What does it take to be a good treasurer?
It takes a certain type of person to be a good treasurer, and it takes a certain type of person to be a great treasurer. While every treasury role is unique, I believe there are specific skills (interpersonal and technical) that every good treasurer should possess.
The treasury function often liaises with multiple departments, so an ability to connect the dots - in an approachable and diplomatic way – is vital. A key part of my current role is bridging the gap between the local finance and commercial teams, and head office in the UK. Each team has their own priorities, so it’s about understanding their concerns while ensuring they understand (and respect) yours. It can be a delicate balance, as it is with my role, where I am responsible for enforcing treasury policy to ensure a very disparate geographic region both protects and improves shareholder value.
Another valuable trait is the ability to stay calm and think clearly under pressure, and, most critically, to continue to make important business decisions in a level-headed manner. Unfortunately, despite the evolution of treasury as a discipline, in my career I have often found that the local operations of businesses do not always understand what treasury’s role is within the organisation. Reckitt Benckiser has a degree of decentralisation, and by establishing a centralised treasury function with additional regional treasurers, have bridged this information gap while also proactively driven value creation.
So what differentiates a great treasurer from merely a good one?
In my opinion, it can be summarised in two key points – contextualisation and autonomy. When there’s a key decision to be made, a great treasurer will be able to step back, reflect, consider the bigger picture, and decide what is right for the business. The second aspect is the ability to give autonomy to your team members, which has a dual positive effect. Firstly, giving your team individual responsibility develops their skillset and knowledge base and fosters a feeling of trust. Secondly, it reduces some of your day-to-day responsibilities, which frees up time for strategic business decisions.
To develop the above attributes, it is important to select your roles carefully. The focus placed on investment in people really depends on how important treasury is within the firm. In Reckitt Benckiser, treasury is at the heart of the organisation, and there is a strong focus on having a treasury qualification or showing a willingness to start a study program. It can be difficult to learn things on the job – someone who is purely back office will find it challenging to get a well-rounded view - so having a balance of formal education with on-the-job experience is key.
I have always been selective in my roles as I sought a holistic understanding of all aspects of treasury, which is what senior roles demand. For my current role – as International Treasury Manager at Reckitt Benckiser – I was seeking broader geographical experience and regional responsibilities. I cover the developing markets (which includes Latin America, the Middle East, Asia Pacific and Africa) and while this sometimes makes for long working hours, in this world of multinational conglomerates, international experience is key.
Don’t be afraid to take on new challenges. You are in control of your development, so learn as much as you can on the job, study towards treasury qualifications and do your homework on new opportunities.
You can hear more of Roshun at the ACT Middle East Annual Conference
Roshun Tulkens, International Treasury Manager – Developing Markets, Reckitt Benckiser
