-box product without explaining the underlying algorithms and issues. But this will not be your usual AI/ML introduction. In this demonstration we will use open source resources from the Internet to show, hands-on, how financial professionals can deploy, from their humble desktop PC, machine learning for hedging optimization. We will show you how to use the software, what it can do and, importantly, what it cannot do. We also give a real-world explanation of how data-reliant these systems are and how the successful implementation of machine learning solutions depends on the data supplied to train the system.

    Todd Yoder

    Todd Yoder, Director of Global Corporate Treasury, Fluor Corporation, US

    Todd Yoder
    Todd Yoder Fluor Corporation, US Director of Global Corporate Treasury

    Todd W. Yoder serves as the Global Treasury Director at Fluor Corporation (NYSE: FLR); one of the world's largest engineering, procurement, fabrication, construction and maintenance (EPFCM) companies. For more than a century, Fluor has served Clients in the energy, chemicals, power, government, infrastructure, mining, and life sciences & advanced manufacturing sectors. Fluor ranks 153 on the 2018 FORTUNE 500 list, and employs a workforce of more than 53,000 worldwide. Mr. Yoder has been an invited guest speaker at venues around the world on topics including treasury technology, cash management, capital markets, supply chain financing and risk management, distributed ledger technology; and has been published by The Corporate Executive Board, the Association for Financial Professionals, Reuters and Treasury Today magazine. Mr. Yoder has an extensive background in corporate finance and holds three business degrees including his M.B.A. from the University of Notre Dame, graduating with academic honors. Mr. Yoder is passionate about eradicating hunger and serves on the North Texas Food Bank Board of Directors. Mr. Yoder is often praised for his down-to-earth communication style that effectively delivers complex financial and economic information in easy-to-understand terms.

  • 2:40pm
    How APIs resolve key treasury pain points

    Treasurers face an increasing tangle of technology across their banks, payment providers and B2B platforms. This, combined with time consuming, manual legacy internal processes, forces treasurers into the inefficient work-rounds and adaptations they use to try to solve their core pain points. The single most important issue is the need for accessible, timely and actionable data to inform everything from cashflow forecasting to strategic decision making. APIs claim to be one answer to improved connectivity and reporting flexibility, but how useful are they in a real-world treasury environment and how easy is it for treasurers to translate what they need into API-driven solutions? What are the most immediate use cases for APIs in treasury? And to what extent are banks and other third parties making it painless for corporates to exploit this technology? In this session we explore how APIs can be used to supplement both core and newer treasury activities.

    Somil Goyal

    Somil Goyal, COO, Adjoint, UK

    Somil Goyal
    Somil Goyal Adjoint, UK COO

    Somil Goyal is an experienced financial services executive with background in treasury, banking and technology. He is the COO of Adjoint, a leading provider of innovative technology product to multinational treasurers and risk managers. Adjoint was recently selected for Best Enterprise Process Control Technology in 2019. Somil has worked in leadership roles at Deutsche Bank, EY and Deloitte across the globe. He is also an advisor to supply chain and machine learning projects.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Treasury re-designed

    When the underlying business makes a significant strategic shift, it’s often a spur for central finance functions to evaluate and revise their operations. This treasury recognised a number of significant issues: outdated tools with situation-specific and unsustainable ‘fixes’; a lack of timely information; best process gaps; sub-optimal bank structures; and a lack of automation. The resulting manual workloads, transaction and maintenance costs and lack of proactive behaviours were an increasing drag. The solution was a redesign of all the treasury and payment processes including a change of core ERP system; the introduction of OBO and the implementation of extensive RPA. To ensure the revamped treasury was aligned with the evolving needs of the business, detailed high-level preparatory scoping was undertaken, revisiting internal service levels and all roles and responsibilities including interfaces. And the automation required extremely detailed analysis and definition of dozens or processes and sub-processes. Here the treasurer explains how the project was planned and executed and what benefits have already accrued.

    Tor Stian Kjøllesdal

    Tor Stian Kjøllesdal, Vice President Finance, CFO FIN Internal Treasury, Equinor, Norway

    Tor Stian Kjøllesdal
    Tor Stian Kjøllesdal Equinor, Norway Vice President Finance, CFO FIN Internal Treasury

    Tor Stian Kjøllesdal is Vice President Internal Treasury in Equinor responsible for subsidiary treasury, internal bank and cash management infrastructure. He started in Equinor in 2005 and have since 2008 held various management positions within cash management and treasury in the company. In 2014, he was appointed head of Cash Management and had that role until he became responsible for Internal Treasury in May 2017. Tor Stian holds a master’s degree in economics and business administration from Norwegian School of Economics (NHH).

  • 4:40pm
    How ABB centralised cash on a global level

    In a company-wide project called “Cash Applied Before Breakfast”, ABB – one of the leading international technology companies – optimised their cash application processing using intelligent automation. Key drivers for the project were to increase transparency of the company-wide cash and to reduce local costs with a solution that was fully embedded within the SAP landscape. The results included increased automation rates, in some countries from 40% to 90%, no more maintenance of excel spreadsheets for follow up of open items, no more printing of bank statements, receipts, postings, and reporting by push of a button.

    Neil Murdy

    Neil Murdy, Group AR Manager, ABB

    Neil Murdy
    Neil Murdy ABB Group AR Manager

    Neil Murray has been with ABB since 1989 and currently responsible for the group-wide Accounts Receivable, finance processes in order to cash and leads the SAS for IMA Region. Neil Murray is experienced in all aspects of controlling and finance for small to medium sized operations, project management and commercial aspects of project execution including claims and litigation management, implementation of several ERP projects, implementation of processs improvement projects and acquisition integration both in ABB and for Pfizer / Pharmacia in external assignments.

    Ulrich Rosenquist

    Ulrich Rosenquist, Senior Business Development Manager, Serrala, Denmark

    Ulrich Rosenquist
    Ulrich Rosenquist Serrala, Denmark Senior Business Development Manager

    Ulrich Rosenquist joined Serrala in 2018 as Senior Business Development Manager responsible for the Nordic. Prior to that Ulrich was first Sales Director in BELLIN and later Managing Director for BELLIN in the UK. Before that Ulrich was Regional General Manager at IT2 Treasury Solutions. Ulrich joined IT2 at the time when it was part of SimCorp. Ulrich has 20 years’ experience working for domestic and foreign banks both in Denmark and the US.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Discovery Lab 2

The payments revolution

Making sense of the payments revolution is hard. Understanding its impact on treasury is harder. The proliferation of payment channels and platforms is the most visible development, but APIs, real-time payments, requests to pay, open banking and other regulations are just as critical. This lab will help treasury keep up to date and equipped to make the right choices for the business.

Sponsored by:

BAML

Jonathan Williams

Chair: Jonathan Williams, Principal Consultant, Mk2 Consulting, UK

Jonathan Williams
Jonathan Williams Mk2 Consulting, UK Principal Consultant

Jonathan’s career has encompassed product roles in financial technology, telecoms and cybersecurity. Previously leading payments products at Experian, he is now an independent advisor at Mk2 Consulting focussing on payments, fraud prevention and identity management. He helped three start-ups (Virata, Content Technologies and Eiger Systems) to IPO/acquisition. He studied physics and computing at Cambridge University and is the co-author of the BSI code of practice for digital identification and strong customer authentication.

  • 2:00pm
    Understanding the payments ecosystem

    Much of the high-profile innovation in “payments” is in B2C and C2C connectivity. Even PSD2, which opens up bank data to third-party payment providers, is largely a retail-oriented development. For treasurers, the key is identifying the relevant technologies and evaluating their impact, good or bad, on treasury. So APIs, in the context of access to bank functionality, are potentially a route to improved efficiency and strategic advantage. But they, like real-time payments, also introduce new fraud and security issues. Request-to-pay will impact treasury and its counterparties. Blockchain and global ACH offer evolving alternatives to SWIFT gpi, itself a developing technology. And even B2C innovations may feed through into B2B practices. This session provides treasurers with an overview of the entire payments space and identifies developments with the greatest potential to affect treasury in the next 24 months.

  • 2:40pm
    Changing payments changes the business

    When changes in payment habits significantly alter payment counterparties or the timing or currency of cashflows, treasury needs to get involved. Businesses moving from an outright sale to a quasi-rental or subscription model may also find that customers want to pay via different channels too. What if clients begin to bypass traditional distributors and pay direct, and want different terms? These changes affect treasury not simply because they may require the company to plug into new payment channels, but also because they may fundamentally alter cashflow assumptions and so other key financials. This is one way in which understanding developments in consumer payments is important for treasury: consumer payments reflect behaviour and that can disrupt the business, whether or not treasury needs to understand every last detail of the latest platforms or wallets. This treasurer explains what they find relevant and what they leave in the in-tray.

    Christine Rovelli

    Christine Rovelli, VP Group Treasurer, Head of M&A, Finnair, Finland

    Christine Rovelli
    Christine Rovelli Finnair, Finland VP Group Treasurer, Head of M&A

    Christine is currently the Vice President and Group Treasurer of Finnair Oyj, the flag carrier of Finland. Christine has played a key role in the Company’s capital structure and strategy efforts, managing a team responsible for secured and unsecured financing in the bank and capital markets, liquidity management, cash management and payment systems, the Finnair pension fund, implementation of accounting standards such as IFRS 9 and 16, and the hedging of Finnair’s jet fuel, interest rate and currency exposures. Prior to joining Finnair in 2012, Christine worked in investment banking in London and New York, advising airlines, aircraft lessors, shipping companies, and logistics providers on M&A and capital markets transactions. Christine is based in Helsinki and has an MBA from the University of Chicago’s Booth School of Business with concentrations in Analytic Finance and Accounting, and a Bachelor’s degree from the University of Illinois at Urbana-Champaign.

  • 3:20pm
    Refreshment break
  • 4:00pm
    SWIFT gpi for corprates a reality

    Late in 2018, nine corporates supported by seven gpi banks successfully implemented the SWIFT gpi for Corporates (g4C) standard that enables corporates to initiate and track gpi payments, to and from multiple banks, directly from their ERP and treasury management systems. Corporates were already benefitting indirectly from SWIFT gpi. In addition to the over 270 financial institutions that have adopted them, more than 55 payment market infrastructures also utilise gpi payments and tracking. Overall, nearly 50% of SWIFT gpi payments are credited to end beneficiaries within 30 minutes, and almost 100% of payments within 24 hours. This already gives a huge number of corporates access – via their banks – to vastly improved cash visibility. The addition of g4C opens the way for a standardised interface for all corporates and their banks, removing the need for each treasury to adapt its systems differently depending on the bank it is working with. This treasurer explains how SWIFT gpi has transformed the real-time tracking of payments, reconciliation, and fee transparency and given them a single window to their multi-bank information.

    Eddy Jacqmotte

    Eddy Jacqmotte, Manager Cash & Bank, Head of Back Office Administration, Borealis, Belgium

    Eddy Jacqmotte
    Eddy Jacqmotte Borealis, Belgium Manager Cash & Bank, Head of Back Office Administration

    Sophie Legrand

    Sophie Legrand, Transaction Services Director, Air Liquide, France

    Sophie Legrand
    Sophie Legrand Air Liquide, France Transaction Services Director

    Sophie started working in Treasury at XRT-Cerg Finance, a software editor. She joined Air Liquide in 2001 and Treasury Department in 2007, holding several positions in Cash Management, IT and Treasury Projects. After 4 years in a Home Healthcare subsidiary of the Group, Sophie came back to Treasury Department and is now responsible for Middle Office, Working Capital, Cash Management / Back Office and IT.

    Philippe Penichou

    Philippe Penichou, Head of the Payment & Cash Management International Network, Societe Generale, France

    Philippe Penichou
    Philippe Penichou Societe Generale, France Head of the Payment & Cash Management International Network

    Since 2017, Philippe has been Head of Payments and Cash Management International network at Société Générale. His team provides expertise in Transaction Banking and supports large corporates in 40 countries. Philippe began his career at BNP Paribas in Guinea (Africa) as Head of IT then in Paris as a Product Manager for a Core Banking System deployed in 8 countries. In 2000 he decided to embrace a Sales career in Global Transaction Banking covering Large Corporate segment first at Citi then at HSBC France. In 2007 he took over a Sales Head position at JP Morgan covering the French and Belgium markets. Three years later he moved to London as Head of Sales Western Europe for Financial Institutions expending his role in 2012 both regionally and functionally as EMEA Head for Financial Institutions and Non-Bank Financial Institutions. In 2015 Philippe joined Société Générale Group as Cash Management Sales Supervisor for Central and Eastern Europe.

    Marc Delbaere

    Marc Delbaere, Head of Corporates and Trade, SWIFT, Belgium

    Marc Delbaere
    Marc Delbaere SWIFT, Belgium Head of Corporates and Trade

    Marc Delbaere is Head of Corporates and Supply Chain markets at SWIFT. Previously, Marc was Head of MyStandards at SWIFT, a role in which he imagined, initiated, launched and grew MyStandards into the central financial services industry platform for standards management and customer onboarding. Marc joined SWIFT in 2008 as Head of Standards Strategy and Architecture from IBM where he worked for 13 years. While at IBM, he was in charge of the IBM Industry Models portfolio, an intellectual property offering at the crossroads of business and IT. Marc studied Business Engineering at Solvay Business School and received a post graduate degree in Actuarial Sciences – stochastic finance from the Université Libre de Bruxelles (ULB).

  • 4:40pm
    We want real time payments, don’t we?

    Until recently, the conventional wisdom was that treasurers wanted realtime payment tracking but not real-time payments. It makes sense. One is about visibility. The other brings little benefit to the payer, but potentially creates significant downside: delaying payment for working capital reasons gets harder if customers know they can be paid immediately. And in an era of rising cybercrime, fraudulent real-time payments are harder to stop than traditional multi-day transactions. However, most payers are also receivers. So the benefits of RTP accrue to them too. The information flows that come with RTP may further offset any downsides. The most recent surveys show that a majority now believe that RTP would improve cash flow and deliver the instant funds availability and certainty they want. Treasurers also now see a link between RTP and extracting the full benefits of other payments innovations.

    Christopher Van Woeart

    Christopher Van Woeart, Head of Treasury, Stripe, US

    Christopher Van Woeart
    Christopher Van Woeart Stripe, US Head of Treasury

    Christopher Van Woeart is Head of Treasury at Stripe, the innovative technology platform at the forefront of expanding internet commerce. Before joining Stripe in 2016, he was Head of Platform Balance at peer-to- peer lending company Lending Club. Prior to that, he spent many years at Goldman Sachs, including five years as Vice President, Corporate Treasury, where he was responsible for firm-wide liquidity management, liquidity stress testing, regulatory relations and compliance, and prime brokerage risk management.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Discovery Lab 3

Working capital and supply chain rebooted

Supply chain finance is finally becoming treasury-friendly. The transition from paper to electronic invoicing, the development of a distributed network of buyers and suppliers and the availability of a deep pool of transactional data is transforming the process. Add in blockchain, platforms for national and international trade receivables in a true sale, and AI, and the future looks even better.

Sponsored by:

Taulia

Bart Ras

Chair: Bart Ras, MD, Greensill Capital, UK

Bart Ras
Bart Ras Greensill Capital, UK MD

Bart is Managing Director at Greensill Capital and has over 20 years of experience in Treasury, Corporate Finance, Purchasing, Supply Chain, Structured Trade Finance and Working Capital Solutions. Previously, Bart was Global Head Business Development for HSBC Global Trade and Receivable Finance, before he headed Supply Chain Finance for Europe, Middle East & Africa at Citibank. Prior to banking Bart was at the corporate side, at Philips he held various positions including Global Head of Treasury Risk consultancy and CFO of Philips Supply Chain and Purchasing.

  • 2:00pm
    Still a trillion euros on the table: why?

    A recent report on global working capital management concluded that if all the companies in the study were to improve their working capital efficiency to the level of the next performance quartile, this would represent a cash release of €1.3 trillion – enough to boost their capital investment by 55% – without needing to access additional funding or put their cash flows under pressure. At the same time, cash conversion is getting harder and the cost of cash looks likely to rise. So the incentive to improve working capital practices, to unlock cash from the entire conversion cycle and to exploit the latest innovations in supply chain finance is big and getting bigger. So far, so old. So what is getting in the way? Are internal stakeholders still the issue? Is it too hard to choose or implement new solutions? Is supplier onboarding still too difficult? Or are accounting rules the problem? In this session, see how the opportunity to improve WCM and relieve stress on cashflows and debt facilities is simply too good to miss.

