Due to the state of the world, treasury is in a place it has never been before, and there are various challenges hitting at once. However, with challenges come the opportunity to explore new solutions. At AFP 2021, taking place Nov. 7-10 in Washington, D.C., attendees will have the opportunity to gain innovative solutions and to share ideas that address areas of concern within the industry.
The Association for Financial Professionals (AFP) and HOFT have announced a formal partnership to offer exam preparation courses for finance professionals based in the Middle East, Africa and Asia Pacific regions. The courses will equip financial professionals with the tools they need to earn the Certified Corporate FP&A Professional (FPAC) certification, sponsored by AFP.
An elusive goal for most finance organizations is for the chief financial officer (CFO) and financial planning and analysis (FP&A) practitioner to function as stewards of value creation and strategic business partners. Many organizations have spent years transforming their FP&A capabilities to become more valued business partners, but results have been slow or not met expectations.
The field of FP&A is transforming from the traditional landscape of a reactive position to a forward-looking state. We recently caught up with Hector Rubalcava, FPAC, FP&A manager and business partner at Amtrak and member of the AFP 2021 FP&A Task Force to discuss what the task force has planned for the FP&A track, and what he is personally most looking forward to about attending AFP 2021.
This quarter’s AchieveNext discussion focused on how to get the most from your IT investments. Attendees were separated into small-group breakout sessions, from which the discussion unfolded like a three-act play: strategy roadmap, getting approval for the investment, and not throwing it all away.
In a joint letter to the leadership of the House Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, the Association for Financial Professionals, joined by the National Association of Corporate Treasurers, and the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness laid out their argument in support of legislation that would provide a benchmark replacement rate for contracts that currently reference the Libor.
AFP and PMsquare have announced a formal partnership to offer exam preparation courses for finance professionals based in Sri Lanka. The courses will equip financial professionals with the tools they need to earn the Certified Corporate FP&A Professional (FPAC) certification, sponsored by AFP.
As the world began to grapple with working remotely in 2020, the 2021 Association for Financial Professionals Payments Fraud and Control Survey, underwritten by J.P. Morgan, revealed that nearly two-thirds of treasury and finance professionals believe the coronavirus pandemic is to blame for some of the uptick in payments fraud at their companies.
Last year, AFP announced the formation of its APAC FP&A Advisory Council (FPAAC). The networking and advisory group meets three to four times a year to discuss best practices, common challenges and innovative initiatives in the Asia-Pacific region. We’ll be profiling individual members of the council every month. This month we spoke with Danny Shiu, FPAC, CTP, MOS.
For treasurers, attaining visibility to, and control of, cash is a critical objective. Although today’s technology makes achieving that objective easier than ever before, it does require companies to know how best to deploy the various solutions and innovations that are available.
The latest buzzword in many companies today is “intentional learning.” Any employee has the ability to be an intentional learner — someone who makes a deliberate effort to refresh and upgrade their skill sets. However, that investment in learning must start with leaders of an organization.
Why are intentional learners at a higher career advantage than most in the professional world? It is because intentional learners are continually in an unconscious, reflexive mindset — one at which they operate at all times to improve their skills. Anyone can unlock intentionality in their lives by simply adjusting two critical mindsets: growth and curiosity.
FP&A professionals are helping organisations better understand economic and business trends, identify opportunities, and anticipate obstacles and potential treats. This has led the finance function to spend less time on basic budgeting and reporting responsibilities and relying on its FP&A teams to focus more on data analysis and recommendations to drive future growth.
AFP recently caught up with Susan Glass, CTP, member of AFP 2021 Payments Task Force, to discuss what the task force has planned for the payments track, and what she is personally most looking forward to about attending AFP 2021.
The future of the FP&A profession is expanding around the world, particularly in the Asia-Pacific (APAC) region. The Association for Financial Professionals created AFP FinNext Asia – a complimentary conference event in partnership with FP&A Trends – to bring customized, exclusive content for FP&A practitioners in the APAC region.
The National Automated Clearing House Association (Nacha) approved to increase the Same Day ACH per-transaction limit to $1 million, effective March 18, 2022.
According to KPMG, while CFOs agree that data-driven insights are critical to better decision-making, 84% of CFOs do not trust their company’s data. As a result, 66% of CFOs admit to using their gut instincts over data-driven insights when making strategic decisions.
Almost all organizations hold property that technically belongs to someone else from time to time. Most of the time possession of that property, whether funds or goods, is usually transferred successfully to the owner in the normal course of business. Sometimes, however, checks remain uncashed or customer deposits are not translated into full sales, resulting in organizations holding unclaimed property.
CFOs and finance teams have recognized the need to transform FP&A for some time. Yet despite years of redesigning processes and investing in new technologies, many have not achieved their expected results. Our experience working with CFOs and finance groups reveals five challenges companies encounter when trying to transform their FP&A.
AFP recently caught up with Aziz Samji, CTP, senior consultant of Capital Markets and Corporate Liquidity at Financial National Information Services Inc., to discuss his decision to earn the CTP, and how it has affected his life and career journey.
The Alternative Reference Rates Committee (ARRC) recently hosted the first in a series of webinars regarding the Libor transition. The SOFR Symposium: The Final Year, focused on progress in transitioning away from Libor, and on areas such as the loan market where progress has been slower.
