The U.S. Department of Justice teamed with Europol, the UK’s National Crime Agency, the Microsoft Cybercrime Center, Dell SecureWorks and others to take down the GameOver Zeus botnet and Cryptolocker ransomware.
Travis Lockhart, manager of financial planning and analysis with IMC and one of the first applicants to pass the beta FP&A Certification exam, gives his thoughts on the test-taking process.
As we wrap up the fifth month of 2014, we certainly are not in nirvana, but the economic situation in the U.S. certainly continues to improve. We have come quite a way since the nadir of early 2009 when we can post a quarterly GDP number of -1.0 percent and the market merely shrugs and says, “Who cares? That is backward looking. Things are looking pretty good on the horizon.”
Workers are happiest—and most motivated—when they feel that they accomplish something meaningful at work. These accomplishments do not need to be major breakthroughs, but making sure your team is set up to succeed is the mark of a good manager in just about any field.
This month, AFP officially launched the Certified Corporate Financial Planning & Analysis Professional (FP&A) credential and introduced the first class of certified FP&A professionals. This new certification program is the first of its kind and specifically designed for the FP&A function. Also this month, we review the results of the 2014 AFP Compensation Survey.
The Department of Labor (DOL) expects to re-propose the “Conflict of Interest Rule-Investment Advice” in January 2015. Also in January 2015, DOL expects to issue notices of proposed rulemaking about the safe harbor for the selection of annuity providers for individual account plans, as well as including lifetime inco
On July 1, Kevin Cook is set to become the chief financial officer of Booz Allen Hamilton. Currently Booz Allen’s senior vice president and corporate controller, Cook will take the reins from current CFO and Chief Administrative Officer Samuel Strickland, who is retiring.
Canadians have deposited more than one million checks via mobile phones since the Canadian Payments Association (CPA) approved the check image rule last year, according to data from NCR. The rule allowed for mobile remote deposit capture (RDC).
Finance salaries continue to rise in North America, even among non-executive staff. According to a survey released Wednesday by AFP, average salaries in finance departments of corporations increased in 2013, reflecting continued modest growth in the U.S. economy. Financial professionals at the staff level reportedly saw the biggest bump in compensation.
Last week at the annual General Assembly of the Association of Corporate Treasurers—Suisse Romande (ACTSR) in Geneva, Switzerland, a representative from the Bitcoin Foundation gave a presentation on Bitcoin. The presentation led to a candid discussion among European treasurers about the controversial virtual currency.
U.S. Congressional Democrats in both the House and Senate have unveiled legislation that would make it more difficult for U.S. businesses to avoid domestic tax exposure by shifting their headquarters outside United States tax jurisdiction through a foreign firm merger.
Treasurers of retail chain stores said they expect their companies will spend as much as triple the amount they already pay for cyberinsurance in the wake of the Target security breach. That’s on top of devoting additional employee hours preparing reports to show senior management and board members their cybersecurity measures.
This month, we bring you exclusive coverage of the recent AFP Treasury Advisory Group (TAG) Meeting and the 2014 AFP Retail Roundtable, both of which were held this month in Dallas. The Foreign Account Tax Compliance Act (FATCA) and EMV were major topics of discussion.
When it comes to effective treasury leaders, there’s no “one size fits all,” say two partners with the executive search firm Heidrick & Struggles.
In the latest installment of the Leadership in Treasury series, Darren McCallon, vice president of finance and treasurer of TrueBlue in Seattle, reveals how he successfully transitioned from staff to management.
A recent study authored by Federal Reserve economists concluded that rules currently being proposed to prevent money market fund runs could instead have the opposite effect. Rules that impose restrictions on immediate redemptions, known as gates, and fees during periods of shortened liquidity, the study cautions, “may threaten financial stability by setting up the possibility of preemptive runs.”
Organizations lack widely accepted FP&A standards and principles, and the range of inputs and methodologies can lead to widely varying results that can adversely impact strategic decisions. In response, a new whitepaper, On the Same Page: The Case for FP&A Standards, addresses the need for clear-cut standards and definitions in FP&A.
With the Foreign Account Tax Compliance Act (FATCA) scheduled to take effect on July 1, many treasury departments are making sure they know what they need to do to comply. Not surprisingly, the law was a major topic of discussion at this week’s AFP Treasury Advisory Group meeting in Dallas.
Without streamlining its roster of banks, treasury cannot do an effective job of administrating accounts and keeping track of all relevant account information. That’s the key takeaway from the second installment of AFP’s Treasury in Practice series, Improving Bank Account Management: Best Practices, underwritten by KeyBank.