    Cedric Bru

    Cedric Bru, CEO, Taulia, US

    Cedric Bru
    Cedric Bru Taulia, US CEO

    Cedric Bru is President and CEO of Taulia, the Fintech company revolutionizing cash flows and supplier financing. He has more than 20 years of experience and a proven executive management track in financial services and technology companies like Visa and Hewlett-Packard. Cedric holds an MBA from UC Berkeley Haas School of Business. In addition to his dedication to his career, Cedric is passionate about his family, art, and a good game of rugby or tennis.

    Razvan Coarca

    Razvan Coarca, Director Vendor Finance, Liberty Global, UK

    Razvan Coarca
    Razvan Coarca Liberty Global, UK Director Vendor Finance

    Fernando Díaz

    Fernando Díaz, MD, Head of Payment Services & Supply Chain Finance, BBVA. Spain

    Fernando Díaz
    Fernando Díaz BBVA. Spain MD, Head of Payment Services & Supply Chain Finance

    Fernando Díaz currently heads the Global Supply Chain Finance team at BBVA. He has over 15 years' experience in banking. He previously held Product Development positions in the Cash Management and Working Capital areas, and in corporate functions in BBVA Group. He graduated in Telecommunications Engineering and completed his studies with postgraduate training. He began his professional career as a consultant at Arthur Andersen. He also worked at Adquira (B2B Marketplace) holding positions in Business Development.

  • 2:40pm
    Dynamic discounting: the challenges & benefits

    This company wanted to be in control of WC while protecting their supply chain. When treasury started looking for solutions it was soon clear that large suppliers could be easily catered for. The long tail was of no interest to most financial institutions. The company organised a tender and decided to go for a dynamic discounting solution that would allow them to use their working capital. However, dynamic discounting can work against free cash flow targets. It was important to be able to partner with banks and easily switch to SCF if necessary. Building the right team, setting up the interfaces, determining how the money would flow and how to communicate were key issues to the project´s success. Join this session to hear about the challenges and benefits of implementing dynamic discounting.

    Teresa Kelleher

    Teresa Kelleher, Interim Head of Business Services, Musgrave, Ireland

    Teresa Kelleher
    Teresa Kelleher Musgrave, Ireland Interim Head of Business Services

    Teresa Kelleher is Interim Head of Business Services at Musgrave and has worked in Treasury and Finance roles for over 20 years. Musgrave is Ireland’s leading food retail and wholesale company with turnover of €3.9 bn. Teresa joined Musgrave in 2008 as Group Treasury Manager before moving to Head of Business Services (Interim) at the end of 2017. She began her career in Treasury when she joined the Apple EMEA Treasury Operations Team in 2002 having previously worked with Lucent Technologies from 1998 as a Team Lead in their EMEA Finance SSC start up. During her time in Musgrave she has delivered many initiatives relating to SEPA rollout, Supplier Finance, Working Capital Management and Payment Acceptance Partnerships. She has held responsibility for Treasury Operations, FX, Bank connectivity, Compliance, Debt Management and in her current role oversees E2E Payments, Supplier Finance, Cash Management and Balance Sheet Reconciliation.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Choosing the right SCF solution

    The rapid development of different SCF models is good for the market but creates new headaches for treasurers. With global multi-bank platforms vying with established non-bank providers and newer fintechs, and choices to be made over how to incorporate existing e-invoicing and other legacy technology with SCF programmes, increased choice means more complex evaluation and decision-making for treasurers. Can they persuade their banks to work with fintechs they may see as competitors? What is the best way to get cash to suppliers as fast as possible? How does blockchain change the SCF marketplace? So what are the key criteria for treasurers in choosing a modern SCF solution stack? In this session, this treasury outlines their path to significant and sustainable improvements in the cash cycle, the obstacles they overcame and the results of their work.

  • 4:40pm
    The SCF bake-off

    The supply chain finance solution marketplace is bubbling with innovation from both incumbent banks, established platforms and newer fintech players. But what do all these providers offer? Are there specific offerings for particular industries or sizes of company? Is the profusion of new solutions likely to coalesce into a few SCF ‘supermarkets’, or will a variety of specialized providers prosper? This session will showcase solutions and their providers. It will allow treasurers to evaluate the pros and cons of each, identify potential partners and to ask critical question: how do the new solutions work with their current systems? Are they scalable? What are the risks of working with a smaller fintech versus an established bank or larger platform?

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Discovery Lab 4

Finance 360: a holistic view

According to Gartner, 80% of heritage financial firms will go out of business or become so commoditised that they only exist in a nominal sense. True or not, the revolution in banking is real and implies significant change for not only retail customers, but now finally corporate clients. In this Lab we look at the key developments and how corporate treasuries and finance functions will have to change to cope.

Sponsored by:

Mastercard

Birgita Gjirja

Chair: Birgita Gjirja, Director, Zanders, UK

Birgita Gjirja
Birgita Gjirja Zanders, UK Director

  • 2:00pm
    Tearing up the treasury roadmap

    Traditionally, corporate treasury and central finance have (rightly) been cautious adopters of novelty. By its nature, it is a conservative function and has focussed on incremental improvements in efficiency and visibility. But technology trends in financial services are likely to transform that sector so rapidly and profoundly that treasury will need a new operating paradigm. Non-traditional providers, automation and artificial intelligence, the rising importance of sustainability and the new rules of digital business deriving from the power of platforms and networks will create a new landscape in financial services with which treasurers will be unfamiliar. Who will be their core relationship providers in this new environment? How do they choose new partners and what are the new risks they face? How will concepts of local and global play out in a fully digital age? In this session, key players reveal a future for financial services and what that might look like.

    Frances Hinden

    Frances Hinden, Vice President Treasury Operations, Shell, UK

    Frances Hinden
    Frances Hinden Shell, UK Vice President Treasury Operations

    Frances Hinden is VP, Treasury Operations for Shell and is responsible for liquidity and foreign exchange, cash management, banking arrangements, risk management, insurance, treasury policies and treasury advice across the Shell Group. A mathematician by training, Frances joined Shell in London as an IT graduate recruit in 1994. She has since worked across a variety of IT and finance roles including financial modelling, management information, strategy & planning, and Pensions. She joined Treasury in 2006 and moved to her current role in 2014. In her spare time Frances plays bridge to international standard and enjoys skiing, classical music and hill walking. Frances is also currently vice-chair of the Bank of England Risk Free Rates Working Group. She has an MSc in mathematics from Cambridge University is a Fellow of the Association of Corporate Treasurers.

    Ireti Samuel-Ogbu

    Ireti Samuel-Ogbu, EMEA Head Payments & Receivables, Treasury and Trade Solutions, Citi, UK

    Ireti Samuel-Ogbu
    Ireti Samuel-Ogbu Citi, UK EMEA Head Payments & Receivables, Treasury and Trade Solutions

    Ireti Samuel-Ogbu is Managing Director, EMEA Payments and Receivables Head with Citibank’s Treasury and Trade solutions division. She’s based in London with responsibility for the P&L,Product development and Solutions utilized by Financial institutions, Corporates and Public sector customers.Ireti has been with Citi for 30 years, holding various roles in London, Nigeria and South Africa which span Relationship Management with Global Subsidiaries Group and the Public Sector Banking Team, Corporate Finance and as Transaction Services Head for two of the largest markets in Africa.Ireti is a champion for Diversity initiatives having cofounded the Sapphire Leadership Programme for women in Africa and the Momentum Programme in the UK. She serves as a Non- Executive Director of Citi Nigeria and a UK based charity Opportunity International. She was also listed in the 2017 Innovate Finance Women in FinTech Powerlist.

  • 2:40pm
    From smart silos to smarter networks

    Most of the time, when a department focuses on efficiency gains, it turns inward. It looks in excruciating detail at its own processes and systems, wringing out every last drop of performance and shaving off every last excess cost. The silo has become a finely tuned pool of real expertise, but it is disconnected. At some point, this process can go no further and companies must look for efficiencies through better collaboration across departments. Many treasuries are at this point. So in this session we bring together the CFO, treasurer and head of procurement from the same company to describe the leaps in efficiency they have identified through collaboration. They also reveal how digitalisation and market disruption compels once siloed divisions to build networked solutions to key problems and how they see having to work in the future as a team.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Pick’n’mix treasury: why platforms will be king

    The fundamental transformation of financial services looks likely to be the transition from discrete providers, selling their own products exclusively on a bilateral basis, to platforms or ‘ecosystems’ plugged into the wider provider marketplace and offering access to a menu of products and solutions provided by networks of firms similar to the way in which, for example, airline alliances operate. These networks free providers from having to build every component of a service internally from scratch and they give customers much more transparent access to a wider range of customisable solutions. This collaborative vision of finance goes beyond the API revolution to a world in which providers from the worlds of software, Cloud provision, banking and payments collaborate to eliminate the fragmentation and lack of connectivity that has dogged developments such as procure-to-pay, supply chain finance and attempts to simplify KYC/AML. This initiative is one example of how treasury will benefit from these developments.

    Carlos Menendez

    Carlos Menendez, President Enterprise Partnerships, Mastercard, UK

    Carlos Menendez
    Carlos Menendez Mastercard, UK President Enterprise Partnerships

    Carlos J. Menendez is president, Enterprise Partnerships. In this role, he is responsible for driving enterprise-wide partnership strategy and innovation in new industries, helping Mastercard to use its technology and data insights in new ways for a host of diverse retail, business and government partners. He is a member of the company’s management committee and also serves as the global relationship lead for HSBC and Western Union. Carlos joined Mastercard in 2010 and was, most recently, executive vice president of global credit and debit product management, focused on developing a competitive differentiation globally while deploying solutions at the local market level. Prior to joining Mastercard, he held a number of positions at Citigroup over a 14-year period, including chief operating officer for Western Europe. Prior to Citigroup, Carlos worked in brand management with Procter & Gamble and with a law office in Washington D.C. He holds a Bachelor of Arts in Economics from Harvard University, a Master of Arts in International Studies from the University of Pennsylvania, and a Master of Business Administration from The Wharton School.

  • 4:40pm
    Insights in innovation

    A key driver of the disruption to traditional financial services and operations is the continued emergence of new fintech firms with new products and services. These continue to attract increasing levels of funding and span the entire spectrum of financial services from capital markets and trading to payments processing, from payroll to wealth management and from general lending to digital banking itself. But with literally hundreds of fintechs having received $100 million or more in funding, how can companies keep tabs on the likely winners and losers? And who should they be choosing as partners in their own drives towards digitalisation? In this session four of the most interesting fintech companies demo their product and explain how they are disrupting traditional areas of treasury. This is your chance to put them to the test and grill them in real time.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Complex Markets

It can be hard enough working out the best way to organise tax, finance and treasury in transparent, developed markets, especially in today’s volatile political environment. But step outside that relatively small group of nations and things become a lot more interesting. Yet it is outside that group that much of the world lives and does business. And that is where tomorrow’s profits will be found. This session looks at how to operate in the most important of countries and regions.

Patrick Peters-Bühler

Chair: Patrick Peters-Bühler, Senior EuroFinance Tutor, US

Patrick Peters-Bühler
Patrick Peters-Bühler US Senior EuroFinance Tutor

Patrick Peters-Bühler has been a General Manager, CFO, Banker and Corporate Treasurer with positions in 8 countries. He is currently Board Member and Non-Executive Director at several companies, among others in the food and agriculture industry, the service industry and with Fintech companies. He has worked in North and South America for the past 27 years and is currently based in France. He is a Senior EuroFinance Tutor and has chaired many international conferences.

  • 2:00pm
    The ins and outs of sanctions

    With the escalation in global trade and other tensions, the imposition of sanctions is becoming an ever more common political weapon. This increase in their use though creates serious problems for businesses and their treasuries. Not only can companies suddenly find themselves with operations in a sanctioned country, they can find that banking relationships or financing structures have become illegal overnight. They can find that they or their specific products have been banned in a particular jurisdiction. This creates tax and treasury chaos. Is this an unhedgeable risk? And what can treasury do to pick up the pieces if it happens?

    Pat Thaker

    Pat Thaker, Regional Director Middle East & Africa, Economist Intelligence Unit, London

    Pat Thaker
    Pat Thaker Economist Intelligence Unit, London Regional Director Middle East & Africa

    Since 2000, Pratibha Thaker has directed the Economist Intelligence Unit’s (EIU) Middle East and Sub-Saharan Africa team, which publishes regular country reports and forecasts on macroeconomic, business and political conditions. Working with a substantial pool of external contributors and an internal team of regional and country specialists, she provides the intellectual leadership necessary to ensure the EIU forecasts for the Middle East and African economies are among the most accurate and insightful available to international decision makers. She is responsible for ensuring that the forecasts and analysis for the Middle East and African economies are closely integrated with the EIU’s global macroeconomic outlook.

    Alexander Kovtun

    Alexander Kovtun, Trader on Finance Markets, GAZPROM NEFT PJSC, Russia

    Alexander Kovtun
    Alexander Kovtun GAZPROM NEFT PJSC, Russia Trader on Finance Markets

  • 2:40pm
    Brazil

    The World Bank-affiliated Doing Business project ranks Brazil 109th in the world for ease of doing business behind such places as Kosovo, Bhutan and Papua New Guinea. For the world’s ninth largest economy, that is a problem, as is its position at 110th in Transparency International’s perception of corruption index. How the newly-elected government will deal with these issues remains to be seen, but for companies operating there, or dealing with Brazilian counterparties, the country remains a challenge. What are the key problems and how have other MNCs overcome them?

    Mark Keller

    Mark Keller, Analyst, Latin America and Caribbean, Economist Intelligence Unit, UK

    Mark Keller
    Mark Keller Economist Intelligence Unit, UK Analyst, Latin America and Caribbean

    Mark Keller is the lead analyst for Mexico, Venezuela, Cuba and Suriname in The Economist Intelligence Unit's Latin America team. In this role he is responsible for covering politics and economics as well as sovereign and operational risks. He is a leading analyst within the Latin America team, and works with a wide network of regional contributors. Mark has briefed corporate, government and financial clients on regional and global risks to Latin America as well as presented The Economist Intelligence Unit's global outlook. He is a frequent participant in relevant conferences on the region and also frequently provides commentary and analysis to international media in English and Spanish. He also presented commentary on The EIU's flagship Democracy Index product, for which he has been regional lead for three years. Prior to joining The EIU in 2015, Mark worked at the Latin Trade Group in Miami, where he reported on Latin American business and economics through written articles and the compilation of benchmarking rankings and indices. He was also a frequent moderator at the company's conferences, which brought together leading business and political leaders from Latin America and the Caribbean. Mark will complete a graduate diploma in economics from Birkbeck College, University of London in 2019. In addition he holds an MSc in Latin American Studies from University of Oxford, St Antony's College where his research focused on the politics, economics and international relations of Latin America. He also holds a BA in European history from Columbia University in New York.

    David Franco

    David Franco, LatAm Macro Strategy for Europe, Santander, UK

    David Franco
    David Franco Santander, UK LatAm Macro Strategy for Europe

    David Franco is Santander Chief Latam Strategist for Europe where he is responsible for the macro coverage and trade recommendations covering 6 countries. Before moving to London in 2017, he worked as Mexico Chief Economist for Santander since 2013. David also served as Chief Economist for Mexico at ING Bank and BBVA Bank and has 19 year experience within the Treasury teams focusing on fixed income and FX markets. David started his career in JPMorgan in 2000 as junior economist for 7 years including a 1 year financial markets course in NY. David holds a BS in economics and earned a MD in economics.

  • 3:20pm
    Refreshment break
  • 4:00pm
    India

    A recent survey of large Indian corporates revealed that they viewed regulatory policies as the biggest risk to their companies over the next three years, above factors such as cyber security and disruptive technology. What holds for the C-suite also holds for treasury. So what is the latest regulatory update? What should treasury be watching out for? Is India’s enthusiastic adoption of digitalisation making things easier?

