Treasury management

Performance-driven solutions
Summary
Organization and governance 5

Performance assessments:
towards best practice 6

Financial risk management  8

Cash and liquidity management 9

Corporate funding 10

Financial instruments valuation

and accounting 11

Treasury technology 12

Assurance and control 13

Contacts  14
 Strategy
The evolving treasury function
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

A challenging context Topics

The demands on corporate treasury departments are subject to Our primary Treasury services cover the following areas:
constant change with, for instance, an increasing requirement of
shareholders for companies to demonstrate how financial • Treasury organization & governance
resources and financial risks are managed. These requirements for • Treasury performance assessments
increased transparency and control have led to a global trend • Financial risk management, (interest, FX, credit and commodity
risks)
toward centralization of treasury activities. In addition, treasurers
need to cope with a growing complexity of financial instruments, • Cash and liquidity management including cash forecasting
ever more volatile financial markets and the introduction of new • Corporate funding and capital management
regulations and accounting practices. For treasury, this means that • Treasury technology, including Treasury Management System
TMS selection and implementation
you need to update continuously your know-how, to ensure
reduction of costs, minimize volatility, bring value to the company • Valuation and accounting for financial instruments (IFRS and
local GAAP)
and ensure short and expansive lines of communication.
• Audit, Quality assurance & compliance
Your goals — our mission
Your benefits
We will help you to define clearly the responsibilities of treasury
and to engage further in supporting the business. We have the • Integrated service offering
required know-how and expertise available for all the important • Powerful, customized approaches
topics of treasury (for example, cash and liquidity management, • Rapid, sustainable knowledge transfer
financial risk management, accounting, system utilization). In • Solid process embedment
addition, we will confirm whether the internal control environment • Holistic perspective
of your treasury is in accordance with statutory requirements and • Profit from Ernst & Young’s global Treasury network and
multinational team
market practices.
More than ever, it is important to adopt an integrated holistic Which service offers you the competitive
approach instead of pursuing temporary solutions for individual advantage?
issues. • Self Assessment using our proven analytical methodology
• Analysis of potential improvements, based on your current
Our offer situation
The growing demands on the treasury function are driven to a • Individual approaches to address any weaknesses identified
large extent by the current market situation. They are associated • Quick check of accounting policies and hedge relationships
with a heightened awareness of management for operational and
financial risks, focused on the following themes: Make an appointment and talk to us. We are happy to inform in
detail about how we can help you drive your treasury forward.
• Improvement of cash-forecasting quality and methodologies for
liquidity management and financial planning
• Management of derivatives, market price and counterparty risks
• Accounting and valuation of all treasury transactions
In parallel, there is continual pressure to improve the efficiency of,
and control over, treasury.
Ernst & Young provides you with a portfolio of services that cover
the full scope of a treasury function. We have a knowledgeable
team, with the right combination of treasury skills and experience
to support your treasury through all types of challenges.

