Experts on Activating Liquidity - treasurersroundtable.org · liquidity as a dynamic, real-time...

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Experts on Activating LiquidityLeverage technology to optimize treasury and finance extend visibility and controls and maximize enterprise value

2

INTRODUCTION Active Liquidity ManagementManaging liquidity has never been easy but new technologies are making it easier With ease comes speed accuracy and efficiency enabling treasury to more effectively see move and protect cash and generate increased business value However activating liquidity while navigating volatile markets can be difficult So how does treasury leverage technology to activate liquidity and generate new growth and what does it gain by doing so

With the generous support of Kyriba we explored this question in greater detail by asking seven treasury management experts from different industries the following questions

1 How does expanding the scope of treasury to be inclusive of cash risk payments and working capital increase enterprise value

2 How do you most effectively manage FX risk exposure and why is it important to do that

3 What are the advantages of centralizing and standardizing global payment processes through a single system

4 What are the advantages of centralizing the management of free cash flow and liquidity in your organization

5 What level of integration is necessary to get a true real-time view of cash and liquidity and how would that real-time data enhance decision making and performance

Their insights are collected in the five chapters of this eBook In reading them I was struck by how different the challenges are for their businesses and how they all benefit from greater visibility into cash payments risk and working capital If you are involved in treasury and finance I believe you will appreciate this glimpse into the value of a holistic treasury view

copy 2020 Mighty Guides Inc I 9920 Moorings Drive I Jacksonville Florida 32257 I 516-360-2622 I wwwmightyguidescom

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These authoritative and diverse guides provide a full view of a topic They help you explore compare and contrast a variety of viewpoints so that you can determine what will work best for you Reading a Mighty Guide is kind of like having your own team of experts Each heartfelt and sincere piece of advice in this guide sits right next to the contributorrsquos name biography and links so that you can learn more about their work This background information gives you the proper context for each expertrsquos independent perspective

Credible advice from top experts helps you make strong decisions Strong decisions make you mighty

All the best David Rogelberg Editor

3

CFOs have a tough balancing act ndash trying to pursue strategic growth initiatives while minding the right level of risk And recent global events have exacerbated this challenge

The answer to solving this problem lies in Active Liquidity ndash an approach to treasury and finance that elevates the impact of liquidity to generate new market value even in volatile markets

Kyriba is excited to sponsor this eBook in which seven treasury leaders lend their expertise to the concept of Active Liquidity and the key pieces that it encompasses ndash optimizing cash payments and risk to generate business value

You will find in this eBook that Activating Liquidity puts organizations on a path to new value creation enabling them to

bull Expand the abilities of treasury and finance using liquidity as a lever to build value

bull Extend visibility and controls to see move protect and grow cash

bull Transform data into intelligence and drive action to maximize enterprise value

Kyriba is a proud sponsor of this Mighty Guide and we hope that the insights given by these treasury executives give you a deeper understanding of the benefits of Active Liquidity and how insight into global cash liquidity and exposure can help you execute your treasury strategies more easily and efficiently Please enjoy this guide

Best regards

Bob StarkVice President StrategyKyriba

Kyriba empowers CFOs and their teams to transform how they activate liquidity as a dynamic real-time vehicle for growth and value creation while also protecting against financial risk Kyribarsquos pioneering Active Liquidity Network connects internal applications for treasury risk payments and working capital with vital external sources such as banks ERPs trading platforms market data providers and other financial institutions Based on a secure highly scalable SaaS platform that leverages artificial and business intelligence on an API-enabled architecture Kyriba enables thousands of companies worldwide to maximize growth opportunities protect against loss from fraud and financial risk and reduce costs through advanced automation Kyriba is headquartered in San Diego with offices in New York Paris London Tokyo Dubai and other major locations For more information visit wwwkyribacom

