Craig A. Jeffery

The Strategic Treasurer

A Partnership for Corporate Growth

• Gebundenes Buch

Produktbeschreibung

Market turbulence has created both major risks and opportunities for treasurers in recent years, emphasizing their need to better manage liquidity risks and to maintain a much higher level of visibility in their organizations. At the same time, dramatic changes in treasury technology have disrupted the status quo and presented new opportunities and risks to treasurers. The need to perform all of these duties has to be met in Internet time--not financial reporting time.
Timely and authoritative, The Strategic Treasurer: A Partnership for Corporate Growth explores a clear understanding of what it means to be a strategic treasurer, clarifying how to identify the goals, means, and approach that must be present to be strategic.
Filled with examples contrasting proper and improper perspectives with real-world support for the theory, this book provides treasurers and CFOs with the guidance they need to become true partners within a corporation.
Author Craig Jeffery outlines the treasurer's areas of responsibility, including capital structure, cash management, stewardship of assets, foreign exchange management, interest rate risk management, corporate finance, and debt and investment management, with thorough discussion of:
The key arguments for the value of the treasurer
Why the treasurer must act as a business partner
Guidance for the systematic management of bank and other key relationships
Why treasurers must act as the owner of corporate or entity cash
How accounting and treasury can live in harmony
The importance of having the treasurer oversee working capital for the organization
A framework for assessing the financial risks that organizations face
The variety of ways the treasurer and controller see things differently
The current period of market and governmental turbulence is the most challenging--yet rewarding--time to be a treasurer. Now, as perhaps never before, the treasurer's plans, skills, and worth will be tested and proven. The Strategic Treasurer: A Partnership for Corporate Growth equips today's corporate treasurers to move from merely being the liquidity manager to becoming a driver of corporate value. The current period of market and governmental turbulence is the most challenging--yet rewarding--time to be a treasurer. Now, as perhaps never before, the treasurer's visions, skills, and worth will be tested and proven. A useful reference, The Strategic Treasurer: A Partnership for Corporate Growth systematically equips today's corporate treasurers to move from merely being the liquidity manager to becoming a strategic driver and steward of corporate value as well as an equal partner with senior management. Praise for The Strategic Treasurer
"The Strategic Treasurer will become a tattered book on many treasurers' bookshelves. This book examines the numerous duties of the strategic treasurer while integrating research and interviews into relevant, actionable, and repeatable advice. I most appreciated the road map laid out by Craig showing how to convert the decision-making and planning of a successful treasurer from 'intuition' to 'process.' This will be my development manual for my staff."
--Tim Hart, Treasurer, First National Bank of Nebraska
"Craig's book captures the essence of what it takes to be a strategic treasurer and valuable business partner. It is an extremely practical resource for anyone seeking to learn more about the strategic, technical, and operational aspects of leading a successful treasury organization."
--John Tus, VP and Treasurer, Honeywell International Inc. (winner of Alexander Hamilton Overall Excellence Award, 2007 and 2008)
"Craig Jeffery has been a valued adviser of mine for years. Over and over again, he has demonstrated his keen insight into the treasury profession and is a progressive spokesman for the modern corporate treasurer. His new book, The Strategic Treasurer, establishes him as one of a handful of thought leaders guiding the role of the treasurer into the future. No Treasurer faced with managing through the dynamic years ahead will want this book far from his or her fingertips."
--Richard Moss, SVP Finance and Treasurer, Hanesbrands Inc.
"Debunks the notion that the treasurer is a glorified bank teller! If you want to be an effective treasurer through any economic cycle, The Strategic Treasurer should be required reading because it addresses the critical issues head-on and provides perspectives, tools, and a mind-set for handling these issues strategically and practically."
--Joya C. De Foor, CTP, City Treasurer, City of Los Angeles
"As a practitioner, I appreciate the void Craig is filling with his book, The Strategic Treasurer. The dearth of material directly targeting those on the path to becoming treasurer is remarkable, particularly in these days and times. Craig translates his diverse accounting, banking, IT, and consulting experience into a useful reference for anyone 'on the path' or for those attempting to understand what treasuries should be trying to accomplish. He offers practical methods with immediate application."
--George Zinn, VP and Corporate Treasurer, Microsoft Corp.
"Every function of an organization starts and ends with cash, giving treasurers a great excuse to get involved in the business. In his book, Craig demonstrates how our active involvement can unlock even more shareholder value in our companies."
--Rebecca Flick, VP and Treasurer, The Home Depot Inc.

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Produktdetails

• Verlag: Wiley & Sons
• 1. Auflage
• Seitenzahl: 320
• Erscheinungstermin: 1. Juli 2009
• Englisch
• Abmessung: 235mm x 157mm x 22mm
• Gewicht: 517g
• ISBN-13: 9780470407776
• ISBN-10: 0470407778
• Artikelnr.: 26172413

Autorenporträt

CRAIG A. JEFFERY, Managing Partner and founder of Strategic Treasurer LLC, has more than two decades of financial and treasury experience as a practitioner and consultant. Previously, he was Senior Vice President and Practice Leader for Wachovia Treasury & Financial Consulting. Jeffery, regularly quoted in treasury and finance magazines, is a permanent Certified Cash Manager (CCM), an Accredited ACH Professional (AAP), a Fellow of the Life Management Institute with distinction (FLMI), and a graduate of the University of Connecticut with a BS in accounting.