Many CFOs are still unaware of the strategic value of treasury, members of AFP’s Treasury Advisory Group noted at their latest meeting. And because of the excessive turnover at the CFO level throughout the business world in recent years, treasury departments are striving to demonstrate the value they bring to their organizations.
AFP has officially launched its Certified Corporate Financial Planning & Analysis Professional (“FP&A”) credential, the first-of-its-kind certification program specifically for FP&A executives. The launch coincides with the introduction of the first class of certified FP&A professionals.
After two years of Pension Benefit Guaranty Corporation premium increases, companies, business groups and pension trade associations asked Congress to oppose additional premium increases.
The 2014 Key Issues survey by The Hackett Group found that risks related to competition, regulation and talent are gaining momentum and affecting the role of finance and general and of financial planning and analysis groups in particular.
Prior to last December’s meeting of the Federal Open Market Committee, the Fed was purchasing $40 billion per month in agency mortgage-backed securities and $45 billion per month in longer-term Treasury securities. By the time the FOMC met in March, the monthly purchasing had slowed to $25 billion in agency mortgage-backed securities and $30 billion in longer term Treasury securities.
Treasury and finance executives whose companies do business in Russia, the Ukraine, and other former Soviet republics are feeling the effects of the Crimean crisis on their bottom lines. The turmoil has caused the ruble’s exchange rate to plummet, making it more expensive for companies to import goods and to service existing debts. The crisis is also making it more difficult for companies to borrow money. In addition, sanctions against individual banks are complicating cross-border payments.
A new study found that additional premiums for the Pension Benefit Guaranty Corporation would severely impact the U.S. GDP, the job market, and consumer purchasing power.
Treasurers at the 2014 AFP Retail Roundtable in Dallas said Thursday that their biggest concern is EMV migration. They cited cost, customer resistance, and nagging doubts that switching to the chip-and-PIN equipment is the right technology to fight future fraud attempts.
Technology has evolved the interviewing process. Video interviewing will create seamless conversations via technology that will dramatically change the hiring landscape.
Fraud has always been a concern for treasurers, and in the post-Target environment, it has only become even more of a priority. At the latest meeting of AFP’s Treasury Advisory Group in Dallas, practitioners discussed the new fraud issues they face, and the steps they are taking to address them, in the wake of the Target security breach.
In a new guide, Leadership in Treasury: Managing Risk in the Supply Chain, underwritten by Reval, AFP’s Corporate Treasurers Council explores some of the ways that treasurers can use their skills and insights to support strategic management of risk in the supply chain. Though it is unlikely that most treasurers will be responsible for implementing supply chain risk management policies outside finance, they can still help to identify, evaluate and suggest mitigation techniques across the entire organization.
David Axson, a managing director in Accenture’s Finance and Enterprise Performance practice, will bring nearly 30 years worth of global finance and consulting experience as a keynote speaker at AFP’s Annual Conference in November.
So, you’ve been asked to give a presentation? Perhaps—for the first time—to senior management or even the board of directors? These steps will take you from content selection to post-delivery feedback. You’ll be able to give better presentations and get better results.
This path is based upon the actual careers of several recently appointed corporate treasurers. Expect a few twists and turns along the way.
Finance executives are increasingly optimistic about the economy and say they are likely to increase spending, according to a new survey. However, this trend is not likely to translate into corporates immediately investing their cash reserves.
After two rounds of proposals and industry comments, the Financial Accounting Standards Board (FASB) appears to have decided that current lease accounting from a lessee standpoint isn’t so bad after all.
The Foreign Account Tax Compliance Act (FATCA) is scheduled to take effect July 1. The May issue tells you all you need to know to prepare for this potentially burdensome new regulation. Plus, there’s guidance on derivatives liquidity, and lease accounting news.
Prices for office properties are rising across the country, a trend that could impact nearly every treasury department. But corporates looking outside the trendiest sections of town will still find plenty of bargaining power, especially to lease properties, although perhaps not for much longer.
As a treasury and finance leader looking to acquire top talent, you need to know if the person you bring on board will be driven to succeed and work seamlessly inside your company’s culture. This won’t happen unless their strengths are identified and put to use.
Understanding regulations around Canadian payments is critical for corporate practitioners operating north of the border—and south of it as well. Because the two nations are each other’s largest trading partners, treasury and finance professionals on both sides of the border should pay close attention.
Target said Monday that it has relieved Chairman and CEO Gregg Steinhafel of his duties, following the massive holiday data breach that compromised 110 million customers, hurt Target’s fourth quarter 2013 profits and seriously damaged the company’s reputation.