FOREWORD

CHAPTER 1

Value of Treasury Management 07

CHAPTER 2

Managing FX Risk 18

CHAPTER 3

Centralizing Global Payments 31

CHAPTER 4

Working Capital Management 44

CHAPTER 5

Holistic View 57

TABLE OF CONTENTS

4

MEET OUR EXPERTS

ADAM DAY AVP amp Associate Treasurer

Rutgers The State University of New Jersey

PATRICK GRAMLING Chief Financial Officer The IRONMAN Group

ANTHONY KWONG Deputy Chief Financial Officer Gemini Rosemont Commercial

Real Estate

ROB MACNEIL Global Treasury Risk Manager

Cooke Inc

KJELL AANSLOEKKEN Director of International Treasury

MTD Products Inc

TOM PITTET Vice President Investor Relations

Chart Industries Inc

MATTHEW HANSEN Assistant Treasurer

Marriott Vacations Worldwide Corporation

Payments can be simple mdash with KyribaDRIVE

INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY

FORMATTRANSFORMATION

PAYMENTCONTROL

7

VALUE OF TREASURY MANAGEMENT

CHAPTER 1

Treasury plays different roles in different organizations but many companies particularly global organizations and those with complex funding requirements have found value in making treasury a more strategic player in cash and liquidity management In looking more closely at what treasury has to offer itrsquos apparent that its value goes beyond just greater operational efficiencies

We explored treasuryrsquos role by asking our experts the following question

How does expanding the scope of treasury to include cash risk payments and working capital increase its value to the enterprise

7

8

ldquoWhen you look at cash risk payments and workingcapital holistically yoursquore able to manage them moreclosely and make better decisions about tradeoffsrdquo

Cash risk payments and working capital are all closely related and managing them involves tradeoffs When you look at these elements holistically yoursquore able to manage them more closely and make better decisions about those tradeoffs

For most traditional higher education institutions cash flows are relatively predictable and consistent The tuition cycle drives much of this flow Therersquos also research which can be variable but is typically steady With research you have expenses such as payroll and supplies you then invoice the sponsor after the fact Those expenses tend to be consistent without huge spikes Invoicing and cash receipts tend to be consistent as well Endowment income is also part of the pie All endowments work more or less the same way They have a return target which could be something like seven eight or nine percent annualized Then a distribution policy sets a value for distribution to the universitymdashsay four percentmdashthe idea being that it can go on forever The goal of the endowment is to earn enough to keep up with inflation provide a predictable distribution to the university and maintain its value indefinitely

Adam Day is AVP amp associate treasurer at Rutgers Universitywith responsibility for the universityrsquos treasury function including day-to-day treasury operations cash and liquidity investment of working capital management of debtand the internal bank and oversightof the risk managementand insurance function Adam is a certified treasury professional (CTP) and holds a BA in economics from Rutgers University and an MBA from NYUrsquos Stern School of Business

Adam DayAVP amp Associate Treasurer Rutgers The State University of New Jersey

9

We try to forecast and manage our cash and our investments closely to avoid borrowing too much or not investing enough That practice extends to many things including operational cash flow capital investments and risk For instance how much do we self-insure versus spending on purchased insurance How do we manage interest rate risk and foreign exchange risk A holistic view of treasury makes it possible to balance all these things

10

ldquoPoorly managed treasury can have a big negative effect on enterprise value Companies donrsquot go bankrupt because they report bad numbers They struggle because they run out of cashrdquo

If you want to feel the pulse of a company dig into treasury Thatrsquos where you will see whatrsquos happening Accounting and financial reporting often tend to be after the fact You record what happened but therersquos nothing you can really do about it because itrsquos not actionable Treasury is where you can really feel the lifeblood of the operation and a big part of that is looking forward Yoursquore trying to preemptively avoid any type of risk You are engaged in liquidity planning

Treasury plays a crucial role in creating value in the business whether itrsquos managing liquidity to support internally funded initiatives or enabling borrowing or buying back stock That forward-looking perspective helps avoid issues that can negatively affect value The flip side of the value question is that poorly managed treasury can have a big negative effect on enterprise value Companies donrsquot go bankrupt because they report bad numbers They struggle because they run out of cash Anticipating liquidity needs and having access to liquidity in the right place and atthe right time is crucial

Kjell Aansloekken is the director of international treasury with MTD Products Inc a global manufacturer of outdoor power equipmentbased in Valley City OH Kjell led the implementation of Kyriba at MTD whichhas transformed the treasury processes company wide and allowed for standardization automation and efficiency improvementsPrior to MTD he was the treasury managerwith IMG Worldwide and treasury analystand later treasury manager with ElectroluxKjell has 16 years of in-depth treasury experience after two years of accounting experiencewith a firm in his native country of Norway