    Rohit Khatri

    Rohit Khatri, MD & Head - MNCs India, J.P. Morgan Chase Bank, India

    Rohit Khatri
    Rohit Khatri J.P. Morgan Chase Bank, India MD & Head - MNCs India

    Rohit Khatri heads the Global Corporate Bank business in India for JP Morgan’ Multi-National clients, based in Mumbai. As part of his overall responsibility, Rohit heads a team of Relationship Managers across Mumbai, Delhi, Bangalore and Chennai. Rohit is also a member of the India Management Committee, the ALCO, the India Credit Committee and the Corporate Social Responsibility (CSR) committee for JP Morgan Chase NA, India branch. Rohit joined JP Morgan India in December 2017. Prior to that, he has spent 15 years in another global bank. He began his career in Treasury Services, leading the cash management and trade sales effort across both MNC and large local corporate clients in India. For the past 9 years, Rohit has been part of a corporate banking team (both as a relationship manager and as the team lead) focusing on Multi-National clients for their India business, across a gamut of products that include cash management, trade, foreign exchange, capital markets and funding alternatives. Rohit is a Chartered Accountant and holds a MBA degree in Finance from Mumbai University. He has also completed the CertICM from ACT, U.K. He is married with a set of twins, a girl and a boy, both aged 9.

    Johan Larsson

    Johan Larsson, Senior Cash Manager, Volvo Car Corporation, Sweden

    Johan Larsson
    Johan Larsson Volvo Car Corporation, Sweden Senior Cash Manager

    Johan works as Senior Cash Manager at Group Treasury, Volvo Car Group, Sweden. His main responsibility is managing the Group’s payment and collection infrastructure, In-house Bank and cash pool setups globally. He joined Volvo Cars in 2010 and has a broad finance background in controlling and accounting.

  • 4:40pm
    Argentina

    A new IMF plan, following the failure of the previous one, is working better than expected. But with elections this year, the potential return of Cristina Fernández de Kirchner, and long-term economic stability uncertain, Argentina is still high risk. It is also high on lists of countries perceived as corrupt and hard to do business in. So how do treasurers manage working capital, sales financing and FX risk management here?

    Mark Keller

    Mark Keller, Analyst, Latin America and Caribbean, Economist Intelligence Unit, UK

    Mark Keller
    Mark Keller Economist Intelligence Unit, UK Analyst, Latin America and Caribbean

    Mark Keller is the lead analyst for Mexico, Venezuela, Cuba and Suriname in The Economist Intelligence Unit's Latin America team. In this role he is responsible for covering politics and economics as well as sovereign and operational risks. He is a leading analyst within the Latin America team, and works with a wide network of regional contributors. Mark has briefed corporate, government and financial clients on regional and global risks to Latin America as well as presented The Economist Intelligence Unit's global outlook. He is a frequent participant in relevant conferences on the region and also frequently provides commentary and analysis to international media in English and Spanish. He also presented commentary on The EIU's flagship Democracy Index product, for which he has been regional lead for three years. Prior to joining The EIU in 2015, Mark worked at the Latin Trade Group in Miami, where he reported on Latin American business and economics through written articles and the compilation of benchmarking rankings and indices. He was also a frequent moderator at the company's conferences, which brought together leading business and political leaders from Latin America and the Caribbean. Mark will complete a graduate diploma in economics from Birkbeck College, University of London in 2019. In addition he holds an MSc in Latin American Studies from University of Oxford, St Antony's College where his research focused on the politics, economics and international relations of Latin America. He also holds a BA in European history from Columbia University in New York.

  • 5:20pm
    Adjourn to the Treasury Networking Reception

Regulation Series

Regulation has overtaken cybersecurity and other operational risks as a risk management priority for many boards. In this series, held on the exhibition floor, drop in and catch up with concentrated 15-minute summaries of the key developments.

  • 2:00pm
    Unlearning Libor

    The issues with existing outstandings and renegotiating longer-dated debt are becoming clearer; but the death of Libor is throwing up more and more issues in funding and interest-rate risk management. What should treasurers be doing now to prepare and what subtleties might you have missed?

    Pepijn Sigtermans

    Pepijn Sigtermans, Group Treasury COO, ING Bank, Netherlands

    Pepijn Sigtermans
    Pepijn Sigtermans ING Bank, Netherlands Group Treasury COO

    Pepijn was appointed as Group Treasury COO in 2018, responsible for the continuous improvement of Group Treasury’s global operations. The COO function encompasses a wide spectrum of activities including: driving transformation in terms of both business processes and IT infrastructure, control over nonfinancial and compliance risks, resource management in terms of people and budget, staying ahead of innovation and the related potential impacts to ING’s balance sheet, and global communications and other executive services. Next to his COO responsibilities, Pepijn was appointed program executive of the global IBOR transition program in ING. Prior to his current role, Pepijn gained extensive experience in liquidity and money markets. He was last responsible for the bank’s liquidity and funding profile, taking into account the regulatory framework and ING’s risk appetite. He managed the regulatory liquidity position and the structural funding gap of ING Bank at consolidated and local business unit levels. In addition, Pepijn has held other treasury roles including Money Market Trader and Euro Commercial Paper Trading & Sales.

  • 2:20pm
    Get your global tax update here

    It takes a significant in-house resource and a network of local lawyers to keep up with the pace of global tax tinkering. What are the key treasury takeaways from current initiatives and what issues are starting to appear on the horizon?

  • 4:00pm
    Bamboozled by Brexit?

    Treasurers uncertain about the effects of Brexit are in good company. This is an example of a problem that can only be handled reactively, at least until some form of baseline has been established. One strategy is to look at best and worst case scenarios. So what might those look like?

  • 4:20pm
    Dealing with a new money market fund landscape

    On 21 January 2O19, compliance with the European Union’s Money Market Fund Reform became mandatory for the whole European money market fund industry. But from the treasury perspective how much has really changed and what is the day-to-day effect on treasury liquidity management?

Plenary

Resilience through collaboration

Many of the problems companies face are shared and are too hard or expensive to be solved by everyone individually. It makes sense for sectors or industry as a whole to come up with solutions for problems that do not involve competitive advantage, like cybersecurity. So where can collaboration work and what can it achieve?

David Blair

Chair: David Blair, MD, Acarate, Singapore

David Blair
David Blair Acarate, Singapore MD

David Blair puts his 25 years of treasury and management experience to work for a broad range of clients through Acarate in Singapore. After starting his career with Price Waterhouse, David went on to set up international treasury operations for ABB and Nokia. David became Group Treasurer at Nokia, and subsequently Vice President of Treasury at Huawei.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

Robert Novaria
Robert Novaria Treasury Alliance Group, US EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 8:00am
    Registration and exhibition opens
  • 9:00am
    Chairs' introduction
  • 9:20am
    Getting the regulators together

    One of the most expensive and complicated issues faced by any corporates is fragmented and contradictory global regulation. Whether you look at banking, data privacy, taxation, health and safety, consumer protection – regulators rarely act in concert and frequently use their powers to skew local or regional planning fields. A recent survey estimated that in financial services alone differences in financial regulations across the world are costing businesses $780 billion a year. Given treasury’s critical role in financing, hedging, investor relations and regulatory compliance, any regulatory harmonisation would bring immediate relief and it appears that, slowly, the regulators are coming to the same point of view. So how can the banks, and treasurers, work with the regulators to ease the expense and burden of compliance? And what are the regulators doing to try to help? In this session key regulators from Europe, the US and Asia will explain their initiatives on collaboration and how treasurers can help them do more.

  • 10:00am
    Collaboration beats competition, or does it? Winners and losers in the banking world

    One sector in which collaboration has been hailed as the way forward is financial services. Where fintechs were once seen as the agile disrupters and cherry-pickers threatening banks’ profitable businesses, now they are viewed as partners who can help banks accelerate innovation and incorporate cutting-edge technologies, such as blockchain and AI. But collaboration is proving hard: large, slow-moving organisations struggle to interact effectively with nimble, unconstrained start-ups. Approval processes and regulatory issues get in the way. But often so does a lack of clear strategic goals or even a tactical roadmap. In some cases it seems fintechs see even one large bank client as their route to cashing out. So who is really winning and who is losing here? Is collaboration working and if so for whom? And how does this complex ecosystem affect how treasury interacts with its suppliers of financial products and services? This tell-all session will show you which banks are winning the innovation war.

    Alberto Corvo

    Alberto Corvo, Partner, Head of Motive Labs, Motive Partners, US

    Alberto Corvo
    Alberto Corvo Motive Partners, US Partner, Head of Motive Labs

    Alberto has been in the Financial Technology sector for over 20 years, managing and growing businesses ranging from startups to multi-million dollar publicly traded divisions. Most recently, Alberto was a Partner in the Advisory division of PwC, leading the Capital Markets Technology and Managed Services practices, where he partnered with clients and a range of global financial institutions. Previously, Alberto was the Global Head of Financial Services for eClerx, then the only publicly traded knowledge process outsourcing company in India, resulting in an 11-times growth in the stock price, a substantial expansion of capabilities and eClerx being named “#1 BPO in Financial Services”. Alberto began his career at FICS in Belgium, where he developed the first commercially successful technology suite for Internet Banking, leading up to its sale. Subsequently, he worked as an investment banker at Lehman Brothers before joining Murex, where he expanded the firm into a buy-side powerhouse, serving clients including some of the world’s top hedge funds, asset managers and insurance companies. Alberto holds a MSc. in Electrical Engineering from Politecnico di Milano, an MBA from the Yale School of Management, is fluent in 4 languages and has worked, lived and led businesses in North America, Europe and Asia.

  • 10:30am
    Refreshment break

    Sponsored by:

  • 11:10am
    What if Libra works?

    As Bitcoin moved briefly into the mainstream, a handful of companies leapt to accept it and then, mostly, stopped. Scandals involving crypto-currency exchanges, ICOs and individual tokens, as well as the volatility of even the more established ‘currencies’ rendered them sub-optimal for performing the function of a true medium of exchange. Libra looks different. It is hard currency-backed. It is supported by a growing band of serious players in payments. It has a well-defined governance structure. And it has almost 3 billion potential users from the get-go. There are issues, yes, but what if it works? How would the widespread adoption of Libra affect corporates and their treasuries? What if a significant chunk of your customers and suppliers insist on paying or being paid in the new currency? What are the risks? What are the benefits? What are the day-to-day practical issues? The BIS has just said its launch may force central banks to issue their own digital currencies. What would this mean? In this session we look at the possibilities.

    Simon Taylor

    Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK

    Simon Taylor
    Simon Taylor 11:FS, UK Co-Founder, Director of Blockchain

    Simon is co-Founder and Blockchain Lead at 11:FS, he is one of the most recognised thought leaders on Blockchain and DLT. Previously at Barclays, he established the bank as one of the leaders in blockchain thought and action, Simon also serves as an advisor to central banks and governments, in addition to consulting the top 20 banks on blockchain. He's helped a variety of startups flourish through the Barclays Accelerator. He also co-hosts Fintech Insider, #1 business podcast on iTunes, listened to in over 152 countries and Blockchain Insider a brand new podcast launched in July.

  • 11:40am
    The collaboration culture in action: the future of financial services

    PSD2, APIs, the shift to mobile, the payment revolution, fintechs – the list of banking sector disruptors is not a short one. It is easy to dismiss many of the key developments as retail, not corporate, but that is an increasingly outdated approach. Treasurers’ commercial bank partners are digitalising their relationship management function: with better data and automation does the RM function improve the client/bank relationship or is it an opportunity for banks to winnow their least profitable relationships? If more banking functions are automated, or intermediated via APIs, what changes must treasurers make to be able to work with those functions? In investment banking, digital is transforming IPOs, M&A and the sales and trading function across assets. All of these changes have implications for key treasury tasks. The revolution in payment channels and platforms is increasingly a B2B issue. How should treasury be responding? And treasurers need a fintech strategy too: do they work with new service providers directly, or with banks collaborating with those new arrivals? What are the risks and rewards of early engagement? In this session, experts from the worlds of banking, payment and fintech answer your questions.

    Simon Taylor

    Simon Taylor, Co-Founder, Director of Blockchain, 11:FS, UK

    Simon Taylor
    Simon Taylor 11:FS, UK Co-Founder, Director of Blockchain

    Simon is co-Founder and Blockchain Lead at 11:FS, he is one of the most recognised thought leaders on Blockchain and DLT. Previously at Barclays, he established the bank as one of the leaders in blockchain thought and action, Simon also serves as an advisor to central banks and governments, in addition to consulting the top 20 banks on blockchain. He's helped a variety of startups flourish through the Barclays Accelerator. He also co-hosts Fintech Insider, #1 business podcast on iTunes, listened to in over 152 countries and Blockchain Insider a brand new podcast launched in July.

    Ann Cairns

    Ann Cairns, Executive Vice Chairman, Mastercard, UK

    Ann Cairns
    Ann Cairns Mastercard, UK Executive Vice Chairman

    In her role as Vice Chairman, Ann represents Mastercard around the world, focusing on inclusion, diversity and innovation. She plays the important role of senior ambassador and executive leader with a global remit and sits as part of the company’s global management committee. She is passionate about the role Mastercard can play in delivering inclusion through innovation and continues to build new global partnerships with governments, businesses and NGOs. Prior to this appointment, Ann was President of International Markets responsible for the management of all customer-related activities in over 200 countries around the world. In this role she focused on building sustainable, strong growth rates across both mature and emerging markets. She has led the company’s expansion into new and diverse geographies and opened up new customer segments; embracing the continued evolution to digital while driving an increased focus on safety, security and convenience. Ann brings more than 20 years’ experience working in senior management positions across Europe and the U.S., where she ran global retail, commercial and investment banking operations. Prior to joining Mastercard in August 2011, Ann was head of the Financial Services Group with Alvarez & Marsal in London, where she led the European team managing Lehman Brothers Holdings International through the Chapter 11 process. In addition she helped restructure banks across Europe including Ireland & Iceland. Ann has also held senior positions within many global organisations, including a tenure as CEO of Transaction Banking at ABN-AMRO, and 15 years in senior operational positions at Citigroup. Ann is currently the Chair of ICE Clear Europe, one of the world’s leading clearing houses. She has previously held board positions with ICE, AstraZeneca and Charitybank as well as chairing the ABN foundation. She has a Pure Mathematics degree and honorary doctorate from Sheffield University and a M.Sc. with research into medical statistics and honorary doctorate from Newcastle University. An early career as an award-winning research engineer, culminated in the role as the Head of Offshore Engineer-Planning for British Gas where Ann was the first woman qualified to go offshore in Britain.

    Pierre Fersztand

    Pierre Fersztand, Global Head of Cash Management, Trade & Payments, BNP Paribas, France

    Pierre Fersztand
    Pierre Fersztand BNP Paribas, France Global Head of Cash Management, Trade & Payments

    From 1989 until 1993, Pierre Fersztand held several positions in the Civil Service. He was subsequently appointed Prefect Adviser in the Ile de France Region, and then as Deputy Director at the cabinet of the Minister of Sports of France. In 1998, Pierre joined BNP Paribas where he was responsible for the creation of innovative products, services and solutions. He was then appointed as a General Manager of Interbank society (SEME and then BMS) to launch the electronic purse “Moneo” in 1999." Since July 2005 Pierre Fersztand is Global Head of Cash Management for the BNP Paribas Group. In 2017 Pierre Fersztand is appointed Global Head of Trade Finance in addition to his existing responsibilities as Global head of Cash Management and Payments.

    Naveed Sultan

    Naveed Sultan, Global Head of Treasury and Trade Solutions, Citi, UK

    Naveed Sultan
    Naveed Sultan Citi, UK Global Head of Treasury and Trade Solutions

    Naveed Sultan is Global Head of Treasury and Trade Solutions in Citi’s Institutional Clients Group and is responsible for managing Treasury and Trade Solutions globally. This multi-billion dollar business (2018 rev $9.2bn) is one of the largest global businesses within Citi’s Institutional Clients Group encompassing integrated working capital solutions serving public sector clients, corporates and financial institutions and has a client base that includes over 80% of the Fortune 500 global companies, 700+ public sector clients, ~1,400 banks, ~1,600 asset managers and 600+ insurance companies in over 120 countries. Mr Sultan is a member of the Operating Committee of the Institutional Clients Group. He chairs the Global Innovation Council for Treasury and Trade Solutions with direct responsibility for our Innovation Centres in Dublin and Singapore. Mr Sultan is currently serving as the Chair of the Advisory Board at Imperial College’s Centre for Finance & Technology. He has previously served as the elected chair on the Transaction Banking Global Leaders Group of BAFT and served on the boards of Citibank Europe plc, Citibank A.S.,Turkey, LCH.Clearnet and Smart London Board; an advisory board to the Mayor of London. He led the development of Digital Money Index, Digital Money Symposium and the Centre of Global Finance and Technology with the Imperial College. These are cutting edge and market leading initiatives. Mr Sultan has a broad and diverse experience in corporate banking, transaction banking, operations and technology. Mr Sultan holds an M.S. in Management from M.I.T’s Sloan School of Management as well as an M.B.A. from the Institute of Business Administration, Lahore.

