EuroFinance’s 22nd annual conference
STRATEGIC
INTERNATIONAL
TREASURY
May 2-4, 2017 | Nobu Eden Roc, Miami, US
www.eurofinance.com/miami
Official sponsors
The leading
international
treasury event
in the Americas
COPING WITH
THE CRISIS OF
COMPLEXITY
In an era of constant
change affecting the
environment, politics and
the economy how can you
maintain treasury excellence
in today’s marketplace? How
can companies keep up with the
pace of change of increasingly
complex technology? And can
treasury unlock opportunities hidden
in the disruption and drive growth?
During this three-day event, treasurers and
other experts will explain the steps they are
taking to deal with macro trends in business
and the economy, as well as the key treasury
updates needed to maintain best practice globally.
“An extremely informative, engaging,
interactive event that was well-planned
and well-executed.”
— Debbie Mendler, Manager of Treasury Services, B/E Aerospace, Inc.
The leading international treasury event in the Americas 2
For program and speaker updates visit www.eurofinance.com/miami
Program highlights
No other event
in the US delivers
30+ corporate
case studies from
companies operating
internationally
Who’ll you’ll meet
Hear our experts’ top new technology
picks for treasury
Take a treasury best practice audit with us
and discover the processes that will
improve your performance
Update and upgrade your RFP process
Learn how to draw a strategic treasury
plan for the future
Shape the dialogue on trending topics such
as cyber, holistic management and
banking relationships
Discover how to navigate the new world of
global payments, which systems are
delivering treasury efficiency and how you
can future proof your systems
Why attend?
This leading international treasury event
attracts over 450 senior level delegates and
speakers including CFOs, finance directors,
finance managers, treasurers, government
sector, accountants, risk officers and cash
managers from the Americas. It is also open
to bankers, professional advisers and other
service providers operating in the corporate
cash management market in the region.
Miami 2016 in numbers
372 Total registered delegates
57%(210) were from the corporate sector
(excluding exhibitors) – a 6% increase
from 2015
Network with over 450 professionals and
senior, international treasurers who want
to collaborate and share solutions
Meet expert speakers and decision makers
from some of the largest global
corporations
Hear valuable case studies from corporate
treasurers offering tried and tested
solutions to the challenges you face
EuroFinance is the leading provider of
treasury, cash management and risk
conferences, training and events
With over 50 events around the world,
we have an unrivalled view of global
best practice.
Corporate seniority
43% Treasurer, Director, Head (MD,
President, CEO, CFO, COO)
5% Consultant, Analyst,
Supervisor
34% Manager
18% Vice President,
Assistant Treasurer,
Controller
The leading international
treasury event for the Americas
The leading international treasury event in the Americas 3
For program and speaker updates visit
www.eurofinance.com/miami
Pre-conference training
Who should attend?
Agenda
CASH FLOW
FORECASTING
This course is designed for
treasury, finance and banking
professionals and leaders who
are seeking to identify proven
ways to enhance the effectiveness
of forecast processes and
methodologies used to deliver
value across an enterprise.
8:30amRegistration and
refreshments
12:00pmForecasting models,
tools and processes
9:00amIntroductions,
expectations and
administration
Learning objectives
Monday May 1, 2017
This course will not only set
the context for and highlight
the importance of cash flow
forecasting in today’s
complex business
environment, but will
also illustrate how to
optimize forecasting
processes in
order to deliver
value for your
company.
9:30amToday’s treasury
landscape
Today’s treasury landscape
Importance of cash forecasts
Constructing an effective
forecast model, tools and
processes
Technology as an enabler
Best cash forecasting
practices
Enhancing shareholder value
via cash forecasts
•Treasurer’s
accountability in context
•Risk management –
effective mitigation
•Liquidity – cash and debt
•Relationships – internal
and external
•Capabilities – to deliver
excellence
•Major disruptors –
regulations, cyber,
FinTechs
•Know your corporate
context
1:00pmLunch
2:00pmTechnology as an enabler
•Methodology and
strategy
•Challenges
•Options
2:45pmCash forecasting
questionnaire and
feedback
3:15pmRefreshment break
3:30pmBest cash forecasting
practices
10:15amThe importance of cash
forecasts
Tutor
Robert J. Novaria
EuroFinance Tutor & Partner
Treasury Alliance Group, US
10:45amRefreshment break
•Axioms of cash forecasts
•Changing priorities
•Objectives and uses of
cash forecasts
•Impacts of limited/no
forecasting
11:00amThe basics of cash
forecasting
4
•Net income vs cash flow
•Daily cash position
•Elements and types of
forecasts
•Methods: direct and
indirect
•Key role of variance
analysis
•Enrichment options
over time
•Liquidity management
process
•Forecast models
•Data collection
•Analytics
•Evaluating results
•Metrics and reports
•Tips and tricks
•Process attributes
4:00pmEnhancing corporate
value with cash forecasts
•Market risk
•Liquidity and credit risk
•Operational risk
•Working capital
management
5:00pmWrap-up and presentation
of certificates
5:30pmEnd of course
Collect 7 CPE credits – in accordance with
the standards of the National Registry of
CPE Sponsors. Credits have been granted
based on a 50-minute hour. National
Registry of CPE Sponsors ID No. 105441
Program | At a glance
DAY 1
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Understanding the complexity
caused by technology
9:00amChair’s introduction
9:10amWill treasury be freed, terminated
or changed?
9:50amWhy the Internet of Everything
changes everything
10:30amRefreshment break
11:10amFinding out more about FinTech
12:10pmThe future for treasury
12:40pmLunch
DAY 2
What do you do when all
the swans are black?
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9:00amChair’s introduction
9:10amGetting the big picture right:
order from the chaos
• The Trump effect
• After Brexit le deluge?
• Cyber-risk comes of age
• Silver lining anyone? Anyone...
• Banking’s new minimalism
10:20amRefreshment break
11:00amStarting the regulation pushback
DAY 3
Embracing change: from
information to action
Tuesday May 2 - Thursday May 4, 2017
STREAM 1
STREAM 2
The Treasury Innovation Lab
Closing the gap
2:00pmTop new technology picks for treasury
(Triple session including
refreshment break)
4:40pmWhy you should care about
the blockchain
5:20pmAdjourn to Networking Reception
2:00pmTake a treasury best practice audit with us
2:40pmPayment factories – are they right
for you?
3:20pmRefreshment break
4:00pmIt’s a new environment,
you need a new RFP
4:40pmInternational liquidity management –
solving a problem by outsourcing
5:20pmAdjourn to Networking Reception
STREAM 1
STREAM 3
Closing the gap
11:40amMaking sense of the payment ecosystem
12:00pmPayments: From start-ups to end-game
12:40pmLunch
2:00pmSupply chain re-engineering:
The devil is in the detail
3:20pmRefreshment break
4:00pmTime for a TMS rethink?
5:20pmAdjourn to day 3
11:40amBest practice workshop: next generation
centralization solutions for international
treasuries
12:40pmLunch
2:00pmBringing liquidity management up to date
2:40pm In-house bank: is it right for you?
3:20pmRefreshment break
4:00pmThe unsolved problem at the heart
of treasury
4:40pmFighting FX risk on two fronts
5:20pmAdjourn to day 3
How to navigate the new
world of global payments
2:00pmBest practice treasury on the
move for tomorrow
2:40pmTreasury transformation story
3:20pmRefreshment break
4:00pmEasing cross-border payment pain points
4:40pmScaling treasury infrastructure for high
growth companies
5:20pmAdjourn to Networking Reception
2:00pmBeyond the hype: how to prepare
for the payments revolution
2:40pmFuture proof your treasury
with ISO 20022
3:20pmRefreshment break
4:00pmHard won gains in LatAm payments
5:20pmAdjourn to Networking Reception
STREAM 3
Treasury transformation:
improve, change or re-invent?
11:40amHas China turned against foreign firms?
12:40pmLunch
2:00pmHow to draw a strategic treasury
road map
2:40pmObtaining a global corporate rating in
a challenging environment: a journey
through the corporate rating process
3:20pmRefreshment break
4:00pmM&A: coping with sudden complexity
4:40pmWielding the knife: treasury’s role in the
carve-out
5:20pmAdjourn to day 3
STREAM 4
Latin America focus
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11:40amSpecial focus for Latin American
companies transforming to true
multinationals
12:40pmLunch
2:00pmDo you need a treasury center
in Latin America?
2:40pm Supply chain financing in Latin America
3:20pmRefreshment break
4:00am Brazil: what can we expect?
4:40pm Setting up in Cuba
5:20pmAdjourn to day 3
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9:00amChair’s introduction
9:10am Building a best practice treasury
9:50amStop tweaking, start transforming
10:30amRefreshment break
11:10amThrough a looking glass:
the future of treasury?
12:10pmConference ends
Please join us for lunch
New venue!
Nobu Eden Roc Hotel
4525 Collins Avenue, Miami Beach, FL 33140
T: +1 305 531 0000
Approved for up to 13.2 FP&A recertification credits
by the Association for Financial Professionals.
For preferential rates on bedroom bookings
(between April 27 - May 8, 2017) please visit
www.eurofinance.com/miami-venue
TRADU
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AL ESPA IÓN
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Treasury transformation:
improve, change or re-invent?
STREAM 2
The Treasury Innovation Lab
STREAM 4
5
Approved for up to 16.8 CTP recertification credits
by the Association for Financial Professionals.
For program and speaker updates visit www.eurofinance.com/miami
DAY 1 | Plenary sessions
DÍA 1 | Sesiones plenarias
Tuesday May 2, 2017
Martes 2 Mayo 2017
Understanding the complexity caused by technology
Comprendiendo la complejidad generada por la tecnología
The financial crisis changed the way people think about cash, risk, trade and investment. Now technology is going
to do the same again.
La crisis financiera cambió la forma de pensar de las personas respecto del efectivo, el riesgo,
el comercio y la inversión. Ahora pasará lo mismo a causa de la tecnología.
hijacked IoT devices. So how can companies capture
the value of smartness while avoiding the problems?
9:00amChairs’ introduction
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
9:10am
Will treasury be freed, terminated or changed?
