Treasury in Practice Guides
People Side of Business Continuity
Underwritten by Kyriba
At the beginning of the coronavirus pandemic, business continuity plans were quickly tested, vetted, refined and fully implemented. Much of the focus has been on adapting processes to ensure team members working remotely can continue fulfilling treasury’s core tasks. Less attention has been paid to managing the team members, with people management coming to the fore because of the “great resignation.”
The 2022 AFP Treasury in Practice Guide: People Side of Business Continuity, underwritten by Kyriba, seeks to identify how treasury professionals prioritize tasks to safeguard company assets and outlines strategies for dealing with the great resignation in the changing employment environment.
This guide includes:
- Treasury's Role
- Setting Priorities in the Business Continuity Plan
- Managing the People Side of Business Continuity
- Conclusion: Focus on People
There were two key impacts on corporate treasury departments throughout the pandemic. First, it required treasury practitioners to prioritize and focus on the most essential activities and second, it impacted the departmental working environment.Learn more about lessons learned and what it means for treasury today.
Setting Priorities in the BCP
While each organization likely has a companywide business continuity plan, treasury is responsible for setting and reviewing its own plan to ensure it can continue to meet its own specific objectives. The process of setting and reviewing the departmental BCP starts by identifying the “what,” or the critical functions that need to be prioritized including:
Learn more about setting priorities in the BCP.
Managing the People Side of Business Continuity
Companies have different approaches to their use of treasury policies and procedures and having an appropriate level of detail serves a range of purposes:
Find out more about managing the people side of business continuity.
Focus on People
Developing a strong culture of support is critical in both fostering best practices and minimizing the operational risks associated with a lack of personnel.
Several actions will help including:
- Distributing strategic tasks to team members as part of their career development
- Knowing the team
- Recognizing the importance of challenges
- Realizing individuals are different and they change
Published October 19, 2022