  • 12:40pm
    Lunch

Stream 1

How to improve your treasury core strength

Resilience is a function of its foundations. If the business is to thrive in a chaotic global environment, core treasury strategy and operations must be solid. Today this also means that treasury has adopted the key digital tools necessary to provide the business with the intelligence it needs to compete. At the heart of all this is cash: collecting it, distributing it, managing it and understanding its every move.

David Blair

Chair: David Blair, MD, Acarate, Singapore

David Blair
David Blair Acarate, Singapore MD

David Blair puts his 25 years of treasury and management experience to work for a broad range of clients through Acarate in Singapore. After starting his career with Price Waterhouse, David went on to set up international treasury operations for ABB and Nokia. David became Group Treasurer at Nokia, and subsequently Vice President of Treasury at Huawei.

  • 2:00pm
    Achieving the cash management 360

    Most companies will admit to deficiencies in their group level cash visibility and reporting, particularly those who have grown by expanding abroad. Cash can hide in manual processes, sub-optimal bank account management and fragmented technology. And without visibility, treasurers cannot control, mobilise or forecast group cash, with knock-on effects in managing foreign exchange risk, making investment decisions, and ensuring efficient funding. The ‘easy’ answer is technology, but many treasurers find that allegedly off-the-shelf solutions can require so much customisation that they risk buying the complexity and expense they are trying to avoid. This treasury reached that point and stopped. Using widely available online tools, in two months, the team built a new dashboard from scratch without coding a single line. This gave the firm almost complete daily cash balance visibility. Another few months of development created a suite of additional tools. The treasurer explains how here.

    Bruce Edlund

    Bruce Edlund, Senior Director, Assistant Treasurer, Citrix, US

    Bruce Edlund
    Bruce Edlund Citrix, US Senior Director, Assistant Treasurer

    Bruce Edlund is Senior Director, Assistant Treasurer at Citrix Systems, Inc. based in Fort Lauderdale, Florida. Mr. Edlund manages a global team of four who are responsible for cash and liquidity management, investments, cash flow and balance sheet hedging, bank relationships and recently stock buyback. Mr. Edlund has over 14 years of treasury experience as Assistant Treasurer at DIRECTV Latin America, Senior Corporate Treasury Manager at Citrix, Director of Global Cash Management at Walmart Stores, Inc. and returning to Citrix two years ago. His experience in very different-sized companies in different industries has given Mr. Edlund a wealth of experience into different ways of tackling treasury’s challenges. Prior to corporate treasury, Mr. Edlund worked for five years in investment banking in Latin America, primarily at Bank of America. Mr. Edlund has a MBA from Thunderbird School of Global Management where he maintains ties and has been a regular guest judge for their FORAD finance competition. He also has B.A. degrees in Economics and French from California State University, Sacramento. After studying, living and working in France, Switzerland and Belgium, Mr. Edlund is fluent in French. With his work in Latin America along with living in South Florida for 13 years, he is conversant in Spanish.

    Robert Zavertnik

    Robert Zavertnik, Senior Treasury Analyst, Citrix, US

    Robert Zavertnik
    Robert Zavertnik Citrix, US Senior Treasury Analyst

    Rob Zavertnik is the Senior Treasury Analyst for Citrix Systems. He has been with Citrix for 5 years and joined their treasury team 2 years ago through their Financial Leadership Development Program. He supports Citrix’s cash management operations, investments, foreign currency hedging, capital markets financing, and stock buyback programs. He has taken an active role in designing and creating better treasury reporting for the team. Rob holds a B.S. in Economics and M.A. in International Business from the University of Florida. He has passed all three CFA exams and will apply for the CFA charter in 2020.

  • 2:40pm
    Taking banking in-house with new technology

    Once described as the ultimate achievement in treasury centralisation, in-house banks have, like so much else, been simplified by technology. Better TMS and ERP modules allow easier creation of workable internal current account structures that can provide the core intercompany banking services that generate most of the efficiencies. External providers now also provide in-house banking and netting solutions that can link with existing cash pooling and intra-group receivables and payables clearing set-ups, in-house or in the cloud. And these solutions put the IHB within reach of a far wider range of companies. That said, the big obstacles as ever are regulatory. Replacing bank accounts with inter-company current accounts and executing payments and collections on behalf of operating companies can rub up against exchange controls and restrictions on payment netting and inter-company lending.

    Simon Karregat

    Simon Karregat, Group Treasurer, Fugro, NL

    Simon Karregat
    Simon Karregat Fugro, NL Group Treasurer

  • 3:20pm
    Refreshment break
  • 4:00pm
    A balanced approach to bank rationalisation: the treasury deep clean

    In uncertain times you never know when you may need a friend. Managing internal and external relationships is a strategic task, not a mundane cost-cutting exercise. So while optimising bank relationships and bank accounts, and achieving bank-independent connectivity via third-party platforms increases visibility, and reduces risk and costs, treasury must be careful to remain a valued customer of its key stakeholders. Hear how to manage your internal stakeholders from local subsidiaries, regional SSC’s, IT, tax and legal teams, as well as your external stakeholders such as banks whilst implementing an ambitious cash management framework to replace banking, transition payment processing, implement cash pooling and liquidity structures in 36 countries all within a year. In this session hear where the quick wins were, how they overcame the challenges and find out if the project increased productivity.

    Joanna Bonnett

    Joanna Bonnett, Group Treasurer, Page Group, UK

    Joanna Bonnett
    Joanna Bonnett Page Group, UK Group Treasurer

    Joanna Bonnett, commenced as Group Treasurer of PageGroup plc in March 2017. PageGroup is a world-leading specialist recruitment consultancy with four decades of expertise. It has more than 8,000 employees across 36 countries. As Group Treasurer she has broad responsibility for all aspects of treasury, including cash management, FX risk management, debt and working capital facilities, bank relationship management and insurance. In addition, she is co-head of investor relations and is the senior sponsor for the Women@Page programme. Prior to joining PageGroup Joanna worked across a range of sectors from engineering and manufacturing to running the Group Treasury function at the Australian Department of Defence. She has extensive experience in global cash and liquidity management, debt and risk management.

  • 4:40pm
    Money market funds: changing use for treasurers?

    By the end of 2018 corporate treasurers had upwards of €200 billion invested in European short-term money market funds. The long process of legislative reform is finally over. Investment in money market funds continues to grow. For many treasurers, money market funds offer a secure and flexible home for their short term cash. Why are money market funds an increasingly important tool to employ alongside bank deposits and other short term instruments? How has the legislative process changed treasurers’ use of money market funds and what are the post-reform risks that you should consider discussing with your treasury committee? This session covers these issues, presenting also data that sets the European reforms in a global context.

    Veronica Iommi

    Veronica Iommi, Secretary General, IMMFA

    Veronica Iommi
    Veronica Iommi IMMFA Secretary General

    Veronica Iommi was appointed Secretary General of IMMFA in August 2019. Veronica joined IMMFA from BNY Mellon where she was European Bank General Counsel and EMEA Head of Public Policy at BNY Mellon. In these roles, Veronica was responsible for coordinating BNY Mellon’s Continental Legal heads and leading regulatory advocacy engagement across Europe Middle East and Africa. Prior to that, Veronica was at LCH.Clearnet SA in Paris where she was General Counsel and for many years at Credit Suisse, where she performed several roles, including Head of Legal and Compliance for their French and Monaco operations, EMEA Legislative Developments Counsel and Head of the Structured Products Group. She also spent five years at Goldman Sachs as a lawyer in their Investment Banking Division and commenced her career at Clifford Chance where she qualified as a solicitor into their International Capital Markets Department. Veronica has legal and regulatory expertise in investment banking, asset management, private banking, custody and clearing house activities. Veronica has worked and lived across Europe and speaks several European languages, including French, Spanish and Italian. She is on the Roll of Solicitors for England and Wales and for the Republic of Ireland.

  • 5:20pm
    Adjourn to day 3

Stream 2

Should treasury...?

Many of the core questions in treasury remain open because the answers depend so much on context and the individual company. But all companies face a core set of commonalities, from the economy to new regulations and technology. This stream uses case studies from your peers to illustrate some best practice approaches to near universal problems.

Chris Robinson

Chair: Chris Robinson, Senior EuroFinance Tutor, TransactionBanking.com

Chris Robinson
Chris Robinson TransactionBanking.com Senior EuroFinance Tutor

Chris has over 30 years’ experience in the payments business, working in treasury, cash management, transaction services, trade, e-commerce and card acquiring. He has worked in senior roles for Citibank and Bank of America and founded the treasury workstation company, IT/2. In 2003 he set up TransactionBanking.com, a treasury and payments best practice training and consulting business, working with large multinational corporations and financial institutions around the world. He has a broad depth of experience in the trends and development of payments and treasury across many regions and countries.

  • 2:00pm
    Should treasury investigate virtual accounts?

    The benefits claimed by those promoting virtual accounts do not seem to have been clear enough to encourage widespread adoption. Even in mid-2018 the ACT felt the benefits were “unclear” and additional confusion surrounded the different, sometimes inflexible, bank offerings, the AML and other regulatory implications and the knock-on problems caused to the on-behalf-of structures that often use VAs. Some of these issues may now be being resolved by the introduction of Virtual Account Management (VAM) platforms. These third-party applications make the operation of internal and self-managed banking structures much easier by providing real visibility and analytics across any number of pooled bank accounts that have been virtualised. So have the benefits of virtual accounts become clearer? Is implementation now straightforward? Have the regulatory hurdles been cleared? And what kind of treasury operations stand to benefit most from the adoption of virtual accounts and why?

    Petra Rosenauer

    Petra Rosenauer, EMEA Treasurer, Flex, Austria

    Petra Rosenauer
    Petra Rosenauer Flex, Austria EMEA Treasurer

    Petra Rosenauer is EMEA Treasurer for Flex (NASDAQ: FLEX), the Sketch-to-Scale®; solutions provider that designs and builds intelligent products globally. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes across industries and markets. Petra leads the Corporate Treasury group in EMEA, responsible for Banking, Corporate cash and liquidity management, Debt, Investments and M&A activities. Prior to her current position, Petra served as Treasury Director at Flex. She joined Flex in 2006 in the position of Corporate Treasury Manager. Before joining Flex, Petra worked in Finance at Western Union, managing the financial forecast process. Petra Rosenauer holds a Master’s degree in Economics from the Vienna University of Economics and Business.

    John Halpin

    John Halpin, EMEA Treasury Analyst, Doosan Bobcat, Ireland

    John Halpin
    John Halpin Doosan Bobcat, Ireland EMEA Treasury Analyst

    Peter Robinson

    Peter Robinson, Head of Client Banking, Punter Southall Group, UK

    Peter Robinson
    Peter Robinson Punter Southall Group, UK Head of Client Banking

  • 3:20pm
    Refreshment break
  • 4:00pm
    Should treasury revisit cross-border payments?

    As treasurers get used to cheap, real-time payments in domestic markets, the focus has returned to the costs, speed and risks in international payments. Here the challenge is to take advantage of the rapid digital transformation of the sector without committing irrevocably to technologies or platforms that may disappear. As well as the high-profile offerings such as Swift GPI, Ripple and Earthport (bought by VISA), there are initiatives from Mastercard and Western Union, as well as a stream of open APIs and other DLT-related projects such as the Interbank Information Network (IIN) which has already attracted 176 banks. In this case study we meet a treasurer determined to revamp their crossborder payments infrastructure and processes. What do they make of all these new possibilities? What problems did they face and how did they ultimately solve them?

    Hans Grundstrom

    Hans Grundstrom, Treasury Manager, Getinge, Ireland

    Hans Grundstrom
    Hans Grundstrom Getinge, Ireland Treasury Manager

  • 4:40pm
    Should treasury change its FX strategy?

    The recent uptick in trade tensions has been reflected in FX market volatility and many corporates seem to have been caught out – given the profit warnings in the US and Europe. These were accompanied by a renewed commitment to allocate more resources to mitigating FX risk but suggested a fundamental failing: in times of low volatility, companies allow hedge ratios to decline and when it returns they suddenly increase them. This reactive approach causes spikes in effectiveness and means that firms buy protection when it is most expensive. So is it time to raise those ratios again on an ad hoc basis? Or is it time for a better more holistic approach that goes beyond volatility? Treasurers still struggle to build the full picture of exposures needed to create and execute an appropriate hedging strategy. So how can they analyse all their currency exposures – not just individual currency pairs – and create a complete view of risk? And how can technology and automation be used to build more systematic and less discretionary hedging programmes based on that picture?

    Ramón Tolk

    Ramón Tolk, Senior Director Treasury, Avery Dennison, Netherlands

    Ramón Tolk
    Ramón Tolk Avery Dennison, Netherlands Senior Director Treasury

    Ramón is leading the EMEA Treasury team for Avery Dennison, an US multinational company operating in over 50 countries. Avery Dennison is a global manufacturer and distributor of pressure-sensitive adhesive materials, apparel branding labels and tags, RFID inlays, and specialty medical products. In his role, has led multiple transformational initiatives, including Working Capital Optimization, setting-up Bank Relationship Management, implementing a FX hedging approach based on Value at Risk with the aim to save on hedging cost, tender processes for both Global Cash Management and a Treasury Management System and optimization of the intercompany capital structure. Prior to joining Avery Dennison, Ramón has held multiple roles at corporates in the area of Treasury and Financial Reporting as well as Treasury consultant and external auditor with a Big 4. Ramón holds a master degree in business economics and is a Chartered Accountant.

  • 5:20pm
    Adjourn to day 3

Stream 3

Technology transformations

Treasurers are becoming technology buyers and advisors. As their own roles become more dependent on tech and data, and their bank and other service providers become technology vendors, treasurers are increasingly arbiters in decisions on upgrading and replacing technology.
So how do they keep up to date with the latest innovations? And how do they work with the tangle of IT functions typically found inside large MNCs?

Adrian Rodgers

Chair: Adrian Rodgers, Senior EuroFinance Tutor, ARC Solutions, UK

Adrian Rodgers
Adrian Rodgers ARC Solutions, UK Senior EuroFinance Tutor

After qualifying as a Chartered Accountant, Adrian spent a number of years with IBM, in a variety of treasury and sales roles. Adrian was also part of the implementation team which created IBM International Financial Services, the European centralised treasury operation based in Dublin. Adrian then joined the newly created cash management consultancy team of Chase Manhattan Bank, with a brief to help create cash management solutions which matched the needs of customers’ underlying businesses and technology infrastructures. As a Director at PricewaterhouseCoopers, he specialised in managing change in the finance function, including re-engineering of corporate treasury. His current company is an independent consultancy providing advisory, design and implementation services to corporates and banks, on a variety of change-related issues within the finance function. Services include strategy development, process design, bank and vendor selection and project management. Clients include major corporations with a strong international focus.

  • 2:00pm
    Achieving a digital baseline

    For all the talk of blockchain, RPA and AI, for most treasurers simply getting rid of spreadsheets and any remaining manual processes is a key objective. From there, an end-to-end inbound and outbound payments ecosystem and real-time visibility over cashflows and bank accounts is another huge step. Full accounts receivable digitalisation would be nice, as would an efficient document digitalisation and storage solution. And if all of this could be secure against fraud and cyber-threats, so much the better. Simply achieving all of this cost effectively and without having to tear out core legacy systems and disrupt treasury and the business over a multi-year project is a treasury nirvana. So how can treasury best combine its old technology with the new solutions? Are hybrid cloud solutions that have a deep connection with the core ERP system the best answer? And how can treasury quantify the business benefits of investing in these new systems?

    Li Cheng

    Li Cheng, TMS Chief Architect, Alibaba, China

    Li Cheng
    Li Cheng Alibaba, China TMS Chief Architect

    Claire Thompson

    Claire Thompson, Executive Vice President, Mastercard, UK

    Claire Thompson
    Claire Thompson Mastercard, UK Executive Vice President

    Claire is EVP, Enterprise Partnerships responsible for global B2B Trade, which includes Mastercard Track, a global Trade platform designed to simplify how companies around the world do business with one another. Claire has 20 years of financial services experience working within Transaction Banking across Europe and Asia. Prior to joining Mastercard, Claire held roles at Standard Chartered Bank, RBS and ABN AMRO. Claire is passionate about building diverse and inclusive teams and believes that this is one of the key ingredients to achieving business success. She is a qualified accountant and has a Bachelor of Science in Business Studies.

