3/2/2012. Benchmarking Treasury Performance with KPIs. Benchmarking Treasury Performance with KPIs.
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1 Benchmarking Treasury Performance with KPIs Steve Bullock, SVP & General Manager TEXPO Agenda A Brief Introduction to Key Performance Indicators The Value of Treasury KPIs The KPI Selection Process Practical examples of KPIs Tools of the Trade Conclusion Q&A Introduction to Key Performance Indicators Key Performance Indicator /kē pərˈfôrmənsˈindiˌkātər KPIs help to get insight in your business performance -- "What gets measured, gets managed". KPIs are also known as performance metrics, business indicators, and performance ratios. Can also be seen as: Measure mania, the tyranny of targets, silo working and feeding the beast 1
2 The Value of Treasury KPIs Treasury s management reporting burden has increased since the financial crisis first struck Treasury s importance requires objective, transparent and controlled workflows to support cash & risk management and treasury accounting KPIs Key Performance Indicators are an established benchmarking tool Treasury KPIs provide structured, objective benchmarking results - SOX compliance is enhanced Selecting KPIs for your Treasury KPI programs are usually defined & implemented via enhanced treasury policy application Treasury KPIs are delivered through technology, and integrated into the treasury process workflow Choosing KPIs can be demanding! Your KPIs should reflect your specific need and priorities Business Objectives of KPI Selection For the Treasury Team to gain a better understanding of and ability to monitor and improve the performance of their daily tasks For Management to benchmark critical treasury operations, and track & analyse performance improvement For Auditors to enjoy a more accurate, objective and dependable insight into treasury 2
3 Sample KPIs Funding and Investment Management KPIs FX, Commodity and Interest Rate Exposure Management KPIs Treasury Operations and Accounting KPIs Risk Management and Policy Compliance KPIs KPI: Percentage of Account Balances Reported Daily Objective: supporting the monitoring and measuring of the effectiveness of the daily bank account balance reporting mechanism. h 100% KPI: Percentage of wires which were released on time Objective: To help ensure that wire processing is efficient 100% 3
4 KPI: Time taken to initiate and complete a signatory change on a bank account Objective: To ensure that authorized signers can be added or removed from accounts in a timely fashion to support controlled changes in the organization h h KPI: Percentage Forecast Error Objective: To improve the level of transparency of cash forecasting accuracy h h 100% h KPI: Absolute Cash Balance Error Objective: To minimize the required cash buffer in order to maximize the investment amount; or to minimize the borrowing amount improve the level of transparency of cash forecasting accuracy 4
5 KPI: Absolute value of cash swept automatically from/to ZBA accounts Objective: To maximize the amount of cash that is mobilized for reuse within the organization. KPI: Daily pooling & sweeping benefit Objective: To monitor that pooling & sweeping benefits outweigh the costs of these processes. where = & KPI: Funding Buffer Funding & Investment Management KPIs Objective: To help ensure that the business has access to the funds it anticipates needing over a specified time period. h h 5
6 Funding & Investment Management KPIs KPI: Maximum percentage of available credit per provider Objective: To support assurance that funding is not too dependent on too few providers. where 100% = Funding & Investment Management KPIs KPI: Maximum percentage of investment per provider Objective: To monitor that the value of assets at risk with any one provider is not greater than a set percentage of the total investment portfolio. where 100% = h Funding & Investment Management KPIs KPI: Weighted average CDS spread of the investment portfolio Objective: To monitor the portfolio s overall non-performance risk. where and = h = h 6
7 FX, Commodity & Interest Rate Exposure Management KPIs KPI: Percentage that the traded rate deviates from the market or benchmark rate Objective: To ensure that executed hedges are close to the current market or benchmark rate h 100% h FX, Commodity & Interest Rate Exposure Management KPIs KPI: Prospective hedge effectiveness Objective: Prove that future changes in value of the each hedge are expected to be effective in offsetting the changes in value of the hedged exposures. h h h h h 100% FX, Commodity & Interest Rate Exposure Management KPIs KPI: Fixed/Floating Rate Mix Objective: To Protect earnings and/or future cash flow against adverse interest rate movements by ensuring that fixed and variable portions of the interest rate portfolio are in line with the treasury policy. 100% 7
8 Treasury Operations & Accounting KPIs KPI: Time taken to confirm new trade details with the counterparty Objective: To help ensure that trade details are confirmed with the counterparty within a target timeframe h h h Treasury Operations & Accounting KPIs KPI: Number of days taken for cash transactions to reach the GL Objective: To help ensure that cash transactions reach the GL within a specified timeframe. h h h h h h Risk Management & Policy Compliance KPIs KPI: Asset and liability duration mismatch Objective: To monitor that the difference between the durations of assets and liabilities is less than the limit set in treasury policy. 8
9 Risk Management & Policy Compliance KPIs KPI: Portfolio CVA Significance Objective: To help ensure that the quantitative assessment of nonperformance risk is less than a predefined percentage of the portfolio fair value 100% * CVA is the difference between Fair Value and Market Value (Fair Value is calculated using credit adjusted yield curves) Tools of the Trade Ensure a balance scorecard 3 generations, many options: Gen 1 - Financial: "How do we look to shareholders?" Customer: "How do customers see us?" Internal Business Processes: "What must we excel at?" Learning and Growth: "How can we continue to improve and create value? Gen 2 - Focused version of Gen 1 Gen 3 A destination statement A strategic linkagemodel A set of definitions for each of the strategic objectives. A set of definitions for each of the measures selected to monitor each of the strategic objectives, including targets. Gen 4 - Now evolving, includes: Evidence Performance Strategy Maps Digital Dashboards 9
10 In Conclusion The increased levels of measurement, analysis and transparency provided by treasury KPIs enhance the quality treasury policy and SOX compliance KPI implementation supports the introduction and effective management of treasury process improvement KPI selection & implementation requires some effort to deliver the most effective KPI set for your organization KPI implementation enhances the scope and quality of management reporting, and of treasury audits Any questions, please? References Monitoring, benchmarking and improving treasury performance: The practical application of key performance indicators (KPIs) in treasury by Paul Higdon, Journal of Corporate Treasury Management, Vol. 4, KPIs included AFP s Corporate Treasurers Council Guide to Treasury metrics: Scorecards and Dashboards 10
11 Thank you for your time and attention! The Secure Route to Treasury Best Practice IT2 Treasury Solutions, Inc Broadway (12th floor) NEW YORK, NY
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