Editor's letter
What have we learnt from 2020? Many millions of words have been written and uttered about a year that upended just about all received wisdom on how we work and how we function together. And yet, I suspect, many of us are shaking our heads over the sheer scale of unanswered questions. We wonder how long before the health crisis begins to resolve; about the appearance of a vaccine that might throw the progress of COVID-19 into reverse; about how much further stimulus spending can be expected to hold up; and about the beginnings and shape of the eventual economic recovery.
We’ve learnt that technology can be an incredible enabler and that business activities are much more readily adaptable to the home front than we’ve previously been prepared to allow. The pandemic has shaken up our groupthink, and our organisational norms and our cultures have evolved accordingly. We’ve had to move from presenteeism to trust (good); from the nine-to-five to individually set timetables that get the job done while accommodating varied and demanding dynamics at home (good in parts). And some of us may have had to accept personally and on behalf of our teams that winning doesn’t necessarily matter in today’s context, while agreeing, slightly grimly perhaps, that we don’t want to merely survive, either.
This year’s Association of Corporate Treasurers (ACT) Annual Conference, held virtually in October, proved once again the importance of tapping into the ACT’s collective expertise and experience. Delegates had access to online networking and heard from eminent economists, politicians, pollsters, regulators and bankers. There was a wealth of technical expertise on offer on subjects ranging from treasury technology to risk management, from FX to LIBOR, from leadership to resilience – insights that should stand treasurers in good stead as they address the challenges of this year and the next. You can learn more from our review starting on page 26.
In this issue we also celebrate our Future Leaders in Treasury group – four of whom discuss the nature of risk in 2020 on page 10; and on page 16 we hear from senior treasury professionals on how this year has challenged their perceptions, both professional and personal. Also on offer are insights into the evolution towards digitisation taking place in the Middle East (page 36); and a review of the issues high on the profession’s agenda for 2021 from the ACT’s policy and technical team (page 30).
As we head towards the end of the year and 2021, reflective and questioning frame of mind is only likely to continue. Treasurers are renowned for their analytical skills and ability to see the bigger picture – qualities that will continue to be in demand.
I wish everyone well for the rest of the year and into 2021.
thetreasurer@thinkpublishing.co.uk
Follow us on Twitter @thetreasurermag
THIS ISSUE'S CONTRIBUTORS
ANDY LOPATA has been described as one of Europe’s leading business networking strategists by the Financial Times. He is a fellow and board member of the Professional Speaking Association UK and Ireland, and a fellow of the Learning and Performance Institute. His piece on networks and social capital under lockdown is on page 14
ANIL KHURMI is a consultant at Zanders and helps organisations unlock the benefits of treasury technology. He has also worked as an independent consultant and with KPMG’s treasury advisory team. His experience spans organisations of many sizes and sectors. His article on treasury technology can be found on page 24
JULIA FORDHAM is a treasurer specialising in financial services. Her treasury career includes investment banking, insurance and fintech. A member of the advisory panel to the ACT’s policy and technical team, she summarises the technology and LIBOR sessions from this year’s ACT Annual Conference on page 26
