The problems associated with spreadsheets are well documented. From the risk of errors to the lack of security controls, there are many reasons why treasurers should avoid using spreadsheets as their primary management tools.
World events over the last 18 months have resulted in some significant currency movements – and many European companies have suffered as a result. Deutsche Telekom, for example, reported that net profit was down 18% last year when the company’s stake in BT lost value “mainly as a result of a fall in BT’s share price and in the pound sterling following the Brexit referendum.” Meanwhile, EasyJet reported pre-tax losses of £212m in the first half of this year, largely due to the weaker pound.
Kyriba recently held a webinar attended by more than 500 treasury professionals that focused on the critical importance of business continuity planning (BCP) for treasury.