With all the talk of “more with the same or less” corporate treasury department’s are using every automation tool available, BUT we are losing sight of the value, the ESSENTIAL CONTRIBUTION of experienced full time employees who UNDERSTAND the dynamics of corporate treasury and what is the expected result, so when an API or a BOT spits out a number they know whether it is reasonable or not.
Increasing use of AI and automation is threatening work
Our WEBchat with Alenka Grealish, see, showed how artificial intelligence is being used increasingly in treasury and banking.
Martin Wolf’s article in the Financial Times today, Work in the age of intelligent machines reports from A Turner's, ‘Capitalism in an age of Robots’ that some jobs are more vulnerable than others, and even over 30% of professionals and management posts are vulnerable.
Risk free minimum
CFOs and other senior management are not going to miss that opportunity to try and cut the size of the finance department and corporate treasury department too. But understanding and know how is vital in these departments, when a single mistake can cost thousands or even millions.
CTMfile wrote on 23 February 2018, see, that the risk free minimum size of the ultimate structure of the corporate treasury department should be:
- one Corporate Treasurer AND an Assistant Treasurer
- two junior treasury clerks/admin people
- two IT/API/algo people (internal or external?)
- loads of on-going consultancy support.
CTMfile take: Today we would increase the minimum staff numbers needed in the corporate treasury department, otherwise it will be an even bigger party for consultants.
Outsourcing specific activities not just whole functions = future of treasury?
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