Artificial intelligence has moved from science fiction
to business tool in the blink of a robot’s eye. Across
sectors as diverse as finance, law, healthcare,
transport and energy, the practical applications of
AI are becoming increasingly clear: AI is the only
way organisations can make sense of the huge
volumes of data they now generate and it can deliver
fast, actionable insights. AI can drive automated
financial advisors and planners in banking and across
corporations this technology can be used to deliver the
answers to complex data-intensive questions direct
to senior management. So what does this mean for
Treasury – for the work that gets done in Treasury, the
Organization Design and for Treasury Jobs? Is AI the
technology that frees treasurers from the problems
of data overload and solves core problems of Big Data
analytics and visibility? Or, since strategic treasury is
all about delivering business insights derived from its
visibility into enterprise data, does AI look more like
a technology that threatens the existence of treasury
altogether - just as technology is now deemed a threat
to millions of other middle management jobs? Or is
AI likely to have minimal impact on core Treasury
activities but rather expand its abilities to have greater
business impact?
Dr Adam Rutherford, Writer, Broadcaster, Scientific
Adviser on AI & Robotics for films Ex Machina, Life,
Annihilation
Shankar Raman, Director – Integrated Organizational
& Human Capital Solutions,
Willis Towers Watson, US
9:50amWhy the Internet of Everything changes everything
IoT, cyber-physical systems, Industrie 4.0 – all names
for a world in which billions of devices are connected in
a network of incomprehensible scale and complexity.
Incorporating not just inanimate objects, but services,
interactive devices, sensors and ultimately, people.
Enthusiasts for the project point to the potential
to revolutionize manufacturing and logistics. One
estimate for the positive economic impact of the IoT is
$11.1 trillion by 2025. Others worry that the creation
of a vast virtual cyber world is ripe for exploitation for
criminals. They point to the recent OVH hack – the
largest DoS attack ever, and executed by 150,000
The leading international treasury event in the Americas 9:00amIntroducción de los presidentes de la conferencia
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
Jacques Bughin, Senior Partner & Director,
McKinsey Global Institute, Belgium
10:30amRefreshment break
9:10am
Sponsored by Taulia
La inteligencia artificial ha pasado de ciencia ficción a
herramienta de negocios en un abrir y cerrar de ojos de robot. A
través de sectores tan diversos como las finanzas, las leyes, la
salud, el transporte y la energía, las aplicaciones prácticas de la
IA son cada vez más claras: La IA es la única forma en que las
organizaciones pueden dar sentido a las enormes cantidades
de datos que ahora generan y puede proporcionar información
accionable de forma muy rápida. La IA puede dirigir asesores
y planificadores financieros automatizados en la banca y en
todas las corporaciones, esta tecnología puede usarse para
entregar respuestas a preguntas complejas que requieren
mucha información, directamente a la gerencia. Entonces,
¿qué significa esto para la tesorería - para el trabajo que se
realiza dentro de las tesorerías, el diseño de la organización
y los empleos dentro de la tesorería? ¿Es la IA la tecnología
que libera a los tesoreros de los problemas de sobrecarga
de datos y resuelve los problemas centrales de análisis y
visibilidad de Big Data? O dado que la tesorería estratégica se
enfoca en proporcionar información de negocios derivada de
su visibilidad de datos empresariales, ¿se parecerá la IA más a
una tecnología que amenaza la existencia de la tesorería en su
totalidad – del mismo modo que la tecnología se considera que
amenaza a millones de empleos intermedios? ¿O es probable
que la IA tenga un impacto mínimo en las actividades básicas
de la tesorería, y mas bien amplíe sus capacidades para tener
un mayor impacto en los negocios?
11:10amFinding out more about FinTech
FinTech may be complex but it really matters to
treasurers. First, FinTech companies start with the
problems customers have with traditional banks. They
identify a specific pain point and develop a mono-line
solution to it, cherry-picking the high-margin business
while they’re at it. This means a better product
for the treasurer plus pressure on their traditional
suppliers like the banks and old school technology
vendors. Second, FinTech solutions may enable
companies to deal directly with each other without
recourse to banks at all. Peer-to-peer lending, FX and
other concepts are now being tested by large MNCs.
Treasurers need to keep track of the companies and
products that successfully emerge from the billions in
funding that have poured into the sector. This panel
will look at both categories of FinTech innovation,
across products such as lending, underwriting,
payments and cash management. It will explain the
broad trends as well as giving examples of the specific
products, companies and services that will transform
the provision of financial services.
¿Será la tesorería liberada, terminada o cambiada?
Dr Adam Rutherford, Writer, Broadcaster, Scientific Adviser on
AI & Robotics for films Ex Machina, Life, Annihilation
Shankar Raman, Director – Integrated Organizational &
Human Capital Solutions,
Willis Towers Watson, US
Aarti Rao, Managing Director, LiquidX, US
Matthew Stammers, European Marketing Director,
Taulia, UK
Gene Vayngrib, CEO & Co-founder, Tradle, US
Internet de las cosas, sistemas ciberfísicos, Industria 4.0:
todos nombres de un mundo en el que miles de millones
de dispositivos están conectados a una red de una escala y
complejidad incomprensibles. Esta red incluye no solo objetos
inanimados, sino también servicios, dispositivos interactivos,
sensores y, en última instancia, personas. Los entusiastas
del proyecto señalan el potencial revolucionario para la
industria y la logística. Una estimación del impacto económico
positivo de la internet de las cosas indica que será de USD 11,1
billones para 2025. Otros ven con preocupación la creación
de un vasto mundo cibernético listo para ser explotado por la
delincuencia. Apuntan a un reciente hackeo sufrido por OVH:
el mayor ataque de denegación de servicio en toda la historia,
ejecutado por 150.000 dispositivos de la internet de las cosas
interceptados. En este contexto, ¿cómo hacen las empresas
para aprovechar el valor de la inteligencia sin meterse en
problemas?
These companies discuss the last three sessions, the
relevance and treasury’s role in complex relationships
and complex business.
Beau Damon, Chief Investment Officer, Microsoft, US
Parita Patel, Managing Director Treasury Operations,
GE, US
12:40pmLunch
2:00pmConference breaks into streams
10:30amRefrigerio
Sponsored by Taulia
11:10amMás información sobre las FinTech
Las FinTech pueden ser complejas, pero son realmente
importantes para los tesoreros. En primer lugar, las empresas
de FinTech comienzan por los problemas que tienen los
clientes con los bancos tradicionales. Descubren un malestar
específico y desarrollan una solución unidireccional para
resolverlo y mientras lo hacen seleccionan negocios con alto
margen. Esto implica un mejor producto para el tesorero y
presión para sus proveedores tradicionales como los bancos y
los vendedores de tecnología de la vieja escuela. En segundo
lugar, las soluciones de las FinTech pueden permitir a las
empresas operar directamente entre sí sin recurrir a los
bancos. Actualmente, las grandes empresas multinacionales
están testeando los préstamos y el mercado de divisas entre
pares (peer to peer) , así como otros conceptos del estilo. Los
tesoreros deben mantenerse al tanto sobre las empresas y los
productos que emergen con éxito entre los miles de millones
en financiación que se han inyectado en el sector. Este panel
analizará ambas categorías de innovación en FinTech, pasando
por productos tales como los préstamos, la selección y
tarifación de riesgos, los pagos y la administración del efectivo.
Se explicarán las tendencias generales y se darán ejemplos de
productos, empresas y servicios específicos que transformarán
la prestación de servicios financieros.
Aarti Rao, Managing Director, LiquidX, US
Matthew Stammers, European Marketing Director,
Taulia, UK
Gene Vayngrib, CEO & Co-founder, Tradle, US
12:00pm
El futuro para la tesorería
Empresas debatirán sobre las últimas tres sesiones, la
importancia y el papel de la tesorería en las relaciones y los
negocios complejos.
Beau Damon, Chief Investment Officer, Microsoft, US
Parita Patel, Managing Director Treasury Operations, GE, US
9:50am¿Por qué la internet de las cosas cambia todo?
12:00pmThe future for treasury
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12:40pmAlmuerzo
2:00pmLa conferencia se divide en secciones
Jacques Bughin, Senior Partner & Director,
McKinsey Global Institute, Belgium
6
For program and speaker updates visit www.eurofinance.com/miami
DAY 2 | Plenary sessions
DÍA 2 | Sesiones plenarias
Wednesday May 3, 2017
Miércoles 3 Mayo 2017
What do you do when all the swans are black?
¿Qué se hace cuando todos los cisnes son negros?
Risk management assumes extreme events are rare and it works around them. But how do we deal with a world
in which yesterday’s outliers become today’s normal? Whether it is technology, politics, finance or regulation, it
seems that Black Swan risks are now just risks. How can we cope with the complexity?
La gestión de riesgo supone que los acontecimientos extremos son poco frecuentes y se trabaja en torno a ellos.
Pero ¿cómo manejarnos en un mundo en el que lo que ayer era un caso atípico hoy es moneda corriente? Ya sea
en el ámbito de la tecnología, la política, las finanzas o las regulaciones, parecería que hoy en día los riesgos de
tipo Cisne Negro son sencillamente riesgos. ¿Cómo hacer frente a esta complejidad?
9:00amChairs’ introduction
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
9:10amGetting the big picture right: order from the chaos
Risk management is focusing more and more of its time
on meeting legal and compliance objectives and on
financial reporting. But the biggest threats – and impacts
– to business come from strategic and operating risks.
It may be easier to focus on minutiae, but in the current
environment it will be the companies that understand
how the big picture affects their business globally that
avoid the existential threats and, maybe, exploit the
opportunities thrown up by what looks a lot like chaos.
In this session we look at the core drivers of strategic
change in today’s world and the key business risks
treasurers must take into account.Listen to our experts
outline the challenges.
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
Donna Grier, VP & Treasurer, Dupont, US
The Trump effect
A four month analysis The world’s superpower has a new
and little understood leader. What so far is the fallout
from the Trump presidency and its impact on business?
Is it possible to predict the next few years?
Mike Hartnett, Director, Global Risk Consulting,
Economics & Country Risk, IHS, US
After Brexit le deluge?
The UK’s withdrawal from the EU and the EU’s likely
response are just one element of a wider realignment.
The banks are still fragile and Greece is still bankrupt.
And the US election result raises the possibility of a
Europe that must defend itself, upturning 70 years of
assumptions. Plus ça change, plus ce n’est pas la même
chose.
