UK finance chiefs and treasury teams are navigating impending regulatory compliance issues as well as the uncertainty of complex Brexit scenarios. Understanding the implications of key regulations will be helpful to build a compliance strategy. While some compliance burdens are directly related to banks, the knock-on effect is that corporates are not able to readily access cash. Additionally, organizations who are reliant on spreadsheets to manage their compliance obligations are too lean to deliver critical decision support to help reach growth objectives.
Making payments is generally an expensive process for large organizations, in terms of both time and money. The process tends to be particularly expensive when an organization has its own in-house bank connectivity for connecting its payment systems to its bank – connectivity that is maintained either by its own internal IT function or by an external consultancy.
During my years as a CFO, I would share this formula with my team: NP + E ≠ P. Spelled out, it means non-performance plus an excuse do not equal performance. I let my team know it fell under E to discuss their reasons for failure to deliver on commitments.