Leaving Logicor after five-and-a-half years was an extremely tough decision, but it was time for a new challenge. Canary Wharf Group’s growth plans in residential and life sciences as well as the business’s increasing emphasis on sustainability means it’s a very exciting time to be a part of the business.
The first eight months as Canary Wharf Group’s director of group treasury have been a whirlwind of building the team and driving best practice, investment financing, improving debt investor relations and moving forward with value-adding initiatives such as creating the group’s first sustainability-linked finance framework in conjunction with our director of sustainability. We have numerous exciting upcoming projects including cash management transformation and a request for proposal/implementation of the business’s first treasury management system (TMS). In the autumn, group procurement is also coming under my management, which I’m looking forward to.
We need to learn from the past but continue to invest in the future through technology. The recent turbulent economic backdrop and likely looming recession is a new environment many treasury professionals have not yet had to navigate.
I do believe that we can learn from the past, which is why it’s essential young treasury professionals listen and learn from seasoned treasurers who have experienced similar economic circumstances, such as the global financial crises. This is the time to tap into your network and ask senior contacts their views on what’s to come as well as advice on managing treasury functions during such tumultuous times.
Separately, we also have new and ever-progressing technology at our fingertips that can support treasurers in challenging times, and it’s equally important we take advantage of these outlets to reduce risk and add value to our businesses. Treasurers who embrace and utilise technology will separate themselves from the pack in the future.
Based on where we have seen inflation in recent months, even with rising interest rates, I think a recession is likely. However, treasury professionals become indispensable in times of financial turmoil. CFOs need a steady set of hands to help reduce risk, maintain cash flow, drive working capital efficiencies and provide innovative ideas around liquidity.
Ensuring businesses have enough headroom on covenants and sufficient liquidity to weather any storm will be paramount for treasurers throughout this period. Banking relationships may be put to the test as businesses may be faced with difficult situations, so foster these relationships and keep your banks abreast of business performance. It’s best to address issues head-on and work collaboratively with banking partners to find innovative solutions should any challenges arise.
I would tell my younger self to throw a bit more effort into building professional relationships with my peers, banks and also more senior treasurers. Early on in my career I found networking quite intimidating as I never wanted to say the wrong thing or be perceived badly. It wasn’t until later in my career that I realised the true importance of a strong network and I had to double down on making those connections.
The ACT was a huge support in this as I used the Mentor Me scheme to connect with my mentor and created strong relationships with peers through my Advanced Diploma programme, Future Leaders in Treasury group and ACT Council. ACT events such as the annual conference and annual dinner also provide ideal opportunities to continue to build these connections.
Remember, the ACT is here to serve its membership! Utilise the organisation as much as you can to help build and develop your career through exams, networking opportunities and the wealth of technical resources the association provides.
Courtney Huggins is director of group treasury at Canary Wharf Group, and ACT vice president and chair of the ACT’s Future Leaders in Treasury group