Paul Bramwell, Principal, EY Global Treasury Services, US
Cyber-risk comes of age
From bottom of the list to everyone’s favorite fear:
cyber-risk has claimed enough victims now to be taken
seriously by shareholders, rating agencies, regulators
and governments. What is an acceptable level of cyberresilience?
Pat McCoy, Manager, Mandiant, FireEye Professional
Security Services, US
Silver lining anyone? Anyone...
9:00amIntroducción de los presidentes de la conferencia
With the fall of Lehman Brothers in 2008 and the
beginning of the ‘great recession’, the mood has changed
and we are now running a ‘risk of deglobalization’ – of
which Brexit and Trump are clear examples – where
countries and companies restructure their strategies
into protectionistic and individualistic actions.
What’s the impact, on both developed and emerging
markets? Performance in the coming years will be
judged less by what we today label either ‘advanced’ or
‘emerging’ economies, and more by a country’s ability
to competitively shape up to current tension between
‘deglobalization’ and an eventual ‘reglobalization’.
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
9:10amEntender bien el panorama general: el orden a partir del
caos
La gestión de riesgos se centra cada vez más en cumplir con
requisitos legales y regulatorios asi como en el reporting
financiero. Pero las amenazas —y las consecuencias—
principales sobre el negocio surgen a partir de los riesgos
estratégicos y operativos. Quizás sea más fácil centrarse en
los pormenores, pero en el entorno actual las empresas que
entiendan cómo el panorama general impacta a su negocio a
nivel global serán las que eviten las amenazas existenciales
y, tal vez, exploten las oportunidades que surgen por lo que
en gran medida parece un caos. En esta sesión analizaremos
los principales factores de cambio estratégico en el mundo
actual y los riesgos de negocio centrales que los tesoreros
deben tener en cuenta.Escuche a nuestros expertos
presentar los desafíos.
Prof. Marcos Troyjo, BRICLab Director,
Columbia University, US
Banking’s new minimalism
Rules to make banks safer have crushed their business
model. This has probably made them less safe. It
has certainly slashed their profits and fundamentally
changed the costs and availability of services for
corporates. Can non-bank and FinTech players take up
the slack or have treasurers entered a new era of sharply
reduced products and services?
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
Donna Grier, VP & Treasurer, Dupont, US
Chris Principe, CEO, Chain2Trade, US
10:20amRefreshment break
11:00amStarting the regulation pushback
Regulation is often reactionary, sometimes
disproportionate and usually over-ambitious. It always
manifests itself most strongly through its unintended
consequences. In banking, studies indicate that higher
capital requirements cause a contraction in lending and
a shift to riskier assets. Profits have collapsed too. The
increased cost of compliance in general creates barriers
to entry for new firms, lowers competition and solidifies
monopolies. It also leads companies to think of risk
in terms of compliance, which means they spend less
time responding to business risks. In cyber-security the
mantra is, ‘security is not compliance’.
In this session, three corporates look at the current
regulatory environment in banking, tax and cyber. What’s
in the pipeline? What do companies need to worry about
right now? What’s the most efficient way to deal with it?
The leading international treasury event in the Americas Nuevo minimalismo bancario
Las reglas para que los bancos estén más seguros aplastaron
su modelo de negocio. Probablemente esto haya hecho que
estén menos seguros. Sin dudas redujo sus ganancias y,
fundamentalmente, cambió los costos y la disponibilidad
de los servicios para empresas. ¿Pueden los actores no
bancarios y las FinTech mejorar la oferta o han entrado
los tesoreros en una nueva era de productos y servicios
marcadamente reducidos?
11:00amComienzo del retroceso regulatorio
Paul Bramwell, Principal, EY Global Treasury Services, US
El ciberriesgo alcanza la mayoría de edad
Pasó de ser lo último en la lista a ser el miedo predilecto
de todos: el ciberriesgo se ha cobrado suficientes víctimas
hasta el momento como para ser tomado en serio por
los accionistas, las calificadoras de riesgo, los órganos
reguladores y los gobiernos. ¿Cuál es el nivel aceptable de
resiliencia cibernética?
Pat McCoy, Manager, Mandiant, FireEye Professional Security
Services, US
Prof. Marcos Troyjo, BRICLab Director,
Columbia University, US
Un análisis de los cuatro meses. La superpotencia mundial
tiene un nuevo y poco comprendido líder. ¿Cuáles son las
secuelas hasta el momento de la presidencia de Trump y su
impacto en los negocios? ¿Es posible prever cómo serán los
próximos años?
La salida del Reino Unido de la Unión Europea y la posible
respuesta de esta última son solo un elemento de una
realineación mayor. Los bancos todavía están frágiles y
Grecia sigue quebrada. Y el resultado de las elecciones de
los EE. UU. genera la posibilidad de una Europa que debe
defenderse por sí misma, lo que dará vuelta 70 años de
suposiciones. Además, a más cambio, más de lo mismo.
11:40amConference breaks into streams
Con la caída de Lehman Brothers en 2008 y el comienzo de
la ‘gran recesión’, el estado de ánimo ha cambiado y ahora
estamos corriendo un ‘riesgo de deglobalización’ – de los
cuales Brexit y Trump son ejemplos claros – donde países
y empresas reestructuran sus estrategias con acciones
proteccionistas e individualistas. ¿Cuál es el impacto, tanto en
mercados desarrollados como emergentes? El desempeño de
los próximos años se juzgará menos por lo que hoy llamamos
economías ‘avanzadas’ o ‘emergentes’, y más por la capacidad
de un país para ubicarse competitivamente entre la actual
‘deglobalización’ y una eventual ‘reglobalización’.
Chris Principe, CEO, Chain2Trade, US
Después del Brexit, ¿viene la tormenta?
Linda Etienne, Director, Treasury, Jabil, US
Lisa Fedczuk, Global Shared Services Manager, Xylem, US
Amy Goldstein, Director, International Cash
Management, BNP Paribas, US
Todo tiene su lado positivo. ¿Lo tiene?
El efecto Trump
Mike Hartnett, Director, Global Risk Consulting, Economics &
Country Risk, IHS, US
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10:20amRefrigerio
Las regulaciones suelen ser reaccionarias y, en ocasiones,
desproporcionadas y usualmente demasiado ambiciosas.
Siempre se manifiestan con más vigor a través de sus
consecuencias no intencionadas. En la banca, los estudios
señalan que las mayores exigencias de capital generan una
contracción en los préstamos y un movimiento hacia activos
más riesgosos. Las ganancias también han colapsado.
El mayor costo del cumplimiento regulatorio en general
genera barreras a la entrada de nuevas empresas, reduce la
competencia y consolida los monopolios. También lleva a las
empresas a pensar en el riesgo en términos cumplimiento
regulatorio, lo que significa que destinan menos tiempo
a responder a los riesgos de negocios. En el ámbito de la
seguridad cibernética, el mantra es “la seguridad no equivale
al cumplimiento regulatorio”. En esta sesión, tres directivos
analizarán el entorno regulatorio actual en materia bancaria,
fiscal y cibernética. ¿Qué se está gestando? ¿Sobre qué tienen
que preocuparse las empresas en este momento? ¿Cuál es la
forma más eficiente de lidiar con ello?
Linda Etienne, Director, Treasury, Jabil, US
Lisa Fedczuk, Global Shared Services Manager, Xylem, US
Amy Goldstein, Director, International Cash Management,
BNP Paribas, US
11:40amLa conferencia se divide en secciones
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For program and speaker updates visit www.eurofinance.com/miami
DAY 3 | Plenary sessions
DÍA 3 | Sesiones plenarias
Thursday May 4, 2017
Jueves 4 Mayo 2017
Embracing change: from information to action
Aceptar el cambio: de la información a la acción
On day one we looked at the Big Three technology trends that will impact treasury most immediately. On day two,
we analyzed the multiplying Black Swan risks of the current economic and political environments. So today we
focus on solutions: as new order emerges, what does it look like for treasury?
El primer día analizamos las tres tendencias principales en materia de tecnología que afectarán a la tesorería
de manera más inmediata. El segundo día, analizamos los crecientes riesgos de cisnes negros de los entornos
económicos y políticos actuales. Hoy nos concentramos en las soluciones: con el surgimiento del nuevo
orden, ¿cuáles son las perspectivas para la tesorería?
9:00amChairs’ introduction
10:30amRefreshment break
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group,
US
11:10amThrough a looking glass: the future of
treasury?
9:10amBuilding a best practice treasury
One of the hardest tasks in modern treasury
is balancing the traditional process and
risk activities with the demands for broader
business-boosting initiatives against a rapidly
changing business environment. This task is
intensified in growth companies by the need
to build scaleability into process change.
However, an increasing number of treasurers
are demonstrating value creation as well as
best practice core treasury. These are global
treasurers with ever-broader portfolios, taking
control of financial services, investor relations
and M&A amongst other areas to which they can
apply their talents. They have tipped treasury
over into the value added category.
Ivan Troufanov, VP & Treasurer, Medidata, US
Tim Husnik, Senior Treasury Manager, Medtronic,
US
9:50amStop tweaking, start transforming
We need to describe the complexities and
problems of the modern business environment to
understand them and formulate a response. But
in doing so we risk allowing fear and uncertainty
to stand in the way of change. After all, the
average lifespan of an S&P company has dropped
from 67 years in the 1920s to 15 years today.
Staying the same is not an option. Treasury is at
the heart of the corporate response to stress and
challenge. And it has the tools to manage and
test and measure the effect of change better than
any other department. So how can treasurers
help themselves and their firms come up with
sensible objectives? How can they help to define
acceptable risk / return boundaries for proposed
changes? And are they best placed to provide the
hard data and analysis required?
9:00amIntroducción de los presidentes de la conferencia
David Blair, MD, Acarate, Singapore
Robert Novaria, Partner, Treasury Alliance Group, US
In this session we have gathered a panel of the
key FinTech firms that have won our innovation
award running on days one and two, to share
some of the solutions that will help transform
treasury in the future. You need velocity,
adaptability and sustainability- here’s how they
can help. Just google ‘FinTech infographic’ some
contain a thousand companies across banking,
payments, financing and financial infrastructure.
