Financial Risk Management Top priorities for Corporate treasuries

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1 Financial Risk Management Top priorities for Corporate treasuries Aniket Kulkarni Michiel Mannaerts March 2014

2 Contents 1. Introduction 2. Financial risks in corporate treasury 3. Tools for risk management June SAP AG. All rights reserved. / Page 2

3 Introduction PwC June SAP AG. All rights reserved. / Page 3

4 What is on the agenda for Treasury Swiss survey Regulation and Taxation Refinancing strategy Implementing or replacing a treasury management system Increasing straight through processing Enhancing the treasury organisation Credit and counterparty risk Financial risk management / market volatility Improving visibility and control of cash 0% 10% 20% 30% 40% 50% 60% 2010 SAP AG. All rights reserved. / Page 4

5 PwC Global Treasury Survey Cash flow forecasting Working capital management Bank relationship management Reviewing/improving risk management policies In-house banking Payment factories SWIFT connectivity New technology/systems Credit risk management tools SEPA Shared service centers Global banking Partnering with the business Commodity risk management Supply chain financing Enterprise wide risk management Innovative financial instruments/structured finance solutions Bank industry consolidation IFRS US GAAP convergence Webservices Additional regulations following the financial crisis Outsourcing Other, please specify Weather derivatives 0% 10% 20% 30% 40% 50% 60% PwC 2010 SAP AG. All rights reserved. / Page 5 Slide 5

6 The elephant in the room : EMIR Requirements Dodd-Frank (commercial End-Users) EMIR (NFCs below clearing threshold) SDR Reporting/Record Keeping Central Clearing Exchange/SEF/MTF Trading Collateral Exchange for Non-Cleared Swaps End User Exemption (only available to non-financial companies on trade by trade basis) * Confirmation * Reconciliation * Compression * ** Dispute Resolution * * These rules do not directly apply to End-Users/ NFCs-. However, End-Users/ NFCs- might be indirectly impacted as a result of rules imposed on SDs and MSPs/ FCs ** Applicable if NFC has 500 or more derivatives outstanding with a single counterparty SAP AG. All rights reserved. / Page 6

7 IFRS 13 Fair value measurement Assessment of the counterparty credit risk and the own credit risk Netting- and collateral agreements Allocation of a portfolio CVA on the single FI Uncertainty about the future potential exposure Impact on Hedge accounting Impact on the internal credit risk management SAP AG. All rights reserved. / Page 7

8 IFRS 9 can be applied, but not yet mandatory Widespread calls for less complex and more principles-based standard has led to IFRS 9 Some of the key issues resolved: Treasury Centre Netting Derivatives hedging combinations of derivatives and non-derivatives Effectiveness testing Commodity hedging Hedging with options Using these new opportunities will require technological support 2010 SAP AG. All rights reserved. / Page 8 8

9 Financial risks in corporate treasury PwC SAP AG. All rights reserved. / Page 9

10 Financial risks in finance function Market Risk Credit Risk Counterparty Risk Finance operations Payables and Receivables Financial risk Management Mid-office and compliance Payments and Settlements Accounting Settlement Risk Liquidity Risk Regulatory compliance PwC SAP AG. All rights reserved. / Page 10

11 Establishing control standards for Treasury There is significant operational risk in treasury operations exposure due to incorrect, or omissions in, processing or settlement of transactions, whether by human error, fraud or systems failure Exposure identification Deal execution Deal recording Deal confirmation Accounting/ reporting Settlement Timely & accurate risk identification Policy complian ce Timely & accurate recording Timely matching & follow up of differences Timely & accurate action taken on mgt info Timely payment Validation of instructions Reconciliation Timely matching & follow up of differences PwC 2010 SAP AG. All rights reserved. / Page 11

