Fab 5 Questions for Treasury
Q1: Tell us about your career path and what particular experience has been most valuable to you along the way
One piece of advice that I received early in my career was to get as many varied experiences as possible and I have used this advice as a guiding principle throughout my career. My first job, after graduating from Villanova University was with PriceWaterhouseCoppers where I did not limit myself to only audit responsibilities, but also worked in both the tax and valuation departments. I continued employing this principle when I worked at Prudential Financial and over the course of 20 years served as a business controller, business CFO and assistant treasurer of the company. These experiences led me to my current position as treasurer for Assurant, Inc. I certainly took career risks, especially earlier in my career and I wasn’t afraid to make lateral moves. The value gained from those different experiences paid off for me in the long run.
Q2: What is the biggest challenge you currently face?
One area that continues to be a key focus for our businesses is privacy. As a global company, Assurant is faced with varied regulations and we spend a fair amount of time anticipating and being proactive in an ever-changing regulatory environment.
Q3: How is the performance of your treasury group measured?
For treasury operations, since this is considered a service function within Assurant, feedback from internal partners on how we are meeting their needs is a very important part of our performance measurement process. We also have set goals from an efficiency perspective, targets for costs and fees within our banking structure and how much value we generate from cash pooling.
From a company capital and liquidity management perspective, we have established with our Board key targets that we measure and report on each quarter. In addition, we consider different stress scenarios against those targets.
Q4: What takes up most of your time?
Assurant emphasizes an engaging and inclusive environment and it is important to me that my team is reflective of that culture. As a priority, I spend a fair amount of time on talent management - maintaining, challenging and developing the members of my team.
Also, we are currently working to implement a new treasury management system. With constant technological advancements, we determined earlier last year that a new system is needed to take full advantage of available capabilities, including enhancing forecasting of cash balances.
Q5: How has technology changed treasury?
Technological advancements have had a significant impact on the treasury function. Speed to gather, analyse and share information is now only a few clicks away, where in the past this activity could take many hours to days to complete. Big data and data analytics are becoming the norm to help better analyse transactions to improve customer and user experiences. We have also seen robotics play a bigger role in making certain tasks more efficient.
For Professional Clients and Eligible Counterparties only.
This document is issued by HSBC Bank plc (“HSBC”). HSBC is a member of the HSBC Group of companies (“HSBC Group”). Where this document refers to “you” it refers to you or your organisation.
The sales and trading department of HSBC may make markets in instruments or products to which this material relates. Accordingly, recipients should not regard this document as an objective or independent explanation of the matters contained herein.
This document has not been prepared in accordance with regulatory requirements designed to promote the independence of investment research and is not subject to the same prohibitions relating to dealing ahead of the dissemination of investment research. Information contained herein should not be regarded as investment research for the purposes of the rules of the Financial Conduct Authority or any other relevant regulatory body.
HSBC has based this document on information obtained from sources it believes to be reliable but which have not been independently verified. Opinions expressed may differ from the opinions expressed by other divisions of HSBC, including its research department. Opinions and estimates expressed are our present opinions only and may change at any time without notice. In addition, the analysis provided is not sufficient to inform an investment decision. Any charts and graphs included are from publicly available sources or proprietary data. Where information is from public sources, HSBC accepts no responsibility for its accuracy.
Any indicative trade details provided should not be regarded as complete or as representing the actual terms on which HSBC may trade. Figures included in this document may relate to past performance or simulated past performance (together “past performance”). Past performance is not a reliable indicator of future performance.
Reproduction of this document, in whole or in part, or disclosure of any of its contents, without prior consent of HSBC, is prohibited. This document is not intended for distribution to, or use by, retail clients as defined in the Financial Conduct Authority rules, or any person or entity in any jurisdiction or country where such distribution would be contrary to law or regulation. HSBC is under no obligation to keep current the information in this document.
This document is for information purposes and convenient reference. You are solely responsible for making your own independent appraisal of, and investigation into, the products, investments and transactions referred to in this document and you should not regard any information in this document as constituting investment advice. Neither HSBC nor any of its affiliates is responsible for providing you with legal, tax or other specialist advice and you should make your own arrangements in respect of this accordingly.
The issue of this document shall not be regarded as creating any form of adviser/client relationship, and HSBC may only be regarded by you as acting on your behalf as financial adviser or otherwise following the execution of an engagement letter on mutually satisfactory terms. Except in the case of fraudulent misrepresentation, neither HSBC nor any of its affiliates, officers, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or part of this material.
This document is a “financial promotion” within the scope of the rules of the Financial Conduct Authority Issued and approved for publication to Professional Clients and Eligible Counterparties only by HSBC Bank plc.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Registered in England No. 14259 Registered Office: 8 Canada Square, London, E14 5HQ, United Kingdom Member HSBC Group DISC1015MCTIUK.