Inhaltsangabe

Preface xiii
Acknowledgments xix
Chapter 1 Building the Case for Being a Strategic Treasurer 1
Volatility and Turbulence as Opportunity 2
Resiliency, Diversification, and Due Diligence 3
Being a Strategic Business Partner 4
It Is Good to Be Needed 4
Technology Has Improved 5
Summary 5
Chapter 2 First Things for the New Treasurer 7
Study the Business 8
Assess Treasury 10
Identify Risks 13
Socializing Your Assessment 14
Put Your Team Together Like a Puzzle 15
Creating and Socializing the Vision and Plan 17
A Time for Action 18
Ongoing Intellectual Curiosity 19
Summary 19
Chapter 3 Being a Partner, Not a Vendor 21
Avoiding Inevitable Pitfalls 22
Keeping in Between the Two Lines 23
Know What Is Important to the Organization and to
Its Partners 27
Summary 29
Chapter 4 Managing Relationships 31
Scope of the Relationship Management Plan 32
Key Components of a Relationship Management Plan 33
Plan and Process for Accomplishing the Objectives 34
Rationale for Formally Documenting Relationships 41
Request for Proposal 44
Summary 45
Chapter 5 Owning Cash and the Five Os of Treasury 47
The Os of Treasury 48
Centralized or Decentralized Treasury 48
Taking Ownership 52
Protecting the Balance Sheet 56
Summary 59
Chapter 6 Cash Boot Camp for Treasurers 61
Cash 61
A Tale of Two Types of Cash 62
Disbursement Example 64
Collection/Receivable Example 66
Discussion 71
Technology Enables Appropriate Cash Recording and Reporting 71
Cash Implications 74
Summary 75
Chapter 7 Owning Working Capital 77
Two Definitions of Working Capital 78
Two Different Measurements for Working Capital 79
Working Capital Impact on Organizational Value 84
Differences Between Liquidity and Historical Working Capital Measures 87
Projecting Working Capital Usage and Variations 89
Steps Needed to Optimize Working Capital 90
Summary 92
Chapter 8 Differences Between a Process View and a Silo View 93
The Process Perspective Is Vital 93
Symptoms of a Silo View 97
Fighting the Silo Mentality with the Process 99
Summary 100
Chapter 9 Financial Risk Management, Part One: Considering Risk Through the
Eye of the Beholder 101
Risk 102
Summary 109
Notes 109
Chapter 10 Financial Risk Management, Part Two: Altering the Risk a Company
Faces to Match the Risk It Desires 111
Risk Management Choices 112
Possible Reasons for Hedging 114
Value in Risk Management 116
Volatility and Impact 117
What to Hedge? 119
Financial Risk Management Process 120
Treasurer's Role 124
Black Swans 126
When Do We Hedge? 126
No Cheers for Hedges; It's the Objective That Matters 127
Summary 127
Notes 129
Chapter 11 Losses and Fraud: What Can Keep Treasurers Awake at Night 131
Situations of Loss 133
Fraud 138
Summary 143
Chapter 12 Communication: Mars and Venus: Minimizing Communication Conflict
Between Treasurers and Controllers 145
Cash 147
Forecasting 149
Working Capital 152
Controls 154
Summary 155
Chapter 13 Building and Developing the Treasury Team 157
Putting the Puzzle Together 158
Developing the Team 160
Summary 163
Chapter 14 Understanding and Maximizing the Use of Treasury Technology
Tools 165
Technology Supports the Treasury Role, and Treasury Supports the
Organization 166
Treasury Technology Landscape 167
Extension and Visibility Services 168
Treasury Workstation and the Technology Landscape 170
The Order of Activities 175
Respecting Your Time: A Tale of Dashboards and Reports 175
Other Treasury Systems 177
Managing Financial Processes 184
Summary 187
Notes 187
Chapter 15 Advice from Various Treasury Leaders 189
Change Management 189
Risk Management 192
Relationship Management 194
Mindset and Perspectives of the Treasurer 197
Developing Treasury Staff 200
Vision, Strategy, and Execution 201
Reading List 202
Summary 202
Chapter 16 Volatility and Liquidity Management 205
Protecting the King 205
Volatile Times 206
Financial Crisis of 2007+ 206
Financial Instrument Risk 207
Counterparties 211
Foreign Exchange Rates 212
Commodities 213
Rating Agencies 217
Banks and Insurance Companies 217
Governments 221
Summary 222
Chapter 17 Achieving Visibility to Your Liquidity: Visibility and
Process-Automation Requirements for the Strategic Treasurer 223
Achieving Visibility to Liquidity Requires Internal and External Data 225
Prerequisites to Achieving Visibility 230
Connecting Through Networks 231
Assessing Threats and Impacts to the Organization's Liquidity 237
Summary 241
Chapter 18 Envisioning Treasury in the Future 243
Treasury's Role in the Corporation 244
Stewardship: Technology Developments and Green Treasury 244
Everything as a Service: Cloud Computing Comes to Treasury 245
Visibility and Risk Management 248
Relationship Power Shifts 251
Liquidity and Balance Sheet Management 252
Chairing the Working Capital Council and Advising Business Areas 253
Cash, Checks, and Miscellaneous Projections 253
Some Things Will Not Change 254
Summary 254
Chapter 19 "Not-to-Do" List for the Treasurer 257
Relationship Management 258
Technology Decisions and Perspectives Don'ts 260
Staffing, Resources, and Consultants 261
Projects and Communication 261
Decisions, Debates, and Assumptions 262
The Crowd: Follow or Take the Road Less Traveled 263
Some Basics 264
Summary 265
Appendix 267
Index 275