12 Increasing visibility and control over cash Maximise Group s return Ensure liquidity Control lost opportunity costs Objectives Control Cash Projection Effectiveness Majority of Corporates Manage Liquidity Manage Bank Relationships Decentralized MNC Optimized use of cash Manage Cash & Bank Infrastructure Manage Commercial Payments Typical Large Corporate Manage Working Capital Centralized MNC Integrated Finance SSC & Treasury In- House Bank Payment Factory, Link WCM to performance Sophistication The trend towards greater centralization of cash management processes and cash flows continues with rapid pace. Following the crisis, the awareness of the value that treasury adds to the business has risen. Coupled with technological improvements and bank offerings, we no longer only see very large multinationals moving up the value chain. More and more mid market corporates are looking into ways how they can reengineer their banking structure and implement efficient liquidity management structures and centralize the execution of the Group s financial and operational payments SAP AG. All rights reserved. / Page 12 Slide 12

13 Centralized payments Cash Settlements Centre Vendor A Payments Bank A Treasury A/C Country A Vendor B Vendor C Vendor A Payments SWIFTNet interface Bank B Treasury A/C Country B Vendor B Vendor C IHB current accounts In-House Bank Reporting Operating Parameters Corporate Treasury Reduce number of bank accounts even further PwC Slide SAP AG. All rights reserved. / Page 13

14 Market risk from operations financial risk exposures Currently area of focus for the largest clients Though perhaps more needed by smaller co s with limited resources Improvement benefits from larger co s technology investments will trickle down to MME s FX Risks Commodity Price Risks Interest Rate Risk SAP AG. All rights reserved. / Page 14

15 Market risk - responsibility for commodity risk and associated FX risk is changing Growing move towards treasury or a specific commodity risk mgt department to have responsibility since 2008 After crisis 14% 38% 43% 5% During crisis 11% 34% 49% 6% Before crisis 10% 33% 52% 5% 0% 20% 40% 60% 80% 100% Specific CRM department Treasury department Purchasing department Sales department Source - PwC Treasury Survey SAP AG. All rights reserved. / Page 15 Page 15

16 Regulatory compliance Multiple Regulatory compliance requirements Requires multiple overlapping: Reporting, Workflows Calculations Interfaces Intelligent regulatory compliance: Efficient - Comply with multiple regulations efficiently Beyond Compliance - Capture the risk and operational benefits via smarter processes & technology SAP AG. All rights reserved. / Page 16

17 Tools for financial risk management PwC SAP AG. All rights reserved. / Page 17

18 Straight through processing Market data Requests ERP / Front office systems Exposure data Exposures Exposure capture and management Mid-office / Risk Management Front Office Back office and Accounting Deals Confirmations Payments ERP Accounting PwC SAP AG. All rights reserved. / Page 18

19 Payments Integration Evolution of Bank Connectivity & Standardisation? Interoperability, Integration and Automation 2010 SAP AG. All rights reserved. / Page 19

20 Risk Monitoring - Dashboards and reporting Cash Management Trade Management Complainace Risk PwC 2010 SAP AG. All rights reserved. / Page 20 20

21 Summary PwC 2010 SAP AG. All rights reserved. / Page 21 21

22 In addition, the latest PwC Global Treasury Survey* shows that Technology is one of the key priorities of our clients globally... What is on the top of your treasury agenda right now? Funding Cash management New technology/systems Liquidity Enterprise wide risk management FX Reviewing/improving risk management policies Cash flow forecasting Accounting Global banking * PwC Global Treasury Survey 2010/ Individual Responses - 34 Countries - All Continents PwC 2010 SAP AG. All rights reserved. / Page 22 Slide 22 80

23 Treasury has to become an enterprise wide process rather than a corporate department PricewaterhouseCoopers AG Avenue Giuseppe-Motta 50 Phone: PricewaterhouseCoopers AG Avenue Giuseppe-Motta 50 Phone: Aniket Kulkarni Michiel Mannaerts Treasury and Commodity trading Treasury and Commodity trading Consulting Consulting This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers AG, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it PwC. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers AG which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity SAP AG. All rights reserved. / Page 23

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