Ernst & Young Treasury management 3

 Strategy
Organization and governance
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Choosing the right organization We accompany you along the whole Implementation support
With the increasing importance of treasury, process: from definition of objectives to • Project planning and management
companies must choose a robust and implementing a new or revised organization (objectives, resources, milestones)
dynamic organizational structure. In of the governance structure and underlying • Identifying and implementing “quick
particular, a well thought-out strategic, processes. wins”
forward-looking approach is essential. This Current state analysis • Assist with planning and implementation
begins with choosing the right operating of a rollout of the new global structure
model. In order to do this, the scope of
• Analyzing the current state compared • Additional organizational knowledge
with ”leading practices” and established
activities that are covered by the treasury through workshops covering operations,
control requirements
Department and the degree of accounting, finance, legal, tax services
centralization must be determined. Does
• Assessing the systems and and information systems
methodologies, focused on identification
treasury execute only the most necessary of potential improvements • Interim staffing of operational or control
activities such as liquidity management or functions (when allowed)
if treasury is determined a “core” Future state development
Your benefits
organizational process – does it cover the • Defining the target organization given
full range of services? This must be taken the objectives, identifying leading • Realignment of the treasury to meet
practices that are both fit for purpose current and future economic and
into account when designing the optimal
and focused on value optimization regulatory requirements
hierarchical structure of the central and/or
local treasury functions. • Defining, updating or standardizing • Realization of potential synergies and
policies, processes and procedures for: efficiencies by optimizing treasury
Reorganization and • Banking network (banking selection processes
transformation and rationalization)
Due to changing circumstances, e.g, • Cash management (pooling/ netting)
transactions such as mergers and • Short- and medium-term financing
acquisitions, carve outs, spin offs and as (e.g., factoring and securitization)
part of reorganization projects such as • Financial risk management (strategy
enterprise resource planning (ERP) optimization)
implementation and centralization of • Treasury accounting
treasury functionality, a reformulation of
the organizational structure, processes and • Defining and adjustment of (key)
management indicators
financial risk management is needed.
• Selecting and implementing TMS(s)
Our services • Defining roles and responsibilities, job
Using a gap analysis of your current descriptions and provide assistance
treasury structures compared with the towards recruitment and/or secondment
requirements according to your strategic placement
objectives, we make recommendations for
choosing the right organization and
optimizing the treasury function. This leads
to, inter alia, improved communication and
reporting processes and identifies process
duplication and redundancies.

Ernst & Young Treasury management 5

 Strategy
Performance assessments:
towards best practice
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Current state analysis Our services Taking into account external market trends,
Our performance assessment can be the Ernst & Young has developed a specific as well as our extensive industry
first step towards developing a risk-and framework for assessing functional experience, we have developed a compact
profit-oriented, comprehensive view of performance of a treasury department, corporate treasury checklist that allows a
your treasury activities. Based on our which is based on our global experience with comprehensive benchmarking against
treasury experience and peer comparison treasury organizations, regular treasury leading practices and provides a quick
in the market, we identify potential points projects and client surveys. In addition, insight into potential improvements.
for improvement and further development external benchmarks and guidelines are In addition, the ”maturity” of the treasury
potential. taken into account, for example, from local function is assessed compared with well-
Associations of Corporate Treasury, IFRS7 established, ”leading” treasury
The thorough investigation of structures
and the local Corporate Governance Code. organizations, while taking into account the
and processes and their comparison with
the legal framework and market practices The many facets of corporate treasury firm-specific characteristics.
are the foundation of our treasury require a practical and pragmatic
advisory’s holistic approach. interpretation of relevant regulations, which
need to be considered in the broader context
of the complexity and risks of the company.

Treasury function maturity

Key factors Basics Developing Established Leading class

Policies and Informal policies and procedures not

documented.
High level policy statements setting out central
treasury activities. Limited documented
Well documented group treasury policy and
procedures. Limited policies and procedures
Comprehensive policy document for group
treasury and the business units.
procedures guidance on local treasury activities and
incomplete procedure documentation.
on treasury activities in local business units.

Governance Treasurer or group FD responsible for all

aspects of treasury. No compliance monitoring
Regular reporting to the board on treasury
activities. Internal audits not performed by
Treasury compliance regularly monitored and
reported to the board and/or the relevant
Treasury activities monitored by and treasury
strategy approved by Board or board
or internal audits. treasury experts. Minimal compliance treasury/finance committees. Regular internal subcommittee. Regular internal audits by
reporting. audits using external treasury sprecialists. treasury experts with treasury self
assessments.

Structure Decentralised treasury structure with local

businesses responsible for managing their own
Centrally managed funding with businesses
responsible for managing local treasury
Centralised treasury with clear guidelines
governing any local treasury operations.
Centralised treasury with all treasury activity
managed by group treasury (as far as
treasury activities. Little/no interaction activities. Some interaction between Group Communication between group treasury and possible). Regular dialogue between group
between Group Treasury and Group Treasury and Group companies. group companies on an informal basis. treasury and business units.
companies.

