TreaSolution is happy to announce that the next U.S. Fintech Symposium will be held on May 3rd & 4th, 2022 in Orlando, Florida! Early "No Risk" Registration is currently available. Interested in becoming a sponsor of the U.S. Fintech Symposium? Our new sponsorship packages are available for our next in-person fintech conference and they are published on our website. We'd be happy schedule a zoom meeting to discuss the benefits of sponsoring the U.S. Fintech Symposium in more detail.
Many Treasurers strive to become a "Strategic Treasurer" but in reality they can more accurately be described as a "Tactical Treasurer." A tactical treasurer is a treasurer who is consumed with the management of day-to-day treasury operations due to lack of staff, effective processes and/or treasury technology. A strategic treasurer is one who focuses on continuous improvements, developing a successful treasury staff, leveraging "The Right" treasury technology and has implemented thoughtfully designed treasury policies and processes.
5 Steps to Becoming a More Strategic Treasurer
1.) Create Comprehensive Treasury Policies
Generally, each major treasury function (bank relationships, cash management, debt management, investment management, foreign exchange, hedging, etc.) should have a dedicated treasury policy. Developing comprehensive treasury policies is critical to the success of a treasury department. By taking the time to analyze both business operational needs and treasury best practices, treasurers can develop treasury policies that are clear, meaningful and productive.
2.) Hire and/or Develop Knowledgeable Treasury Staff
Hiring successful treasury staff is one of the most import function of a strategic treasurer. By hiring knowledgeable (ideally experienced) treasury professionals, strategic treasurers can focus on the overall treasury strategy (not processing daily operations). Equally important is the need to hire enough treasury staff so that internal controls and processes can be completed in a timely and secure manner. Further, strategic treasurers encourage their staff to attend ongoing treasury professional education and treasury management conference to help ensure that they too develop strategic treasury skills.
3.) Develop Secure and Efficient Treasury Processes
Internal controls and secure treasury processes are of paramount importance to all strategic treasurers. By developing treasury policies and hiring knowledgeable staff, strategic treasures will be able to put into place comprehensive, logical and secure treasury procedures. It is important that all treasury processes take into consideration treasury internal controls, separation of duties and efficiency.
4.) Utilize "The Right" Treasury Management Technology
"The Right" treasury technology can come in many forms. From Treasury Management Systems to Bank Portals to Spreadsheets. Different treasury technology will be needed based upon the size and complexity of your treasury operations. A strategic treasurer takes a close looks at the current (and future!) treasury environment to evaluate "The Right" treasury technology that enables the treasury department to operate in a secure and efficient environment. The right treasury technology will enable your treasury department to strategically flourish... while the wrong treasury technology will be a tactical disaster.
5.) Implement Continuous Treasury Improvements
The final, yet repeating, step in becoming a more strategic treasurer is to continuously implement treasury department improvements. A strategic treasurer who has created meaningful treasury policies, hired knowledgeable staff, developed secure treasury processes and utilizes the right treasury technology should free up time both for themselves and their staff to focus on continuous improvements. Strategic treasurers may want to consider benchmarking their treasury operations against best practices or evaluate their banking relationships in order to create a multi-year treasury strategic plan. By developing a treasury strategic plan, strategic treasurers will be able to envision and communicate the future success of the treasury department to their staff, colleagues and other stakeholders.
Becoming A More Strategic Treasurer Conclusion
A strategic treasurer strives to formalize treasury policies and operations, hires and enable great staff and leverages "the right" treasury technology. As you can see... becoming a strategic treasurer is not a destination but an ongoing journey.
TreaSolution has assisted numerous treasurers on their journey to becoming a more strategic treasurer. We take pride in being our clients' independent advocate by providing unbiased, practical and strategic treasury management advice. Please feel free to contact TreaSolution today if we can provide assistance with our treasury consulting, training and / or temporary staffing services.
TreaSolution will be hosting an online Treasury Boot Camp (www.TreasuryBootCamp.com) course on March 23rd - 26th, 2021.
During this online Treasury Boot Camp treasury training course attendees will be able to learn about practical treasury management strategies and tactics. The treasury training course instructor has over two decades of treasury experience and is an expert at facilitating meaning conversations about treasury operations, management, technology and more!
Some of the topics covered during the Treasury Boot Camp are:
TreaSolution will be hosting an online Treasury Sales Training (www.TreasurySalesTraining.com) course on March 23rd - 26th, 2021.
