It does this by encouraging treasurers to exchange knowledge and views – with each other, with their suppliers and with the ACT. It also continues to focus on improving many of the core skills of treasury – liquidity management, cash flow forecasting and working capital management, to name but three examples.
But while there is plenty of continuity in cash management, change is also a recurrent theme. In the treasury world, as in the wider one, technology has been a major driver of change since the conference first launched in 2005. Today’s treasurers have an exciting technological toolkit that encompasses state-of-the art treasury management systems, SWIFT connectivity, FX trading platforms and online bank portals. They can also take advantage of important developments, such as the Faster Payments Service and the Single Euro Payments Area.
Naturally, the shadow of the global financial crisis still hangs over us and, with it, a cloud of regulation. The Basel III provisions, which are currently being phased in, have profound implications for how the banking sector manages its capital adequacy and liquidity risk.
As major customers of banks, it is inevitable that corporates will also feel the effects of Basel III as time unfolds. Right now, though, the biggest headache for many treasurers is meeting the derivative reporting requirements of the European Market Infrastructure Regulation.
These took effect on 12 February, the first day of the conference. It will be interesting to listen to your experiences of complying with the rules over the coming months.
But let’s return to the world of cash. I am delighted to welcome you to this review of the ACT Annual Cash Management Conference 2014. I hope that the coverage of the event will enthuse, inform and entertain you.
Richard Martin, Managing Director, Global Cash Management, Barclays