  • 2:40pm
    Reducing complexity to increase capability at Google

    One of the most significant impediments to change inside large organisations is complexity. From digitalisation to cyber-security to central finance, the legacy dependencies, one-off fixes and other products of haphazard evolution create a tangle that eventually has to be tackled. This global digital MNC, driven by an underlying business transformation event, wanted to build a foundation on a scalable platform that could serve all of the business’ needs and greatly simplify the system landscape. Specific objectives included running their hedge management via an industry-standard ERP system and increasing the automation of hedge accounting and cash forecasting activities. In this presentation they will talk about their transformation journey; how they simplified the architecture of a crowded system landscape; how they worked with key suppliers to co-innovate solutions; and how automation was a key part of the process. Hear about their approach to financial transformation and the lessons they learned.

    Shaun Hazen

    Shaun Hazen, Principal, Financial Risk & Strategy, Google, US

    Shaun Hazen
    Shaun Hazen Google, US Principal, Financial Risk & Strategy

    Shaun has over 11 years of experience in Treasury, Corporate Finance and Audit. Shaun supports hedging and risk management strategies as part of Google’s treasury team. More recently, he lead the SAP Treasury transformation of FX and Risk management, including the co-innovation efforts with SAP. Prior to working in Treasury, Shaun was based out of Lausanne, Switzerland where he supported commodity risk management for a major coffee retailer. Shaun has his MBA from the University of Michigan and is a C.F.A. charterholder.

    Sid Sanghvi

    Sid Sanghvi, Lead Engineering Program Manager, Finance Transformation, Google, US

    Sid Sanghvi
    Sid Sanghvi Google, US Lead Engineering Program Manager, Finance Transformation

    Sid has over 25 years of experience architecting and delivering large complex SAP Finance Transformation projects across various industries. He is the Engineering Program Management Lead for SAP Finance Transformation project at Google and most recently led Google’s SAP Treasury implementation on S/4 HANA which included the SAP’s first implementation of the new Hedge Accounting and Hedge Management that was jointly co-developed via close partnership between SAP and Google.

    Christian Mnich

    Christian Mnich, VP, Head of Solution Management, Treasury & Working Capital Management, SAP, Germany

    Christian Mnich
    Christian Mnich SAP, Germany VP, Head of Solution Management, Treasury & Working Capital Management

    Christian is working in Finance Solution Management at SAP SE, based out of Walldorf, Germany. In this role he is responsible for solution strategy and go-to market for the entire Treasury and Working Capital Management portfolio from SAP. The portfolio includes topics around payments and bank communications, Cash, Receivables and Working Capital Management as well as Treasury and Risk Management. Christian joined SAP in 2004 as a Product Manager for EPR Financials and had responsibility for the topics Payments, Cash Management and Bank connectivity. Furthermore, he was in charge of developments around global payment formats such as ISO20022 and Single Euro Payments Area (SEPA). Christian is a regular speaker at international treasury conferences and author of articles in specialist publications on a variety of treasury related topics. Before joining SAP, Christian was working as an Consultant for IDS Scheer and Bosch. He holds a diploma in business computing and computer science from the university of applied sciences in Berlin.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Making treasury better – with robots

    Will robots replace us or make our lives better by helping us do the things we don’t like doing or are bad at? In treasury, the answer so far is cause for some cautious optimism. In this session meet a treasurer who started out sceptical of the hype around RPA but ended up converted. Though many treasuries may appear to lack the scale required to benefit from automation, this case study shows how RPA can cut processing times, reduce errors, improve cash forecasting and the efficiency of cash pooling, and improve visibility where companies run multiple ERPs and legacy systems. If it sounds too good to be true, these benefits do not come for free. The system may work long after your team has gone home, but putting it in place requires detailed and meticulous planning and implementation. How did this treasurer get it done and what are the conclusions?

    Séverine Le Blévennec

    Séverine Le Blévennec, Senior Director Treasury, EMEA, Honeywell, Belgium

    Séverine Le Blévennec
    Séverine Le Blévennec Honeywell, Belgium Senior Director Treasury, EMEA

    As Honeywell Senior Director Treasury in charge of the EMEA region, Séverine Le Blévennec supports over 460 affiliates in 55 countries. She is also Honeywell global lead for Treasury Technology. Since she joined the company in ’06 she has been running its in-house bank and managing projects in the fields of cash management, cash investments, EU regulations compliance & lobbying, tax planning and M&A. Her kaizen spirit and strong appetite for technology has led her to steer Honeywell Treasury transformation and digitalization- including using RPA. Previously, she worked 7 years at GMAC European Treasury Centre where she was involved in all aspects of liability management. She has been honoured by numerous international awards but her biggest pride is her two boys.

  • 4:40pm
    Evolution in the TMS ecosystem

    Improving the functionality and performance of existing TMSs is a core treasury objective. Yes, replacement is an option, but at a time of economic uncertainty, the expense and disruption are hard to justify. So what does a sensible TMS strategy look like? What is the tipping point at which companies should move to a higher-end system? What are the true pros and cons of on-premises versus Cloud? How can the reporting capabilities of TMS databases be improved and linked to enterprise data lakes? What happens when vendors discontinue support for key platforms? And what is the case for waiting – will new third-party companies and technologies render traditional TMS models obsolete before they need to be upgraded? In this session, our panel of vendors give real examples of their latest innovations.

    Carsten Jaekel

    Carsten Jaekel, Partner, Head of Global Treasury Services GSA, EY, Germany

    Carsten Jaekel
    Carsten Jaekel EY, Germany Partner, Head of Global Treasury Services GSA

    Carsten Jaekel is heading EY Global Treasury Services in the GSA Region. He has more than 20 years of professional experience within the finance and treasury space, thereof 7 years at Mannesmann AG in Germany and Latin America where he has held various senior management positions. A consultant on Corporate Treasury for the last 17 years, his primary focus is on the current and future development of the treasury function from both a strategic and organizational perspective including the underlying IT.

    Bob Stark

    Bob Stark, VP Strategy, Kyriba, Canada

    Bob Stark
    Bob Stark Kyriba, Canada VP Strategy

    Bob has 18 years’ experience in treasury technology, working for many of the best known technology providers in the industry. As VP of Strategy at Kyriba, Bob is responsible for global product strategy and market development, and works with clients, partners, and industry influencers to ensure Kyriba is at the forefront of treasury technology. Bob has provided treasury management strategy to some of the world’s largest companies, and is a frequent speaker and author on treasury, risk management, and the cloud.

    Christian Mnich

    Christian Mnich, VP, Head of Solution Management, Treasury & Working Capital Management, SAP, Germany

    Christian Mnich
    Christian Mnich SAP, Germany VP, Head of Solution Management, Treasury & Working Capital Management

    Christian is working in Finance Solution Management at SAP SE, based out of Walldorf, Germany. In this role he is responsible for solution strategy and go-to market for the entire Treasury and Working Capital Management portfolio from SAP. The portfolio includes topics around payments and bank communications, Cash, Receivables and Working Capital Management as well as Treasury and Risk Management. Christian joined SAP in 2004 as a Product Manager for EPR Financials and had responsibility for the topics Payments, Cash Management and Bank connectivity. Furthermore, he was in charge of developments around global payment formats such as ISO20022 and Single Euro Payments Area (SEPA). Christian is a regular speaker at international treasury conferences and author of articles in specialist publications on a variety of treasury related topics. Before joining SAP, Christian was working as an Consultant for IDS Scheer and Bosch. He holds a diploma in business computing and computer science from the university of applied sciences in Berlin.

    Joerg Wiemer

    Joerg Wiemer, CEO, Treasury Intelligence Solutions GmbH, Germany

    Joerg Wiemer
    Joerg Wiemer Treasury Intelligence Solutions GmbH, Germany CEO

    Joerg Wiemer, MBA, is co-founder and CEO of TIS. Joerg draws on more than 20 years of experience in the treasury and corporate finance area, with his most recent previous appointment being Senior Vice President and Head of Global Treasury at SAP SE, where he and his team were responsible for international treasury management.

    Wolfgang Kalthoff

    Wolfgang Kalthoff, CTO, BELLIN, Germany

    Wolfgang Kalthoff
    Wolfgang Kalthoff BELLIN, Germany CTO

    Wolfgang Kalthoff is the Chief Technology Officer (CTO) and Managing Director at BELLIN and is responsible for BELLIN’s products, covering product management and strategy, software development, deployment and operations. Prior to BELLIN, Wolfgang has been building and leading international teams in his past positions at Sophos, TIS and SAP. He has focused on product architecture, agile methodologies and information security; especially for SaaS products. Wolfgang has a Ph.D. in Physics and holds an executive MBA from the Mannheim Business School.

  • 5:20pm
    Adjourn to day 3

Stream 4

Collaboration is key to resilience

The simplistic idea that silos are bad and networks are good is being replaced by the understanding that silos are necessary concentrations of expertise and that networks are only as good as the information flows within them. Increasingly, collaboration – the practical outcome of those flows – is a critical driver of efficiency, innovation and resilience. This collection of case studies demonstrate how treasury’s partnership with key business units and functions benefits the business and turns treasurers into strategic business consultants.

Damien Glendinning

Chair: Damien Glendinning, Principal, Treasury Matters, France

Damien Glendinning
Damien Glendinning Treasury Matters, France Principal

After 21 years with IBM, Mr. Glendinning joined Lenovo in 2005 as Group Treasurer, based in Singapore, following the acquisition of IBM’s personal computer business. He held that position until his retirement in 2018. Mr. Glendinning is an FCCA and has a degree in French and Italian from Oxford University. He was president of the Association of Corporate Treasurers (Singapore) from 2010 to 2018, and is currently chairman of the advisory board of ComplexCountries, and principal of Treasury Matters.

  • 2:00pm
    Procurement and treasury together

    Despite claims to the contrary, anyone who has had to deal with the procurement department of a large company knows that they can be inflexible in the extreme, imposing one-size-fits all contract terms on the entire supply chain, from small parts suppliers to advertising agencies and often seemingly brought in right at the end of a complex business relationship simply to ask for another 15% discount. Dealing with AP can feel like an entirely different company, with the department focusing on POs and process, not cost or value. And most customers will never encounter treasury, since it is concerned with internal measures of cash efficiency (not the granular details of the payments process; not the importance of supplier relationships and not the appropriateness of procurement contracts or negotiating tactics). The benefits of knitting these processes together are huge, but rare. In this case study a treasurer explains how they brought these key departments together and why.

  • 2:40pm
    How to be an effective treasury organization and team

    In order for treasury to be effective, deliver value to stakeholders and contribute to the growth of the business it needs a clearly defined mission. In this case study Intel will talk about how it developed a mission focused on adding value to shareholders and business partners, and creating a “happy workplace” that promotes high impact performance, innovative thinking, and continuous learning and development. It will talk about how treasury must align with the wider company culture, in this instance, being customer obsessed, fearless and acting as one team. This session will give practical examples of the transactions, processes and steps along the way that evidence the success of such a strategy.

    Ravi Jacob

    Ravi Jacob, Corporate Vice President & Treasurer, Intel Corporation, US

    Ravi Jacob
    Ravi Jacob Intel Corporation, US Corporate Vice President & Treasurer

    Ravi Jacob is corporate vice president and treasurer of Intel Corporation. He was named treasurer in April 2005. In this role he manages Intel’s cash and investments, capital markets activity, currency and other financial risks, credit and collections, retirement assets and risk and insurance. Prior to his appointment as treasurer, Ravi was Vice President, Finance and Asst. Treasurer, M&A. For seven years he led a worldwide team of approximately 50 treasury professionals responsible for structuring and executing Intel Capital’s acquisitions, divestitures and strategic investment transactions. Ravi has held several management positions within Intel’s treasury organization. From 1994-1998 he worked as assistant treasurer, Europe. Based in Paris, he was responsible for Intel’s credit, foreign exchange, investments and financing activities in Europe. In prior roles he managed the company’s retirement investments portfolio and the overseas cash management activities. Ravi received Intel Achievement Awards, Intel’s highest recognition for individual and team achievement, in 2003 and 2004 for innovative and creative transactions that generated over $600 million in cash benefits for Intel. Ravi joined Intel in 1984. He holds a master’s degree in business administration from UCLA.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Every treasury angle has a tax twist: a discussion on the latest tax developments around a real life treasury set-up

    Treasury collaboration with the tax team is hardly new. After all, almost everything treasury does has a tax implication and tax efficiency is a critical component of treasury operations. The fundamentals of international tax are changing as we speak by unseen internationally coordinated efforts.   At the same time, tax authorities are using a myriad of rules and principles to protect or take their part of the tax cake. On top of all this, new rules are on the horizon where corporates will have to pay taxes in countries where they don’t even have any presence!

    With a real life case as the common theme, we will show how the latest developments in tax law and practice affect treasury organisations: the use and misuse of the “substance” concept, the significant changes to all international tax treaties via the “multilateral instrument”, tax transparency measures like under EU DAC 6 Directive, and the misconception by tax authorities that cash pools are often used for tax planning purposes.   We will also discuss topics that should enable the treasurer to anticipate future tax changes: at a global level, new rules are currently being crafted so corporates may have to pay corporate income taxes where their clients are, even in absence of any local activity. Finally, the end of LIBOR may have unexpected tax consequences meriting a discussion today between the tax and treasury teams.

    David Ledure

    David Ledure, Partner, PwC, Belgium

    David Ledure
    David Ledure PwC, Belgium Partner

    David combines more than 20 years of tax experience with a passion for treasury and financing, and is part of PwC's global Financial Transactions TP steering committee. On a daily basis, he assists groups on the strategic aspects related to their overall transfer pricing models, their financing set-up and the related policy aspects. He also carries-out economic analyses covering all aspects of financing and assists groups in the execution of all aspects of their intercompany treasury. His wealth of experience enables him to connect the dots between the treasury and the tax world.

    Graham Robinson

    Graham Robinson, Partner, PwC, UK

    Graham Robinson
    Graham Robinson PwC, UK Partner

    Graham is an international tax partner based in London. He leads PwC’s treasury tax network in the UK, and works extensively with multinational companies on the tax treatment of their financing and treasury functions, and other associated international tax matters, in particular the recent changes in the global tax environment.

  • 5:20pm
    Adjourn to day 3

Stream 5

How to be a business growth story

It’s easy to focus on today’s political and economic downsides, but there are always bright spots – countries, sectors, strategies – in which companies can find rapid growth. This stream is about treasury in growth mode and the challenges that come with rapid expansion. These case studies detail common obstacles faced when growing and how treasury can make a big difference.

Christof Nelischer

Chair: Christof Nelischer, EuroFinance Tutor, UK

Christof Nelischer
Christof Nelischer UK EuroFinance Tutor

Christof Nelischer is Global Group Treasurer at Willis Towers Watson plc based in London, having been appointed following the merger of Towers Watson and Wills Group in early 2016. In his role, Christof leads treasury as well as the insurance function. He joined Willis Group in 2010. Earlier positions include Head of Treasury at Fiberweb plc, leading corporate treasury as well as risk management, Group Treasury Manager at Novar plc, where he re-engineered the treasury function, and European Treasurer at Kellogg’s, having set up the European Treasury Centre. Christof holds a dual degree in European Finance and Accounting, and an MBA from Manchester Business School. He qualified with the Association of Corporate Treasurers. Willis Towers Watson plc was the joint winner of TMI’s 2017 Corporate Finance and Funding Award under Christof's leadership. He is currently transitioning out of his role.

  • 2:00pm
    Strategic M&A: The treasury challenge

    M&A, and especially cross-border M&A, is getting more complicated. Corporate leverage levels are high and although headline coupons are at record lows, corporate bond yields are rising. Treasury has less room to maneuver but more work to do as the mix of instruments being used to finance deals is becoming more complex as bank lending continues to lose market share to other types of institutional funding. And many deals now are undertaken to acquire next generation technology, or digital capabilities and assets – making integration more difficult and critical. Add these factors to the already uncertain mix of political and economic issues driving interest rate and FX volatility, and the increasing issues around sanctions and dealing with particular entities and regimes, and you have the perfect M&A storm for the finance function. So how are treasurers adapting their M&A processes to this environment? What are the changes in markets and deals that have the most impact on treasury? And is treasury becoming a more or less important strategic element of deal-making?

