You will have seen the jokes about this year: “Have we tried turning 2016 off at the wall, waiting a while and then turning it back on?” We’re close to the end of 2016, but the point still stands. The degree to which we have to rethink what we know, or think we know, about politics, the world order and how we do business across borders has been well and truly rebooted. There has been some analysis and survey data suggesting that business leaders are holding off on investment decisions. But, if anything, the rationale for deal-making and M&A activity seems to be gaining ground. It is to be hoped and certainly seems more likely that the impetus to move forward will more than outweigh the hesitancy and that the ‘how do I get things done?’ questions will direct business strategy and hopefully investment in technology and people, too. Trade agreements and norms are being challenged, for sure, as are institutions, such as the central banks and their activities. Boards will need to find answers amid the upheaval. However, as the Archbishop of Canterbury, who is the ACT’s ethical adviser, points out in his Christmas message on page 17, challenging received wisdom is an imperative all on its own. Independent thinking is what is needed in turbulent times. This month in The Treasurer a panel of prominent treasurers took the time to explore some of the threats and opportunities they face as we head into 2017: from currency volatility to persistently low interest rates; from supply chain finance to the possibilities within technological innovations. Thanks go to our participants for sharing their views, which you can see on page 24. In November, some 170 treasurers gathered in London for the ACT Treasury Forum. In discussion groups, they looked at how to approach investable cash, address cyber risk, regulatory realities and global cash management challenges. We track their findings and views on page 18. In our profile for this issue, we talk to Amanda Bradley, director of risk & strategy in the audit & assurance function at GSK. A treasurer by background who has spent 10 years in the profession, four of them as senior director of the global treasury consultancy at GSK, Bradley is a forward-thinking operator who looks five years down the track to assess the risks GSK is likely to face. Read about how the MCT gave her a platform and credibility to talk about risk at the highest levels in a multinational business, on page 20. I hope you enjoy the festive season and wish you a Happy New Year. -Liz Loxton, editor
