FTA
EXCHANGE
FINANCE AND TREASURY ASSOCIATION // ISSUE 1 NOVEMBER 2016
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CONTENTS 10
FTA CONFERENCE: INNOVATION CHANGE
17
TRADE FINANCE
20
ASSESSING RISK CULTURE
23
CASE STUDY: AMCOR
28
OUTLOOK: 2017 STABLE FOR AUSTRALIAN CORPORATE SECTORS
A premier event on the Finance and Treasury calendar, the FTA Conference has brought quality personal and professional development to the finance and treasury community for decades.
In the not too distant future, supply chain finance will be fully standardised and digitised, and all stakeholders will have real time access to the data flow.
Poor risk culture often leads to poor conduct; a simple formula currently bedevilling the financial services industry.
Packaging a World Class Treasury with the Reval Cloud Platform.
The ratings of most non-financial corporates in Australia will be stable in 2017 because the majority of companies have solid earnings and balance sheets, as well as good liquidity.
32
KNOW YOUR CUSTOMER The ratings of most non-financial corporates in Australia will be stable in 2017 because the majority of companies have solid earnings and balance sheets, as well as good liquidity.
4. A NOTE FROM OUR PRESIDENT 6. STATE OF PLAY 36. PARTNER DIRECTORY FTA Exchange Magazine is published by the Finance and Treasury Association. All material in FTA Exchange Magazine is copyright. Reproduction in whole or part is not allowed without express permission from the publisher
ADVERTISING AND EDITORIAL Nadia Kentera nadia@ftasecretariat.com.au +613 9820 1113
4 // WELCOME
A MESSAGE FROM OUR PRESIDENT WORDS // MIKE CHRISTENSEN FFTP - FTA PRESIDENT Welcome to Exchange Magazine. For more than 30 years the Finance and Treasury Association of Australia has been dedicated to providing its members with the latest and most up-to-date news and professional development opportunities within the industry. We’re continuing to build on the foundations of this organisation by providing a relevant, enjoyable and productive offering for all our members.
◊ FTA Board. From left Lee Trewartha CFTP, Mike Christensen FFTP, Robert Dougall FFTP, Biki Markov FFTP, Fulvio Barbuio FFTP, Clive Richards FFTP, Scott Hamilton CFTP (Snr), Nell Bingham CFTP.
Once a quarter, Exchange Magazine will deliver in-depth technical and issues-based articles that practitioners are unlikely to find elsewhere. These include articles on economic conditions, technology, international markets, working capital, debt markets, careers,
professional development, cash management, treasury, regulation and more. Each edition will bring together the finest and most knowledgeable technical experts to provide you, our members, with a valuable and lasting resource. We encourage any member of the FTA interested in contributing to the magazine to make contact with our editorial committee. We welcome submissions and editorial ideas and would wholeheartedly appreciate comments and suggestions on how we can make Exchange Magazine a valuable resource for all our members. The key networking and professional development offering of the FTA is our Annual Conference. The event begins on the 16th of November on the Gold Coast, and its beginning will also signal the launch of this magazine. I personally encourage all members to attend the conference. It’s a forum where you can touch base with your peers, meet new people and also have the opportunity to listen and inter¬act with professionals who share your knowledge and experience across many different topics. We look forward to welcoming you to the FTA’s 29th Annual Conference and we trust the launch of Exchange Magazine will provide you with an even deeper membership experience.
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AT THE FOREFRONT OF
PROFESSIONAL DEVELOPMENT
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STATE OF PLAY // 7
STATE OF PLAY
WORDS // PETER CHAPMAN
The nature of the Association’s State Committees, like the Association, have undergone a significant transformation leading into 2017. Why? We needed to recognise two things: 1) Having strong states is of vital importance to a strong Association. 2) Our member’s needs have changed and matured. We have listened and learned and understand that our members, all in various stages of their careers, have different needs and requirements of the Association.
The State Committee’s purpose spans several key items: 1) Act as a conduit between the national office and our local members. 2) Provide members with a line of communication to the national office. 3) Help develop local and national networking and professional development events. 4) Assist the national office in member engagement and retention. 5) Identify and nominate members to FTA board director positions.
The new State Committees are your local point of contact, there to help support local events and local members. They provide your feedback to the national office and assist in the communication of national news.
Engelbert Bets
Melinda Gibson
Jeremy Martin
Western Australia
Queensland
New South Wales
8 // STATE OF PLAY The State Committee will assume responsibilities for the following local activities:
STATE COMMITTEES
• State based professional development and networking activities across member segment lines • Assisting with the promotion of national events (i.e. Conference, Essential Treasurer, etc.) • Assist with the development and implementation of local events • Assist with membership renewals • New member welcome and on-boarding
New South Wales Bláthnaid Byrne, CFTP Geoff Rooney, CFTP Jeremy Martin, CFTP (Snr) Terry Nolan, CFTP Anthony Issa, CFTP
This new approach to the State Committees gives each member of the committee responsibility for a “portfolio” of members. The idea behind these portfolios is to create a focus on specific segments of the FTA’s membership. This helps members feel supported and gives them a go-to person in their respective state.
Victoria Leanne Evans, CFTP David Fagan, PMFTP Clayton McIntosh, CFTP Masha Weijers, CFTP
The portfolios are as follows: • Young Professionals (graduates to 30 years) • Emerging Leaders (30 – 40 years) • Senior Executives (inc. Retired Members) (40 – 60 years) • Women in Finance and Treasury (open)
Queensland Iain Ascough, CFTP Melinda Gibson, CFTP Michael Williams, CFTP Chris Wojnar, CFTP South Australia / NT Faina McGlade, PMFTP
Michael Williams Queensland
Peiro Cabrera
Masha Weijers
Bláthnaid Byrne
Western Australia
Victoria
New South Wales
Western Australia Kurt Smith, CFTP Karolina Plange-Korndorfer, CFTP Peiro Cabrera, CFTP Engelbert Bets, CFTP
Trade transaction Seamless domestic and cross border transactions.
