Nikita M. Miller, FPAC, has kept an FP&A lens on her work since her first job, before FP&A was even in her job title. Her interest in looking at the business as a whole ultimately led to her current role as Director of Facilities plus FP&A at The Kresge Foundation in Detroit.
Focusing only on the technical aspects of change within an organization can result in a new system that operates precisely the way it should — and is still a failure. Successful change management requires that we consider the human factor, engaging stakeholders as they move through the various stages of adoption.
For corporate practitioners dealing with money movement, it would have been hard to miss news of the pending launch of FedNow. The Federal Reserve has been working on this instant payment offering since 2019. FedNow is the first major new payment capability delivered by the Fed in more than four decades. As of this writing, FedNow is slated for delivery in July 2023.
When Mahmood Radhi, CTP, graduated from college, he headed into the back office of the treasury department of The Arab Investment Company. “Being in such an entry-level position enabled me to learn the whole cycle of treasury’s deal processing, as well as its relevant stockholders, both internal and external,” he said.
AFP’s Himashi Soriano shares key takeaways from the first AFP Asia-Pacific Treasury Advisory Council meeting of 2023. The topic at the top of treasury professionals’ minds? Managing liquidity and risk during an uncertain geopolitical and economic climate.
In 1975, 83% of the market value of S&P 500 companies was composed of tangible assets such as PPE (property, plant and equipment), inventory, cash, land or stuff you could touch. By 2020, that was down to 10%. The intangibles include goodwill, brand equity, licensing, customer lists, R&D, and intellectual capital assets such as patents, trademarks, copyrights, preference rights and data capabilities. They also include the value of human capital.
Drawing on both his accounting background and finance experience, Pankaj Kabra, Senior Vice President of Finance for Traveloka and AFP Asia-Pacific FP&A Advisory Council member, has been an active business partner for over a decade. Pankaj discusses the essential skills for FP&A, how to obtain those skills and how working in FP&A prepares you for a number of different careers.
USD LIBOR, a floating rate benchmark, is being phased out. The original December 31, 2021 deadline was extended to June 30, 2023, as regulators were concerned with the lack of progress in amending LIBOR-based instruments. Despite that extension, regulators determined that a hard cut-off of LIBOR’s publication after June 30 could still have negative consequences for the financial markets. The solution … Synthetic LIBOR!
As reported by Bloomberg, Credit Suisse “never really learned its lesson from the global financial crisis” of 2008. The effects of the crisis stirred by the missteps of this 166-year-old institution are still being calculated, but it is a fair bet that they will be felt around the world, including the Middle East and Africa (MEA) region. For a frontline perspective on how this, plus the collapse of Silicon Valley Bank and Signature Bank, is affecting the region, we spoke with members of AFP’s MEA Treasury Advisory Council.
Finance and treasury as a profession was the last thing on Isha Goel’s mind. As part of her MBA program, they were required to complete a two-month internship, which she did in the finance department of Apollo International Limited. But her interest was in International Business.
Five years ago, after 16 years in banking, Jessie Toh made the switch to buy-side treasury. As the Global Treasurer for Coda Payments, a FinTech company headquartered in Singapore, she and her team manage the company’s FX, cash, banking relationships and credit.
Preparing for an interview can go a long way toward making a good impression on an interviewer. We review seven things to do before your next interview, including questions to help prepare you for an interview.
Interviewing is an important step for candidates and hiring managers to find the right match. When done well, an interview is a two-way conversation where both parties can share what they’re looking for and what they can deliver.
Sixty-five percent of respondents report that their organizations were victims of attempted or actual payments fraud activity in 2022, according to the 2023 AFP Payments Fraud and Control Survey, underwritten by J.P. Morgan.
If you interview in finance, expect some companies to present their questions in the form of business cases or word problems. Whatever your answer, explain the rationale behind your thinking. Employers are just as interested in your ability to grasp business strategy as they are in your ability to crunch numbers.
In 2017, Alex Mbuthia Karuri, FPAC, attended a finance town hall with Smollan’s Global CFO, where he heard an idea that would change his career trajectory: “As finance, we need to start focusing on how we can add value and transform into business partners.” Alex was inspired. His confidence bolstered, he began the journey to become a business partner.
When leadership changes prompted a global IT company to rethink its business review process, finance helped transform the process, implementing a new framework to simplify reporting and better communicate the main message.
A career path is the series of jobs or roles you have as you progress toward your ultimate career goal. It’s also about the skills and education you acquire to help you succeed in your chosen career.
After the company had grown through a series of major acquisitions, Comcast Capital Corporation had to navigate cash and liquidity management structures that were complex and fragmented. To create shared liquidity and access cash in a more efficient manner, the treasury team implemented an in-house bank structure.
There have been many initiatives targeting trade finance automation over the last 20 years, yet full digitalization of the core trade finance techniques (L/Cs and documentary collections) seems some way off.