People and skills Treasury activities are performed by personnel

with little or not treasury experience. Treasury
Dedicated treasurer with inexperienced
assistant(s) and support staff.
Experienced and established team with
appropriate professional qualifications/
Experienced and qualified professionals in all
key positions within treasury. Good knowledge
usually performed by finance staff on part qualified by experience in key positions. Good of treasury activities and experience of
time basis. knowledge of all aspects of treasury and of the working in a multinational treasury function.
company’s business.

6 Ernst & Young Treasury management

The main themes covered in a Treasury Assessment are: Your benefits
Based on the analysis, you receive an assessment of your treasury
• Treasury organization, strategy and systems organization compared with leading practices, with individual
• Integration into the company’s strategy, rules and responsibilities recommendations for potential further improvements and
• Management of financial risks (e.g., interest rate, currency and significant risks.
commodity risks)
• Liquidity and cash management This assessment enables you to determine priorities and — if
• Internal control applicable — define an action plan, for implementation
• Performance measurement
• Reporting

Company XYZ: Treasury management — Process Efficiency — Maturity Assessment Dashboard

Weighted scores Maturity profile — Weighted

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Technology & data 3.5 4.0 5.0

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3.0 3.0 5.0

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Ernst & Young Treasury management 7

 Strategy
Financial risk management
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Financial risk management Our services The financial crisis has demonstrated that
Strong market volatility, constant evolution Based on our extensive experience, we methods that seem to work in “normal
of the international accounting standards provide advice and support for all elements circumstances” may fail in the case of
and increasing importance of financial of financial risk management, for example: major calamities. For example, a significant
reporting prompt companies to improve interaction between market prices,
regularly their financial risk knowledge and • Identifying the main sources of financial collateral demand, liquidity and credit
risk exposure and measuring the
to optimize its management. In this quality occurred. Therefore, the creation of
company’s “natural” hedging
environment identification of risk drivers an overall corporate financial risk
effectiveness
and exposures, definition of risk framework is a central aspect of our
management policy and implementation of • Co-developing a strategy for financial risk Treasury Advisory approach.
management within the group’s financial
appropriate management tools,
supply chain Your benefits
communication lines and reporting are the
key means to enable effective financial risk • Development and validation of models to We will assist in further developing and
quantify and monitor financial risks, strengthening the understanding of the
management.
including VaR, EaR, Gap and scenario financial risk management strategies to
Treasury and financial derivatives analysis help you best achieve your business goals,
In order to control financial risks, most • Integration of more complex financial both economically and in terms of financial
treasury departments, inter alia, use products into your information systems reporting.
financial derivatives. The hedging • Implementing appropriate (hedge) This includes an adequate organizational
strategies need to be aligned with the accounting to reflect adequately the
structure and infrastructure (policies,
overall objectives of the company, while (economic) exposures, including hedge
controls, processes, models, etc.) as well
ensuring that valuation methods for effectiveness testing
as the development of methods and
derivatives do not lead to unwanted • Develop appropriate reporting to enable processes for quantifying, assessing and
volatility of profits. In addition, a consistent effective monitoring and steering of
monitoring financial risks.
separation of functions in risk management financial risks by management
and appropriate monitoring systems are Together we will develop scenarios and
needed. stress-testing methods, including
emergency plans that are tailored to your
Major risks company’s risk profile and classification so
The key financial risks that treasury needs that you are fully prepared to handle crisis
to identify, quantify, manage and monitor situations.
are liquidity, FX, interest rate and
counterparty risks. An increasing number
of companies are also active in commodity
Identity Diagnose Design Deliver Sustain
or energy risk management.
• Analyze and comment on • Understand and validate • Analyze impact of FX risk • Formulate • Post implementation
Key Tasks

current XYZ risk the current state of XYZ management framework recommendations to analysis ans sustainable
management framework FX risk management on XYZ’s results implement enhanced improvement plan
framework XYZ risk management
framework