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MEET THE TEAM Name
Current Position
Company
State
Blรกthnaid Byrne, CFTP
Group Treasurer
AGL Energy
New South Wales
Anthony Issa, CFTP
Treasury
Mizuho Bank Ltd
New South Wales
Jeremy Martin, CFTP (Snr)
Senior Treasury Manager
Scentre Group
New South Wales
Terry Nolan, CFTP
Senior Business Analyst
Macquarie Group
New South Wales
Geoff Rooney, CFTP
Senior Manager
EY
New South Wales
Ian Ascough, CFTP
Group Treasury and Insurance Manager
Aveo Group Ltd
Queensland
Melinda Gibson, CFTP
Senior Treasury Analyst Jemena
Queensland
Michael Williams, CFTP
Group Finance and Taxation Manager
ALS Limited
Queensland
Chris Wojnar, CFTP
Manager, Treasury
Queensland Urban Utilities
Queensland
Faina McGlade, PMFTP
Treasury Analyst
ARTC
South Australia
Leanne Evans, CFTP
Manager Treasury Finance
Transurban
Victoria
David Fagan, CFTP
Liquidity Dealer
MMG
Victoria
Clayton McIntosh, CFTP
Senior Treasury Analyst Australia Post
Victoria
Masha Weijers, CFTP
Group Treasurer
Futuris Group
Victoria
Engelbert Bets, CFTP
Commercial Manager
Downer Mining
Western Australia
Piero Cabrera, CFTP
Senior Treasury Advisor
Quadrant Energy Aus Ltd
Western Australia
Karolina PlangeKorndorfer, CFTP
Treasury Accountant
Austal Ltd
Western Australia
Kurt Smith, CFTP
Treasury Manager
Western Power
Western Australia
FTA CONFERENCE: INNOVATION CHANGE WORDS // LAUREN BRUCE
A premier event on the Finance and Treasury calendar, the FTA Conference has brought quality personal and professional development to the finance and treasury community for decades.
12 // FTA CONFERENCE: INNOVATION CHANGE
The FTA Conference Event and Business Development Manager Nadia Kentera says there’s no other event like it in Australia. “It’s Australia’s signature finance and treasury event, which is why it has such a strong following.” Kentera says. “Its long history [is testament to] its success.”
“
Innovation is not always a result of focused effort; it may come by way of chance. Be it from a failure of a focused effort or as a response to inefficiency in the market place. It also may simply come from the light bulb moment that people have.
”
Now in its 29th year, the 2016 conference is set to focus on the theme “Innovation Change: Australia’s Role in an International Environment”; providing a platform for the finance and treasury community to connect with each other and learn from each other’s valuable insights and experiences. As a collective, the Conference Committee agreed that innovation would play a key role in the theme for this year’s event. Not only was there focus on digital innovation and technology and its impact but there was a significant emphasis on innovation change within organisations, our teams and as finance and treasury professionals. “And [the Innovation Change concept] has got a lot of merit. There are things that are happening here in Australia within the sector, but we also have to consider the environment around us, the international global environment that affects everything we do.” Scott Hamilton, Managing Director of Arapiles Consulting and also FTA Board member, believes that in order to understand what innovation means for us now and in the future, we need to understand the innovations made throughout our history. “We all think this is the new age of innovation and technology; but reflect on some of the great inventions of our time and the people who made them,” Hamilton says. “[People] such as Nikola Tesla (the father of commercial electricity), Thomas Edison (the inventor of the light bulb and over 1,000 patents to his name), Alexander Bell (the telephone) and Karl Benz (the first petrol car) have changed how the world has evolved.” Hamilton says he thinks of innovation as a new idea, a device or a method in which a solution to a need can be found. “Whether it is a product, process, service, technology or business model, innovation can be the catalyst for growth,” Hamilton says. “It can also be described in terms of continuously looking for better ways to satisfy consumer
FTA CONFERENCE: INNOVATION CHANGE // 13
demand with an improved level of quality, serviceability and price.” Innovation can be seen as the need to revolutionise the economic structure in society. This may also be true for businesses, in that there is a need to become more efficient and productive while trying to increase market share or competitiveness. Hamilton says that, at the same time, there is an increasing need for a sustainable profit margin focus. “Innovation is not always a result of focused effort; it may come by way of chance. Be it from a failure of a focused effort or as a response to inefficiency in the market place. It also may simply come from a lightbulb moment that people have,” Hamilton says. “The process of innovation generally requires three phases: a need, competent people with relevant technology, and financial support.” Hamilton says that, given the (FTA) Annual Conference focuses on The Innovation Change (Australia’s Role in an International Environment), it prompts attendees and speakers alike to consider how innovation supports Australia’s role in the regional and broader international landscape. “Digital innovation and disruption is at the forefront of the current business landscape, with challenges and opportunities lurking behind almost every corner,” Hamilton says. “From Uber to Blockchain, Airbnb to Apple, there is no limit to what can and what is being achieved. But with many of these opportunities comes risk; be it in the form of cyber fraud, reduced access to markets or traditional markets not operating at all can affect outcomes for business.” The FTA conference will shed light on much of these issues to further arm decision-makers with tools to navigate through these extremely dynamic times, Hamilton says. “As [American economist] Eric von Hippel has identified, the most important and critical source of innovation is the end-user. The FTA conference will give all participants the thirst to innovate and to understand Australia’s role in addressing this fundamental issue.” With three diverse session streams happening concurrently at the conference encompassing over 70 contributing speakers, Kentera says there will be professional and
personal development opportunities to suit all of the event’s 200+ attendees. “Ensuring a balanced mix of professional expertise as well as having corporate treasurers are the real drawcard,” Kentera says. “These are the experts our attendees really want to hear from; listening to real-life case studies and understanding what other treasurers are going through in their organisation provides a first hand insight for fellow treasury professionals.” Kentera says the experts engaged for this year’s conference perfectly suit the Innovation theme from all angles – from the Chairman of Cooper’s Brewery Glenn Cooper, to KPMG partner and media commentator Bernard Salt, to former Lonely Planet Chief Technology Officer and Executive Director, Gus Balbontin. “Each of our keynote presenters are talking about innovation, whether it’s from a board perspective or a chairman’s perspective or otherwise,” Kentera says. “Treasurers need to know what their board’s understanding is of innovation, because they need to know what the board are thinking when they report to them.”