    Ferdinand Jahnel

    Ferdinand Jahnel, VP Treasurer, Marsh & McLennan Companies, US

    Ferdinand Jahnel
    Ferdinand Jahnel Marsh & McLennan Companies, US VP Treasurer

    Ferdinand Jahnel has been Vice President, Treasurer, for Marsh & McLennan Companies in New York, NY, since April 2015. In this role, Ferdinand is responsible for Global Cash Management, Credit and Capital Markets activities, and Global Pensions. He also oversees the Company’s relationships with its global financial partners, banks, and rating agencies. Prior to that Ferdinand served as Vice President, Corporate Treasurer, for Henry Schein, Inc., in Melville, NY from 2008 to 2015. He was also Assistant Treasurer at CA Technologies, Inc., International Treasurer at Steelcase, Inc., and worked in various Corporate Finance positions for the MAN Group in Europe and the U.S. Ferdinand earned his M.B.A. from the University of Chicago Booth School of Business, and a Diploma in Business Administration from the University of Augsburg, Germany. He is a Certified Treasury Professional (CTP), and has served as a Board Director at the Association for Financial Professionals (AFP) since 2012.

  • 2:40pm
    Treasury’s M&A tightrope

    Incumbent teams may know their markets best, but after most acquisitions it still makes sense to look holistically at the capital structure, access to funding, liquidity management and financial risk management of the new organisation. No matter how much due diligence was possible before the acquisition, finance also needs full control and visibility of the whole business’ cash to avoid disruption, potential fraud and liquidity and credit issues. The whole business must share common accounting policies and reporting norms. And it is fundamental to a successful risk management programme that all group exposures are understood and that hedge policies reflect the activities of the entire company, not silos within it. This potential clash between the need for a centralised finance function and the desire to keep post-acquisition integration as manageable as possible is a challenge for treasury. For this treasurer, minimising disruption to a newly-acquired local business while ensuring the delivery of core financed functions across the merged businesses as difficult. Here’s how they did it.

    Douglas Tropp

    Douglas Tropp, Corporate Treasurer, Booking Holdings Inc, US

    Douglas Tropp
    Douglas Tropp Booking Holdings Inc, US Corporate Treasurer

    Doug joined Booking Holdings Inc. in 2014 as Corporate Treasurer. Doug oversees funding, investments, cash management, share repurchase, insurance, risk management and bank relations. Priceline’s brands include; Booking.com, priceline.com, KAYAK, Agoda.com, rentalcars.com and Open Table. Prior to Priceline, Doug spent 7 years at GE Capital, 7-years at IBM, 2-years at the Hertz Corporation and 8-years as a money markets trader at Fuji Bank Ltd.

  • 3:20pm
    Refreshment break
  • 4:00pm
    How can treasury tame technology debt?

    The operating costs of legacy systems and outdated technology are becoming prohibitive. But the longer companies invest in them, the more resistant they are to the idea of spending even more to change them. This loop creates a rapidly increasing liability to the business as competitors use technology to capture market share from customers while laggards fall further and further behind in the data they need to compete and the agility they need to use that data. These are not just treasury problems, but with treasury such a tech-reliant function, they are felt keenly here. So, given the resource constraints that exist everywhere outside pundits’ utopias, which treasury technology improvements deliver the most bang for their buck? This rapidly expanding company invested in a cloud-based TMS and quickly achieved the global cash visibility they needed as they added new countries and markets to their operations.

  • 4:40pm
    The right tax structure for your growth strategy

    Establishing and maintaining an effective tax strategy for rapid international growth is one of treasury’s trickiest tasks. Just building a structure that appropriately times tax and cash needs, takes full advantage of tax deferral opportunities and foreign tax credit opportunities and avoids double taxation is hard enough. But maintaining it as rules change while creating sufficient predictability and sustainability to run the business is harder still. So, for example, the traditional aim of minimising a business’ effective global tax rate comes up against government and supra-national attempts to increase their tax base. BEPS is just one example driving significant change. For growing companies, growth strategy itself affects tax structures: acquiring public companies brings scrutiny; organic growth may allow more aggressive structures aligned to that growth. In this panel we explain how to build international tax structure and how technology is critical to staying ahead of the curve.

    Christine Dzwonczyk

    Christine Dzwonczyk, Vice President & Treasurer, Driscoll's, US

    Christine Dzwonczyk
    Christine Dzwonczyk Driscoll's, US Vice President & Treasurer

    Christine has been VP, Treasurer at Driscoll's, Inc., the world’s largest supplier of fresh berries, since 2016 and became Head of Global Tax in 2019. Previously she was Treasurer at Creative Artists Agency, a leading talent and sports agency and TPG private equity portfolio company. Prior to that Christine was VP and Treasurer at Castle & Cooke, a privately held conglomerate and the sister company to Dole Food Company, and at American Golf Corporation, a Goldman Sachs/Starwood private equity portfolio company, and was an Associate at Lazard Frères. Christine started her career in investment banking at Deutsche Bank and was a financial analyst at Keystone Property Trust, a publicly traded REIT. Christine holds a BA in Economics from Goucher College and was an Associate Student at New College, Oxford University.

  • 5:20pm
    Adjourn to day 3

Stream 6

A focus on global risk management

Over the years, treasury’s risk portfolio has grown significantly. To the core liquidity, tax, FX and interest rate risks, themselves contingent upon political and economic volatility, treasurers now face increasing risks around technology and data, regulation and compliance and even more general issues of corporate governance. In this stream hear how your peers are managing more risk with less resources.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

Robert Novaria
Robert Novaria Treasury Alliance Group, US EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 2:00pm
    Developing a dynamic currency hedging strategy

    What does the world of currency risk look like at LEGO? The Danish-headquartered global company has developed a transparent FX risk mitigation strategy that minimises subjective decision making and involves a journey towards machine learning/robotics. This entails using data driven guidance in choosing which currencies to hedge, the hedge ratios and the hedge products. They will present a case study on the portfolio risk composition and net benefit analysis in choice of hedge currencies along with applying a dynamic data driven hedging model and the lessons learned along the way. The session will also outline their future plans for a product decision model based on defined input variables.

    Andreas Kern Sloth

    Andreas Kern Sloth, Senior Treasury Manager, The LEGO Group, Denmark

    Andreas Kern Sloth
    Andreas Kern Sloth The LEGO Group, Denmark Senior Treasury Manager

  • 2:40pm
    Managing treasury technology risk

    The continuing transformation of treasury into a sophisticated data processing hub raises questions about the nature of the technology risks inherent in treasury operations and the responsibility for their management. Technology risk is no longer simply a matter of business continuity: it encompasses data privacy, cybersecurity, the contract risks inherent in SLAs and other third-party IT risks, and a host of other potential problems. So where does treasury responsibility start and stop? As significant internal consumers of IT, what level of technology expertise is required within treasury and how much can be delivered by other corporate functions? And how does treasury fit into enterprise risk management frameworks that include CROs, CIOs, and CISOs already looking at technology risks?

    Mathieu Primot

    Mathieu Primot, Digital Officer - Finance, TOTAL SA, France

    Mathieu Primot
    Mathieu Primot TOTAL SA, France Digital Officer - Finance

    Mathieu Primot joined the Group Finance Division of Total as Digital Officer in August 2018, after 4 years as Total head of Treasury Management Systems. He is in charge of defining, promoting and deploying digital solutions for finance. Mathieu holds a Masters’ degree in Management from Paris Dauphine University and a degree in IT management from Institut Mines-Télécom Business School.

    Cathy Fields

    Cathy Fields, Assistant Treasurer & Director of Global Risk Management, Hitachi Vantara Corporation, US

    Cathy Fields
    Cathy Fields Hitachi Vantara Corporation, US Assistant Treasurer & Director of Global Risk Management

    Cathy has been involved with Treasury or Treasury related functions in a multi-national environment for 30+ years. She is currently the Assistant Treasurer and Director of Global Risk Management at Hitachi Vantara Corporation. She is responsible for Global Treasury Operations which includes Banking, FX Strategies, Cash and Liquidity Management, Debt, Investments, Insurance Risk Management and anything else Treasury needs to do to support the company’s continued growth throughout the world. Cathy joined Hitachi Vantara in 2014 after spending 25 years with Western Digital Corporation. Over her years at WD, Cathy held roles in Accounting, Finance, International Credit and Corporate Treasury. In her last 12 years at WD, Cathy ran Global Treasury as the company’s Assistant Treasurer. Cathy has a BS in Exercise Physiology from California State University Fullerton and earned her MBA in International Business from National University. Cathy has held her CTP certification (formerly CCM) since 1998.

    Nicolas Carrera

    Nicolas Carrera, Group Treasurer, Metalor Technologies SA, Switzerland

    Nicolas Carrera
    Nicolas Carrera Metalor Technologies SA, Switzerland Group Treasurer

    Nicolas is the Group Treasurer of Metalor Technologies SA, Switzerland. He has performed this role since October 2013. He is an experienced finance professional with more than 19 years' experience in Treasury and trading. He has played a key role in the implementation of the Group's Treasury Management System and has lead several initiatives to reduce PM working capital thanks to a full integration of the production need in the Treasury Management System.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Treasurer, hack thyself

    It was only a couple of years ago that cybersecurity was deemed irrelevant to corporate treasury. How times have changed. Cyber-risk now regularly tops lists of treasury priorities and for good reasons: cyber attacks can shut down sales and payment channels, steal and publicise sensitive customer data, exfiltrate critical business IP and breach key MIS, ERP and TMS hardware and software at the enterprise and its critical third parties. Some of the challenges are technical, and require complex technological solutions, but others are more human. We are still ourselves too easily tricked and most people’s lack of criminal thinking blinds them to possibilities obvious to more devious individuals ready to exploit our naivety. One way to gain insight into the minds and methods of the cyber criminals, and to defend against them, is to employ former hackers. In this session, hear from a company that has stories will have you looking again at your own technology vulnerabilities.

  • 4:40pm
    Dicing with debt

    The latest OECD research [February 2019] shows that global corporate borrowing reached USD13 trillion at the end of 2018 – more than double the level before the 2008 crash. The share of bonds rated BBB stood at nearly 54 percent, the highest in records going back to 1980. And of the USD13 trillion, USD4 trillion must be repaid or refinanced over the next three years. At the same time, rising rates are making existing debts more expensive and refinancings more difficult. Net bond issuance dropped 41% last year to the lowest volume since 2008, with net issuance of BBB bonds falling by 54%. This is a treasury problem in the making. With debt levels high, refinancings looming and threats to economic growth, now is the time to look at hedging against rate rises and restructuring balance sheets for choppy waters. In this session our panel of treasurers will explain their strategies for debt, IR risk management and balance sheet optimisation to cope with what’s coming.

    Christian Bauwens

    Christian Bauwens, SVP & Treasurer, Head of GBS Finance, Flex, US

    Christian Bauwens
    Christian Bauwens Flex, US SVP & Treasurer, Head of GBS Finance

    Christian Bauwens joined Flex in May 2012 as SVP & Corporate Treasurer. Since 2018, he is also responsible for the finance function of Flex’s Global Shared Service Center. Prior to Joining Flextronics, Mr. Bauwens served as the Chief Financial Officer of Estrella International Energy Services from August 2010 to April, 2012. Earlier in his career, Mr. Bauwens worked at General Motors for about 15 years in Finance roles of increasing responsibilities, including Treasury Manager for Asia Pacific, Director Capital Market Risk Management for Europe, Director of Overseas Finance and Capital Planning, Treasurer for GM do Brazil, and finally Chief Financial Officer for General Motors Argentina, Chile, Uruguay, Peru, Paraguay and Bolivia. He later moved to Nissan where he served as Treasurer for Nissan Motor North America and Nissan Motor Acceptance Corp. Mr. Bauwens holds a Bachelor in Economics, a Degree in Political Science & International Relations and a Master of Arts in Economics and Finance, all from the Universite Catholique de Louvain, Belgium.

    Luca Pescatore

    Luca Pescatore, Head Capital Management, Swiss Life, Switzerland

    Luca Pescatore
    Luca Pescatore Swiss Life, Switzerland Head Capital Management

    Luca Pescatore studied at the University of Lausanne, obtaining an MSc. degree in biology. After two years working at the Swiss Institute for Experimental Cancer Research, he studied and obtained a MSc. Degree in Business Administration from the University of Geneva. He joined Swiss Life in 2007, and since 2010 he heads the Capital Management Team. In his function, he is responsible for group treasury, funding, capital market transactions, and ratings. Luca was born in 1979 and is a Swiss national.

    Paul Rekmans

    Paul Rekmans, Head of Corporate Finance, Philips, Netherlands

    Paul Rekmans
    Paul Rekmans Philips, Netherlands Head of Corporate Finance

    Paul is Head of Corporate Finance at Philips. He is responsible for optimizing the capital structure of the group and relationship management with banks and rating agencies. Over the past years Royal Philips has gone through a transformation to become a leader in Health Technology. This transformation included the IPO of the former Philips Lighting business (now Signify). In his role, Paul has led a number of initiatives including improved capital structure planning, liability management, and several improvements in the area of intercompany capital structures and liquidity forecasting. Paul has also led the launch of Philips’ inaugural Green Innovation Bond in 2019. Prior to his current role, between 2007 and 2016 Paul has held multiple Finance roles at Philips, including finance transformation and controlling roles.

    Falguni Bagchi

    Falguni Bagchi, Director Treasury Operations, Hertz, UK

    Falguni Bagchi
    Falguni Bagchi Hertz, UK Director Treasury Operations

    Falguni Bagchi joined Hertz Treasury group in July 2015 and is responsible for the debt management, covenant compliance, cash management and liquidity forecasting. Prior to Treasury, Falguni worked with Hertz for 7 years in SOX compliance and Internal Audit. Apart from Hertz, Falguni has built her 22 years’ experience with multinational companies like Oracle, GE, Carrier Aircon and PwC. She has held a number of senior roles in the finance function and was responsible for managing client relationships in US, Australia and India. During her time at GE and Oracle, she focussed on process improvement (six sigma), controllership and project management. Falguni is a Certified Public Accountant (US), CA (India) and ACCA (UK). Outside work, she loves travelling, reading, swimming and gardening.

  • 5:20pm
    Adjourn to day 3

Discovery Lab 1

From pilot to problem solved

It’s easy to be blinded by the explosion of new technologies and new solutions providers. But the critical issues are use-case and implementation: what specific problems do you have, how can you isolate the relevant technologies and providers? How can you move from there to a fully implemented solution? And what are the key issues to watch out for?

Sponsored by:

DBS

Daniel Blumen

Chair: Daniel Blumen, Partner, Treasury Alliance Group, US

Daniel Blumen
Daniel Blumen Treasury Alliance Group, US Partner

Daniel L. Blumen, CTP is a founding partner of Treasury Alliance Group where he leads consulting engagements dealing with working capital management, systems integration, liquidity and risk management and other global treasury issues. Prior to co-founding Treasury Alliance in 2002, he was Managing Director of Knowledge Management Applications, a firm he founded in 1998. Dan was with Bank of America in Chicago and Singapore, where he managed the ASEAN region of the Global Payment Services Group. He also worked for Citibank in Chicago and in London where he had pan-European management responsibility for cash management business development. He has worked with large multinationals and emerging international companies and shares his experience as an author and as a frequent speaker at cash management gatherings worldwide.

  • 2:00pm
    Putting the robots to work for liquidity

    First generation robotic process automation works well with routine, repetitive tasks easily mapped to simple rules and which use highly structured data. Second generation RPA, sometimse called augmented process automation, adds varying degrees of cognitive capacity allowing the software robots to deal with more complex tasks and more unstructured data. These two versions of RPA are already being used in treasury processes from FX exposure analysis to cash pooling. As the software becomes more intelligent, and incorporates true AI, it will be able to take on more difficult tasks such as settlement/clearing, fraud detection and even forecasting or automated liquidity planning or FX exposure planning. This treasurer has used an RPA solution to improve core liquidity management processes. Hear how they chose the most appropriate solution, how it was implemented and integrated with existing systems and processes and how well it is performing.

  • 2:40pm
    Using APIs and Real-time Banking to drive new business solutions

    Treasurers are increasingly being approached by their business colleagues to help develop solutions to support new business channels and services. Much of this change is focused on online, real-time and mobile commerce services. In this session we look at a series of real-life case studies with clients who have used a combination of new technology including APIs, instant payments, real-time FX engines, QR codes, and other banking technology to power a range of innovative and new business solutions across insurance, marketing, subscription services, retail e-commerce and payment services to drive delivery of real-time solutions that have changed the customer landscape.