• Understand XYZ business • Assess and validate the • Set FX management • Develop the approach • Confirm the newly
structure, economic current state of XYZ FX objectives considering and requirements for the designed FX risk
model and transactional risk management linkage with selected improvements management framework
flows framework shareholders’ value as stated in the new FX is operating as intended
• Conduct FR risk exposure •
Define criteria for its • Define XYZ’s FX risk risk management policy and capture lessons
analysis of XYZ FX evaluation and tolerance taking into • Design/Enhance the FX learned (KPIs,
porfolio understand XYZ desired account XYZ’s business risk management manual performance
• Analyze current XYZ FX future state dynamics • Validate the newly management reporting)
risk management policy •
Assess accounting • Design/Enhance XYZ’s designed FX risk • Perform test of design to
and hedging framework schemes and impact of FX risk management management framework identify performance
• •
Activities

Analyze business FX risk management policy and hedging Analyze impact and gaps of the newly
planning schedule and framework on XYZ’s framework redesign of FX risk designed FX risk
cycle vs. FX risk forecast result for both statutory • Formulate management framework management framework
schedule and cycle and and management recommendations of on stratutory accounting, • Implement an ongoing
comment on potential reporting potential benefits of management reporting monitoring program
improvement •
Identify Benchmark using or not using hedge and SOX control • Identify further
competitors (MNC) in accounting framework opportunities to extend
terms of FX risk
• Analyze impact on: • Support on FX risk the benefits across the
management Management framework XYZ group
• SAP ECC 6.0 and implementation
SAP-FSCM
• SOX control
framework

8 Ernst & Young Treasury management

 Strategy
Cash and liquidity management
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Cash remains King • Develop or review methodologies for

cash-flow forecasting and variance
50% of large companies The ability of companies to manage
liquidity and loans is scrutinized with ever analysis procedures
have not implemented
more attention by financial markets and • Review or select systems and technology
homogenized procedures stakeholders. During the financial crisis, used in the cash forecasting process
to forecast their cash the capacity of a firm to generate liquidity • Optimize the cash and liquidity
management processes and structures in
flows. has re-emerged as the priority. Treasury
plays a central role in monitoring liquidity alignment with global tax strategies
34% of companies do not risks, setting up cash-flow forecasting and • Assess and reorganize cash management
planning and reporting on liquidity buffers, activities (for instance, methodology to
analyze the variances implement shared service centers)
relevant financial covenants and other
between real cash flows ‘key-indicators’ for liquidity risk. • Develop a framework for structured
and forecasts monitoring of key indicators for liquidity
Stress tests are becoming increasingly
systematically, in order to risk
important to monitor potential liquidity
make the necessary risks. These should reflect both company
• Enhance cooperation from local
management
improvements. specific and market-wide scenarios and are
based on historical market trends, while Your benefits
Source: Ernst & Young European Treasury also mapping hypothetical - but possible - We are able to guide you through the
Survey
future business scenarios. Based on these optimization of the financial resources of
tests, liquidity constraints can be identified your company (cash management and
to be taken into account in your planning funding) and detect the best path to follow
and risk control. to ensure that cash is effectively managed.

Our services We will assist you in assessing cash

We help you to focus and optimize the forecasting reliability and process adequacy
methodologies for cash and liquidity as well as executing or designing an
management and monitoring liquidity risks. adequate cash forecasting model.