And then there are the legacy incumbents: many
banks, are still struggling with compliance,
regulation and the basic profitability of their
core operations. They are still adapting their
product mix, client book and pricing models.
So how can anyone predict what the financial
services landscape will look like in even 12
months? How can corporates plan their financing
and risk management strategies? How can
treasury decide how to respond to the profound
challenges of both the underlying business
environment and of the technological change
engulfing their own function? Hear from FinTech
and technology providers and banks as they tell
us what they think treasury will look like over the
next two years. Should treasurers wait and see?
How can they prepare for this likely future?
9:10am
Una de las tareas más difíciles de la tesorería moderna
consiste en equilibrar el proceso tradicional y las
actividades de riesgo con las exigencias de mayores
iniciativas que promuevan los negocios frente a un
entorno de negocios que cambia a un ritmo acelerado.
Esta tarea se intensifica en empresas de gran
crecimiento por la necesidad de generar escalabilidad
en el cambio de procesos. Sin embargo, cada vez más
los tesoreros demuestran creación de valor, así como
buenas prácticas en las funciones nucleares de la
tesorería. Se trata de tesoreros globales con carteras
cada vez más amplias, que toman el control de los
servicios financieros, las relaciones con los inversores
y las fusiones y adquisiciones, entre otras áreas en las
que pueden aplicar sus talentos. Han colocado a la
tesorería en la categoría de valor agregado.
Ivan Troufanov, VP & Treasurer, Medidata, US
Tim Husnik, Senior Treasury Manager, Medtronic, US
9:50amDeje de afinar y comience a transformar
Tenemos que describir las complejidades y los
problemas del entorno de negocios moderno para
comprenderlos y formular una respuesta. Sin
embargo, al hacerlo, nos arriesgamos a permitir
que el miedo y la incertidumbre se interpongan
en el camino del cambio. Después de todo, la
expectativa de vida promedio de una empresa de
S&P cayó de 67 años en la década de 1920 a 15
años en la actualidad. No cambiar no está dentro
de las posibilidades. La tesorería está en el centro
de la respuesta que las empresas dan al estrés y los
desafíos. Y tiene las herramientas para gestionar,
probar y medir el efecto del cambio mejor que
cualquier otro departamento. ¿Cómo pueden hacer
los tesoreros para ayudarse a sí mismos y a sus
empresas para fijar objetivos sensatos? ¿Cómo
pueden ayudar a definir límites de riesgo o retornos
aceptables para los cambios propuestos? ¿Están
bien posicionados para brindar los datos objetivos y
el análisis necesarios?
Liba R. Saiovici, Managing Director Treasury
Product, Bank of America Merrill Lynch, US
Julian Oldale, Head of Product Innovation
& Business Performance, BNP Paribas, US
Antoine Arts, Global Head of Cash Management
Sales, Santander, Spain
12:10pmConference ends – Please join us for lunch
10:30amRefrigerio
11:10am A través del espejo: ¿el futuro de la tesorería?
En esta sesión hemos reunido un panel de empresas
Fintech claves que han recibido nuestro premio
de innovación, que ha transcurrido a lo largo de
los dos primeros días, para compartir algunas
de las soluciones que ayudarán a transformar la
tesorería en el futuro. Usted precisara de velocidad,
adaptabilidad y sustentabilidad – aquí verá cómo
pueden ayudarle. Si busca ‘infografía FinTech’ en
google, algunas contienen hasta mil empresas
en banca, pagos, financiación e infraestructura
financiera. Luego están los ya conocidos: muchos
bancos aún luchan por lograr conformidad con
regulaciones y conseguir que sus operaciones
centrales sean rentables. Aún están adaptando
su portafolio de productos, listado de clientes y
modelos de precios. ¿Cómo puede alguien predecir
cómo se verá el entorno financiero en los próximos
12 meses? ¿Cómo pueden las corporaciones
planear sus estrategias de financiamiento y gestión
de riesgos? ¿Cómo puede la tesorería decidir de
qué manera responder a los profundos retos que
presentan el ambiente de negocios y los cambios
tecnológicos que envuelven su función? Proveedores
de tecnología, Fintechs y bancos nos comentan
como piensan será la tesorería en los próximos dos
años. ¿Deberán los tesoreros esperar y ver? ¿Cómo
deben prepararse para este futuro probable?
Liba R. Saiovici, Managing Director Treasury Product,
Bank of America Merrill Lynch, US
Julian Oldale, Head of Product Innovation
& Business Performance, BNP Paribas, US
Antoine Arts, Global Head of Cash Management Sales,
Santander, Spain
12:10pmFin de la conferencia – Almuerce con nosotros
Amish Parashar, Venture Partner & Director of
Strategic Business Development, Yamaha Motor
Ventures & Laboratory Silicon Valley, US
Amish Parashar, Venture Partner & Director of
Strategic Business Development, Yamaha Motor
Ventures & Laboratory Silicon Valley, US
The leading international treasury event in the Americas Construyendo mejores prácticas de tesorería
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STREAM 1
DAY 1
Tuesday May 2, 2017
The Treasury Innovation Lab
STREAM 1
DAY 2
Wednesday May 3, 2017
Come and explore the latest developments in technology. Who are the players? What problems can they solve?
Chaired by: Chris Principe, CEO, Chain2Trade, US
Chaired by: Chris Principe, CEO, Chain2Trade, US
4:00pmTime for a TMS rethink?
2:00pmTop new technology picks for treasury
(Triple session including refreshment break)
11:40amMaking sense of the payment ecosystem
In the current environment, treasurers are spending more
and more time on cash forecasting and compliance. But
without the technology to create visibility and strip out
manual processes, there is less time available for the strategic
value-added boards demand. Part of the answer is surely
dedicated treasury technology. Particularly with the arrival
of Cloud-based solutions, the functionality and costs of core
treasury management systems (TMS) are now a much better
fit with companies outside the global leviathans. Plugged into
a central ERP, these systems promise treasurers access to all
the core treasury services plus advanced forecasting, balance
sheet optimisation, and analytics for scenario planning. But
is that the reality? Is implementation straightforward? Is the
total cost of ownership (TCO) of a SaaS/Cloud system really
lower? And how can treasurers differentiate between available
TMS systems and providers? How do they evaluate a TMS
versus, say, an ERP-based solution before buying? What cloud
complications are waiting to trip them up?
Which new technologies are truly relevant to treasury? And
which are actually ready? We have asked financial technology
experts, treasurers and commentators to select the products
they think treasurers should look at today. The vendors
will pitch our panel of judges who have awarded points for
innovation, treasury-relevant functionality, scaleability, ease of
implementation, integration with legacy systems and cost and
business value. The three winners will be featured in the Day
Three FinTech plenary. Meanwhile see what’s new in the world
of finance.
Terry Pierce, VP, Customer Strategy & Product, Hijro, US
Aarti Rao, Managing Director, LiquidX, US
Zaki Manian, Co-Founder & Chief Strategy Officer, Skuchain, US
Kush Patel, CEO & Co-Founder, Tallysticks, UK
Matthew Stammers, European Marketing Director, Taulia, UK
Gene Vayngrib, CEO & Co-founder, Tradle, US
Sheila James, VP Operations, Veem, US
4:40pmWhy you should care about the blockchain
Treasurers don’t need to know how payments infrastructure
works, but it helps: if they understand each step in the
technology, they understand their fees, why transactions take
the time they do, and how best to interact with the systems.
So it is with the blockchain. Treasurers need to understand
how the blockchain methodology establishes a single version
of transaction truth and reduces the need for centralized third
parties. They need to understand why this technology is being
investigated by banks, insurance companies, payment providers
and the developers of “smart contracts”. And they need to
know who has the best test systems: the first-mover advantage
in terms of costs, transaction speed and accuracy and new
products and services may be significant. There is hype. But
it’s not all hype. Let some of the experts explain the blockchain
environment.
Terry Pierce, VP, Customer Strategy & Product, Hijro, US
Zaki Manian, Co-Founder & Chief Strategy Officer, Skuchain, US
Kush Patel, CEO & Co-Founder, Tallysticks, UK
Gene Vayngrib, CEO & Co-founder, Tradle, US
5:20pmAdjourn to Networking Reception
FinTech in the payments space has been about identifying unfulfilled customer needs,
largely, the need to simplify the complexities of international payments. FinTech firms
have tended to look at the problems faced by the little guy – starting with individuals,
moving to SME retailers and other businesses. Now it is starting to move mainstream
and offer some innovative ideas for the big multinational companies. How can you bring
some order to the chaos of FinTech? Who are these new companies that you should be
talking to? And what is it that they do that is so different?
Jonathan Williams, Principal Consultant, MK2 Consulting, UK
12:00pmPayments: from start-ups to end-game
Current payment products and systems are pretty clunky. They are inflexible, expensive
and their complexity is largely the result of decades of incremental, reactionary tweaking.
Perhaps the most obvious weakness is how little information and how few formats can be
included with transactions. As corporates and consumers demand more intelligent and
data-rich services, payments lag behind. At every level, from core infrastructure to service
layers, new players seek to take payments to the next level in terms of speed, convenience,
efficiency and multichannel accessibility. So far, most seem more interested in smaller
customers, but an increasing number are starting to offer innovative ideas for the larger
multinational companies. Let’s take a closer look at some of the players and products.
Jonathan Williams, Principal Consultant, MK2 Consulting, UK
Joseph Stark, Head Americas, Earthport, US
Sheila James, VP Operations, Veem, US
Doug Houser, Director, Head of Cross Currency Solutions Sales,
Bank of America Merrill Lynch, US
In this workshop you will explore:
•Treasury transformation: Excel or migration to TMS/ERP
•Making the business case for investing in TMS
•Architecture choice: cloud-based systems linking to core ERP
versus TMS for analytics, forecasting and reporting
12:40pmLunch
•The truth about connectivity: how easy is it to to achieve
global/enterprise visibility for cash forecasting, payments
aggregation and intercompany transactions?