    Javier Orejas

    Javier Orejas, Head of Banking Management, EMEA and Americas, IATA Pay Leader, IATA, Spain

    Javier Orejas
    Javier Orejas IATA, Spain Head of Banking Management, EMEA and Americas, IATA Pay Leader

    Javier holds a Master’s degree in Law and business administration from the Complutense University of Madrid. A Pre-Doctorate in Law, MBA from ICAI/ICADE and a Master’s degree in finance and banking direction from AFI. In his current role as Senior Banking Manager in charge of Europe, Middle East, Africa and the Americas in IATA (International Air Transport Association), Javier is responsible for designing and implementing new cash management solutions which support airlines’ financial health and enables IATA to make its financial services cheaper, faster and safer. Prior to IATA, Javier held various positions at Accenture in the area of strategic banking consulting.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Remodelling the future of cash forecasting

    In an uncertain world, with corporate debt levels high and customers stretched, cash flow forecasting is more critical than ever. It’s more difficult too. When uncertainty is so high that forecasts have little chance of being right, dynamic cash modelling tools and rapid scenario analysis are more useful than a traditional forecast. Enter machine learning. This treasurer adopted a solution that uses machine learning to identify hidden patterns, trends and anomalies across a broad range of data to generate both forecasts (which should become more accurate as the system learns) and unprompted analytics. In this session learn how they selected the tool that suited them best, how they integrated into their existing systems and what the outcome has been so far.

    James Holtzman

    James Holtzman, Global Treasurer, Chanel, US

    James Holtzman
    James Holtzman Chanel, US Global Treasurer

    Viola Hechl-Schmied

    Viola Hechl-Schmied, Product Owner Machine Learning, ION, Austria

    Viola Hechl-Schmied
    Viola Hechl-Schmied ION, Austria Product Owner Machine Learning

  • 4:40pm
    Demos: Technology Showcase

    It’s easy to be blinded by the explosion of new technologies and new solutions providers. But the critical issues are use-case and implementation: what specific problems do you have, how can you isolate the relevant technologies and providers? How can you move from there to a fully implemented solution? And what are the key issues to watch out for? This session will showcase solutions and their providers. It will allow treasurers to evaluate the pros and cons of each, identify potential partners and to ask critical question: how could the new solutions work with their current systems? Are they scalable? Are there risks associated with working with smaller fintechs?

  • 5:20pm
    Adjourn to day 3

Discovery Lab 2

The payments revolution

Making sense of the payments revolution is hard. Understanding its impact on treasury is harder. The proliferation of payment channels and platforms is the most visible development, but APIs, real-time payments, requests to pay, open banking and other regulations are just as critical. This lab will help treasury keep up to date and equipped to make the right choices for the business.

Sponsored by:

BAML

Jonathan Williams

Chair: Jonathan Williams, Principal Consultant, Mk2 Consulting, UK

Jonathan Williams
Jonathan Williams Mk2 Consulting, UK Principal Consultant

Jonathan’s career has encompassed product roles in financial technology, telecoms and cybersecurity. Previously leading payments products at Experian, he is now an independent advisor at Mk2 Consulting focussing on payments, fraud prevention and identity management. He helped three start-ups (Virata, Content Technologies and Eiger Systems) to IPO/acquisition. He studied physics and computing at Cambridge University and is the co-author of the BSI code of practice for digital identification and strong customer authentication.

  • 2:00pm
    Meeting the payments disruptors

    SWIFT, Ripple, EBICS, H2H, WorldPay, Western Union, Alipay, WeChat, Venmo, Stripe, Earthport, TransferWise… the list of payment channels, platforms and providers is endless. So is the list of fintech startups, the M&A deals and the different payment models targeted at different segments of the market. Banks worry that tech players could keep P2P and B2C transactions entirely in-house via sticky digital wallets, bypassing legacy payments infrastructure. Card companies are buying up global ACH providers and platforms that boast direct integration with more than 300 financial institutions to enable P2P, B2P and B2B payments services via APIs, SFTP, web and mobile product applications. While the choices facing treasurers depend partly on size, sector and region, all treasurers must now evaluate their traditional payment solutions against the relevant newcomers if they are to drive costs down and keep up with new technology, their suppliers and customers. In this double session, four very different payment solution providers explain the pros and cons of their model in the context of the global payments revolution with live demos and interactive Q&As.

  • 3:20pm
    Refreshment break
  • 4:00pm
    Getting efficient and transparent digital payments and collections

    World Wide Fund for Nature (WWF) is an independent conservation organization, with a mission to stop the degradation of the Earth’s natural environment and to build a future in which humans live in harmony with nature. As a “non-profit”, WWF looks for opportunities to improve efficiency to run its operations in a cost effective manner and apply donors’ funds according to the highest standards of accountability. WWF Treasury started a project to increase efficiency in WWF’s Programme and Country offices by eliminating the manual processing of bank statements and payments, which implied a poor status of efficiency, visibility of cash status and data integrity and more importantly had exposed them to an eventual safety risk, especially where working in difficult and remote places. The objective of the project is to automatize the uploading and processing of bank statements to increase efficiency, and to generate and transmit payment files directly from their respective ERP systems to banks and receive subsequent status messages and statements in a secure and efficient manner. Designed in a cloud ERP platform in order to facilitate a faster adaption and achieve integration to the banking platforms, the process is built to give treasury full control of the cash positions and full visibility on the outgoing payments, and to secure data safety and minimizing potential fraud risk. Yet, there are two aspects – the technical implementation, and the behavioural aspect of working with people of different cultures, which needs to be managed to make the project successful.

    Aniket Kulkarni

    Aniket Kulkarni, ADV Consulting - Treasury and Trading, PwC, Switzerland

    Aniket Kulkarni
    Aniket Kulkarni PwC, Switzerland ADV Consulting - Treasury and Trading

    Aniket Kulkarni leads PwC’s treasury and trading technology practice in Switzerland. Prior to joining PwC, he worked as a global product manager for treasury and commodity risk management in SAP. Aniket has a team of experts, helping corporates and trading companies in implementing treasury, FinTech and commodity trading systems and processes. He holds an engineering degree and a post graduate diploma in finance, and is a certified treasury manager CTM.

    Sonja Kulnik

    Sonja Kulnik, Manager, Operations Accounting, WWF International, Austria

    Sonja Kulnik
    Sonja Kulnik WWF International, Austria Manager, Operations Accounting

    Having gained more than 25 years’ experience in business planning, forecasting, evaluating and optimising operations accounting processes, as well as building up treasury and hedging activities in corporate businesses (VA TECH – Hydro Power Plants, Siemens and a Siemens spin-off based in Austria), Sonja joined WWF (World Wide Fund for Nature) in 2017. She has taken over the responsibility of further improving and streamlining both the operations accounting process and the treasury and hedging activities. WWF is an independent conservation organisation, with a mission to stop the degradation of the Earth’s natural environment and to build a future in which humans live in harmony with nature. WWF is active in nearly 100 countries on 6 continents. Sonja graduated from Vienna University of Economics and Business, and holds a Bachelor Degree in Chinese Studies from University of Vienna.

  • 4:40pm
    APIs: the future is now

    The EU’s PSD2 directive spurred the launch of many API developer portals by banks who needed to comply. However, that seemingly B2C initiative has itself catalysed a wider series of B2B developments as the number of corporate use cases for APIs becomes clear. Amongst other things, APIs allow counterparties to aggregate data from multiple sources, to create new efficiencies through analytics and optimisations, to securely expose, connect and repurpose legacy systems. All of these will be familiar problems for corporate treasurers. Using APIs to solve generic issues like this turns out to have multiple applications across areas as diverse as e-invoicing and payables, the generation of virtual cards for payment directly from e-catalogues where procurement policy allows, the creation of multi-bank virtual account management via APIs into VAMs – the list goes on. One area of focus for the banks is the parallel development of APIs and real-time payments. In this session, we hear how APIs across bank and other payment partners can effectively construct tailor-made payments platform with the flexibility and visibility treasurers still only dream of.

  • 5:20pm
    Adjourn to day 3

Discovery Lab 3

Working capital and supply chain rebooted

Supply chain finance is finally becoming treasury-friendly. The transition from paper to electronic invoicing, the development of a distributed network of buyers and suppliers and the availability of a deep pool of transactional data is transforming the process. Add in blockchain, platforms for national and international trade receivables in a true sale, and AI, and the future looks even better.

Sponsored by:

Taulia

Bart Ras

Chair: Bart Ras, MD, Greensill Capital, UK

Bart Ras
Bart Ras Greensill Capital, UK MD

Bart is Managing Director at Greensill Capital and has over 20 years of experience in Treasury, Corporate Finance, Purchasing, Supply Chain, Structured Trade Finance and Working Capital Solutions. Previously, Bart was Global Head Business Development for HSBC Global Trade and Receivable Finance, before he headed Supply Chain Finance for Europe, Middle East & Africa at Citibank. Prior to banking Bart was at the corporate side, at Philips he held various positions including Global Head of Treasury Risk consultancy and CFO of Philips Supply Chain and Purchasing.

  • 2:00pm
    Blockchain up and running in trade finance

    Blockchain’s initial promise to revolutionise everything may have faded, but in trade finance the technology has proven use cases. Blockchain can provide risk mitigation by provision of payment commitments based on the matching of trade data, it can enable more efficient payables and receivables finance and transactions, it can alleviate issues with supplier onboarding and real-world transactions involving end-user corporates and their banks have been executed*. In this session, we look at how corporate treasury collaborated with the other parties to a blockchain
    trade finance transaction, how difficult it was and where they see the benefits as the technology becomes more widespread.

  • 2:40pm
    The brave new world of trade finance

    The broader trade financing marketplace is smartening up fast too. It is here that the most concrete developments in blockchain have occurred, with multiple POC transactions completed and several bank and nonbank developers working on practical solutions. But the true leap forward will be the combination of these initial solutions to documentary and visibility issues with innovations such as 3D printing and the Internet of Things (IoT), automated vehicles and drones, all of which fundamentally change the way we will order, manufacture and deliver goods. The data contained in those ecosystems will allow technology to predict who is going to order what and when, combine that with knowledge of how and when the customer is likely to pay and what financing they will accept, and potentially deliver the money upfront to finance the production and delivery. In that scenario, trade financing – not to mention the entire business – will be transformed. But, given today’s pain points of manual and duplicative documentation, complex multi-provider financing, multiple country-based platforms and manual AML reviews, what problems can smart technology solve today?

  • 3:20pm
    Refreshment break
  • 4:00pm
    Driving sustainability through your SCF programme

    Driving down costs and DPOs is one thing. But sustainability is becoming a critical piece of the governance jigsaw, with customers, investors and other stakeholders increasingly shunning firms with poor records in this area. At first sight the link between supply chain finance and sustainability is not obvious. But extending finance, especially favourable financing terms, to suppliers who adhere to key standards is one of the most important ways to move the entire supply chain in a more sustainable direction. Big banks are working with the large buyers at the top of supply chains to ensure that they support sustainability in the smaller firms they rely on. The degree to which suppliers meet sustainability objectives drives the availability and price of funding through the SCF programme. New technology, in terms of data gathering and aggregation, as well as blockchain, enable providers of finance to track products from source to end-user, providing evidence of sustainability and allowing them to offer preferential access to credit for good performers. What does this trend mean for your company as a provider or receiver (or both) of SCF? Are your banks looking at this? And can your SCF programme deliver this type of sustainability?

  • 4:40pm
    Smartening up your inventory management

    Inventory management is another working capital problem largely defined by data. In even medium-sized organisations the data generated by all the functions that interact across inventory – planning, procurement, production, distribution and fulfilment – pours into various ERP, MES, MRP, CRM and WMS systems as well as planning and logistics tools. The sheer volume and complexity of this data has made holistic inventory visibility impossible (let alone optimisation) even for large teams of human planners. But if it could be used in near real time, it would allow companies to reduce working capital in excess stock by answering questions such as: what are the optimal mix/max stock levels and safety buffers? How much expiring/poorly performing inventory do we have, where is it and what are the best options for managing it down? How are inventory levels affected by externalities such as weather, interest/FX rates? How can we forecast high-margin low-volume sales? What is the true carrying cost of each inventory type/location? These questions are just the kind of problem AI-powered cognitive inventory management solutions are now starting to tackle. The more data you have, the better they perform. But how easy are they to implement? And do the results stack up?

  • 5:20pm
    Adjourn to day 3

Discovery Lab 4

Finance 360: a holistic view

According to Gartner, 80% of heritage financial firms will go out of business or become so commoditised that they only exist in a nominal sense. True or not, the revolution in banking is real and implies significant change for not only retail customers, but now finally corporate clients. In this Lab we look at the key developments and how corporate treasuries and finance functions will have to change to cope.

Sponsored by:

Mastercard

Birgita Gjirja

Chair: Birgita Gjirja, Director, Zanders, UK

Birgita Gjirja
Birgita Gjirja Zanders, UK Director

  • 2:00pm
    The future of funding

    Wholesale lending and primary capital markets have tended to be associated less with digital disruption than foreign exchange, secondary market securities trading, payments and consumer lending. Marketplace lenders, both peer-to-peer and those that effectively function as origination platforms for established banks have had limited impact on the mainstream corporate funding process. But that is changing. For smaller firms, fintech lenders are already having an impact. You want a successful e-commerce business? Then you need point-of-sale credit to offer to customers like those offered by US-based Affirm, which has made $2 billion of loans in 2018 alone. fintechs like Kabbage are also easing SME access to funding; it has made over $6 billion of loans to 150,000 businesses. But to what extent has the funding market changed for larger companies? Can complex, secured facilities with all the associated legal work be commoditised and transplanted to platforms? And what concrete benefits do treasurers believe can accrue to them from new lending models?

    Sayan Mukherjee

    Sayan Mukherjee, VP, Head Group Treasury & Risk Management, Nexperia GmbH, Germany

    Sayan Mukherjee
    Sayan Mukherjee Nexperia GmbH, Germany VP, Head Group Treasury & Risk Management

    Aarti Rao

    Aarti Rao, Managing Director, LiquidX, US

    Aarti Rao
    Aarti Rao LiquidX, US Managing Director

    Aarti Rao joined LiquidX in January 2016 and is responsible for on-boarding and managing the relationship of Corporate clients on the platform. Prior to LiquidX, Aarti worked at Barclays Bank for 11 years where she held a number of senior client coverage roles in the US, UK and India. During her time at Barclays, Aarti primarily focused on the Healthcare and Industrial sectors working with Investment Grade and High Yield Multinational Corporate clients. She specialized in cross border banking related to debt finance, trade finance, risk management, cash management and card services. Aarti holds a Bachelors of Commerce from the University of Pune, India, and a Masters in Finance and Management from the University of Essex, UK.

  • 2:40pm
    Automatic for the treasurer

    The asset management industry is very excited about robo-advisors, automation and digital platforms. So far this excitement has been largely confined to the retail and wealth management segments, with the drivers being regulation and a focus on transparency, efficiency and cost reduction. Corporate treasurers’ asset management needs are generally limited to the management of excess liquidity, so how much do these kinds of innovation affect the money market funds and other vehicles they use? Can digitalisation enhance treasury returns by making it easier for firms to buy and manage securities directly? What about the impact of separately managed accounts and the options available via those? And can asset management platforms help treasury enhance returns by making it easier to replace buy and hold strategies with total return investment strategies? In this session our panel of experts from both corporates and the money management industries will be on hand to take you through the possibilities.

    Meindert de Vreeze

    Meindert de Vreeze, International Treasurer, Publicis Groupe, Ireland

    Meindert de Vreeze
    Meindert de Vreeze Publicis Groupe, Ireland International Treasurer

    Meindert has been with Publicis Groupe since June 2016. He oversees their global treasury operations including cash management, investments and hedging. Prior to joining Publicis Groupe, Meindert worked for 4 years with GE as Director of IC Funding EMEA based in Dublin Ireland and 13 years with LeasePlan as Director Structured Finance & Securitisation, International Funding Manager, and Finance Manager based in Dublin, Ireland, the Netherlands, and São Paulo, Brazil. Prior to this he did an assignment for the United Nations’ Economic Commission for Latin America and the Caribbean, based in Santiago de Chile. Meindert holds a Master’s degree in Business Economics from the University of Groningen, NL and is a Chartered Financial Analyst (CFA).