Kjell Aansloekken Director of International TreasuryMTD Products Inc

11

It seems that more and more demands are being placed on treasury these days Itrsquos no longer just about moving operating cash around or ad hoc management and operational questions about where the money is going Organizations are looking for proactive cash management They want to see how corporate activities are being funded and how debt is being managed at all times Strategic involvement by treasury is critically important to manage capital more efficiently and in ways that reduce an organizationrsquos risk exposure

Treasury decisions trigger other decisions that have a cumulative effect on how the business moves forward That forward-looking perspectivemdashand applying it more strategically in the business overallmdashenhances the businessrsquo value

Starting his career in Hong Kongin Asiarsquos financial hub Anthony has spent his early career in financial accounting reporting and compliance With global vision being cultivated he moved to the US and is currently deputy chief financial officer of Gemini Rosemont a commercial real estate investment firm basedin Los Angeles He is running local and international finance and treasury management financial accountingand tax for global investors in this real estate investment platform

ldquoOrganizations are looking for proactive cash managementThey want to see how corporate activities are being fundedand how debt is being managed at all timesrdquo

Anthony Kwong Deputy Chief Financial Officer Gemini Rosemont Commercial Real Estate

12

ldquoThe more treasury is involved the more that other parts of the business listen to treasury or involve it in the decision-making processes the better off the organization is as a wholerdquo

Treasury has the ability to increase enterprise value if it is structured the right way Some companies keep working capital management within the treasury realm and some do not The treasury mindset of being as aggressive as possible in managing working capital coupled with treasuryrsquos knowledge of the tools available to do that enable the business to get the greatest value out of its working capital Sometimes companies make accounts payable and receivable back-office functions As a result they arenrsquot pushed to be as aggressive as they could be with working capital or work to maximize those numbers

From an insurance perspective risk management is really just balance sheet management Itrsquos a question of deciding which risk you want to take off the table and pay for and which risks yoursquore willing to take within the organization In the end itrsquos a cash and balance sheet management decision Treasury adds value there

Tom Pittet is the vice president investor relations at Chart Industries Inc (NASDAQ GTLS) He joined the company in April of 2017 serving as the director of treasury and has served various roles in investor relations tax and treasury Prior to joining Chart he served various roles with Fiserv Inc (NASDAQ FISV) Global Payments Inc (NYSE GPN) and United Parcel Service Inc (NYSE UPS) Mr Pittet holds a Bachelor of Business Administration in computer information systems from Georgia State University and is a certified treasury professional

Tom Pittet Vice President Investor Relations Chart Industries Inc

13

One thing thatrsquos often difficult for treasury is bringing value to the business Treasury works in capital markets to provide liquidity for the organization beyond that treasury is more a cost center that maintains bank accounts and manages cash Without becoming more strategic and looking at the overall company and cash flow itrsquos more difficult for treasury to add value The more treasury is involved the more other parts of the business listen to treasury or involve it in the decision-making processes the better off the organization is as a whole

14

Having a total view of all aspects of cash and risk is critical and actively managing liquidity increases enterprise value Even for companies that are not publicly traded if you take a step back and think of it as the value of the enterprise making yourself more liquid increases value to the extent that yoursquore able to meet future obligations make investments and grow Itrsquos critical and it requires close management daily

To gain that view treasury must work closely with accounts payable to manage payments It must manage cash and finance working capital Treasury must touch everything that has any effect on cash If itrsquos coming in the door treasury needs to see it If itrsquos going out the door treasury needs to see that too If itrsquos financial risk treasury needs to manage it Treasury must be involved in planning for all these things When it is treasury increases the value of the enterprise as a whole

Rob MacNeil leads global treasury at Cooke Inc Before joining Cooke he worked in corporate treasury for a multinational oil company and in corporate banking for a Canadian bank He earned his Masterrsquos in Business Administration from McGill University and his Bachelor of Arts from Hamilton College Rob is a Chartered Financial Analyst charter holder and received the certified treasury professional designation from the Association of Financial Professionals

ldquoMaking yourself more liquid increases value to the extent that yoursquore able to meet future obligations make investments and growrdquo

