A multi-national company with a centralized treasury located in Europe managing substantial treasury activities is concerned that treasury policy is appropriate, complete and relevant, and that procedures are not designed and properly documented to ensure that operational risks including fraud, unauthorised position taking, error, regulatory breakdown and cyber risk are minimized.
The two main challenges are to undertake an objective and impartial review of policy, and to find the time within a busy schedule to assess and develop the procedures properly.
Based on a detail review of the business and financial risks and objectives of the Group, FTI Treasury developed a treasury policy addressing each of the following areas so that they contribute to the Group’s business and financial objectives:
Procedures were reviewed, assessed, upgraded and documented by:
Understanding the business context from the policy review
Understanding the treasury infrastructure in respect of technology, roles and responsibilities and authority
Walk through daily processes and procedures with front line personnel in respect of all treasury activities
Recommend upgrades to existing procedures that enhance the operational control environment.
Documenting, illustrating and validating existing procedures in a structured and logical manner.
The organization has a treasury policy that is relevant to their objectives and ‘fit for purpose’, and it can be approved by the board based on an independent assessment.
Procedures are in line with a best practice control environment and are documented for clarity, knowledge share and staff training purposes.
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