Cooper’s Brewery’s Glenn Cooper will demonstrate a chairman’s perspective on innovation to attendees, talking about what the brewery has done as a company to be innovative and to remain a main player in a relatively saturated industry; while Gus Balbontin will be talking about the technological side of innovation and how Lonely Planet successfully became relevant in a digital era. A really big highlight, Kentera says, is Bernard Salt’s involvement in the conference as a speaker and facilitator. Partner at KPMG and one of the most well-known writers, media personalities, and business advisors in Australia, Salt is used to expressing even the most complex ideas in a way that everyone can comprehend, no matter how large or diverse his audience. “Bernard is very well known in Australia as an economist and as a business advisor, so he’s got a lot of expertise,” Kentera says. “As facilitator, Bernard is going to pool all of the experience of our fantastic speakers together and [bring it to the fore]. A new feature of this year’s program is SIG (Special Interest Groups), designed to help attendees expand their network through small group focused discussions at an industry specific level. This year the SIG session will feature an international guest panelist, Vandita Pant, Group Treasurer, Head of Europe of BHP Billiton who will be in a position to share her expertise on the various issues raised within the group. “We’re also doing closed corporate treasurers-only sessions. So again, this is something treasurers really want to attend because there are no banks or other vendors involved and they can talk candidly without having to worry about who’s listening. What goes on in the room, stays in the room.” Kentera says that this practice will be incredibly useful for corporate treasurers, in that a safe space is provided to talk openly and honestly about issues important to them.
For the first time, the conference is taking place on the Gold Coast at the Sheraton Mirage, an environment Kentera says will help shake things up for the conference’s 29th year. The relaxed setting will open the doors for attendees to do some really in-depth networking, forging solid and sincere connections with their peers and partners in the industry. This fresh approach to the conference will prove a strong setting for more open and frank discussions to be had within the sessions. We want delegates to be more engaged and focussed without the distractions of the office. “The conference will provide a platform for our members and the finance and treasury community to connect, network, learn and exchange. That is what the industry needs right now.” http://ftaconference.com.au
“
A really big highlight, Kentera says, is Bernard Salt’s involvement in the conference as a speaker and facilitator. Partner at KPMG and one of the most wellknown writers, media personalities, and business advisors in Australia, Salt is used to expressing even the most complex ideas in a way that everyone can comprehend, no matter how large or diverse his audience.
”
Developing tomorrow’s finance leaders
TRADE FINANCE // 17
TRADE FINANCE WORDS // ADNAN GHANI HEAD OF TRADE FINANCE – WESTPAC INSTITUTIONAL BANK
In the not too distant future, supply chain finance will be fully standardised and digitised, and all stakeholders will have real time access to the data flow. A corporate, its banks, its suppliers and customers will be able to collaborate through the supply chain, end to end, driven by the power of data transparency. Customs authorities and freight agents will have access to the same data, which will be standardised and fully compliant, enabling them to release goods faster to keep the supply chain moving.
Regulators too, will want this to happen. Their role is to foster and develop trade, not restrict it. All of this will speed up the supply chain and allow the physical and financial supply chains, which today are often out of sync, to align much more closely. And once the supply chain speeds up, costs will be lowered and everyone will benefit. To achieve this, banks will be more integrated not just with isolated pieces of trade finance, such as payables or receivables, but with a customer’s supply chain partners. Armed with the data insights which come from this greater visibility, banks will facilitate the timely flow of finance to keep the supply chain humming at an optimal rhythm. This vision might be some years away, but it is not likely to arrive with a big bang. Trade finance leaders of today are already moving in this direction, bringing together supply chain stakeholders in new collaborations.
18 // TRADE FINANCE
One area that is of particular interest is around e-transaction technology, and Westpac is amongst the first banks to transact in this way in trade finance. As far back as early 2014, Westpac has been supporting trade electronically where we successfully participated in a first-of-its-kind, end-to-end electronic transaction involving an iron shipment from Australia to China. Westpac leveraged the essDOCS, developed CargoDocs Bank Payment Plus solution, and acted as the recipient bank for the seller BHP Billiton, while the buyer was Cargill, a leading food and agriculture company. Throughout the transaction, data flowed electronically through all four institutions with no data re-entry, leading to a much faster completion time. In its early stages, blockchain promises to deliver significant benefits, speeding up the financial supply chain while reducing costs, and with an added advantage of reducing the risk of fraudulent invoices. Companies which approach their cash conversion cycle in a holistic way and are able to align the financial and physical
supply chain, are able to source cheaper working capital, which can then flow through to the bottom line and the share price.
Too many banks only get involved when they see accepted invoices, but this is a very narrow way of looking at financing a supply chain.
If they are sufficiently integrated with their customers, banks can begin providing supply chain solutions the moment a purchase order is placed.
Let’s say that a wine maker needs bottles and places a purchase order with a bottle manufacturer.
“
As far back as early 2014, Westpac has been supporting trade electronically where we successfully participated in a first-of-its-kind, endto-end electronic transaction involving an iron shipment from Australia to China.
”
TRADE FINANCE // 19
That bottle manufacturer will need to purchase glass to make the bottle so it can be sold to the wine maker. If the bank comes in at this point, providing pre-shipment finance to the bottle maker to ensure the supplier gets cash as quickly as possible then everyone in the chain has funding for their own processes. Today, this does not happen as widely as expected due to several challenges. The first of these is information sharing. There is still a disconnect between stakeholders through the supply chain, both physical and financial. Many corporates still work in silos where procurement doesn’t know what is happening in sales and treasury is out of the loop.
A second issue is around efficiency and redundancy, which is the duplication of paperwork and administration across the same company for the same process.
including suppliers, buyers, banks, customs and freight companies, are starting to gain momentum, as evidenced by the interest in blockchain technology.
A third challenge is around how organisations look at their supply chain, the mindset with which they approach it.
These participants are beginning the journey to transform supply chain finance into a fully automated, digitised and seamless process where both the physical and financial are fully aligned.
Financing one isolated link does not make a full chain, and too many banks today appear to lack a full understanding of the corporates’ end to end supply chain. Many corporates, at the same time, are yet to develop the top down goal for working capital improvement which will align the entire organisation and deliver improvements in cost and speed. While many organisations are struggling with these challenges, new collaborations between providers in the supply chain,
Organisations who start their journey early, will be the ones who will see the most benefit.
