Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013 - (Page 54)

ONLIN E www VERSION CORPORATE FINANCE New World Treasury: Riding the Wave of Regulation LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE — N°81 — APR / MAY / JUNE 2013 New standards will challenge treasury and accounting professionals in 2013. However, treasurers that stay ahead of changing regulatory requirements will not only ensure compliance, but also bring their organization’s processes and system technologies to the next level of treasury management. 54 Regulatory bodies around the world are hard at work writing new rules for finance and accounting. Some of these rules are set to make the treasurer’s life even more complicated than it already is. Still, many will bring standardization and transparency, helping to eliminate market barriers and mitigate risk. Whether or not treasurers are fans of regulatory change, they are required to comply, and with many of the new rules that already have become effective and with those that are on the treasurer’s doorstep, 2013 is sure to keep finance professionals throughout Europe extremely busy. First, the new definition of fair value under accounting standard IFRS 13 Fair Value Measurement became effective on 1st January 2013. This standard significantly impacts corporate treasuries as it leads to greater income statement volatility and, potentially, to increased hedge ineffectiveness. The need to incorporate credit risk, either your own or your counterparty’s, has far reaching consequences from a system and operational perspective. SEPA regulation will enable growth through easier access to new markets, reduce float and payment fees, and harmonize file formats and payment instruments, but many treasurers are waiting until the last moment to start their implementation projects. The deadline for SEPA migration on 1st of February 2014, is rapidly approaching, putting pressure on project managers to adapt their existing payment processes and structures on a very tight schedule according to the regulatory requirements. Failing to act immediately could mean lack of available support from consultants to bring in external expertise and provide assistance in the project delivery. with the latest regulations, innovative treasurers have developed strategies to take advantage of the ongoing change. These treasurers are seeing regulatory projects as an opportunity to build expertise, streamline processes and leverage new technologies. They are not only able to assure compliance in the short term, but also to transform corporate treasury to a financial nerve center, actively contributing to strategic goals and business growth in the long run. Thoughtful treasurers have been able to adapt to regulatory change by doing the following: Furthermore, a series of new rules from the European Market Infrastructure Regulation (EMIR) and its US counterpart, the Dodd-Frank Wall Street Reform and Consumer Protection Act, will fundamentally affect the structure of the over-the-counter (OTC) derivatives markets. These regulations and more will alter the day to day life of treasurers. 1. Stay informed on new regulations Aside from using the regulatory bodies´ official sources, treasury publications and platforms provide valid information sources. Additionally, treasurers exchange information with peers and strategic partners such as associations, auditors, consultants, banks and system providers to keep up-to-date on local, regional and international topics. Although many finance executives are heavily challenged to keep up to date 2. Understand the new requirements Collecting information is only the first

Table des matières de la publication Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013

INTERVIEW - Patrick Siméon and Ibra Wane, Amundi
15 MINUTES WITH - Jörg Wiemer -Treasury Intelligence Solutions - TIS
The Financial Risk Observatory

Trésorier/Treasurer magazine - n°81 - 2ème trimestre 2013