It was just mid-March when GPT4 blew us away with its applications and advances. Bard is moving quickly on its heels, and DeepMind is not far behind. The obvious outgrowth is that artificial intelligence (AI) is changing the way companies operate in many sectors, but AI needs a solid data backbone for AI to perform its magic.
The story of how David Oh, CTP got into treasury is straightforward: David’s first role, fresh out of college, was as a treasury project associate where he ran the transactional banking infrastructure project for a European multinational corporation. His role in the project involved integrating newly acquired companies into the group banking infrastructure and rolling out in-house banking and payment factory solutions globally.
As businesses become more complex and dynamic, agility has become a buzzword that is frequently used to describe the ability of an organization to respond and adapt to changes in the environment. Agility is not only about being quick, but also about being responsive, flexible and resilient.
When the Head of FP&A first arrived at an air navigation services company, he was tasked with re-energizing an FP&A function that had diminishing influence. By taking a proactive approach to demonstrating FP&A’s capabilities and raising the financial acumen of non-finance teams, he restored FP&A’s role as a business partner.
The surge of “green investing” in capital markets reflects increased demand among professional and household investors to put their money into climate-friendly products and low-emission production. A common objective of green investors is to stimulate the future investments and growth of “green companies.” For green investing to succeed in this endeavor, two conditions need to hold.
Integrating ESG into an organization’s enterprise risk management (ERM) program is emerging as a key theme, as organizations seek to avoid the pitfalls of more siloed approaches to ESG. Not only is such integration considered a best practice, but regulators are also increasingly requiring companies to disclose how they integrate climate risks and opportunities into their governance and corporate strategy.
When AFP’s Middle East and Africa (MEA) Treasury Advisory Council recently met, there was one thing on their minds: the financial uncertainty that threatens their region. Between the uncertainty in the region, the ongoing war between Russia and Ukraine, and rising inflation and interest rates, it is “chaotic.”
Over the past few years, digital payments have become more popular and better utilized by companies all over the world, due to faster processing and convenience. While many businesses were and are concerned about privacy and security, their concerns have been allayed by significant advances in online security and privacy.
Reda Shousha, FPAC, is a finance professional who is a member of the AFP Middle East and Africa FP&A Advisory Council. Originally from Egypt, Reda has been in Saudi Arabia since 2007. After working in accounting for four or five years, Reda felt it was time for a career change.
Being Treasurer of Pulse Secure (acquired by Ivanti, Inc.), a company that provides software-driven Secure Access solutions, obviously wasn’t the first stop for Manish Sethia, CTP, but when he arrived, he was ready. “I firmly believe that a Treasurer should be knowledgeable of all aspects of finance as it makes you that much more effective as a treasury manager,” he said.
From the time Nikunj N. Sinha, CTP, entered the finance sector, banking has been his calling. It was while completing his B-school studies as a finance major that Nikunj first became interested in derivatives and FX markets. One of the leading private-sector banks offered him a treasury profile (i.e., internship), and his 17-year career in financial markets began.
What do you suppose the odds are of meeting a treasurer with a degree in Oriental Studies? That is how Dorella Montanari’s journey began. “My education and professional journey are a bit unconventional,” she said.
Warren Hatch, CEO of Good Judgment Inc, shares five forecasting tips to help you improve your process for filling out your March Madness bracket.
For Thong Nguyen, the move to treasury came from what had previously been an unrecognized need in his company. Thong was working for an international finance company (Home Credit Vietnam) that had been running well without a department dedicated to managing liquidity and market risk. Early on in 2018, the financial crisis many countries were facing caused them to rethink this.
Treasurers play an important role in supporting the organization in achieving its business objectives and strategy. One of the main goals of treasury is to manage an organization’s cash and related financial assets (and liabilities) effectively and efficiently. As such, treasury has a responsibility to ensure that the company has access to sufficient cash and liquidity at all times, regardless of the current state of the economy.
Just like financial debt, technical debt can build up over time, with the costs of repayment compounding the longer time passes. As technical debt grows it becomes a huge obstacle to achieving agility within finance: The cost to maintain the old legacy systems and workarounds grow, yet automation and transformation become increasingly difficult, risky and expensive to implement.
Trade finance has a long-established set of highly manual processes, in which all participants have clearly defined roles. At the heart of most of the processes is the application of a strict rule: If a participant receives a compliant document, it is processed; if a document is not compliant, it is rejected.
Puneeta Kapoor, FPAC, made the transition from accounting to finance when she realized that she wanted to have a more proactive role. Having learned about the interplay of different financial operations, she is now focused on ways FP&A can add value to the business.
The finance department plays a critical role in any organization. It oversees the financial health (i.e., profitability) by tracking cash flow into and through the organization — in other words, where money is coming from, where money is going, how much the organization needs to pay back, how the organization is going to make a profit, and whether the organization is in compliance with state and federal laws and regulations.
What does it mean for a company to be agile? Agility in a company means flexibility in its operations, a mindset open to change, and the capability to take action when advantageous, especially under changing circumstances.