20 // RISK MANAGEMENT
ASSESSING RISK CULTURE
BETTER ANSWERS TO THE BETTER QUESTIONS WORDS // GEOFF ROONEY CFTP - SENIOR MANAGER – EY, SYDNEY Poor risk culture often leads to poor conduct; a simple formula currently bedevilling the financial services industry. Post the global financial crisis, risk culture is a hot topic on Australia’s regulatory agenda. Businesses are frequently being challenged whether they are “sailing too close to the wind” making it imperative to have a risk culture assessment. APRA’s paper in October 2016 on risk culture revealed it “has no intent to try to impose a common risk culture across prudentially-regulated entities, or prescribe the specific characteristics of a ‘good’ risk culture.” While this is creating
headwind for businesses in their risk culture assessments, it is also shifting the mindset from “what can I do” to “what should I do.” APRA has also responded by the implementation of Prudential Standard CPS 220 Risk Management in January 2015. This standard requires boards of authorised deposit-taking institutions and insurers to form an opinion on their current and desired state of risk culture. Recognising that remuneration is a key influence on risk culture, APRA is also reviewing remuneration policies and practices against the requirements in SPS 510 Governance Prudential Standard.
Risk culture assessments are about understanding the behaviours and attitudes that support and exist around the risk framework.
RISK MANAGEMENT // 21 A wider industry approach has been taken by ASIC with firm culture and conduct a key regulatory priority for 2016-17. The topic was also the main focus of questions delivered by the Parliament held the Senate Standing Committee on Economics inquiry into the post-GFC banking culture in October 2016.
Traditionally corporate organisations have responded to risk with controls and policies to reduce it to an acceptable level. These solutions alone must be challenged, with increasingly lean treasury teams being asked to do more with less. Policy, process and control are only one element of the control environment.
You may now be questioning the relevance of risk culture to corporate treasurers, perhaps thinking this is only a financial services issue. Yet history shows us that issues within the financial services sector help shape and inform corporate behaviour as well. The senior stakeholder crossover (NED, regulators) also means risk conversations and view of the group’s risk culture is front of mind at corporate boards.
Risk culture assessments are about understanding the behaviours and attitudes that support and exist around the risk framework. A sound risk culture is essential to align treasury’s risk appetite to that of the overall business. This gives people the confidence to escalate issues and take action in a timely manner when they see excessive risk taking behaviour or deficient processes.
Once you accept that understanding risk culture is a key part of an organisation’s risk management framework, the link to treasury becomes more obvious. Especially for the treasurer, as the prime steward of risk across the organisation.
Corporate Boards Increasingly Face Three Key Questions What is our risk culture?
What is this based on?
What are we doing about our risk culture?
1. WHAT IS YOUR RISK CULTURE? Risk culture can be defined as the institution’s norms and the collective attitudes and behaviours of its people that influence risk and impact outcomes. Risk culture (as compared to organisational culture) is simply a more specific lens allowing general concerns about culture to focus on risk-taking and risk control activities. Businesses need to change the expectation of staff behaviours from unacceptable to desired. They also should identify and prioritise the mechanisms which influence employee behaviour and agree on an assessment approach whether that be qualitative (interviews) or quantitative (surveys). 2. WHAT ARE YOU DOING ABOUT YOUR RISK CULTURE? Businesses must take a more proactive role going forward. In a recent risk management survey conducted by the Institute of International Finance and EY, 75% of participating firms were in the process of strengthening their risk culture using a broad variety of existing and new initiatives. Current approaches to address risk culture include using surveys to assess risk culture across the whole organisation. While surveys are a useful assessment tool and can be used as a logical first step, they cannot be seen as the only solution.
Top initiatives to strengthen the risk culture
Embedding risk appetite
81%
Reinforcing accountability regarding risk management
77%
Enhancing messages and tone from the top Enhancing communication and training regarding risk values and expectations Aligning compensation with risk adjusted performance metrics
75%
71%
63%
he to p Tone at t
urs vio ha Be
Gov ern anc e
s
ip nsh atio Rel
Roles and Responsibilities
etite App
Organisation S t r uc tu re
Strategy
Risk
al Capability tion isa n ga Or
Le ad er sh i
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Responsiven ess
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ati on
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Ris kT r a nsp are ncy
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To assist our clients, EY has developed our own framework for assessing risk culture, identifying several main enablers. When in place and operating, they contribute to delivering desired behaviours and outcomes to provide the needed structure and coverage of this topic.
ent em g a an M Cap
Many of the outcomes we are seeing and advising clients through are leading to positive organisational change. While progress has been made by many institutions, cultural change does not happen overnight. Embedding risk culture throughout the institution will remain a key challenge for many years to come.
Ta le nt
Adding interviews, focus groups and targeted data reviews makes for greater understanding of root causes, especially the differences in culture between different layers and geographies within an organisation.
3. WHAT SHOULD YOU DO NEXT? There are four key points that you should address to be on the front foot and leading your organisation in this area: a. Identify areas of ‘good’ risk culture along with areas of potential vulnerability, e.g. behavioral issues, mechanisms to strengthen to deliver desired behaviors. b. Undertake activity to understand your organisations cultural current state related to cultural norms, attitudes and behaviors. c. Prioritise gaps and identify interventions. d. Agree on ongoing monitoring and/or assurance process.
To explore more related to risk culture please get in touch with us; Damien Jones Partner Office: +61 2 9248 5236 damien.jones@au.ey.com
Geoff Rooney Senior Manager Office: +61 2 9276 9823 geoff.rooney@au.ey.com
DIGITAL LIBRARY
Catch up on past presentations in your own time.
www.financetreasury.com.au
CASE STUDY: AMCOR
PACKAGING A WORLD CLASS TREASURY WITH THE REVAL CLOUD PLATFORM Company Profile Amcor (ASX: AMC) is a global packaging company, continually innovating better ways of supplying the food, beverage, healthcare, home and personal care and tobacco end-markets. Headquartered in Melbourne, Amcor employs more than 27,000 people worldwide and has operations across 43 countries.
24 // CASE STUDY
INTRODUCTION Amcor wanted to standardise a global cash, risk management, and hedge accounting workflow across its three regional treasury centers, which were using a combination of different systems and relied heavily on Excel models. Amcor chose to migrate from its manual processes and legacy treasury management systems to the Reval Cloud Platform. At the time, Amcor represented Reval’s 100th APAC client with headquarters or global operations in the region. For Amcor, the Reval Cloud Platform not only provided its treasury organisation with a consistent, connected workflow globally, but it also satisfied its larger, transformational vision of having a functionally rich, future-proof solution.