Rob MacNeil Global Treasury Risk Manager Cooke Inc

1515

Matthew Hansen has nearly twenty years of experience working in global financial markets He joined Marriott Vacations Worldwide Corporation in 2005 and currently serves as the assistant treasurer where he manages the companyrsquos capital markets activities and interest rate currency risk management programs Matt earned a BS from the University of Central Florida and is a CFA charterholder

ldquoEfficiencies are gained and cost-saving opportunities arise when less human resource time is required With that you get better liquidity management improved cash forecasting more accurate identification of currency risks optimization of working capital and improved bank relationshipsrdquo

Matthew Hansen Assistant Treasurer Marriott Vacations Worldwide Corporation

When you talk about active liquidity management yoursquore talking about moving from operational treasury management to strategic treasury management Moving to strategic treasury management has several benefits Efficiencies are gained and cost-saving opportunities arise when less human resource time is required for the day-to-day blocking and tackling of treasury operations In this way the treasury team spends more time on strategic initiatives which enables it to take on more of a leadership role in the organization With that you get better liquidity management improved cash forecasting more accurate identification of currency risks optimization of working capital and improved bank relationships

A strategic treasury team can positively impact the weighted average cost of an organizationrsquos capital and that flows straight to the bottom line in the form of net profit on the income statement In addition treasury can optimize working capital and minimize the amount of debt outstanding at any given time That too affects the bottom line which drives stakeholder value and shareholder value within any publicly traded company

16

ldquoAs the company improves its ability to manage its cash we can put more cash to workrdquo

In our business treasury handles everything related to cash and working capital management including accounts payable accounts receivable and foreign exchange risk management We put on events all around the world and the cash these events generate funds new events The more cash trapped on our balance sheet that we can unlock the more events we can acquire without having to find other sources of capital

This process increases the value of the business because as the company improves its ability to manage its cash we can put more cash to work We put on 250 events a year throughout the world and we have more than 100 bank accounts around the world At any given time we have a lot of cash on the balance sheet Our growth is based on our ability to either build events from scratch or acquire existing events Value grows as we grow the business so being able to unlock trapped cash is a way to continue to grow our business

Patrick Gramling chief financial officer of The IRONMANreg Group has more than 15 years of experience as the leader of financeaccounting teams Since joining The IRONMANreg Group in 2012 he has completed a sale of the company an IPO two refinancings and more than 40 international acquisitions Prior to IRONMAN Patrick served as an EY assurance partner where he had more than 19 years of experience

Patrick Gramling Chief Financial Officer The IRONMAN Group

17

Key Points

bull Cash risk payments and working capital are all key factors in activating corporate liquidity but managing them involves tradeoffs When you look at them holistically you can manage them more closely and make better business decisions

bull A strategic treasury team can affect the weighted average cost of an organizationrsquos capital and that flows straight to the bottom line in the form of net profit on the income statement which drives stakeholder value and shareholder value

bull The more treasury gets involved and the more other areas listen to treasury or involve it in the strategic decision-making processes the better off the organization is as a whole

18

MANAGING FX RISKCHAPTER 2

The risk of losing money through poor foreign exchange (FX) management is an ongoing concern for companies that have global operations Lack of visibility into currency exposures and inaccurate forecasting make FX risk-mitigation decisions difficult yet taking no action can be just as costly as taking the wrong action

To learn more about how people manage their FX risk and why itrsquos important to do so we asked our experts the following question

How do you most effectively manage FX risk exposure and why is it important to do that

18

19

ldquoManaging FX risk for ongoing business activities is challenging because it requires predictive analysis based on a lot of internal information about incoming and outgoing cashrdquo

There are two aspects to FX risk management There is the accounting translation risk of cash sitting in overseas bank accounts and the gains or losses you can realize when you repatriate that cash Then therersquos the transaction risk of business activities such as receivables or payables in those foreign currencies Both of these risks can affect profit and loss

Managing cash in foreign banks is a traditional treasury management function carried out through a treasury management system that tracks bank balances Managing FX risk for ongoing business activities is challenging because it requires predictive analysis based on a lot of internal information about incoming and outgoing cash That information may be scattered around the organization It could be in an enterprise resource planning (ERP) system as payables and receivables but then there are contract-based activities that have not yet been recorded as a payable or receivable As a result itrsquos difficult to find the information that will give you the predictive insights you need to manage FX risk for business activities It requires relationships with local business managers a process for collecting that information and making sure that those managers understand what you need and why itrsquos important Tools that consolidate that information are a big help in managing FX risk

