- "Many treasurers realise that in order to enable their staff to make strategic decisions, they need to focus their staff on strategic activities. By outsourcing tactical treasury functions, a treasurer can better utilise their personnel by focusing them on more added-value activities and projects"
- TreaSolution’s Carmody, likewise, notes that in general, “tactical treasury functions that are repetitive are best suited for outsourcing.” He adds, “In many instances, if the treasury function can be flow-charted, all or some of the function can be outsourced.” However, he also notes that organisations should not fully outsource functions which include critical control security measures, and/or that require strategic decision making.
- Carmody suggests the following as a starting point:
- How long has your company been in business?
- What is the response time if there’s a problem with these services?
- Who is the single point of contact in case there are questions/issues?
- How long are you able to provide treasury outsourcing services?
- Carmody warns companies not to outsource too much too soon, for example. “It’s tempting to outsource all tactical functions upon contract signing,” he says. “I would suggest that treasurers consider outsourcing treasury functions in phases to ensure that all functions are being implemented and completed in an appropriate and secure manner.”
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:
Dan Camody was honored to moderate a keynote discussion between Governor Howard Dean and Senator Rick Santorum. This discussion was held at the 2014 Windy City Summit and was attended by approximately 850 people.
Dan Carmody delivered a presentation at the 2014 Windy City Summit titled, “Six Critical Considerations When Selecting a Treasury Workstation.“ This presentation discussed the key factors that every treasury department should consider when considering the procurement of treasury management systems.
Dan Carmody Provided Keynote Speech to Southern California AFP Conference on the Queen Mary in Long Beach, California
treasurytoday featured Dan Carmody in a disaster recovery article written by Bija Knowles titled, “Raising treasury’s profile: how to be a strategic communicator.” If you would like to view this article, please click here. (Subscription Required)
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