“In Europe the TMS was not integrated into our banking and dealing systems, with bank statement and deal data files loaded manually. In other regions their TMS was not used for cash or intercompany loan management, so bank reconciliations were performed manually and loan records maintained manually on spreadsheets’. Automation of documentation and testing for hedge accounting was a key requirement – in Europe this was largely managed manually with a variety of documents and spreadsheets” their Treasury Manager Richard Oxley says. “We also wanted the system to be able to incorporate credit value adjustments to some of our instruments, and we wanted to feel confident that what the system was providing us was accurate.
CHALLENGE
We really wanted everyone in our organisation throughout the world to be on the same system, and that would require a system that could meet everyone’s needs.”
Amcor’s treasury operations are managed in three regions, which had each developed their own systems and processes. In Europe, the team used its legacy system for derivatives processing, intercompany loans, cash and liquidity management, and general ledger, but lacked functionality for managing commodity trades. The treasury teams at headquarters in Melbourne and in the USA were using a separate system, but just for derivative management, valuation, hedge accounting and risk modelling.
SOLUTION As part of the RFP process Amcor reviewed several potential TMS providers, both installed and SaaS. They found no other software-as- a-service, or SaaS, vendor that provided the depth of functionality as available with Reval, in particular for commodity dealing, one of the core requirements for the new TMS.
“
CASE STUDY // 25
We really wanted everyone in our organisation throughout the world to be on the same system, and that would require a system that could meet everyone’s needs Richard Oxley Treasury Manager Amcor
Amcor chose to move its entire treasury organisation onto the Reval Cloud Platform. Amcor’s global team in Europe, APAC and the U.S. would finally be working on a functionally rich, common platform with a seamless treasury and risk management workflow and connections to its banks and trading platforms. Amcor implemented functionality from across the full spectrum of the Reval Cloud Platform, including cash management, payments, bank connectivity, reporting, interest rate and foreign exchange instruments, investment and debt, credit value adjustments, FX trading and settlement with straightthrough processing to FXAll, hedge accounting, financial risk management, and reporting. Also very important to Amcor was that the Reval solution is software-as-a-service (SaaS).
”
“We particularly wanted to go for a solution that was going to work as a worldwide application. Obviously one thing we could have done was have the application on our network on one of our servers, but we knew that our network communications inevitably would be slower,” says Oxley. “We were also very attracted to the look and feel of the Reval system, its usability, and of course, the really advanced valuation, hedge accounting and risk analysis functionality, which isn’t quite matched in either of the other systems that we looked at on our final shortlist. We know there are other systems out there, but they are not as well developed in those areas of functionality as Reval.”
Developing tomorrow’s finance leaders
RESULTS In addition to the platform, though, Oxley notes that there were “other things that really attracted us to Reval. We were very impressed by the way the whole deal proceeded. We were able to quickly agree on legal matters, and we continued to be impressed with the implementation team, particularly the Reval implementation manager on the project.”
Amcor chose to phase-in its global implementation. Amcor’s plans included a roll out to its regions in three phases. “One of our key drivers was, first and foremost, a functionality rich system, but we were also looking for a technology platform that is really forward looking,” says Oxley. “We have gone beyond our initial goal of automation. Now, we can get our data from each subsidiary into one system, which is a fairly sleek operation, and we are able to see our global position.”
ABOUT REVAL Reval is the leading, global provider of a scalable cloud platform for Treasury and Risk Management (TRM). Our cloud-based offerings enable enterprises to better manage cash, liquidity and financial risk, and to account for and report on complex financial instruments and hedging activities. The scope and timeliness of the data and analytics we provide allow for chief financial officers, treaurers and finance managers to operate more confidently in an increasingly complex and volatile global business enviornment. With offerings built on the Reval Cloud Platform companies can optimize treasury and risk management activities across the enterprise for greater operational efficiency, security, control and compliance. Founded in 1999, Reval is headquartered in New York with regional centers across North America, EMEA and Asia Pacific. For more information, visit www.reval.com or email info@reval.com Copyright ©2016. All rights reserved. Reval® is a registered trademark of Reval.com, Inc.
JOIN LEADERS AT ALL LEVELS OF YOUR FINANCE AND TREASURY CAREER We’ve developed memberships options to kick start your career, get you ahead and be beneficial at all stages of your working life. We even want you to keep engaged once your career is over and become a mentor and professional role model to this future profession.
www.financetreasury.com.au
28 // OUTLOOK
OUTLOOK: 2017 STABLE FOR AUSTRALIAN CORPORATE SECTORS TEXT// MAURICE O’CONNELL
VICE PRESIDENT AND SENIOR CREDIT OFFICER - MOODY’S INVESTORS SERVICE The ratings of most non-financial corporates in Australia will be stable in 2017 because the majority of companies have solid earnings and balance sheets, as well as good liquidity. In terms of financial leverage in particular, average leverage figures will remain broadly steady to slightly down in 2017 on EBITDA growth of around 3% and overall debt levels similar to 2016. Australian corporates continue to exhibit a low appetite for increased debt. Corporate liquidity profiles will be supported by moderate levels of debt maturing over the next
two years for most issuers — as a percentage of gross adjusted debt — and high levels of cash on hand. The stable outlook through 2017 also reflects the reasonably resilient macroeconomic fundamentals in Australia. Australian corporates should see a modest increase in their earnings growth, driven by a 2%-3% GDP growth in 2017, and accommodative monetary settings.
OUTLOOK // 29
30 // OUTLOOK
As for how the Chinese economy will affect Australian corporates, China’s slower growth remains sufficiently supportive of overall corporate sector activity in Australia. But, a significant contraction in Chinese GDP growth will pressure the credit quality of companies in the natural resources and mining services sectors, in particular, those with exposure to coal, iron ore and oil.
A-REITs will also show good liquidity levels and their staggered debt maturity profiles will support their ratings. As of 31 October 2016, 76% of ratings for Moody’s-rated Australian corporates were stable, 18% were negative, and 6% positive. The key downside risk is that limited organic growth opportunities and the low cost of debt could encourage mergers and acquisitions or shareholder-friendly initiatives, and lead to higher financial leverage.