Adam Day AVP amp Associate Treasurer Rutgers The State University of New Jersey

Adam Day is AVP amp associate treasurer at Rutgers Universitywith responsibility for the universityrsquos treasury function including day-to-day treasury Operations cash and liquidity investment of working capital management of debtand the internal bank and oversightof the risk managementand insurance function Adam is a certified treasury professional (CTP) and holds a BA in economics from Rutgers University and an MBA from NYUrsquos Stern School of Business

20

ldquoAccurately understanding your FX exposure is key to hedging properly and avoiding costly mistakesrdquo

Accurately understanding your FX exposure is key to hedging properly and avoiding costly mistakes If you think you have a certain exposure but itrsquos something different from an accounting perspective putting a hedge against that exposure could create an entirely different situation Yoursquove paid to put an FX trade in place and yoursquove put your balance sheet out of balance which increases your risk Now you have a compounding problem Itrsquos vital that the information coming into your process is 100 percent accurate and that you understand how all the pieces fit together Otherwise you could be creating FX exposure instead of mitigating it

To avoid that and properly manage risk your organization requires access to all the information coming into treasury It must understand where information gaps exist Every company is different Some have the luxury of all the information coming through one channel into one system which makes it easy to pull that information out Most organizations however have multiple back endsmdasha challenge when the company is global and dealing with different currencies



21

You really have to understand your back end how itrsquos put together and where the gaps are when yoursquore trying to consolidate this information to get a global view One missing legal entity or bank account can throw off your hedge

We work with Kyriba to monitor our exposures in real time Kyriba gives us the insight we need to make decisions about how much we want to hedge Once we get to the point that wersquore hedging then wersquore working with our partner banks or placing hedges online through our brokerage accounts to execute those trades We monitor the activity which enables us to stay on top of our FX exposure

22

Visibility into cash flow across the different currencies that affect your business is essential We have tools in place that give us a good sense of our exposure both from a cash flow and a balance sheet perspective We have a policy in place and wersquore active and opportunistic in how we manage our foreign exposure

We actively monitor about 20 currency pairs 10 of which directly affect our operations because of our business activities in particular countries Many of the worldrsquos businesses sell in US dollars despite not being in the United States We try to give our customers the ability to pay in their local currency because wersquore comfortable that we can manage that risk That helps us provide benefits to our customers that may not be offered by other suppliers So we actively use currency management to potentially gain additional business

ldquoVisibility into cash flow across the different currencies that affect your business is essentialrdquo



23

ldquoCompanies that are not confident in their data can find themselves executing on lower hedge ratios which would reduce the effectiveness of any hedge program Even worse they may not feel it prudent to hedge at allrdquo


We operate not just here in the United States but in the Caribbean Europe and Asia The FX picture is complicated not just because of the number of currency risk exposures but also due to the fact that some markets have currency controls For example in Indonesia we have to be mindful of how we think about currency risk not just in terms of our activities but also with respect to market regulations

We use our ERP tool to identify currency risk exposures We have standard policies that require local teams in foreign markets to coordinate their cash and currency needs with the centralized corporate treasury function That way we can effectively track the related currency risk exposures in real time We execute currency trades through a digital platform that provides us with currency pricing transparency and competitive bidding by currency dealers We use the same platform for trade settlement It gives us an efficient end-to-end solution We would not have that efficiency through the more traditional methods of currency trading over the phone and currency settlement over email


24

The key to making all this work is visibility into your cash flow and currency data Companies that are not confident in their data can find themselves executing on lower hedge ratios which would reduce the effectiveness of any hedge program Even worse they may not feel it prudent to hedge at all given the uncertainty and lack of confidence they have in the data Also they would miss natural hedging opportunities Hedging currencies through derivatives involves carrying costs that you can avoid if you can take advantage of natural hedging opportunities That becomes difficult without good data visibility

