As treasurers, we have a unique vantage point within the business world. Inside corporates, the board of directors will set the aspirations and strategic direction of the entity, but treasury is the interface between those aspirations and the hard realities of the financial markets.
I have worked in treasury for 30 of The Association of Corporate Treasurers’ (ACT’s) 40 years. In that time, I’ve witnessed first-hand the changing fortunes of the financial sector.
I worked for Lloyd’s of London during its reconstruction and renewal in the 1990s. I was at Bank of America when the global financial crisis hit – arguably not the best place to be, since the bank responded to the crisis by getting rid of the securitisation team.
More than once, my treasury role has given me a seat at the table for the complex negotiations that ensue when crisis hits, and corporates and the assets, systems and people within their treasuries have to be broken up.
For treasury professionals, finding a path through complex situations is not a rarity – and that surely is the appeal of this profession.
Treasury provides a mix of theory and real-life practicality, an opportunity to mix with professionals from other disciplines and to propose solutions that stack up for external stakeholders, work internally and move the company in the strategic direction set out by the board.
There is more than just a degree of straight-talking involved. You have to talk truth to power at times – an aspect of the job that doesn’t always make you popular.
It’s been clear to me since early on in my career, these are abilities that treasurers gain by virtue of their training and experience. However fragile the financial world seems, your security lies in your skills.
When I began my career in treasury, it was the numerical aspect of the role that appealed to me.
Joining N&P Building Society in 1989, I quickly gained a sense that treasury was the financial nerve centre of the bank and I found working with external markets was exciting.
Just as quickly, I realised that building a strong rapport with others and using my analytical skills to educate and influence colleagues in the business were crucial as well.
I’ve seen that same evolution in younger colleagues many times. People come into treasury as a means to deploy their analytical skills and quickly realise that developing relationships with others is crucial to broadening and deepening their experience.
Our ability to cope with turbulence – in the financial markets, in the business landscape – is our calling card. Our people and influencing skills are just as important.
Paul Wilde is group treasurer at Shawbrook Bank and president of the ACT in its 40th year
This article was taken from the 40 Years Edition 2019 issue of The Treasurer magazine. For more great insights, log in to view the full issue or sign up for eAffiliate membership