Banking and connectivity
The current climate for corporate treasury is one of considerable uncertainty. While this uncertainty is manifesting itself in different ways, the outcome of last year’s Brexit referendum has particularly underscored the need for treasurers to be prepared for every eventuality. Unfortunately, this is not always the case: more than half of CFOs had not put in place a Brexit contingency plan before the vote, according to research published by Deloitte in April 2016.
Fraud and cybercrime have been a concern for corporate treasurers for several years, and this past year showed us that there is a new risk to consider: connectivity. The stories of banks being hacked and losing millions through unauthorized payments shook the industry, since protecting payment connectivity workflows was low on the priorities list for treasury.
While unfortunate for those involved, there are valuable lessons to be learned for the rest of us in treasury: