Le magazine du trésorier - n°67 - 3ème trimestre 2009 - (Page 22)

FORUM OF ADVERTISERS How CFOs can strengthen their roles as business partners in times of crisis What if the financial director was a business partner? The CFO is currently an in-house advisor and a reliable support for the decision-making of general management and Executive Committee, and yet, what if? This new role has been talked about for more than ten years. But up until now, has financial management had the means and motivation? Has general management had the desire? Obviously these last years have not been favorable. The financial manager’s agenda has been overwhelmed with issues specific to the financial sphere: the IFRS, SOX/LSF, financial disclosure deadlines… Often, from within the organization, projects have been experienced as an increase in constraints. And financial initiatives for across the- board steps to improve risk management and performance have been more or less perceived – and sometimes experienced – as an illegitimate seizure of operations. Will the prevailing economic environment (crisis? recession?) change the rules of the game? Among the impacts that are going to affect organizations, certain ones will occur in a completely variable manner and according to context: G Questioning certain business models that have been destabilized by the evolution in energy and raw material costs, or by a reorientation of demand. The effects can be brutal, as seen in certain segments of the marketplace; Problems of liquidity that result from the financial crisis and/or the impact of market reversals that stem from cash flow needs. In a more systematic manner, organizations will experience: A short-term period of uncertainty: what will be the scale and timing of the crisis in different markets and geographic zones where the organization exists? The uncertainty makes in-house decision-making difficult and communication besides financial markets more complex; Questioning a more long-term model (relevance of certain models to globalization, increased importance of sustainable development): the implications here can be positive for the development of new markets and the promotion of innovative offers; yet a basic question remains about the scale and timing of social movements (momentary trend or profound transformation?). Will this environment open new avenues for steering an organization and for the role of the financial manager? Faced with the need for extra room to maneuver and to deliver forecasted results to financial markets, costsaving programs are often decided upon first. These programs provide worthy opportunities to question non-optimized functioning and to find solutions for “lifestyle” excesses, but they also bring their own share of negative effects, a consequence of an approach that focuses on shortterm returns. This is certainly the case when investments are made in fits and starts or when the age pyramid structure is deformed… These effects will have to be paid for over time. The finance manager still frequently remains on the margins of these practices, which results in a “divorce” between reported ear- G G G

Table des matières de la publication Le magazine du trésorier - n°67 - 3ème trimestre 2009

Couverture
Sommaire
EDITORIAL
- Treasury Got Talent
FINANCIAL HIGHLIGHTS
- Luxembourg News
INTERVIEW
- Mrs. Barbara Ridpath, Chief Executive of the International Centre for Financial Regulation (ICFR)
FOCUS
- The Necessary Evolution of German Conglomerates As a Result of the Crisis
- Plan Contingent pour le Département de Trésorerie
FORUM OF ADVERTISERS
- Using Technology to Achieve Financial Risk Visibility
- How CFOs can strengthen their roles as business partners in times of crisis
- Comment renforcer son modèle économique pour préparer la reprise ?
- Vers une reprise durable ?
- 15 minutes with… Mr. Stéphan Caro - Misys
TREASURERS’ ASSOCIATIONS
- SEPA risks failure unless corrections are made, say end users
- Partenariat conclu entre l’ATEL et CFO World
- Reforming OTC Derivatives, a new challenge for Corporate Treasurers
- How Borrowing Conditions are Affecting European Business
NEWS

Le magazine du trésorier - n°67 - 3ème trimestre 2009