25

Any large company engaged in global transactions needs to pay close attention to its FX exposure That requires systems that can monitor cash and currency data and track hedging instruments There are many ways to hedge FX Treasury relies on expertise software tools currency reports and real-time cash analysis to manage these elements Treasury must understand whatrsquos happening in the countries in which the company operates Otherwise the loss could be significant

Our business acquires commercial properties in the United States so we donrsquot have significant risk exposures from foreign currencies We monitor currencies but not to the same extent as companies that manage many global transactions every day

Our greatest exposures from foreign currency involve the capital injection to our fund and distributions to international investors However those are predictable We know that when we earn money we will be moving capital into our fund so it becomes a matter of timing

ldquoTreasury relies on expertise software tools currency reports and real-time cash analysis to manage these elements Treasury must understand whatrsquos happening in the countries in which the company operates Otherwise the loss could be significantrdquo



26

ldquoUncontrolled variances in areas like FX create uncertainty that can be challenging to manage We want to make sure that we protect ourselves economically against known volatilitiesrdquo

The best way to manage FX exposure depends partly on the type of business yoursquore in For example is your business publicly traded or privately held Is it a high-margin or low-margin business and how much impact does currency volatility have on that margin How do you sell product internationally Some companies need to keep a close watch on operational and currency data others perhaps not so much

In our case we are not a publicly-traded company We have a little more flexibility to take a holistic economic view of how to manage FX and not just attempt to reduce the impact to EPS for any given reporting period We ship product thatrsquos built in the United States overseas charging for that inventory in US dollars In a way wersquore exporting our currency exposure Now in treasury we inherit that exposure For example when an overseas affiliate buys that inventory we are giving them US dollar exposure We manage that process by hedging the exposure from a settlement perspective We track forecasts and sometimes purchase orders and invoices to our overseas affiliates to estimate the exposures The focus is on reducing risks and protecting our margins



27

Tracking FX risk is important and can have a big impact on our financials Uncontrolled variances in areas like FX create uncertainty that can be challenging to manage We want to make sure that we protect ourselves economically against known volatilities

28

ldquoThe risk of not having good data about the cash you have and where best to keep it is that you run the risk of that currency devaluing and then all of a sudden you have less moneyrdquo

At the present time we have no automated way to manage FX exposure We manage currency risks with forward contracts and certain other derivatives but we currently donrsquot have any automated way to do that We have someone go to all our foreign bank accounts online every day download the balances and then key the numbers into a spreadsheet In that way we have a daily running total of our balances by currency

To some extent we are naturally hedged against currency fluctuations A large portion of our revenue comes from event registrations In nearly every country where we operate we accept registration fees in the local currency We also pay our bills in the local currency So to the extent that our expenses match our revenues therersquos no real currency risk The risk we have concerns the amount of local currency we take in above what we pay out in that local currency We donrsquot have a formal process yet to manage that so itrsquos a risk for us



29

We are implementing a treasury management system right now that will enable us to track currencies across different banks giving us real-time access to that information We have a way to get all the currency information from all the bank accounts into one place so that we can then absorb that information in real time into our treasury management system The treasury management system will really help us manage cash movements back and forth among countries Eventually it will help us predict our currency needs going forward with greater accuracy and more historical balance enabling us to move our cash more proactively

The risk of not having good data about the cash you have and where best to keep it is that you run the risk of that currency devaluing and then all of a sudden you have less money Thatrsquos the real risk for us not being able to move cash because you donrsquot have enough insight to know whether you should or can You always run the risk that just sitting there your cash is evaporating Our new treasury management system will enable us to make better decisions about that

30

Key Points

bull Companies that are not confident in their data can find themselves executing on lower hedge ratios which would reduce the effectiveness of any hedge program

bull Treasury has the expertise to manage FX risk but it needs tools that give it visibility into what currencies it has exposure to and where those exposures lie It must understand whatrsquos happening in the countries in which the business operates

bull Managing FX risk requires predictive analysis based on internal information about incoming and outgoing cash To avoid creating exposure rather than mitigating it you need access to currency data that is 100 percent accurate complete and timely so that you can act on that information and protect against currency risk

31

CENTRALIZING GLOBAL PAYMENTS

CHAPTER 3

Global payments are a continual challenge for treasury because of the number of people and banks involved in making payments the need to track a complex array of payment instructions and the possibility of both internal and external payment fraud Centralizing payments makes these challenges easier to manage but centralizing payments can itself be a challenge for some businesses

