This week, fraudsters are believed to have stolen nearly $4 billion by exploiting Brazil’s boleto payment method. Using man-in-the-browser attacks, a fraud ring has compromised nearly 500,000 boleto transactions. Also, anti-spam complaints are already sky-high in Canada even though the nation's new law just took effect last week.
The holiday-shortened week surprised the market to the upside as the biggest news of late reinforced the narrative that the U.S. economy has finally turned the corner and is poised for a healthy expansion. That news, of course, was the monthly employment report with a gain of 288k jobs and the unemployment rate dropping to 6.1 percent from 6.3 percent.
An alarming surge in cyberattack incidences on many of the largest U.S. companies has ushered into corporate boardrooms a new axiom of executive management: cyberrisk. Public companies are facing mounting pressure to bolster cybersecurity protocols and incorporate these surfacing threats within their businesses risk management operations.
The financial position for the single-employer insurance program has improved dramatically, according to the FY 2013 Projections Report, released Monday by the Pension Benefit Guaranty Corp. (PBGC). However, the financial position for the multiemployer insurance program has declined dramatically—which could also spell trouble for single-employer plans and for PBGC itself.
A new survey of financial planning and analysis professionals reveals widespread frustration with current software and hardware options. Elsewhere this issue, an interview with the new CFO of Booz Allen Hamilton, and a look at the changing FP&A organizational structure.
Many of the organizations that are upgrading their FP&A functionality are doing so through larger systems designed for complex reporting. One such organization is a Chicago-area healthcare provider that invested in Tier 2 technology after using Word, Excel and PowerPoint tools.
The Foreign Account Tax Compliance Act (FATCA), the law that imposes a withholding tax on payments from U.S. sources to certain noncompliant foreign entities, is now in effect. Corporate treasury departments have been working over the past few years to ensure that they are FATCA compliant.
Moving bank account management from a paper-based to an electronic process offers corporate treasurers clear efficiency and visibility benefits. However, widespread corporate adoption of electronic bank account management (eBAM) remains elusive.
What’s it like from a treasurer’s perspective when your company is hit by hackers? A treasurer recalled what transpired when her company suffered a $125-million cyberbreach.
The chief economist for HSBC Bank Canada urged Canadian treasury and finance executives to help their companies become stronger business partners with China and look beyond their traditional relationship with the United States.
Financial planning and analysis professionals widely use Excel and technology systems to do their jobs, but nobody is particularly happy about it. That was the theme survey respondents kept repeating in the 2014 gtnews FP&A Technology Survey, underwritten by WDesk.
This month, we bring you exclusive coverage of the career-related sessions at the CTC Corporate Treasurers Forum in Chicago and the AFP Canadian Forum in Toronto. Also, one of the first applicants to pass the beta FP&A Certification exam discusses his process in taking the test, the AFP Advisors Network looks at the business skills required to become a successful independent consultant, and more.
Canada gave royal assent to Bill C-31 last week, becoming the first country to regulate Bitcoin and other virtual currencies. Some nations have weighed in on Bitcoin on a case-by-case basis, including a recent ruling by the Internal Revenue Service, while others, including Japan, are taking a wait-and-see attitude. Not Canada.
The AFP Guide to FP&A Organizational Structures: Trends & Best Practices, sponsored by Wdesk, explores the various approaches to an FP&A organizational structure. The guide provides an overview of different companies’ approaches and emerging trends, delves into the pros and cons of each approach, and offers a list of best practices.
Recent regulatory developments relevant to treasury and finance professionals are reviewed in the AFP Reg Report. In this issue: Cyberthreat data sharing legislation, the SEC MMF reform stalemate and the Fed’s push for a new U.S. payments network.
We sit on the cusp of Dow 17k and S&P 2k and even though are a few bumps on the horizon, we prepare for what looks to be a bright second half of 2014. The Dow recently climbed to a new all-time high of 16,978.02, and the S&P 500 seems to hit a new high every day.
Are you credible? It’s a serious question. You might be a credible job candidate, but unless you appear credible you probably aren’t… at least not in the minds of those in a position to hire you.
A substantial portion of North American banks believe the online banking capabilities they offer their corporate clients are inadequate and those clients agree, according to a new report from Aite Group.
This month, Payments turns its attention toward fraud and cyber risk, as recent events have caused quite a shakeup. We recap a session at the CTC Corporate Treasurer’s Forum, in which FBI Special Agent Kory Bakken provided an insider’s view of the GameOver Zeus botnet. We also look at the recent security breach at P.F. Chang’s, which is now believed to have compromised up to 7 million cards.
Fueled by concerns about bond-fund runs after an eventual tightening of interest rates, Federal Reserve Board officials are reportedly discussing charging investors a fee for accessing bond funds, according to the Financial Times.