In terms of specific corporate sectors, the 2017 outlook for metals and mining, retail and consumer, A-REITs, and building and construction, and the outlook for the airline industry is stable. While pressures remain in mining-related sectors, conditions have stabilised for the resources sector, and the financial profiles of mining-related companies are improving from previously weak levels. The price improvements in recent months for commodities such as coal and iron ore will likely moderate due to ample supply. They will still remain at levels that will result in an improvement in the credit metrics of mining-related companies as they continue to focus on cost cuts and cash outflow reduction, from capital expenditures and dividends. Their free cash flows and liquidity levels will also be supported by improving earnings. Mining-related sectors will also likely continue to pay down debt and to sell their assets, as they adjust their balance sheets to the lower earnings environment, and focus on maintaining strong liquidity positions. The retail and consumer sector has seen an increased focus on price, with competition intensifying and a clear differentiation among companies in the food retail sector. Nevertheless, the
OUTLOOK // 31
ratings of companies in this sector will stay stable through 2017, with low interest rates and petrol prices supportive of discretionary income. A-REITs will see their operating income rise moderately by about 2.5%, with broadly steady vacancy rates and fixed rent increases. Office rentals will benefit from good demand in Sydney and Melbourne, with such REITs showing only a small exposure to the struggling Perth and Brisbane markets. Retail rentals will benefit from high occupancy and solid discretionary spending. A-REITs will also show good liquidity levels and their staggered debt maturity profiles will support their ratings. Overall, the A-REITs’ credit profiles will be supported by conservative gearing, strong liquidity levels and a moderate level of near-term debt maturities. The building and construction industry will record slightly higher earnings, as the industry transitions from resourcesrelated construction spending. Residential construction retains momentum, although it is close to a cyclical peak. Increased government spending on road and rail infrastructure will help mitigate the inevitable lower spending on residential construction.
As for the positive outlook on the airline industry, the industry’s earnings and credit metrics will continue to improve, due to cost savings, low fuel prices and a reduction in debt levels. Competition in the domestic environment will be competitive but rational, with effective management of capacities. The weaker Australian dollar is also encouraging travellers in Australia to choose domestic over international destinations. However, the participation of offshore airlines into the Australian international aviation market will increase competition in the industry. In general, the ratings for companies with investment-grade ratings are considerably more stable than for high-yield companies.
The author, Maurice O’Connell, is a Vice President and Senior Credit Officer for Moody’s Investors Service.
KNOW YOUR CUSTOMER
TEXT// SCOTT HAMILTON CFTP (SNR)
Catch me if you can... In the movie starring Leonardo DiCaprio (Catch me if you can), he plays real life conman and forger Frank Abagnale. He poses as a Pan American Airways pilot, doctor, and lawyer, performing cons worth millions of dollars. Frank Abagnale successfully forged payroll checks worth over US$2.8 million for his own benefit. But in the end he was caught by the Federal Bureau of Investigation (FBI) and spent many years in jail.
In the ever growing complex world that businesses and households operate and live in, we must all remain vigilant about who we deal with. The process in which a business can identify and verify the identity of their clients in known as Know Your Customer (KYC). Over the last few years there has been a continued rise in regulatory pressure concerning Anti-Money Laundering (AML) and Counter-Terrorism Financing
KNOW YOUR CUSTOMER // 33
more are required to be reported under the AML/CTF Act. The second step is the layering of funds. This is achieved by moving, dispersing and disguising illegal funds to conceal their true origin. A maze of complex transactions involving multiple financial institutions and accounts, corporations and trusts, makes the true source of the funds difficult to trace. The final stage in the cycle is the integration of the funds. This is the process where distant funds (illegal funds) are placed into legitimate assets (be it cash, property, luxury good or other high value asset) and appear to have legitimately been acquired. Money laundering can facilitate crimes such as: • drug trafficking • people smuggling • tax evasion • terrorist financing
(CTF). KYC and the various sanctions relating to it continues to be a key focus area for management. This includes meeting appropriate compliance procedures. Businesses operating on a global scale must demonstrate a robust compliance framework with each jurisdiction they operate in, proving they have sufficient management oversight. This includes AML processes and procedures being adhered to at both a domestic and global level. The question that businesses need to ask themselves is “What is Money Laundering?” Money Laundering is the process of making illegally gained proceeds appear legal (dirty money look clean). This can be achieved by individuals, companies and financial institutions and in some cases is state sponsored.
Criminals use diverse and ingenious methods to sidestep regulatory and enforcement measures. They exploit market and technology developments, by harnessing new products or technologies. Whether it is activities through e-commerce (electronic transacting) or m-commerce (mobile wireless device transacting), there is typically a three step process in the money laundering cycle being: • placement • layering • integration The first step (placement) begins with illegitimate funds being posted into a legitimate financial system. This can include structuring of cash transactions. The structuring of cash involves breaking down a transaction into small amounts to avoid triggering mandatory reporting. Cash transactions of AUD $10,000 or
The United States of America (USA) was one of the first jurisdictions to start mapping this illegal movement of funds and through the Financial Crimes Enforcement Network, established the Bank Secrecy Act (BSA) in 1970. This was for the establishment of record keeping and reporting of private individuals, banks and other financial institutions. It required banks to: • report cash transactions over US $10,000 • properly identify person conducting transactions • maintain a paper trail (by keeping appropriate records) During the period of the 1980’s and 1990’s laws were strengthened in the BSA to include increased enforcement and penalties. Post 2001 the USA Patriot Act further expanded these regulatory requirements around AML and CTF to include an increased KYC regime. Within the Australian context, the Australian Transaction Reports and Analysis Centre (AUSTRAC) is the regulator and specialist Financial Intelligence Unit (FIU). AUSTRAC identifies threats
34 // KNOW YOUR CUSTOMER
and criminal abuse of the financial system and acts to protect the Australian economy. AUSTRAC aims to detect, deter and disrupt money laundering and terrorism financing risks and threats that affect Australia’s financial system. With AUSTRAC’s partner agencies (both domestic and global), they maintain a comprehensive system to detect, prevent and prosecute.
over 1,000 Australian entities that have been identified in the Panama Papers’ information leak.
Some partner agencies include: • Australian Federal Police (AFP) • Australian Tax Office (ATO) • Australian Securities and Investments Commission ASIC) • Commonwealth Department of Public Prosecutions (CDPP) • Over 150 other international government agencies.