2:00pmSupply chain re-engineering: the devil is in the detail
•How TMS systems integrate into Business Intelligence
Treasury Dashboard reporting
Wringing efficiencies from the supply chain has long been one of the most difficult treasury
challenges. It’s not just the impact on a company’s balance sheet, income statement,
shareholder’s value, earnings per share, and credit rating, or the internal complexities, the
numbers of suppliers or issues with the funding structure, there is also the reputational
risk for larger companies of stressing supplier finances to improve their numbers So can
these issues be solved by using specialized external providers? Should you be outsourcing
your SCF to them? Our SCF experts will look at the considerations treasurers may want
to give to supply chain financing as well as to the core implementation problems they
may face and look at some of the new providers and their solutions. What is the optimal
architecture in a changing environment?
David Franks, Global Treasury Systems, Delphi, US
Paul Bramwell, Principal – EY Global Treasury Services, US
Steve Wiley, VP – Treasury Solutions, FIS, US
Gregory Person, VP, Global Presales & Strategic Value, Kyriba,
US
5:20pmAdjourn to day 3
Marc Verkuil, Assistant Treasurer, Bunge Limited, US
Aarti Rao, Managing Director, LiquidX, US
Thomas Dunn, Chairman, Orbian, UK
Matthew Stammers, European Marketing Director, Taulia, UK
3:20pmRefreshment break
The leading international treasury event in the Americas 9
For program and speaker updates visit www.eurofinance.com/miami
STREAM 2 | DAY 1
Closing the gap
Tuesday May 2, 2017
Do you still use paper and spreadsheets? Of course you do. But after all these years it really is time to commit fully
to more centralization, automation and standardization. Only then will you create a modern control framework that
frees you up to add strategic value. Here’s how.
Chaired by: Robert Novaria, Partner, Treasury Alliance Group, US
4:00pmIt’s a new environment, you need a new RFP
2:00pmTake a treasury best practice audit with us
When did you last change your RFP forms and process? Your banks
and providers of treasury technology have changed dramatically
over the past three years and that process is accelerating. The
standardized RFP process is no longer fit for purpose. It is a timeconsuming and inaccurate way to describe your needs, and an
almost impossible document for suppliers to use to describe their
solutions. Whether it is to replace legacy technology, implement
an SSC or build a new liquidity structure, treasury must now take
into account a host of tech, regulatory and even cyber-security
considerations. This session will look at why most standard RFP
templates are past their sell-by dates and asks. “what is a better
way?”. Can treasurers exchange information with potential
suppliers better in pre-planned workshops? Does it make sense to
build an RFP for regions/countries. How do you include all potential
stakeholders early on to avoid issues later?
How do you think you’d do? After all, a recent treasury survey
reveals that more than a third (36 percent) of treasury departments
use spreadsheets, and this is far higher once the largest companies
(i.e. with a turnover of >$10bn) are excluded. And 46% with a
turnover of £500m - £1bn, and 35 percent of companies with a
turnover of $1bn - $10bn manage their treasury processes, analysis
and reporting using manual tools. Our ‘auditors’ will take you
through, process by process, what they believe every treasury
should be doing now. What are the key priorities – cash visibility,
FX, compliance, cyber? How can they be achieved most effectively?
What about bank relationships and technology? FinTech? See how
you shape up.
Paul DeCrane, Principal – Global Treasury Services Leader, E&Y, US
2:40pmPayment factories – are they right for you?
Who doesn’t want to centralize and standardize AP activities?
Leaving core processes at subsidiary level is a treasury nightmare
in terms of costs, efficiency and security. But at what point does the
need for efficiency and visibility make it necessary for corporates
to endure the costs and complexities of setting up a payments/
collection factory? Is it a function of the number of subsidiaries or
corporate locations? Are there industry-specific considerations?
And to what extent can the need for a payment factory be
postponed by the implementation of the latest generation of ERP
and TMS systems? Can the latter achieve the same core outcomes?
This case study reveals one company’s reasoning, how it defined
its factory, the centralization required before the roll out, the use
of Swift/EBICS, the importance of the ERP system and how they
measured the success of the project.
Christopher Schoeffel, Treasury Manager, Boehringer Ingelheim,
Germany
3:20pmRefreshment break
Sponsored by Wells Fargo
The leading international treasury event in the Americas Yosymar Vasquez, Head of Treasury LatAm, Akzo Nobel, Brazil
Laura Franco, Head of Global Sales, BBVA, Spain
4:40pmInternational liquidity management – solving a problem by
outsourcing
Meritor, a US-based MNC will show how they use an outsource
solution to manage international cash pooling structures and
intercompany netting efficiently. The move was prompted by
unexpected service changes at one of their international providers
and the subsequent search for a new provider. What are the
challenges and opportunities companies face when deciding to
keep cash management in-house or to outsource? Can an outsource
solution achieve economies of scale, system and head count? What
should you take into account when choosing a provider such as
location and resource specialization? What activities and processes
should be included and how does the implementation work in
practice? Lessons learned will also be discussed.
Todd Chirillo, Senior Treasury Director, Meritor, US
5:20pmAdjourn to Networking Reception
10
For program and speaker updates visit www.eurofinance.com/miami
STREAM 2 | DAY 2
Closing the gap
Wednesday May 3, 2017
Do you still use paper and spreadsheets? Of course you do. But after all these years it really is time to commit fully
to more centralization, automation and standardization. Only then will you create a modern control framework that
frees you up to add strategic value. Here’s how.
Chaired by: Robert Novaria, Partner, Treasury Alliance Group, US
2:00pmBringing liquidity management up to date
4:00pmThe unsolved problem at the heart of treasury
11:40amBest practice workshop: next generation centralization
solutions for international treasuries
Most treasurers are familiar with the multiple definitions of
short- to longer-term cash. All will have noticed the difficulty
of achieving returns in the money and fixed-income markets.
And many will have experienced the changing nature of their
banks’ desire for deposits. But is this sophistication only skin
deep? Surveys reveal that a majority of companies entrust cash
investment to a single employee and that that employee is
most likely to use spreadsheets for trade capture and reporting.
But, just as elsewhere in treasury, advances in technology offer
significant improvements over obsolete processes. In this low-yield
environment, automation can bring richer analysis, straightthrough-processing and seamless integration with investment
brokers, trading platforms and custodians. And outsourcing to
third-party managers is another way to reduce costs and access
expertise in balancing risk/return objectives. This session will look
at the latest investment strategies, the tech solutions that can be
used to implement them efficiently and the best practice selection
and monitoring process for third-party asset managers.
As gravity and the macroscopic can’t yet be integrated with the
sub-atomic world of quantum mechanics, so that 4 to 8 week cash
forecast never seems to marry up with its longer-term sibling. And
neither are necessarily a good representation of what treasury and
the business can actually see. So why has the problem of accurate
cash flow forecasting proved such a hard nut to crack? Is it the
stubborn persistence of spreadsheets in the face of sophisticated
TMS and ERP systems? Is it that the business assumptions upon
which forecasts are built are wrong? If visibility is the issue, are
pooling or in-house banks or POBO structures the answer? And
how can banks, SWIFT and newer virtual bank account solutions
help? Ultimately, good forecasting is the aggregation of good habits
across a number of disciplines across the entire enterprise. In this
session we look at the ingredients of best practice cash forecasting,
the 80/20 rule’s priorities.
Dilara Yergin, Treasury Manager, Citrix Systems, US
Gerry Rodriguez, Assistant Treasurer, Lennar Corporation, US
Sonelius Kendrick-Smith, Director – Liquidity Management,
Deutsche Asset Management, US
4:40pmFighting FX risk on two fronts
The larger global treasuries seeking greater operational and systems
centralization must eventually look at in-house banks, shared service
centers and POBO/COBO factories. The question is: how should
these different entities be set up and how are they best integrated
with each other and with a centralized treasury operation? Do
companies need to start with an in-house bank for automated intercompany lending and foreign exchange contracts and then move on
to centralized payables and receivables? Are regional shared service
centers needed to ensure the 24/7 process continuity required to
leverage centralization? This session will unravel the complexities
of these different structures and discuss with a number of different
companies in differing industries and locations.
Tamara A.S. Saront-Eisner, VP & Treasurer US & Americas Zone,
Air Liquide, US
Mack Makode, Assistant Treasurer & VP, Mylan, US
Jana Palmaccio, VP, Deputy Treasurer, Nielsen, US
Michael Finkelstein, Corporate Treasury Manager, Panalpina,
Switzerland
Craig Mondschein, Senior Director of Treasury,
Tishman Speyer Properties, US
12:40pmLunch
2:40pm
In-house bank: is it right for you?
There are many strategic options on offer to companies’ treasuries
in which the establishment of an in-house bank presents
multiple opportunities for centralizing processes such as liquidity
management, foreign exchange risk or inter-company funding.
Michael Finkelstein, Corporate Treasury Manager at Panalpina
in Switzerland will walk you through the key issues you need
to consider on whether it is an appropriate structure for your
company. His case study will also look at how in house bank
structures can reduce regulatory compliance requirements and in
particular those arising from EMIR. What are the process and tools
required for such an implementation? How do you measure and
report value added?
Victor Pausin, Director, Finance & Strategy – Treasury,
The Goodyear Tire & Rubber Company, US
Treasurers face two seemingly unrelated challenges in foreign
exchange. The first is that the market itself is in the midst of its
own revolution. Dealer-to-dealer and dealer-to-client liquidity is
merging into an all-to-all market for spot FX trading. Treasurers
need to understand these structural changes if they are to choose
the best venues and providers. The second is that they face the
day-to-day challenge of hedging and trading in an exceptionally
unpredictable environment – GDP-weighted FX volatility is at its
highest non-crisis level for 20 years. But how many treasurers
have the flexibility to alter hedging policies to take account of this
kind of event-driven market? Is it even sensible to try to create FX
forecasts today? And what kind of hedging produce results in this
kind of environment?
Sergio Cadavid, SVP Corporate Treasurer, Jabil, US
Brian M. Wszolek, Sr. Director & Assistant Treasurer, Jabil, US
5:20pmAdjourn to day 3
Michael Finkelstein, Corporate Treasury Manager, Panalpina,
Switzerland
3:20pmRefreshment break
The leading international treasury event in the Americas 11
For program and speaker updates visit www.eurofinance.com/miami
STREAM 3 | DAY 1
Treasury transformation:
improve, change or re-invent?
Tuesday May 2, 2017
Next steps for your treasury depend on where you’re starting from. If you’ve been through a full re-engineering
project, incremental improvement may be your aim. If you need to execute two or three finite initiatives, then
change management is your guide. And what if treasury transformation is your goal?