Last week, P.F. Chang’s Chinese Bistro confirmed that it had undergone a massive security breach that compromised customer credit and debit cards. Though details of the breach were initially sparse, it is now being reported that the breach may have compromised up to 2 million cards and lasted for at least nine months.
As treasury’s role continues to grow, and new responsibilities are added, one unintended consequence is a growing challenge over hiring and retaining staff. Many treasury groups now must develop leaders not only for treasury but for the entire organization.
Most leaders understand the importance of focusing on people and inspiring them. Retired Canadian Chief of the Defense Staff Gen. Rick Hillier, who keynoted the seventh annual AFP Canadian Forum last week, believes great leaders need to take those two steps one step further: “Focus on people, inspire them, and draw inspiration from them.”
If you’re a financial planning and analysis professional who is not a skilled spreadsheet user, you can’t do your job effectively. Here are 19 tips that will make you a faster and better spreadsheet user.
When new regulatory requirements in Europe and the United States mandated portfolio reconciliation, there was an explosion in the number of market participants looking to comply. In America, only swap dealers and major swap participants are required to comply; however, because of these obligations many corporate end users also are affected.
Faced with the reality that comprehensive tax reform will not happen this year, key lawmakers are pinning their hopes on a one-time tax repatriation holiday on U.S corporate overseas earnings that could return as much as $2 trillion -- giving treasury and finance executives more cash to deploy.
The Foreign Account Tax Compliance Act (FATCA) deadline is less than a month away. Risk managers need to move quickly to comply, or face the consequences. Also this issue, Sun Chemical reveals how it mitigates FX volatility.
Recently on AFP’s discussion list, corporate treasury and finance professionals discussed where they store bank account data.
Last month, the United Nations issued a lengthy report on the possible impact of climate change on municipalities and businesses. TD Bank followed with a similar report that focused on Canada. Although the reports were full of doom and gloom, they prompted news articles speculating that a potentially warming climate might benefit Canada in several ways.
Credit unions—nonprofit, member-run financial institutions—felt more economic pressure in Canada during the 2008-09 recession than banks. AFP recently spoke with Rod Ancrum, chief financial officer of Credential Financial in Vancouver, British Columbia, to get his perspective on the financial crisis.
Treasury and finance professionals who attended the 10th Annual CTC Corporate Treasurers Forum last week received an in-depth look at GameOver Zeus, the botnet responsible for stealing at least $125 million, including routine $1-million wire transfers. Kory Bakken, Special Agent of the FBI, Chicago Division, discussed how law enforcement brought the botnet down.
The role of the FP&A professional encompasses such activities as planning, forecasting, budgeting, controlling, variance analysis, scenario analysis, communicating goals and results, and decision support. While spreadsheets have been a huge advance and will continue to be a mainstay tool in the FP&A toolkit, modern BI and analytics represent the next generation of FP&A tools.
Treasury and finance professionals who focus less on short-term earnings and more on big environmental and social challenges will be the ones who come out ahead in the long run, argued author Andrew Winston, opening keynote speaker of the 10th Annual CTC Corporate Treasurers Forum.
The concept of treasury functioning as a change agent within the organization was the theme of last week’s 10th annual CTC Corporate Treasurers Forum. With so many treasurers taking on additional responsibilities, it’s no surprise they are seen increasingly as change agents, and this shift was the focus of an opening panel discussion at the forum.
AFP is pleased to officially launch its Certified Corporate Financial Planning & Analysis Professional (“FP&A”) credential, the first accreditation specifically for FP&A professionals. Also this issue, read how Maersk Drilling USA’s finance team transformed themselves into business partners, and how finance executives find good employees.
When Sun Chemical revamped its treasury group, integrating an in-house cash bank with its long-time notional pool was a key component, helping to manage FX exposures.
In the aftermath of the financial crisis, corporate boards are paying close attention to liquidity and risk exposures, which have elevated the strategic role of corporate treasurers. This trend that is expected to continue over the next five years, according to a new survey by AFP. Oliver Wyman provided insights and financial support for the 2014 AFP Strategic Role of Treasury Survey.
Canada has made several significant changes to its housing finance system in recent years. A new report by Standard and Poor’s (S&P) examined how these changes may affect the market for residential mortgage backed securities (RMBS).
Renminbi payments value in the United States increased 327 percent between April 2013 and April 2014, according to the SWIFT RMB Tracker. That puts the U.S. at third in the world for RMB payments value, excluding China and Hong Kong.
Low interest rates, strong bank balance sheets and attractive debt and equity markets have combined to help Canadian companies access cheaper funding over the past six months. Treasurers have had much success in negotiating revolvers and issuing various types of debt to reset their capital structure and help fund business operations.