We will assist you to: In addition, we have the right knowledge to

assist you in securing your payments
• Define a liquidity risk management means, more effectively leveraging on
strategy, policy and procedures
Single Euro Payments Area (SEPA) and
• Review your company’s local, regional, other changes in the payments landscape.
and global cash collection, disbursement
and bank account structure
• Develop cash pooling solutions, ranging
from architecture and processes to the
request for proposal (RFP) and bank
shortlist

Ernst & Young Treasury management 9

 Strategy
Corporate funding
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Funding strategy Define the financing strategy Implementation support

In today’s financial context with recurrent • Identification of the medium and long • Assist with implementing the necessary
liquidity tensions and increases in funding term financing needs structures and teams to manage the
costs, the control of liquidity risks is of • Develop a methodology for forecasting financing needs
strategic importance to companies. Access and monitoring financing needs and • Set up an in-house bank, including a
to a substantial and diverse ”pool” of financial covenants transfer pricing policy for financial
financing is a security interest, providing • Practical examination of the borrower instruments and guarantees
companies with the flexibility to adjust their and its group in terms of banking loans • Provide tax constraint management
financial strategy. Regulatory, legal, tax and/or intra-group and concerning the while preserving an acceptable
and accounting constraints complicate both recurrent and exceptional guarantees administrative management level (e.g.,
the assessment and the implementation of granted to third parties withholding tax, interests’ deduction,
financing solutions. • Identification of the financing structures stamp duty and VAT)
diversity possibilities. For example, bond/
In this environment, the key factors to
MTN issues, money market, open market Your benefits
success in the financing function of
or syndicated banking credit/loan, • Appropriate structures, procedures and
treasury are: systems to determine and manage the
securitization, project financing, sale/
financing strategy of the company
• The definition of an optimal funding lease back and factoring
strategy, to optimize financing costs • A financing strategy which is tailored to
while at the same time minimizing Negotiate financing meet the organizational, legal,
liquidity risks • Implement a ”call for tenders” / RFP regulatory, fiscal, contractual and
procedure, including the assistance in accounting constraints
• The set up of appropriate in-house
banking structures in a complex preparing term sheets to support • Support in reaching optimal financing
regulatory and tax environment negotiations with banks costs and appropriate diversification of
• Effective bank and investor relationship • Examination and negotiation, with the funding sources
management assistance of legal advisors, of the
financing arrangements
• Effective management of the financial
documentation supported by • Second opinion on offered financing
management and control arrangements, including pricing of
(embedded) derivatives and key
Our services covenant implications
Our services cover the full range of • Analysis of the implied credit risk of the
financing activities, from defining the company, based on the credit spread
strategy to support in negotiating and included in the financing arrangement
implementing a financing arrangement. • Analysis and advisory on tax and/or
accounting operations treatments

10 Ernst & Young Treasury management

 Strategy
Financial instruments
valuation and accounting
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

The solid base — or did you feel it Valuation Accounting for commodities and
shaking, too? • Valuation of complex financial energy derivatives
Reliable information is the basis of your instruments, including embedded • Valuation of energy derivatives, such as
decisions. The valuation of your financial derivatives and personnel options virtual power plants and modeling of
instruments is, inter alia, the foundation for • Modeling and valuation of complex electricity spot prices (Hourly Price
measuring and managing risks and taking derivatives Forward Curve)
strategic decisions. If this foundation is not • Quantification of credit risks/spreads and • Application and interpretation of the
stable, the whole “building” is in danger. impacts on valuation ‘”own use exemption”
Due to the volatility in the financial
• Valuation and hedging in illiquid markets • Industry-specific features (energy and
utilities sector)
markets, the assessment and valuation of Accounting for financial
financial instruments has become more instruments
• Hedge accounting for commodity
derivatives, including emission rights
complex. Counterparty and liquidity risks We assist you in applying the (hedge)
have to be quantifiable components of your accounting provisions of IAS 39 or your Your benefits
risk assessments and valuations. local GAAP, in particular: • Experience in financial instruments and
valuation
With the increasing use of derivative • Preparation or review of your accounting • Skills for modeling and quantifying risks
instruments, it is important to keep the policy compared with leading practices
and valuing derivatives
accompanying, sometimes very complex, • Design and optimization of hedge • Forward-looking statements by use of
accounting rules in mind to ensure that the accounting procedures
various solid valuation methods
accounting results are in line with the • Measurement of hedge effectiveness
economic rationale of your hedging • Support in applying the de-recognition
strategy. requirements so that a reliable
accounting of asset backed securities,
Our services
transactions, factoring, etc. is achieved
For Ernst & Young, valuation and
accounting are essential core • Reviews of large portfolios
competencies. Our goal is to translate this • Provide accounting advice for the
issuance of mezzanine capital, such as
knowledge to add value to our clients. Our
convertible bonds, hybrid bonds
support services can be divided here as
follows: • Knowledge transfer and training to the
treasurers and relevant operating units
Finally, we support you in the application of
disclosures and risk assessment-related
information according to IFRS7.