    Kevin Cook

    Kevin Cook, Co-founder, CEO, TreasurySpring, UK

    Kevin Cook
    Kevin Cook TreasurySpring, UK Co-founder, CEO

    Kevin is a co-founder and the CEO of TreasurySpring. He started his career in 2002 as a lawyer with international law firm, Weil, working as a corporate finance lawyer in the firm’s London and New York offices. In 2006, he joined Pentagon Capital Management Plc, a multi-billion dollar hedge fund, where he met his TreasurySpring co-founders and went on to become co-General Counsel and a member of the firm’s investment committee. In 2010, Kevin and his co-founders established Autumn Capital, an FCA-regulated advisory firm where they advised on more than $10 Billion of short-dated assets before selling the business to AgFe, a European fixed income specialist, which they joined as Partners, in late 2013.Kevin led the short-dated investments group at AgFe from 2014 until he departed to establish TreasurySpring in 2016.Kevin is admitted as a Solicitor in England & Wales and holds a law degree from the University of Manchester and a Legal Practice Certificate from Nottingham law school.

  • 3:20pm
    Refreshment break
  • 4:00pm
    The EuroFinance beauty parade

    Understanding the most recent developments in financial technology means understanding both bank and non-traditional providers. Choosing the right partner could potentially solve those core treasury pain points with which treasurers have been struggling for years; but selecting the right one from the many hundreds of potential providers is not easy and choosing wrong is likely to be expensive and damaging. It is also just as important to understand which parts of the treasury operation will benefit most from these new relationships. So how can treasurers identify the right solutions and providers? How can they gauge the value of particular technologies and predict how they will benefit existing processes not just in the short term but for the next five years? Can they guarantee upfront that new partners and technology will work with their current systems and scale to their needs? And should companies work with their core banks to build tripartite fintech relationships? In this double session, some of the most promising fintechs in working capital, payables and receivables will demonstrate their solutions and give their answers to these questions before opening themselves up to your questions.

  • 5:20
    Adjourn to day 3

Complex Markets

It can be hard enough working out the best way to organise tax, finance and treasury in transparent, developed markets, especially in today’s volatile political environment. But step outside that relatively small group of nations and things become a lot more interesting. Yet it is outside that group that much of the world lives and does business. And that is where tomorrow’s profits will be found. This session looks at how to operate in the most important countries and regions.

Patrick Peters-Bühler

Chair: Patrick Peters-Bühler, Senior EuroFinance Tutor, US

Patrick Peters-Bühler
Patrick Peters-Bühler US Senior EuroFinance Tutor

Patrick Peters-Bühler has been a General Manager, CFO, Banker and Corporate Treasurer with positions in 8 countries. He is currently Board Member and Non-Executive Director at several companies, among others in the food and agriculture industry, the service industry and with Fintech companies. He has worked in North and South America for the past 27 years and is currently based in France. He is a Senior EuroFinance Tutor and has chaired many international conferences.

  • 2:00pm
    Africa

    With 54 countries and eight Regional Economic Communities recognised by the African Union, Africa is the most complex continent on which to do business. With such huge disparities in development, population, wealth and infrastructure, companies need to develop product, distribution, pricing, payment, banking and risk management strategies based around detailed analysis of target demographics, regions and counterparties. In this double session hear from several case studies from treasurers who tailored their processes to the needs of the business in very different circumstances.

    Pat Thaker

    Pat Thaker, Regional Director Middle East & Africa, Economist Intelligence Unit, London

    Pat Thaker
    Pat Thaker Economist Intelligence Unit, London Regional Director Middle East & Africa

    Since 2000, Pratibha Thaker has directed the Economist Intelligence Unit’s (EIU) Middle East and Sub-Saharan Africa team, which publishes regular country reports and forecasts on macroeconomic, business and political conditions. Working with a substantial pool of external contributors and an internal team of regional and country specialists, she provides the intellectual leadership necessary to ensure the EIU forecasts for the Middle East and African economies are among the most accurate and insightful available to international decision makers. She is responsible for ensuring that the forecasts and analysis for the Middle East and African economies are closely integrated with the EIU’s global macroeconomic outlook.

    Natalia Martynova

    Natalia Martynova, Head of Treasury, BAT Plc, UK

    Natalia Martynova
    Natalia Martynova BAT Plc, UK Head of Treasury

    Viplav Rathore

    Viplav Rathore, Regional Head of Cash Management Product, TB AME, Standard Chartered, UAE

    Viplav Rathore
    Viplav Rathore Standard Chartered, UAE Regional Head of Cash Management Product, TB AME

    Charlene Chen

    Charlene Chen, Director, Head of Government Relations, AZA , UK

    Charlene Chen
    Charlene Chen AZA , UK Director, Head of Government Relations

  • 3:20pm
    Refreshment break
  • 4:00pm
    Asia: the move away from China

    It is now almost cliché that of the estimated $30 trillion in middle-class consumption growth estimated between 2015 and 2030, only $1 trillion is expected to come from today’s Western economies. Most of the rest will come from Asia. But it is less well known that the top seven countries that have achieved GDP per capita growth of more than 3.5% annually for 50 years are also all Asian. And although Asia – like Africa – comprises many different countries at different levels of development, it derives a certain level of homogenisation through the anchoring role of the Chinese economy and its regional investments. Given the importance of the region to companies regardless of their home, operating efficiently across the whole of Asia should be a strategic imperative. So does treasury have to change as the economic balance of power shifts east? Do current structures and financing processes, which tend to see foreign markets at outliers, have to change to reflect a future in which the home market is the tail and Asia the dog? Or are these economic forecasts vulnerable to the political and environmental upheavals they will inevitably cause?

    Chunhe Zhang

    Chunhe Zhang, CFO, PingPong Europe S.A., Luxembourg

    Chunhe Zhang
    Chunhe Zhang PingPong Europe S.A., Luxembourg CFO

    Managing Director and Chief Financial Officer of PingPong Europe S.A.Over 10 years of experience in one of the biggest commercial banks in the world. Chunhe managed a team composed of experienced Financing and Cash Management expert. Chunhe received a Bachelor Degree from Tsinghua University and Master Degree from Université Panthéon Assas.

  • 5:20pm
    Ajourn to day 3

Regulation Series

Regulation has overtaken cybersecurity and other operational risks as a risk management priority for many boards. In this series, held on the exhibition floor, drop in and catch up with concentrated 15-minute summaries of the key developments.

  • 2:00pm
    Living with / learning to love faster payments

    Faster and real-time payments look like a headache for treasury. They disrupt strategic payment schedules and SCF programmes; but they also speed up receipts; and they positively impact FX conversion, hedging, cash investing, intra-day cash pooling, visibility and the accuracy of data on cash positions. What’s happening in the space and how can treasury maximise the benefits?

    Lola Adebanji

    Lola Adebanji, EMEA eCommerce Solutions Lead, Treasury and Trade Solutions, Citi, UK

    Lola Adebanji
    Lola Adebanji Citi, UK EMEA eCommerce Solutions Lead, Treasury and Trade Solutions

    Lola is responsible for eCommerce strategy for Citi’s Treasury and Trade Solutions (TTS) business across Europe, Middle East & Africa (EMEA). Her role involves working with digital companies, multinational corporates and Fintechs on payment solutions to support their eCommerce growth agenda. She has also spoken at numerous Citi and industry events on digital themes such as Open Banking, eCommerce trends and payments landscape developments. Since joining Citi in 2002, she has held various roles in Product Management, Sales and Operations in London and South Africa. She previously led Citi’s mobile payment strategy for the EMEA TTS business, driving business development including partnerships with technology and telecoms companies. Lola holds a BSc in Computer Science and Applied Mathematics and an MBA from Judge Business School, Cambridge University.

  • 2:20pm
    Getting ready for IFRS16

    As of 1 January 2O19, IFRS16’s implementation removes lessees’ ability to distinguish between operating leases and finance leases, and will report leased assets on balance sheet. With off-balance sheet treatment gone, leasing will need to be justified in terms of risk transfer and/or funding cost savings. In addition, treasury will need to model the impact of this change on key metrics; explain the effects to key stakeholders; and ensure that existing covenants and policies can cope. Are you on top of all this?

  • 4:00pm
    Treasury’s role in enterprise ESG

    Sustainability in treasury has less to do with the paperless office and more to do with being at the centre of a data network which, properly centralised and analysed, represents a core asset in ensuring compliance with a range of key governance objectives from AML/KYC, to FATCA, MAD and others. Done properly, this de-risks the enterprise and enhances its value to shareholders increasingly interested in governance risk. But what can treasury do in practice?

Plenary

Resilience helps to identify the right opportunities

No matter how challenging the business environment, there are always opportunities for those set up to look for them. Whether it’s a new country, sector or technology, successful companies don’t just focus on risk, they look for new rewards too.

David Blair

Chair: David Blair, MD, Acarate, Singapore

David Blair
David Blair Acarate, Singapore MD

David Blair puts his 25 years of treasury and management experience to work for a broad range of clients through Acarate in Singapore. After starting his career with Price Waterhouse, David went on to set up international treasury operations for ABB and Nokia. David became Group Treasurer at Nokia, and subsequently Vice President of Treasury at Huawei.

Robert Novaria

Chair: Robert Novaria, EuroFinance Tutor & Partner, Treasury Alliance Group, US

Robert Novaria
Robert Novaria Treasury Alliance Group, US EuroFinance Tutor & Partner

Bob has more than 30 years of corporate treasury experience in the roles of treasurer, credit director, finance manager and controller at BP America and Amoco Corporation. He has successfully managed post-acquisition integrations, technology upgrades and corporate restructurings. Currently, Bob is a partner with the Treasury Alliance Group, leveraging his corporate experience in client engagements dealing with global treasury, risk and crisis management; cash management and cash flow forecasting; working capital management; shared service operations and general management. He also shares his experiences by tutoring others in courses such as international cash and treasury management, corporate risk management and cash flow forecasting, as well as by chairing, moderating and speaking at treasury conferences worldwide.

  • 8:00am
    Registration and exhibition opens
  • 9:00am
    Chairs' introduction
  • 9:20am
    Political stressors: acute, chronic and global

    The biggest problem right now is politics. In the US, political decision-making is aberrant and unpredictable. For business, uncertainty of tax, foreign policy and trade policy matters. In Europe, Brexit creates a similar conundrum for Britain and the continent and the rise of extremist populism in Spain and Italy is a further complication. In Latin America, Venezuela, Brazil and Mexico leaders of very different persuasions are causing disruptions of their own. In China, the relationship between state and enterprise is under scrutiny and the use of both to steal industrial and tech dominance will cause further trade friction and worse. In the rest of Asia the politics of extremism are a threat to growth. Businesses have had thirty years of relative stability; that world has gone. What do they need to do survive tomorrow? Can treasury help or is it just a bystander?

    Charles Hecker

    Charles Hecker, Senior Partner, Control Risks, UK

    Charles Hecker
    Charles Hecker Control Risks, UK Senior Partner

    Charles Hecker is a senior partner at Control Risks, the global specialist risk consulting firm. Charles is responsible for shaping Control Risks’ thought leadership on geopolitics, global security, and political risk and their impact on international business and investment. He is a frequent speaker at industry, policy and academic conferences and regularly presents the company’s analysis in international media outlets including the BBC, Bloomberg, CNBC, The Globalist, Monocle 24 Radio, and The Wall Street Journal. Charles oversees Control Risks’ global political risk output and has lead responsibility for the company’s annual flagship publication, RiskMap. He is also on the steering committee of Control Risks’ joint venture with Oxford Economics, a world leader in macroeconomic forecasting. Prior to assuming his current role, Charles was director, Europe & Africa, corporate investigations. In this capacity, Charles supervised Control Risks’ investigations activities across one of the company’s largest regions. These included due diligence, business intelligence, problem-solving, and anti-fraud/anti-corruption services. Charles oversaw more than 100 professionals and staff across the region, covering offices in London, Amsterdam, Berlin, Moscow, Lagos and Johannesburg. He took this position after several years as the general manager of Control Risks’ Moscow office and director of its business in Russia and the CIS. Prior to joining Control Risks, Charles was a reporter for The Moscow Times, an English-language daily newspaper in Russia. Charles also worked as a reporter for The Miami Herald in Florida, where he was a finalist for the Pulitzer Prize, US journalism’s highest award. Charles received a BA with honors in Russian and Soviet Studies from the University of Pennsylvania, and an MA in Soviet Studies from the Russian Research Center at Harvard University. He speaks fluent Russian and is proficient in French and Spanish.

  • 10:00am
    Developing resilience

    All those books about change and innovation, about the opportunities thrown up by disruption, they all leave out a key piece of information. Most people do not like change. Most organisations have evolved to execute a particular set of functions and are ill-designed for anything else. Rapid change, sudden obsolescence, unexpected and virulent competition are all unwelcome and cause human and organisational stress. Many firms fail and many employees fall by the wayside. But if companies are to survive and thrive in this new environment, they need their employees and managers to survive and thrive with them. Building resilience is not an abstract idea. It means building systems and processes that can cope with the abnormal. And that means building teams that can do the same. Focusing only on process or technology risks failure. In this session we will look at the business costs of forgetting the human angle and give real examples of best practice in which an investment in staff resilience paid dividends in terms of business results.

    Randy Ou

    Randy Ou, VP Group Treasury, Alibaba, China

    Randy Ou
    Randy Ou Alibaba, China VP Group Treasury

    Randy Ou is currently the Treasury Vice President for Alibaba Group, based in Hangzhou. He has been the Treasurer for China and Treasury Global Center of Excellence in HP, based in Shanghai. He has also been in the role of Asia Pacific and Japan regional controller for the Real Estate function in Hong Kong, and regional senior business analyst when joining HP. Before HP, he had a few years of finance experiences in the military, finance company, and bank. He was graduated from National Taiwan University with the major in Economics and obtained MBA degree from University of Michigan, US. He has also earned the Chartered Financial Analyst (CFA) qualification and was the ex-Principal Advisor for the CFA China Shanghai Representative Office.

  • 10:40am
    Refreshment break
  • 11:20am
    The EuroFinance Award for Treasury Excellence

    Every year EuroFinance presents its Award for Treasury Excellence to a treasury that has demonstrated outstanding best practice across key areas of treasury in the previous 12 months. This year, from the many first-rate entries we always receive, we will select a treasury that has demonstrated resilience in the face of volatility, an ability to adapt quickly to changes in their company’s business model and quick thinking when dealing with a series of difficult external issues. All this will be achieved while dealing with the day job – risk management, funding, cash management, tax and compliance – and they will still have had time to focus on their staff, enabling sustainable innovation while managing the stresses and strains of rapid change.

    Jim Scurlock

    Jim Scurlock, Group Treasury Manager, Microsoft, US

    Jim Scurlock
    Jim Scurlock Microsoft, US Group Treasury Manager

  • 12:00pm
    KAL's Closing

    KAL, the Economist’s resident cartoonist, has published over 8000 cartoons, many of them gracing the cover of the Economist year after year as well as appearing in well-known news organisations globally. He has drawn every major political figure in the last few decades and won awards around the world for his editorial and satirical coverage of political events. He is passionate about his work and the use of humour as an important tool in the defense of freedom of speech. He will take us on a current events trip using his art and show us that everyone has a cartoonist lurking in him or her. He will close out the event with a short drawing lesson where you will be able to draw and take home a “realistic” caricature of a major political figure!

    Kevin Kallaugher

    Kevin Kallaugher, Editorial Cartoonist, The Economist

    Kevin Kallaugher
    Kevin Kallaugher The Economist Editorial Cartoonist

    Kevin Kallaugher (KAL) is the internationally award-winning editorial cartoonist for The Economist and the Baltimore Sun. In a distinguished career that spans 39 years, KAL has created over 8,000 cartoons and 140 magazine covers. His résumé includes six collections of his published work, exhibitions in a dozen countries, and awards and honours in seven. These awards include Feature Cartoonist of the Year in Britain, Cartoon of the Year in Europe, the Thomas Nast Prize in Germany and the 2017 Berryman Award for cartoonist of the year in the United States. A graduate of Harvard, he has created acclaimed animations and calendars, toured the United States with the Second City improv comedy troupe and addressed audiences around the world. The “World Encyclopedia of Cartoons” says of KAL, “Commanding a masterful style, Kallaugher stands among the premier caricaturists of the (twentieth) century.”

  • 13:00pm
    Lunch
  • 13:00pm
    Conference closes