AUSTRAC is learning more about the methodologies used to launder illicit funds and looks to adjust their financial surveillance capabilities to further safeguard the integrity of Australia’s financial system. This includes individuals looking to hide illicit wealth and avoid taxes through cross border movement of funds between Australia and other countries. The work of AUSTRAC has been critical in identifying professional facilitators (including accountants and lawyers), who have facilitated the creation of offshore structures and vehicles to conceal and move illicit wealth.
Over the last few years there has been some high profile investigations following on from the predicted increase in regulatory activity. This has included fines, imprisonment and reputational risk for individuals and companies. One such current investigation is the Panama Papers’ money trail investigation. AUSTRAC is working with key partner agencies within the Serious Financial Crime Taskforce (SFCT) to examine
Over the 2015/16 financial year period, AUSTRAC identified more than 78,000 suspicious matters and suspect actions to its partner agencies. The intelligence directly contributed to around 4,000 ATO cases and resulted in an extra AUD $152 million in income tax assessments and debt collection. Over the last five years AUSTRAC have contributed in recovering tax totalling almost AUD $2.8 billion.
KNOW YOUR CUSTOMER // 35
“
Over the 2015/16 financial year period, AUSTRAC identified more than 78,000 suspicious matters and suspect actions to its partner agencies. The intelligence directly contributed to around 4,000 ATO cases and resulted in an extra AUD $152 million in income tax assessments and debt collection.
”
The compliance obligations and responsibilities for companies mean they can no longer ignore the AML/CTF Act and their KYC obligations that accompany it. KYC policies for companies incorporate a number of activities, including: • Ensuring a robust framework. • Having a strategic plan, policy and procedures (operational requirements in all jurisdictions) • Recording customer details in an appropriate manner • Being compliant with the KYC obligations • A regular review of the company’s KYC policy and procedures • Reporting to management, board and regulators The KYC guidelines assist the prevention of banks being used (intentionally or unintentionally) by criminals for the purpose of money laundering. One of the major money laundering channels for organised criminals is the banking system. Illegal funds will either enter or make their way through the banking system at some stage. The banking system is attractive to money launderers due to the large number of users and vast financial flows. The various links between money laundering and the banking system include: • accounts • International Fund transfers (wire transactions) • loans • Bearer Negotiable Instruments (BNI’s) • safe deposit boxes
Different jurisdictions can have very different KYC requirements which in turn can make for challenging and inconsistent behaviours for banks that operate outside of their domestic market. Fundamentally KYC requirements are based on a risk based approach with banks viewing these considerations of various types including: • Sovereign risk • Political risk • Counterparty risk The banks have of recent times been trending towards ‘derisking’ in relation to counterparties. This includes the restrictions on accounts and possible closure of accounts in more serious situations where traceability of origin of funds cannot be verified. It’s not limited to individuals, it extends to companies and in some instances includes sector wide closures (in particular funds from outside domestic jurisdictions). This has been most notable in the flow of funds of companies and sectors operating in developing countries towards developed nations. There have been critics of the KYC regulations and their enforcement, especially with the burden of the rules forcing banks in some instances to display extreme behaviour to gather information. It’s most definitely challenging to treasury and finance professionals and some have expressed frustration on how much is demanded of them. One thing is very evident, KYC is not going away and treasury and finance professionals will continue to spend large amounts of time ensuring they comply with all of their KYC obligations. While money laundering remains one of three critical organised crime risks for Australia there will be a continued increase on KYC. This is a global issue, not just an Australian one, and the interrelationship between serious and organised crime and money laundering can harm society and the broader economy. As Frank Abagnale once famously stated, “Ah...people only know what you tell them” reminds all treasury and finance professionals that they must ensure their KYC policies and procedures are robust, reviewed and compliant, or be left to face the consequences.
36 // PARTNER DIRECTORY
CONFERENCE 2016 - PRINCIPAL PARTNERS
Building on a proud 180-year banking heritage, ANZ is an international bank with a unique footprint. With headquarters located in Melbourne, ANZ is a top 4 bank in Australia, the largest banking group in New Zealand and the Pacific, a leading bank globally on the Dow Jones Sustainability Index (DJSI), and among the top 25 banks in the world. We provide a range of banking and financial products and services to over 9 million institutional clients and retail customers. www.anz.com
We are committed to building lasting partnerships with our customers, shareholders and communities in 34 markets worldwide, with offices in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America. ANZ aims to be the best bank in the world for clients driven by regional trade and capital flows. We provide unique access and insights through on-the-ground presence in 15 Asian markets and 12 Pacific countries.
The Commonwealth Bank is Australia’s leading financial institution, with total assets of more than $A755 billion (as at 30 June 2015). The Group is ranked the 10th largest bank in the world by market capitalisation (Bloomberg, as at 12 February 2016) and is one of the largest companies on the Australian Securities Exchange. Through a disciplined approach to credit and market risk management, the Bank maintains a AA- credit rating (Standard & Poor’s, as at 12 January 2016). Our Institutional Banking and Markets division provides capital raisings, risk management and transactional banking solutions to the Group’s institutional clients.
www.commbank.com.au/institutional
Capabilities in markets include foreign exchange, interest rate, commodity and fixed income products. The division’s approach is underpinned by rich analytics, insights from industry experts, innovative technology and a deep commitment to building long-lasting relationships.
For more than 150 years NAB has been helping customers with their money. With more than 35,000 employees, serving 10 million customers at more than 800 locations across Australia, New Zealand and around the world, NAB aims to make a difference by being a responsible, inclusive and socially innovative bank.
www.nab.com.au
As Australia’s largest business bank, NAB works with small, medium and large businesses to help them start, run and grow. NAB also funds some of Australia’s most important infrastructure projects including schools, hospitals and roads.
Westpac Institutional Bank (WIB) delivers a broad range of financial services to Commercial, Corporate, Institutional and Public Sector customers with connections to the Australian, New Zealand, Asian, European and US markets. WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, public private partnerships, broking and alternative investment solutions.
www.westpac.com.au/corporate-banking
We combine market and industry insights with a deep understanding of our customers to provide solutions that maximise efficiency, provide transparency and free up working capital whilst mitigating risk. Our experienced team take a supply chain perspective of our customer’s business, providing innovative risk and financing solutions designed to add value to our customers and their strategic trade counterparts business.