Ernst & Young Treasury management 11

 Strategy
Treasury technology
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Technology: the core of treasury Support and guidance in the In addition, we provide quality assurance
TMS has a central role in the control implementation through all parts of the implementation
environment of treasury, as it provides To ensure that IT systems quickly and project.
functionality for front, middle and back seamlessly fit into the business of your Your benefits
office activities and controls, with a trend treasury, we will guide you in the
toward ”straight-through-processing”. In implementation through:
• Optimal alignment of treasury
technology to your requirements
addition, the TMS provides the basis for
critical information such as forecasting, • Overall program and/or project • Fast and efficient integration of systems
management into the process
valuation and reporting. It is therefore
essential to ensure that the system aligns • Conduct design workshops and prepare • Extensive TMS knowledge and proven
design documents (blueprints) methodologies for system selections and
with the company’s requirements and is
adequately configured and implemented. • Define and configure static data implementations
• Prototype instruments and unit test • Independence in choosing a system
At the same time, the range of offers in the • Define reporting requirements provider
software industry is becoming more and • Reconcile static data • Sustainable knowledge transfer
more complex due to significant evolutions • Develop and perform testing programs
in technologies and approaches. In the and scripts
current economic environment • End-user training
characterized by the concentration of
vendors, IT solutions tend to widen their
scope of functionalities, covering needs Forecasting system Risk management system Accounting system Reporting system
from market activities to cash management
as well as banking communication. Treasury Management System

Our services Bank systems

Cash management Interest rate risk Treasury accounting
Selecting a solution that fits your needs Liquidity management FX risk Confirmation
Back-office systems
Together with you we identify your treasury Corporate finance Credit risk
Trading platforms
organization’s current and future business Treasury control & reporting
Commodity
requirements. This analysis should not only
focus on functional requirements but also
on technical and vendor-related aspects. Market data systems
Based on this analysis and our extensive
knowledge of the TMS market we provide:

• Advice on vendors to be considered in a

Phase 0

• Strategic
structured selection process Project start scope
• Support in development of a RFP, based and planning

on existing ‘proven’ templates Review: • Request for Information

• Determine • Motivated long list
• Management of the complete RFP selection
process, including vendor communication criteria
• Draw up
Phase 1

• Advice on the vendor responses request for Send, receive and assess
• Motivated
• Facilitation of vendors demos, ”Proof-of- information
• Make long list
RFI
short list

concept” and/or reference visits • Test agenda

Draw up
• Assistance with the preparation of the test agenda
cost/benefit analysis and business plan • Final report with
Final recommendations
Demo‘s
report
Phase 2

EY systems Implementation /
Analyse system integration integration
knowledge base

Duration

12 Ernst & Young Treasury management

 Strategy
Assurance and control
Assurance Organization
& control & governance
lity assurance

Treasury Performance
technology assessments

Planning
Treasury
management
Valuation & Financial risk
accounting management
Qua

