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There's nothing like a banking crisis to focus financial minds. The recent events in Europe and the US were a hot topic at this year’s ACT Cash Management Conference. Questions were asked about whether or not the collapse of individual banks could lead to a global systemic meltdown similar to the one witnessed in 2008. While the message was a clear “Don’t panic!”, it was equally clear that treasurers need to keep on top of the basics – security, liquidity and return. Technology is helping in this respect, but there was little doubt in the room that now is the time for treasurers to demonstrate their worth.
I am sure this will be a recurring theme of the ACT’s Annual Conference, which this year is being held in Newport, Wales (in fact, you might well be reading this letter while sat in the auditorium of the ICC). The overarching theme is managing financial risk at times of crisis and, with this in mind, I asked new ACT president Joanna Bonnett, head of sustainability at PageGroup, and PwC’s Robert Waddington to expand on what treasurers can be doing – you can read their insights on p20-21.
Of course, there is the nagging worry that the strains within the financial markets (crisis or no crisis) will pile yet more stress onto the treasury community. Mental health is a real issue – it is a subject that needs to be talked about in an open and honest way. Lawrie Holmes spoke to treasurers and mental health experts to discover what organisations can and should be doing to help their team members through these difficult times. His article begins on p13 – please share it with your colleagues.
Our cover feature for this issue focuses on supply chains – how they are only as strong as the weakest link and what the future of supply chain finance holds for an ecosystem that has been under pressure for some time. Innovation will be the order of the day if supply chains are to be resilient and sustainable – it is about more than ensuring the vegetable aisles in our supermarkets remain fully stocked, but that is a good starting point.
We also hear from Geoff Hopkinson, corporate finance manager in Haleon’s treasury group. He is urging businesses to consider recruiting military veterans to their ranks. His argument is convincing – veterans are used to complexity and using their initiative, and come with honed project-management skills. And he should know, having served as an officer in the Royal Marines for 12 years.
Finally, can I recommend our feature on the future? The thoughts of four forward-looking experts start on p25 – right or wrong, let us know your own views.
Philip Smith
Editor
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The copyright of all editorial in this magazine is reserved to the publishers. None of the articles published may be copied, duplicated or reproduced in any form without the prior consent of The Association of Corporate Treasurers. The Association of Corporate Treasurers, the publisher and editor cannot accept responsibility for any claim which may be made against a contributor arising out of the publication of any article or letter. The views and opinions expressed in this magazine are not necessarily those of the Council of The Association of Corporate Treasurers.