PARTNER DIRECTORY // 37
CONFERENCE 2016 - SUPPORTING PARTNERS
www.moodys.com
Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody’s commitment and expertise contributes to transparent and integrated financial markets, and the firm’s ratings and analysis track debt covering approximately 120 sovereign nations, 11,000 corporate issuers, 21,000 public finance issuers, and 72,000 structured finance obligations.
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. www.bloomberg.com
www.thomsonreuters.com
The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Professional service. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively.
Our unique combination of custom content, easy connectivity and robust community is why over 440,000 professionals in 150 countries do business with us every day. Move from insight to action - Through our market-leading Thomson Reuters Eikon, Elektron and Risk Management solutions, we help our customers generate superior returns, improve risk and compliance management, increase access to liquidity, and create efficient, reliable infrastructure. Wiith our open and innovative platform, we support the world’s most complex financial services firms in dealing with their top business challenges. Establishing trust. Delivering satisfaction. Energy companies, investment firms, brokerage houses, industrial conglomerates, global corporations, and the largest global banks all trust us to support and enable their most crucial financial decisions. Our mission is to drive customer growth and innovation with our trusted unified platform – enabling the industry to discover, transact, and manage risk. We anticipate market shifts and evolve to meet them.
S&P Global Ratings, a division of S&P Global Inc. (NYSE: SPGI), is the world’s leading provider of independent credit risk research. We have more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities.
www.spglobal.com
With approximately 1,400 credit analysts in 26 countries, and more than 150 years’ experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.
38 // PARTNER DIRECTORY
CONFERENCE 2016 - EXHIBITORS Visual Risk is a leading treasury and software vendor for corporates and financial institutions. Combining deep treasury expertise with innovative technology, we deliver a distinctive brand of forward-looking risk analytics, asset liability management, hedge accounting and treasury & cash management software. This enables treasuries and management to improve efficiencies and simplify their risk and compliance complexities. www.visualrisk.com
www.deloitte.com.au
The Visual Risk system is a unique suite of treasury modules which can be implemented individually and integrated with existing third-party systems, or as a fully integrated front-to-back office treasury system. Deployed via the Cloud or locally, we can deliver a system best suited to your organisation. Deloitte is the brand under which thousands of professionals collaborate across a network of offices in Australia to provide audit, economics, financial advisory, human capital, tax and technology services. Deloitte Australia is committed to growth, client service and its people, and the company continues to invest in innovative new services, products and people, while expanding its business through acquisitions, alliances and organic growth. Deloitte ranked number one employer for accounting and financial management graduates, and leads the Big Four, in Top 100 Graduate Employers 2016, a survey undertaken by The Australian and GradAustralia. ETOS Limited provides middle and back office treasury support to a wide range of Australian and New Zealand organisations. A team of experienced treasury professionals ensures ETOS clients maintain a best practice framework of controls and procedures to manage their treasury risk and compliance. ETOS’ strength comes from its flexibility to tailor services to meet the clients specific needs. No two ETOS clients are the same! ETOS addresses many challenges faced by Treasurers and Finance teams:
www.etos.co.nz
• Lack of in-house experience • Key person risk • Segregation of duties • Business continuity • Cost Efficiencies • Regulatory compliance Veda Credit Ratings is an Australian Credit Rating Agency that specialises in providing corporate credit ratings and counterparty risk intelligence. As a leading provider of credit ratings on mid-market corporates to support critical business decisions across the finance, insurance, corporate and public sectors (including project and infrastructure finance), corporates are increasingly using Veda’s issuer-based ratings to strengthen market perceptions and to support funding and finance activities.
www.veda.com.au
Whether you are looking for an issuer or counterparty rating, and/or a public or private assessment, Veda Credit Ratings provides highly credible, comprehensive and authoritative reports that stand up to public and political scrutiny.
SWIFT is a global member-owned co-operative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and financial crime compliance Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories enabling them to communicate securely and exchange standardised messages in a reliable way.
www.swift.com
As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’S international governance and oversight reinforces the neutral, global character of it’s cooperative structure. SWIFT’S global office network ensures an active presence in all the major financial centres.
PARTNER DIRECTORY // 39
CONFERENCE 2016 - EXHIBITORS
www.fisglobal.com
FIS offers a leading liquidity and risk management solution for corporations, insurance companies and the public sector. The solution suite includes credit risk modeling, collections management, treasury risk analysis, cash management, payments system integration, and payments execution delivered directly to corporations or via banking partners. The solutions help consolidate data from multiple in-house systems, drive workflow and provide connectivity to a broad range of trading partners including banks, SWIFT, credit data providers, FX platforms, money markets, and market data. The technology is supported by a full range of services delivered by domain experts, including managed cloud services, treasury operations management, SWIFT administration, managed bank connectivity, bank onboarding, and vendor enrollment.
Marsh is a global leader in insurance broking and risk management. www.marsh.com.au
Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk.
Curve Securities currently assists over 400 institutions to place more than $5.5bn in funds. Our clients have access to rates from over 60 banking institutions and a wide range of fixed interest securities and benefit from the “specials” we negotiate on their behalf. www.curvesecurities.com.au
www.fitchratings.com
Thanks to our personalised service and cutting edge Portfolio Management Platform, we save our clients countless hours every year.
Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide has helped investors fund a century of growth and make important credit judgments with confidence.
Reval is the leading, global provider of a scalable cloud platform for Treasury and Risk Management (TRM). Our cloud-based offerings enable enterprises to better manage cash, liquidity and financial risk, and to account for and report on complex financial instruments and hedging activities. www.reval.com
The scope and timeliness of the data and analytics we provide allow chief financial officers, treasurers and finance managers to operate more confidently in an increasingly complex and volatile global business environment. With offerings built on the Reval Cloud Platform companies can optimize treasury and risk management activities across the enterprise for greater operational efficiency, security, control and compliance. Founded in 1999, Reval is headquartered in New York with regional centres across North America, EMEA and Asia Pacific.
OpenLink is the global leader in Transaction Lifecycle Management software for the commodity, energy and financial services industries. OpenLink’s products address portfolio management, corporate treasury, trading, risk management, and operations processing for both financial and physical assets.
www.openlink.com
OpenLink is a global business that has grown both organically and through strategic acquisitions, to achieve revenues in excess of $300 million. It serves over 500 clients, including 12 of the world’s largest commodity and energy companies, 9 of the largest financial institutions, and 13 of the largest central banks. OpenLink has 1,200 employees in 14 global offices on five continents.