Chaired by: David Blair, MD, Acarate, Singapore
4:00pmEasing cross-border payment pain points
2:00pm Best practice treasury on the move for tomorrow
WSWIFT global payments innovation (GPI) represents an
important milestone in the transformation of cross-border
payments. Now live, and with nearly 100 banks participating
already (representing 75% of all cross border payments on
the SWIFT network), it improves the customer experience by
increasing the speed, transparency and predictability of crossborder payments. If you are looking to solve the many pain points
encountered with cross-border payments, this session will show
you what the GPI initiative means for treasurers and how you can
leverage the enhanced capabilities that your banks are offering.
Microsoft need no introduction. They have been a treasury leader
for decades and a past winner for the EuroFinance Award for
Excellence in International Treasury. The session will look at their
best practice approach to in-house banking, POBO/ROBO, as well
as cross entity/border cash and funding. Never standing still, now
Microsoft are harnessing the power of Cloud, machine learning,
blockchain, business intelligence and other technologies to use
visualisations and interactive dashboards in order to provide real
time visibility to minimise risks, make appropriate investment
decisions and add genuine value to the business.
Beau Damon, Chief Investment Officer, Microsoft, US
Jim Scurlock, Group Treasury Manager, Microsoft, US
2:40pmTreasury transformation story
This company is undergoing a treasury transformation initiative
– an enterprise-wide effort to make their processes world-class.
The aim is for an end state is a function comprised of strong
governance, contemporary processes, and simple and easy to use
technology to ensure control and efficiency. This session will look
at the journey, the processes they chose to transform, the approach
and some of the key learnings. If you have ever wondered about
the complexity of driving transformation in a large and complex
organisation, this session will help.
Tom Gallo, VP & Treasurer, ABM Industries Inc., US
3:20pmRefreshment break
Sponsored by Wells Fargo
Kevin M. O’Neil, Regional Account Manager, SWIFT, US
Michael Crawford, Senior Corporate Treasury Manager, Mosaic, US
Scott Lambert, Assistant Treasurer, Cigna, US
Jeffrey Horowitz, MD, BNY Mellon, US
4:40pmScaling treasury infrastructure for high growth companies
In recent times, there had been a number of high growth
companies that in a matter of years and months significantly
expand their capabilities, products, revenues and international
footprint. Examining the life cycle of high growth companies,
when is it time for treasury to become a separate function and
how do you scale treasury infrastructure to support explosive
growth? Which parts of treasury do you focus on first, how do you
prioritize treasury’s needs with the other G&A needs of high growth
companies and how do you develop a specific treasury playbook.
This speaker has had experience with a number of high growth
companies and will be able to help you develop a roadmap for
treasury to support business growth.
Ivan Troufanov, VP & Treasurer, Medidata, US
5:20pmAdjourn to Networking Reception
The leading international treasury event in the Americas 12
For program and speaker updates visit www.eurofinance.com/miami
STREAM 3 | DAY 2
Treasury transformation:
improve, change or re-invent?
Wednesday May 3, 2017
Next steps for your treasury depend on where you’re starting from. If you’ve been through a full re-engineering
project, incremental improvement may be your aim. If you need to execute two or three finite initiatives, then
change management is your guide. And what if treasury transformation is your goal?
Chaired by: David Blair, MD, Acarate, Singapore
2:00pmHow to draw a strategic treasury road map
4:00pmDriving cash transformation with a start-up mind-set
11:40amHas China turned against foreign firms?
Given the dramatic changes occurring in technology, banking and
the underlying business environment, treasurers must continually
look to respond to market developments. But how do you define the
next steps for your treasury’s strategic development? Do you need to
tweak, or are you looking to fundamentally alter treasury organization
and strategy, your banking relationships, system infrastructure
and treasury workflows and processes? Part of the answer to these
questions is found in a top-down analysis: has the company outgrown
its treasury through acquisition or organic growth? Has a specific
event triggered a need for change? Has the evolution of treasury
created unmanageable complexity? But part of the answer also lies
in a bottom-up analysis of your data, in benchmarking against peers
and KPIs. In this session we ask how can you use the data you have to
understand the current state of your treasury and then draw a map of
your journey to the desired outcome.
Is your company growing too fast? Is it large and complex? Are you
challenged with building sustainable processes in an ever changing
environment? GE found it’s treasury structure and processes
needed a complete overhaul to better align with the company’s
cultural and digital transformation. Anchored on foundation,
governance and efficiency and using ‘speed and outcomes’ as key
tenets, the treasury team will take us through their transformation
journey, including how they are partnering with their banks to
achieve the desired outcome.
Foreign firms are worried about China’s increasingly hostile
business environment. Protectionism, forced technology transfers,
the unequal application of antitrust and anti-corruption laws, and
tightening censorship in media and cyber have all been added
to the persistent problems companies have faced in terms of IP
protection and the general complexity of the business regime. The
election of Donald Trump adds uncertainty at a time when the
Chinese leadership too is sending out inconsistent messages about
reform, open markets and a level playing field. The US-China BIT
agreement may well be derailed by the election of Trump who has
also promised to cancel the TTP. And worries over the general state
of the Chinese economy persist. With the outlook so uncertain
on so many fronts, should companies be drawing up contingency
plans? How can they best monitor and deal with the regulatory
pressures? And in treasury specifically, what are the latest FX, cash
management and investment issues?
Ok Azie, VP & Treasurer, Baker Hughes, US
Mike Hartnett, Director, Global Risk Consulting,
Economics & Country Risk, IHS, US
Tim Husnik, Senior Treasury Manager, Medtronic, US
Edwin Veenman, Treasurer EMEA & NA,
Yanfeng Global Interior Systems, Germany
12:40pmLunch
Stephen Medhurst, MD of EMEA & Asia, Omnicom, UK
Jenifer Herdin, VP International Treasury, Viacom Inc., US
Irene Shenouda, Director, Cash Management Sales,
Deutsche Bank, US
2:40pmObtaining a global corporate rating in a challenging
environment: a journey through the corporate rating process
This case study is an interesting global project to obtain a credit
rating from Moody’s and S&P. Yanfeng Global Interior Systems
headquartered in Shanghai, China, is a joint venture between
Yanfeng Trim and Johnson Controls (now Adient). The treasurer
will detail the process and rational of obtaining a corporate rating,
particularly the challenges to obtain ratings with a limited corporate
history as an integrated business. What were the the advantages
and disadvantages considered and the ensuing responsibilities and
behaviors that a rated company has to adhere to? He will also cover
the treasury role in maintaining the rating and analyst meetings and
the importance attached to an investment grade rating which goes
beyond traditional debt/capital markets.
Parita Patel, Managing Director Treasury Operations, GE, US
Elvira D’Amore, Global Treasury & Banking Lead, GE, US
4:40pmWielding the knife: treasury’s role in the carve-out
Non-core operations are a drag on management time and a
distraction from the strategies that will drive the core business
forwards. Divesting these businesses is simple in theory and
complex in practice. Add to that the often very compressed
timescales – three to six months is common – and the differences
with larger M&A transactions become clearer. The creation of a
spin off treasury may well fall to the treasurer alongside minimizing
business disruption and the cost-cutting required post-deal if the
remaining business’ cost-structure is now awry. And treasury itself
may have made things more difficult: the trend towards highlyintegrated businesses, shared services, and common ERP systems
makes converting a business line into a stand-alone business
difficult. This company shares their experience of a carve-out,
the check-list they built, and how that blueprint helped provide
readiness to build integrated treasury operations, processes and
applications, in a near simultaneous merger.
Mario Del Natale, Director Treasury Operations,
Systems & Applications, Johnson Controls, Belgium
5:20pmAdjourn to day 3
Edwin Veenman, Treasurer EMEA & NA,
Yanfeng Global Interior Systems, Germany
3:20pmRefreshment break
The leading international treasury event in the Americas 13
For program and speaker updates visit www.eurofinance.com/miami
STREAM 4 | DAY 1
How to navigate the new
world of global payments
Chaired by: Mariel Barclay, Editor Latin America & Iberia,
EuroFinance, UK
2:00pmBeyond the hype: how to prepare for the payments
revolution
For businesses, the payments revolution is the result of
changing customer behaviour and their demands for faster,
digital payment methods. These demands feed through
to the wholesale markets via corporates to the banks,
the underlying payments infrastructure and to the new
FinTech competitors who believe they can create better
payments products and services. Even backbone providers
like SWIFT are responding with initiatives like GPII. But
in this explosion of novelty, what actually matters to the
treasurers of international corporates? Not just which
products and providers should they take seriously, but what
should they be doing to ensure that their treasuries are
ready for change? And what about current re-engineering
projects? Is it worth devoting time and resources to existing
systems and processes, to centralization and IHB/SSC/
payment factory projects, if radical new ways to achieve the
same thing are just around the corner?
Tuesday May 2, 2017
Technology, FinTech and other non-bank service providers have all kick-started a revolution in payments. But how
do these innovations match up to corporate needs for speed, convenience, efficiency and multichannel accessibility?
2:40pmFuture proof your treasury with ISO 20022
4:00pmHard won gains in LatAm payments
ISO 20022 is a new requirement driven by ISO Real-Time
Payments Group; it’s not global; bank workarounds have
turned it from a standard to a fragmented series of silos; it’s
only for high-value payments; it’s for market infrastructures
not corporates; ISO 20022 payments are slower than FIN
payments. None of these statements is true. Moreover,
most central banks and clearing houses have concluded
that ISO 20022 is the best way for them to manage local
clearing so the case for improving corporate connectivity
by using it is becoming more compelling. Treasurers trying
to put in place standardized payments systems with local
banks across their territories are finding that ISO 20022 is
the only way to achieve the necessary degree of integration.
So how can treasurers go about deciding whether ISO
20022 is for them? And what does a migration project
entail?
Maximizing treasury efficiency in Latin America is hard
work. Manual processes are often the legacy solution to
the region’s regime fragmentation and regional treasury
centers are often small and sparsely staffed. One of the
most straightforward solutions is to build a centralized
treasury operation on the back of the payments portal of a
core relationship banking partner. A number of providers
now offer continent-wide centralization via online portals
that allow treasurers to streamline local banking activities,
gain real-time access to account information and centralize
payments, integrating them with their AP systems. As
elsewhere, this model is now being supplemented by new
non-bank platforms, such as PagSeguro, RippleLatAm,
PayU Latam etc., offering a variety of regional payments
services, complicating the picture further. So how should
treasurers proceed? Is an RTC necessary? Which bank
systems provide foundation for an integrated regional
platform? And how do the new players fit in?