Corporate Cash - and

funding liquidity
management

Im p
lementation

Effective control Key questions Our services

Several recent events remind us of the • Are the objectives for treasury and We offer to share control and management
importance for a company and its financial risk management clearly systems and methodologies, taking into
shareholders to have an effective control defined? account the requirements for:
environment for its treasury activities. • Are all financial risks of the group • Legislative/regulatory compliance
identified and correctly measured?
The international accounting standards
• Is treasury management meeting its • Efficiency
(IFRS and FAS) and the obligation for
objectives and does it respect the limits • Efficacy
executives to report the internal control
and guidelines assigned to it? • Accountability
framework (e.g., the Financial Security
Agreement Law and the Sarbanes-Oxley • Is the organizational set up satisfying and To this end, we perform a full review by
are its procedures correctly documented checking and analyzing the current state,
Act) have created an additional level of
and implemented? followed by recommendations for
compliance.
• Are the resources of the treasury optimization with regard to the statutory
For a technical and ‘high risk’ function, such management department sufficiently requirements based on our experience of
as treasury management, specialized numerous, competent and independent? leading practice.
assistance is often necessary to alert the • Is the reporting on treasury transactions Our services include support to the existing
cash manager, the finance department or and positions relevant, exhaustive and
internal audit units in the planning,
the executive management about the main independently done?
preparation, performance and reporting,
challenges and to comfort their opinions • Are the methods used and the financial, taking into account current and future
about the quality of the organization and legal and fiscal risks related to derivative
trends. The results are recommendations
the internal control framework related to instruments well understood, measured
for the development of an effective
cash, financing and risk management and controlled?
(continuous) monitoring control
activities. It is often necessary to reinforce
environment, support for the
the internal teams of the company by
implementation of programs (such as
mobilizing competences and methodology
fraud prevention or SOX) and evaluation of
specifically developed for treasury
the implemented controls and efficiency.
management control.
Your benefits
• Assurances and advice focused on
minimizing operational risks and
identifying potential operational
improvements
• Compliance with relevant legislation
• Active use of your control framework to
increase efficiency and effectiveness of
processes

Ernst & Young Treasury management 13

 Contacts details
EMEIA treasury services

Country Contacts Address

France Olivier Drion Ernst & Young et Associés
Tel: +33 1 46 93 79 14 Tour Ernst & Young
[email protected] Faubourg de l’Arche
92037 Paris La Défense Cedex

Germany Dr. Karsten Füser Ernst & Young AG

Tel: +49 711988114497 Wirtschaftsprüfungsgesellschaft
[email protected] Mittlerer Pfad 15
70499 Stuttgart

Italy Luca Calvetti Ernst & Young Financial Business

Tel: +39 02 806 69755 Advisors SPA
[email protected] Via Wittgens, 6
20123 Milano

The Netherlands Nico Warmer Ernst & Young Nederland LLP

Tel: +31 88 40 71400 Antonio Vivaldistraat 150
[email protected] 1083 HP Amsterdam

United Kingdom Owen Purcell Ernst & Young LLP

Tel: +44 20 795 1 0059 1 More London Place
[email protected] London SE1 2AF

Switzerland Marco Stalder Ernst & Young AG

Tel: +41 58 286 3341 Brandschenkestrasse 100
[email protected] CH8002 Zurich

Sweden Karin Sancho Ernst & Young AB

Tel: + 46 8 520 590 00 Jakobsbergsgatan 24, P.O. Box
[email protected] 7850, SE-103 99 Stockholm

Norway Mikal Opheim Ernst & Young AS

Tel : +47 24 00 26 63 Christian Frederiks Plass 6, Atrium
[email protected] NO- OO51 Oslo

Hungary Tibor Szucs Ernst & Young Advisory Ltd.

Tel : +36 1 451 8795 Váci út 20
[email protected] 1132 Budapest Hungary

14 Ernst & Young Treasury management

Ernst & Young

Assurance | Tax | Transactions | Advisory

About Ernst & Young

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© 2010 EYGM Limited.
All Rights Reserved.

EYG No. AU0612

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therefore intended for general guidance only. It is not intended to
be a substitute for detailed research or the exercise of professional
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