This online sales training course was developed specifically for bankers and vendors who sell to the treasury management industry. The course will cover important topics that will help enable attendees to develop meaningful relationships with their customers / prospects and, ideally, increase sales!
Some of the topics covered during the Treasury Sales Training course are:
Dan Carmody, TreaSolution's Executive Director, was recently featured in a treasurytoday article titled, "The return to treasury outsourcing?" This article discussed why and how certain treasurer's should consider outsourcing select treasury functions in order to focus on more strategic tasks. Here are some of Dan Carmody's quotes from the treasurytoday article:
A Statement from Dan Carmody (TreaSolution's Executive Director) pertaining to the Covid-19 Coronavirus Challenges
"I know that we're collectively facing challenges on many fronts when trying to overcome the coronavirus. Strictly pertaining to treasury management, I've seen this environment before... Please take a second to realize... There will be few moments in your treasury career like this one! Now is the time for treasury professionals to leverage their expertise and help their organizations navigate these rough waters!
Liquidity management, cash forecasting, credit facilities, treasury operations are critical functions that organizations, especially now, need in order to survive, operate and succeed. Skilled treasury professionals are hired for exactly these times... the tough times. The times when liquidity is scarce... times when you have to work remotely... times when the CFO, CEO and Board of Directors need liquidity management guidance.
We will overcome these challenges and our profession will be stronger because of it. Please remember... "Rough waters are truer test of leadership. In calm water every ship has a good captain." - Swedish Proverb
If you organization requires additional treasury support (consulting, staffing, training), TreaSolution is ready to provide remote services immediately.
Finally, I think it's really important to extend a huge "Thank You" to the coronavirus front-line professions: Doctors, Nurses, First Responders, et al. We appreciate all the work you do!"
Dan Carmody, TreaSolution's Executive Director, will be presenting "Is Treasury Falling Behind the Fintech Curve" at this year's annual Windy City Summit.
This presentation will discuss how technology is transforming the field of finance. Dan will benchmark the latest fintech developments against current treasury technology functionality. Finally, Dan will discuss how the treasury industry will be affected by fintech in the coming years.
This presentation will be interact and all questions, comments and observations are welcome!
TreaSolution, Inc. has been approved as a registered sponsor on the National Registry of CPE Sponsors.
TreaSolution is hosting a one day Treasury Technology Forum on November 14th. The purpose of the Treasury Technology Forum is to gather treasury professionals together to learn about and discuss treasury technology best practices. Some of the items that will be covered during the Treasury Technology Forum are:
On September 14 & 15, 2017, TreaSolution hosted it's first Treasury Boot Camp in Chicago, Illinois. The purpose of the Treasury Boot Camp was to discuss treasury best practices and create tools & ideas that can be utilized immediately. The Treasury Boot Camp discussed the following items:
The next Treasury Boot Camp will be held in Chicago on December 8 & 9, 2017. Click the image below to learn more.
Are you attending the Windy City Summit? Do you like to network? Good news! Dan Carmody is currently scheduling 1/2 networking meetings during the Windy City Summit. If you would like to schedule a networking meeting, please use the calendaring tool listed below:
On April 20, 2017, Dan led a conversation titled, "Generational Change in Treasury Management" for the Treasury Management Association of Chicago. This panel discussion was comprised of nine professionals (four Millennials and five non-millennials). The conversation revolved around the positive impact mellennials have in the workplace (working in groups, digital communications, community engagement) and some of the challenges.
iTreasuer recently featured Dan Carmody in a article titled, "Cracking the Career-Path Conundrum." This article discusses what strategies and tactics Treasurers can use in order to promote and/or develop treasury department staff. To learn more about this topics, please visit TreaSolution's treasury best practices blog post titled, "Treasury Department Staff Promotion and Development."
Dan Carmody Asked to Present "Treasury Technology: Past, Present and Future" at the 2016 Windy City Summit
Dan Carmody was featured in a FierceCFO article titled, “Corporations Spend More On Treasury Technology”. In this article, Dan discusses the various types of treasury workstations and role mobile banking may play in corporate treasury departments. If you would like to read the full article, please visit:
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Copyright 2023 TreaSolution, Inc. All Rights Reserved.
Copyright 2023 TreaSolution, Inc. All Rights Reserved.