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Decoding the treasury tapestry: Navigating corporate complexity


In the fluid world of corporate treasury, navigating shifting markets and evolving risks is key. Balancing operational efficiency with adaptability is challenging yet essential. 

In a dynamic realm where corporate finance and strategy intertwine, the treasury takes center stage. As Rando Bruns, Group treasurer at the pharmaceutical giant, Merck and Naomi Holland, Board member at Aspen Treasury Ireland (and ex Intel Corp International treasurer and head of tax) lucidate, it’s more than a function—it’s the linchpin, intricately weaving strategies and operations that define a corporation’s financial vitality.

Navigating the treasury labyrinth

In the discussion, Rando Bruns delves deep into the complexities that Merck has to grapple with. With a sprawling presence in 66 countries, managing the finances of 330 subsidiaries and juggling more than 40 different Enterprise Resource Planning systems (ERPs), Merck’s treasury landscape is nothing short of a labyrinth. Bruns emphasizes the need for centralization and optimization, tools to surmount this complexity. His perspective is clear: without a high degree of centralization, the sheer scale and diversity of operations would become an overwhelming impediment, hindering daily operations.

But achieving this centralized structure isn’t just about technology, though it plays a pivotal role. When Bruns began at Merck in 2005, they started by setting up an in-house bank, transitioning from a decentralized model. The system then, quaintly archaic by today’s standards, involved foreign exchange dealings over the phone and paperwork being physically handed to accounting departments. As they embarked on their treasury transformation journey, the primary objective was to strip away cumbersome processes, like intercompany payments and nettlesome paperwork.

However, this journey wasn’t without its resistance. Every change, especially in a behemoth like Merck, is bound to disrupt the status quo. But as Bruns recounts, demonstrating the value of these changes was paramount. With the treasury’s optimization, not only were financial operations streamlined, but significant value was also unlocked for the broader organization. The implementation of an in-house bank was a pioneering step in this direction, enabling all of Merck’s subsidiaries to have intercompany accounts, making the financial processes more seamless and efficient.

Mergers, acquisitions, and the art of flexibility

Yet, the corporate world isn’t just about ongoing operations; it’s also about strategic moves, like mergers and acquisitions (M&As). While M&As often signify strategic pivots, expansions, or consolidations, the underbelly of these ventures, especially from a treasury perspective, is intricate.

Naomi Holland from Aspen Treasury Ireland touched on a critical perspective during the discussion, emphasising the importance of the treasury integration model and its pace during M&As. The standard integration model should be one of ‘full integration at pace’ where existing operating models can be leaned on. However she views, the human aspect, especially the sentiments and attachments of the employees of the acquired company, need careful navigation. Noami highlighted a salient point: the affinity employees have to their treasury functions in their original organisations. Uprooting or drastically altering these can potentially disrupt the very business value the merger or acquisition intended to create. Sometimes, it’s about flexibility where integrating the majority of the operations but leaving a portion untouched albeit while maintaining central oversight and control helps preserve the inherent value and sentiment.

Furthermore, these changes, whether in the context of M&As or shifts in technology strategies, have ripple effects on an individual’s roles and job securities. Holland eloquently articulated the delicate balance leaders need to strike, especially when grappling with decisions that may render certain roles redundant or reshape job descriptions.

Bruns chimed in with Merck’s approach, highlighting the speed at which they integrate after acquisitions. However, as with Holland, it’s not a one-size-fits-all strategy. The overarching principle seems to be a balance between swift integration for operational efficiency and the nuanced understanding of the acquired entity’s culture and ethos.

Central to this entire discourse is the undeniable force of technology. The role of treasury, as both Bruns and Holland elucidate, has metamorphosed. Beyond managing finances, it’s about holistic risk assessment, interdisciplinary collaboration, and ensuring no function remains siloed in today’s interconnected corporate milieu.


However, in this journey filled with challenges and opportunities, trust and credibility emerge as the bedrock. Bruns’ mantra of “create and show value” resonates deeply, implying that tangible successes not only validate a strategy but pave the way for wider organisational collaborations. Holland’s emphasis on continuous learning and humility complements this, offering a reminder that in the corporate odyssey, humility and adaptability are invaluable assets. Holland’s view is that treasury is a strong corporate business enabler making business partnership a critical success factor of any treasury organisation.

Furthermore, both leaders reflect on their mistakes and the growth that sprouted from them. Bruns speaks candidly of the challenges faced in navigating individual resistances to transformative changes, while Holland’s reflections offer insights into the delicate dance of people management and the intricacies of cultural navigation having teams throughout both EMEA and APAC. In essence, Bruns and Holland paint a vivid tapestry of the corporate treasury realm—a world of continuous evolution, challenges, and insights, where leadership, vision, and adaptability form the triad that guides the future.