Fraud Attempts Increase but Prevention Not a Top Priority for Corporate Treasurers
May 18, 2016
- More than half report more strategic roles, and 30 percent provide counsel to executive team
- 100 percent cash visibility eludes treasurers, less than 60 percent report having visibility over 80 percent of global cash, Kyriba /ACT 2016 Annual Survey Finds
London, May 19, 2016: Kyriba Corp. today announced the results of the Kyriba / Association of Corporate Treasurers 2016 annual treasury survey. The survey reveals that resource-strapped treasurers face 19 percent greater risk of fraud; responsibility of liquidity management increased 17 percent; and 36 percent continue to use spreadsheets despite error, inefficiencies, and lack of controls.
"The findings of the Kyriba / ACT 2016 Annual Survey clearly show that CFOs and Treasurers are embracing treasury technology to become more influential within their organization," said John Campbell, VP sales northern Europe at Kyriba. "With fraud, risk management, and a heightened focus on unlocking cash and working capital consuming more of treasury's time, treasurers will benefit from modular cloud treasury management solutions that simplify implementation and align perfectly with treasury's expanding needs."
“The ACT is delighted with its long-standing partnership with Kyriba on this important survey,” said Peter Matza, ACT Engagement Director. “A comprehensive picture has been established over several years that makes clear the importance of treasury technology to the successful running of a contemporary corporate treasury operation.”
Findings are based on the insights and opinions of a cross-section of 332 finance and treasury professionals from companies of all sizes and geographies. Respondents were all members of the ACT. Key findings include:
- Sixty-two percent of participants reported had been actual or attempted target of internal / external fraud (up from 43 percent in 2015)
- Those that had suffered from fraud, identified losses of up to $2.5m through single incidences
EXPANDING TREASURY RESPONSIBILITIES
- Treasurers taking responsibility for group liquidity management, including investment and borrowing has grown from 67 percent in 2015 to 84 percent in 2016.
- Half of respondents noted that they provide strategic financial analysis, compared with 39 percent a year ago, while 30 percent are acting as counsel to the executive team (2015, 24 percent).
- In 2015, 70 percent of respondents were responsible for cash position reporting and forecasting while in 2016, this has increased to 84 percent.
OPPORTUNITY TO IMPROVE
- Thirty-six percent of companies use spreadsheets, burdening small treasury operations with manual tasks
- While treasurers are far less confident in their working capital performance: fewer than half (47 percent) of participants said that they performed well or extremely well in this area.
The full report on the survey can be found online at Kyriba / ACT 2016 survey. Please cite Kyriba and the Association of Corporate Treasurers when citing the research, and provide links back to kyriba.com and treasurers.org.
To learn more about Kyriba, visit kyriba.com, kyriba.com/blog and follow us on LinkedIn, Facebook, and Twitter.
Kyriba is the global leader in cloud treasury solutions, delivering Software-as-a-Service (SaaS) treasury technology to corporate CFOs and Treasurers. More than 1,500 treasury clients use Kyriba to deliver global cash visibility, improve financial controls, and increase productivity across their cash and liquidity, payments, supply chain finance and risk management operations. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Tokyo, Singapore, Dubai, Hong Kong, and Rio de Janeiro. To learn how to be more proactive in your treasury management and drive business value, contact [email protected] or visit kyriba.com.
Daniel Shaffer, Head Global Media Relations
[email protected], +1-858-263-2218
About the ACT
The Association of Corporate Treasurers (ACT) sets the benchmark for international treasury excellence. As the chartered body for treasury, we lead the profession through our internationally recognised suite of treasury qualifications, by defining standards and championing continuing professional development. We are the authentic voice of the treasury profession representing the interests of the real economy and educating, supporting and leading the treasurers of today and tomorrow.
Sharon Newell, Head of Marketing & Communications
[email protected], +44 (0)20 7847 2540 Read More