Kayla Davis’ new role as vice president of mergers and acquisitions at ABM Industries, a leader in the facility management space and a Fortune 500 company, has provided her with a fresh perspective. The newest member of AFP’s North American FP&A Advisory Council and the AFP 2021 Planning Task Force, read about Davis' background and how FP&A plays a role in planning.
People often trust precise forecasts more than vague forecasts because precision is associated with knowledge and expertise. But what if data science and analytics trap organizations in a deductive approach to planning and managing the business?
Last year, Gartner coined the term xP&A, proclaiming that it is the natural evolution of planning. The aim of xP&A is to apply FP&A tools to any department within the organization that produces business plans, and layer in automated forecasting, thereby increasing the velocity of forecasting and simultaneously deriving forecasts from teams that are close to information sources.
For intentional learners, learning is not work. It does not require extra effort. Instead, it is unconscious, reflexive – a mindset from which they operate all the time. In today’s world, where all professionals are expected to refresh and upgrade their skill set on an ongoing basis, intentional learners have the career advantage. Fortunately, we all have the ability to become intentional learners.
With organizations more focused on cash than ever before, finance is under pressure to operate as efficiently as possible. Making best use of the available technology is naturally seen as one way to do so. In an environment in which there is constant innovation, with different fintech companies promoting their individual solutions, it can be difficult for finance professionals to identify the best technology for their organization.
Anything with a number has a measure, but a metric drives a business decision. How do organizations use metrics to drive the right business decisions, and how do they manage the proliferation of metrics when we have the capacity to measure and store everything? In today’s shifting financial environment, companies need to ensure their metrics guide the best outcomes – outcomes that align with the organization’s goals.
Despite it being the top buzzword in technology today, there is still a lot of confusion about artificial intelligence (AI). In simple terms, artificial intelligence is an umbrella term for approximately a dozen related technologies all attempting to gain insights from analyzing data or performing tasks based on data that aren’t ideally suited to humans. They include machine learning, deep learning, and robotic process automation.
Market demand is pointing today’s payment rails toward immediate payments. Although The Clearing House’s RTP Network is furthest along that path and picking up speed, it faces a major challenge, as well as a future competitor.
A global symbol of excellence, the Certified Treasury Professional (CTP) designation sets the standard in the treasury profession. Earning the CTP signifies that you have demonstrated the knowledge and skills required to effectively execute critical functions related to corporate liquidity, capital and risk management. AFP recently caught up with Marcell Wiradinata, CTP, a manager of treasury in East Java, Indonesia, to discuss his decision to earn the CTP, and how it has affected his life and career journey.
AFP has launched the FP&A Indicator, a quarterly survey designed to take the pulse of the business community as seen from the point of view of the FP&A department. The survey was developed by members of the AFP FP&A Advisory Council.
Last year, AFP announced the formation of its APAC FP&A Advisory Council (FPAAC). The networking and advisory group meets three to four times a year to discuss best practices, common challenges and innovative initiatives in the Asia-Pacific region. We’ll be profiling individual members of the council every month. This month we spoke with Weng Hong Yong, FPAC, executive director, City Mental Health Alliance.
Two dates have become critical in the face of Friday’s announcement from the Financial Conduct Authority (FCA). The following are the dates that panel bank submissions for all Libor settings will cease, after which representative Libor rates will no longer be available.
Finance is a constantly changing, unpredictable environment. It’s crucial that financial planning and analysis (FP&A) professionals stay on top of the latest trends in the industry, and one way to ensure they perform at their peak is to gather fresh and innovative ideas.
While remote collaboration and digital learning can be successful in the COVID-19 era, it can also be challenging to understand tone, body language and other non-verbal cues that provide meaningful context to communication. Even before the pandemic, virtual communication was prevalent with emails and conference calls.
All organizations have some amount of resilience, the ability to mobilize resources to absorb negative impacts. Forward-thinking organizations will plan their resilience in advance, perhaps even making investments in “contingent capabilities,” responses that activate only in specific circumstances to carry the organization through the risk impact and back to normal performance.
As cybercrime has increased in volume and intensity, many organizations have come to rely on cybersecurity scorecards to help evaluate the security preparedness of both themselves and the third-party firms they have relations with. Obviously, that includes banks and financial institutions.
Spreading its coverage, the RTP network — the real-time payment system from The Clearing House (TCH) — now reaches 57% of U.S. demand-deposit accounts (DDAs), including those at regional and community banks, at a time when immediate payments have become increasingly important.
AFP recently caught up with John Sanchez, communication consultant with The FPA Group, and upcoming instructor of the AFP FinNext 2021 Virtual pre-conference workshop, Communicating Effectively in an Age of Disruption, to get his take on the current state of communication in the finance profession — and what we can do to improve.
The Association for Financial Professionals’ (AFP) director of Treasury and Payments Services, Tom Hunt, recently participated in the Financial Stability Board’s (FSB) Virtual Roundtable on Libor Transition and Benchmark Reforms. In attendance were 58 finance executives representing approximately 15 countries and the European Union. The president of the FSB, John Williams, CEO of the NY Fed, and Andrew Bailey, governor, Bank of England, ran the roundtable. The AFP was the largest U.S. treasury association in attendance.