The key questions, for the difficult and bumpy year 2016 is bound to be, are:
- is your current purpose of the corporate treasury department, e.g. being a business partner with rest of group, still appropriate?
- most corporate treasury departments provide a range of support services for other units and departments in the group/company, so: How are you going to create and keep customers for your services?*
- how are you going to help to protect your group from the global economic turbulence and possible crashes in the emerging markets in 2016^, and the next EUR crisis?
- what are you happy with in your systems, processes, and services, i.e. not going to change?**
- what new services are needed to improve the overall effectiveness and efficiency of the group?
- how will you optimise payments and collections across all the old and the new payment channels?
- how are you going to manage the pressures and demands from senior management to outsource functions in your corporate treasury department?
- what actions are you going to undertake to minimise fraud and cyber breaches in your department and in the group as a whole?
- who are you going to partner with to minimise the Know Your Customer and digital identity administration overhead?
- how are you going to minimise supplier risk from banks/FIs and other suppliers, e.g. TMS suppliers, SWIFT bureaux, etc.?
- how are you going to optimise financing of all parties and functions in your supply chains?
- how are you going to: 1) avoid slipping back into bad working capital management habits and instead, 2) continue to improve WCM practices?
- what is the single most important task that must be completed in 2016 and why***?
* Source of original idea: Peter Drucker
** Source of original idea: Jonathan Traer-Clark, BofA Merrill
*** A clear answer to why will tell you a lot about your group and department.
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