Scott Lambert, Assistant Treasurer, Cigna, US
Fran Sudall, Treasury Business Project Manager, Cigna, US
3:20pmRefreshment break
Sponsored by Wells Fargo
Michael Crawford, Senior Corporate Treasury Manager,
Mosaic, US
Mariel Barclay, Editor Latin America & Iberia,
EuroFinance, UK
Michelle Pereira, Senior Treasury Manager, Bacardi, US
Wagner Ruiz, Co-founder & CEO, EBANX, Brazil
Carmela Gomez, Customer Solutions, BBVA, Spain
Alexandre Madrid, Executive Director – Global Cash
Management Sales, Santander, Spain
Miguel Arce, Commercial Manager,
Pagos Digitales Peruanos, Peru
5:20pmAdjourn to Networking Reception
The leading international treasury event in the Americas 14
For program and speaker updates visit www.eurofinance.com/miami
SECCIÓN 4 | DÍA 1
Cómo navegar en el nuevo
mundo de los pagos globales
Martes 2 Mayo 2017
Los proveedores de tecnología, FinTech y otros servicios no bancarios han dado inicio a una
revolución en los pagos. Pero ¿cómo se conjugan estas innovaciones con las necesidades de
velocidad, comodidad, eficacia y accesibilidad multicanal de las empresas?
TRADU
CC
AL ESPA IÓN
ÑOL
Presidido por: Mariel Barclay, Editor Latin America & Iberia,
EuroFinance, UK
2:40pmPonga a prueba su tesorería para ver si está lista para el
futuro con la ISO 20022
4:00pmDificultad de obtener ganancias con los pagos de
Latinoamérica
2:00pmMás allá del despliegue publicitario: Cómo prepararse
para la revolución de los pagos
ISO 20022 es un nuevo requisito dirigido por ISO Real-Time
Payments Group; no es global; los métodos alternativos
de los bancos hicieron que pasara de ser una norma a una
serie fragmentada de silos; es solo para pagos de alto valor;
es para infraestructuras de mercado, no para empresas;
los pagos de ISO 20022 son más lentos que los pagos de
FIN. Ninguna de estas afirmaciones es cierta. Además,
los bancos y las cámaras de compensación más centrales
concluyeron que la norma ISO 20022 es la mejor manera de
gestionar la compensación local, por lo que el argumento
a favor de mejorar la conectividad empresarial usándola
es cada vez más atractivo. Los tesoreros que intentan
implementar los sistemas de pago estandarizados con
bancos locales en todo su territorio perciben que la ISO
20022 es la única forma de lograr el grado de integración
necesaria. Entonces, ¿cómo pueden los tesoreros abordar
la decisión de si la ISO 20022 es o no para ellos? ¿Y qué
implica un proyecto de migración?
Maximizar la eficiencia de la tesorería en Latinoamérica es
difícil. Generalmente, los procesos manuales son la solución
producto de la fragmentación del régimen de la región y, a
menudo, los centros de tesorería suelen ser pequeños y con
poco personal. Una de las soluciones más directas consiste
en construir una operación de tesorería centralizada
mediante un portal de pagos de un partner bancario. Varios
proveedores ofrecen actualmente centralización para todo
el continente mediante portales en línea que permiten a los
tesoreros agilizar las actividades bancarias locales, obtener
acceso en tiempo real a información de cuentas y centralizar
los pagos, integrándolos con sus sistemas de cuentas por
pagar. Como en otros lugares, este modelo actualmente
cuenta con el complemento de nuevas plataformas no
bancarias, como PagSeguro, RippleLatAm, PayU Latam,
etcétera, que ofrecen una variedad de servicios regionales
de pago, lo que complica el panorama aún más. Entonces,
¿cómo deberían proceder los tesoreros? ¿Es necesario un
centro de tesorería regional? ¿Qué sistemas bancarios
ofrecen una base para una plataforma regional integrada? Y
¿qué lugar ocupan los nuevos participantes?
Para las empresas, la revolución de los pagos es el resultado
del comportamiento cambiante de los clientes y de su
demanda de formas de pago más rápidas y digitales. Estas
exigencias pasan de los mercados mayoristas a través
de las empresas hasta los bancos, la infraestructura de
pagos subyacente y hasta los nuevos competidores de
FinTech, que creen que pueden crear mejores productos
y servicios de pagos. Incluso los proveedores de redes
centrales como SWIFT están respondiendo con iniciativas
como GPII. No obstante, en esta explosión de innovación,
¿qué es lo que realmente importa a los tesoreros de
las empresas internacionales? No solo cuáles son los
productos y proveedores que deberían tomarse en serio,
sino ¿qué deberían hacer para asegurarse de que sus
tesorerías estén listas para el cambio? ¿Y qué hay de los
proyectos de reingeniería actuales? ¿Vale la pena dedicar
tiempo y recursos a los sistemas y procesos existentes, a la
centralización y a los proyectos de In house bank/Centro
de Servicios compartidos/payment factory si hay formas
radicalmente nuevas de lograr lo mismo a la vuelta de la
esquina?
Scott Lambert, Assistant Treasurer, Cigna, US
Fran Sudall, Treasury Business Project Manager, Cigna, US
3:20pmRefrigerio
Mariel Barclay, Editor Latin America & Iberia,
EuroFinance, UK
Michelle Pereira, Senior Treasury Manager, Bacardi, US
Wagner Ruiz, Co-founder & CEO, EBANX, Brazil
Carmela Gomez, Customer Solutions, BBVA, Spain
Alexandre Madrid, Executive Director – Global Cash
Management Sales, Santander, Spain
Miguel Arce, Commercial Manager,
Pagos Digitales Peruanos, Peru
Sponsored by Wells Fargo
Michael Crawford, Senior Corporate Treasury Manager,
Mosaic, US
5:20pmReceso hasta la recepción de networking
The leading international treasury event in the Americas 15
For program and speaker updates visit www.eurofinance.com/miami
STREAM 4 | DAY 2
Latin America focus
Chaired by: Patrick Peters-Bühler, EuroFinance Tutor & CFO,
Grupo Phoenix, US
11:40amSpecial focus for Latin American companies transforming to
true multinationals
Given volatile regional economics, and the uncertainties in their
most lucrative foreign market created by the election of Donald
Trump, an increasing number of Latin American companies are
looking further afield for growth. To succeed, these corporates
face an extremely steep learning curve and need to build out
a substantial internal and external infrastructure to support
expansion.
In this double session our corporate treasury guests will share their
international expansion stories with you – the good, the bad and
the ugly – and they will explain how they went about planning for
growth in the following areas:
·Ensuring the domestic set-up is robust enough to support the
investment in growth
·The key steps in ensuring funding stability and credit availability
for international growth.
·Building the key local/regional bank relationships necessary. Are
your current bank partners present in the places where you want
to be? Do the local ones know your business?
·Acquisition is a key driver of international growth. Who comes
up with the target list? How is treasury involved in the M&A
program?
·What about competitor analysis? Can treasury help?
·What are the key decisions on treasury structure?
·How do you ensure the best possible tax structures for
subsidiaries and expected cashflows?
·Have you got the tools to cope with multinational accounting
and reporting requirements?
Alejandro Porras Parra, Director Corporativo de Tesorería,
Ecopetrol, Colombia
Luis Eduardo Díaz Loera, Treasury & Financing Manager,
Grupo Kuo, Mexico
Leslie Roberts, Treasury Director, Tenaris, Argentina
Miguel Trinidad, Corporate Treasurer, Mexichem, Mexico
Wednesday May 3, 2017
In this series of sessions we will look at the key issues facing treasurers in the region. We will go through the
problems you have identified as the most serious and we will discuss potential solutions.
2:00pmDo you need a treasury center in Latin America?
4:00pm Setting up in Cuba
The desired outcomes are clear enough: tax efficiency, the most
efficient processes for cross-border payments, better FX risk
management tools and hedges and an increased ability to move
away from dollars to local currencies. Bank providers are stepping
up to the plate, importing into Latin America the solutions they
have developed elsewhere and in doing so are solving some of
the legal and taxation issues for their corporate clients. And they
are helping to create the connectivity treasurers require between
the latter’s other treasury centers and SSCs. But what are the
limitations of the non-local approach? Do companies need a
regional treasury center in Latin America or does that not overcome
country-by-country issues sufficiently? Can a local treasury center
significantly improve the issue that are key to treasurers in working
capital and cash management? And if so, where should it be?
The rapprochement with President Obama and then the death of
Fidel Castro have put Cuba onto the business radar. Wages are low,
employees are well-educated and years of constraints have bred
creativity and out-of-the-box thinking. So is it time to treat Cuba as
an interesting emerging market? Before they answer this question,
companies need to understand the unusual operating environment
where Western-style businesses are illegal, workers co-operatives
are the norm, foreign equity investment is highly controlled and
you are always in partnership with the government.
Carmen Robles, International Treasury & Banking Manager,
Starwood Hotels & Resorts Worldwide Inc., US
4:40pmAdjourn to day 3
Hernan Rivera, Head of Finance Region Austral Andina,
Siemens S.A., Colombia
2:40pm
Supply chain financing in Latin America
The providers of supply chain companies are seeing a significant
increase in demands from treasurers who seek to implement in
Latin America the same kinds of supply chain financing solutions
they use elsewhere. However, because of the patchwork of
different legal and tax regimes across the region, and the different
treatments of invoice-based SCF, negotiable instrument-based SCF
and non-recourse receivables purchases, it is proving challenging
to create a region-wide platform that can satisfy local standards,
US GAAP and that achieves the aims of suppliers and buyers. And
parties still have to solve all the usual counterparty credit and set
up problems too.
Matthew Sullivan, Director, Corporate Credit & Global Treasury
Operations, Cummins Inc., US
Juvenal Villarreal, Corporate Treasurer, Nemak, Mexico
Ana Kube, MD, Bank of America Merrill Lynch,US
Fiona Deroo, MD, Global Trade & Supply Chain Sales Solution
Executive, Bank of America Merrill Lynch, US
3:20pmRefreshment break
12:40pmLunch
The leading international treasury event in the Americas 16
For program and speaker updates visit www.eurofinance.com/miami
SECCIÓN 4 | DÍA 2
Foco en Latinoamérica
Presidido por: Patrick Peters-Bühler, EuroFinance Tutor
& CFO, Grupo Phoenix, US
11:40amFoco especial en las empresas latinoamericanas que se están
convirtiendo en verdaderas multinacionales
Dada la volátil economía regional y la incertidumbre imperante en su mercado
extranjero más lucrativo generada por la elección de Donald Trump, cada vez
más empresas latinoamericanas exploran lugares distantes para crecer. Para
triunfar, estas empresas enfrentan una curva de aprendizaje extremadamente
empinada y necesitan crear una importante infraestructura interna y externa
para acompañar la expansión. En esta sesión doble, nuestros invitados de
tesorería de empresas compartirán sus historias de expansión internacional
con ustedes (lo bueno, lo malo y lo feo) y explicarán cómo hicieron para
planificar el crecimiento en las siguientes áreas:
·Asegurar que la configuración nacional sea lo suficientemente robusta
como para apoyar la inversión en el crecimiento.
·Los pasos principales para asegurar la estabilidad de financiación y la
disponibilidad de crédito para el crecimiento internacional.
·Creación de las relaciones clave con los bancos locales o regionales que
sean necesarias. ¿Sus partners bancarios están presentes en los lugares
donde quiere estar? ¿Conocen su negocio los bancos locales?
·La adquisición es un factor fundamental del crecimiento internacional.
¿Quién tiene la lista de objetivos? ¿De qué manera se involucra la
tesorería en el programa de fusiones y adquisiciones?
·¿Qué sucede con el análisis de los competidores? ¿Puede ayudar la
tesorería?
·¿Cuáles son las decisiones fundamentales sobre la estructura de la
tesorería?
·¿Cómo logra las mejores estructuras fiscales posibles para las filiales y los
flujos de efectivo esperados?
·¿Tiene las herramientas para lidiar con las exigencias de contabilidad y
reporting multinacionales?
Alejandro Porras Parra, Director Corporativo de Tesorería,
Ecopetrol, Colombia
Luis Eduardo Díaz Loera, Treasury & Financing Manager,
Grupo Kuo, Mexico
Leslie Roberts, Treasury Director, Tenaris, Argentina
Miguel Trinidad, Corporate Treasurer, Mexichem, Mexico
12:40pmAlmuerzo
Miércoles 3 Mayo 2017
En esta serie de sesiones analizaremos los principales problemas con los que se enfrentan los
tesoreros de la región. Pasaremos revista a los problemas que ustedes han mencionado como
los más graves y propondremos potenciales soluciones.
TRADU
CC
AL ESPA IÓN
ÑOL
2:00pm¿Necesita un centro de tesorería en Latinoamérica?
4:00pmInstalarse en Cuba
Los resultados deseados son bastante claros: eficiencia fiscal,
procesos más eficientes para los pagos transfronterizos, mejores
herramientas de gestión del riesgo de divisas y coberturas y una
mayor capacidad de moverse de los dólares a monedas locales.
Los proveedores de servicios bancarios están ocupándose del
tema, importando a Latinoamérica las soluciones que crearon en
otros lugares y, al hacerlo, resuelven algunos de los problemas
jurídicos e impositivos de sus clientes corporativos. Y ayudan a
crear la conectividad que necesitan los tesoreros entre los demás
centros de tesorería y los centros de servicio compartidos. Pero
¿cuáles son las limitaciones del enfoque no local? ¿Necesitan las
empresas un centro de tesorería regional en Latinoamérica o eso
no alcanza para resolver los problemas de cada país de forma
acabada? ¿Puede un centro de tesorería local mejorar de manera
significativa el problema fundamental para los tesoreros en
relación con el capital de trabajo y la administración de efectivo?
En caso de que sí, ¿dónde debería estar?
El acercamiento con el ex-presidente Obama y luego la
muerte de Fidel Castro han colocado a Cuba en el radar de
los negocios. Los salarios son bajos, los empleados están
bien formados y los años de restricciones han dado lugar
a creatividad y pensamiento innovador. ¿Ha llegado el
momento de tratar a Cuba como un mercado emergente
interesante? Antes de responder esta pregunta, las
compañías necesitan comprender el entorno operativo
poco común en el que las empresas de estilo occidental son
ilegales, las cooperativas de trabajadores son la norma, la
inversión de capitales extranjeros está muy controlada y
uno siempre tiene como socio al Estado.
Carmen Robles, International Treasury & Banking Manager,
Starwood Hotels & Resorts Worldwide Inc., US
4:40pmReceso hasta el día 3
Hernan Rivera, Head of Finance Region Austral Andina, Siemens
S.A., Colombia
2:40pmFinanciamiento de la cadena de suministro en Latinoamérica
Los proveedores de compañías de la cadena de suministro ven un
importante aumento en la demanda de los tesoreros que quieren
implementar en Latinoamérica los mismos tipos de soluciones
de financiación de la cadena de suministro que utilizan en otros
lugares. No obstante, debido al mosaico de regímenes jurídicos y
fiscales de la región y los diversos tratamientos de la financiación
de la cadena de proveedors basada en facturas, en títulos
negociables y las compras de cuentas por cobrar sin recurso,
resulta un desafío crear una plataforma para toda la región que
pueda satisfacer las normas locales, los US GAAP y que logre los
objetivos de los proveedores y compradores. Y las partes aún
tienen que resolver todos los problemas habituales de crédito de
contrapartes y de implementación.
Matthew Sullivan, Director, Corporate Credit & Global Treasury
Operations, Cummins Inc., US
Juvenal Villarreal, Corporate Treasurer, Nemak, Mexico
Ana Kube, MD, Bank of America Merrill Lynch,US
Fiona Deroo, MD, Global Trade & Supply Chain Sales Solution
Executive, Bank of America Merrill Lynch, US
3:20pmRefrigerio
The leading international treasury event in the Americas 17
For program and speaker updates visit www.eurofinance.com/miami
Official sponsors
Banco Santander is a leading retail and
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with a meaningful market share in 10 core
countries in Europe and the Americas. It
is among the world’s top banks by market
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is the global business division that is focused
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interconnection with local units.
www.santander.com
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Global Head
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BBVA is a global financial services group with
approximately €732 billion in total assets, 70
million clients, 8,660 branches and 134,792
employees in 35 countries. It is a leading bank
in the Spanish market and it is the biggest
financial institution in Mexico. It has leading
franchises in South America and the Sunbelt
Region of the United States; and it is also the
leading shareholder in Turkey’s Garanti. It
has also an operative and extensive network
of branches worldwide. BBVA’s suite of Cash
Management services offers a broad range
of world-class solutions for Corporates and
Institutions. In the Americas, our extensive
branch network covering 9 countries and our
state of the art technology enables us to offer
the best local services together with global
integrated solutions. Thanks to our deep
market knowledge and our growing position
in the US, BBVA has become a leading partner
is Cash Management between US and LatAm
markets.
www.bbva.com
Laura Franco
Head of Global Sales
– Global Transaction Services
[email protected]
Annette Vivoni
Global Sales America
– Global Transaction Services
[email protected]
BNP Paribas is a leading global financial
services provider. Present in more than
70 countries with more than 190,000
employees, BNP Paribas is capable of
accompanying its clients in their international
development with more than 1,700 dedicated
relationship managers who have a firm
understanding of local specificities via an
unrivalled network of over 220 business
centers around the world.
As one of the primary cash management
players globally, and as the European
leader, BNP Paribas provides clients with
sophisticated solutions to help them operate
more efficiently. BNP Paribas is rolling out
its integrated retail banking model across
countries in the Mediterranean basin,
in Turkey, in Eastern Europe and a large
network in the western part of the United
States. The breadth and depth of the BNP
Paribas network, innovative technology,
client proximity, and regulatory and cultural
expertise enable the bank to design, deliver
and support cohesive solutions worldwide.
These capabilities uniquely position BNP
Paribas to meet its clients’ local, regional and
global cash management objectives both
today and in the future.
cashmanagement.bnpparibas.com
Bank of America Merrill Lynch is one of the
world’s largest financial institutions, providing
a full range of banking, investing, asset
management and other financial products
and services. It is a leading global bank and
wealth management franchise and a premier
corporate and investment banking and capital
market business, providing innovative services
in M&A, equity and debt capital raising,
lending, trading, risk management, research,
and liquidity and payments management.
Clients and customers can expect access to a
comprehensive suite of world class products,
services, and expertise from an organization
that serves clients through operations in
more than 40 countries and has treasury
relationships with 96 percent of the U.S.
Fortune 1,000 companies and 80 percent of
the Fortune Global 500.
www.baml.com
Deutsche Bank’s Global Transaction Banking
(GTB) division is a leading provider of
products and services for corporations and
financial institutions. Businesses include
Trade Finance, Cash Management and
Securities Services. GTB offers integrated
solutions covering domestic and cross-border
payments, risk mitigation for international
trade, and the provision of trust, agency,
depositary and custody services.
Deutsche Asset Management is home to
the full range of active, passive, alternative
and private wealth management functions
of Deutsche Bank. Few organizations can
offer the depth of intellectual capital,
expertise and experience that Deutsche
Asset & Wealth Management provides to
financial professionals and investors. In a
rapidly changing environment, we deliver a
comprehensive set of investment strategies
and services, deep access to world markets,
prudent risk management and a culture of
unwavering integrity and excellence.
Seth Brener
Head of Cash Management Corporates
Americas, Deutsche Bank, Global
Transaction Banking
T: +1 (212) 250 1898
[email protected]
Jonathan Richman
Head of Trade Finance and Financial Supply
Chain Americas,
Deutsche Bank, Global Transaction Banking
T: +1 (212) 250 9600
[email protected]
Joe Sarbinowski
Global Head of Liquidity Management,
Deutsche Asset Management
T: +1 (212) 454 3291
[email protected]
The leading international treasury event in the Americas 18
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Dale Coskery at [email protected] or give her a call on
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The leading international treasury event in the Americas 19
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