We took a closer look at global payment issues by asking our experts the following question

What are the advantages of centralizing and standardizing global payment processes in a single system

31

32

ldquoDealing with foreign payments adds an extra layer of complexity that makes it more difficult to mitigate fraud Centralizing all payments through treasury can help reduce the opportunity for payment fraudrdquo

There are two big challenges related to global payments The first is having payment instructions in advance Without that forward-looking information yoursquore operating in a spot environment The key is having the payable information as soon as possiblemdashmaybe 45 days in advance Ideally you want that information in your system Then you can decide whether to hedge before the actual payment execution

The other big challenge is protecting against payment fraud whether domestic or international Multiple risks exist here The most common risk is business email compromise Such compromise can lead to a change in vendor payment instructions so that the next time an invoice is processed yoursquore sending it to a fraudster instead of to the actual vendor



33

Fraud in international payments can be particularly challenging because of language and time zone differences In addition vendor relationships are often held locally rather than through a central or corporate procurement or accounts payable department When changes are made the process becomes cloudier Itrsquos not necessarily the trained procurement person who knows the correct process for validating a change Such people are dealing with their own internal departments and differing systems may handle different aspects of the relationship For instance vendor self-enrollment may be done in the United States but not for foreign payments Dealing with foreign payments adds an extra layer of complexity that makes it more difficult to mitigate fraud Centralizing all payments through treasury can help reduce the opportunity for payment fraud

34

ldquoA centralized system greatly reduces the chance of payment fraud a growing area of pain and concern around the worldrdquo

Key advantages of a centralized payment system are visibility and control for the treasury department We donrsquot want treasury to get in the way of doing business but we do want to have that final check Ultimately treasury has full responsibility for all the bank accounts and all the cash in the organization We want to make sure that all the checks and balances are designed so that treasury gets a last look Treasury is there to create the mechanism for the payment so that the business can operate Wersquore there to make sure therersquos enough cash or if we have to borrow wersquore sure the liquidity is there We need to know that wersquore going through the optimal bank accounts and currencies Having one system and one point of visibility enables us to do that with two or three staff members as opposed to 20 staff members around the world looking at everything locally

Another big advantage of a centralized payment system is scalability With a centralized system itrsquos easier for treasury to ask the technology provider to set up a new vendor or new bank and get the data flowing It all happens in the background with little paperwork



35

Also a centralized system greatly reduces the chance of payment fraud a growing area of pain and concern around the world With a centralized system treasury can quickly find all the account reconciliation information it needs to research a questionable payment Without that information some staff member may have to call somebody in the United Kingdom or China or Hong Kong to do the research and then get back with the information Treasury may need to sign in to 15 different bank platforms with everybodyrsquos bank statements a little different Thatrsquos just to find the transaction Then therersquos the research to see if something isnrsquot right Having all that information in one spot and being able to click through it in real time enables you to work quickly and efficiently with minimal staff involvement

36

One centralized global payment system makes it possible to create one standard payment process For example wersquore creating a centralized process in which AP owns the vendor relationship and treasury owns the cash It is a segregation of duties AP is given a budget speaks to the vendors manages invoicing and initiates payments Treasury makes cash available for those payments and releases payments to the extent that the payment runs remain within budget This approach provides checks and balances in the payment system and it is uniform globally It also provides a structure that helps prevent payment fraud

We use Kyribarsquos payments and fraud modules to help mitigate both internal and external payment fraud Centralizing the payment process and creating the segregation of duties helps eliminate opportunities for internal payment fraud To address external payment fraud risks we use Kyribarsquos fraud module which enables us to set up scenario-based payment screening In this way we can screen for irregular payment scenarios such as sending payments to sanctioned countries paying a vendor multiple times in error paying vendors in different currencies than yoursquove paid in the past ensuring that that payment for that vendor is executed based on the same instructions as the last payment and monitoring any changes in existing vendor details

ldquoA centralized payment system creates checks and balances that help mitigate internal and external fraud while standardizing the payment process globallyrdquo



37

A centralized payment system creates checks and balances that help mitigate internal and external fraud while standardizing the payment process globally

38

ldquoThe payment policies we have in place ensure a consistent process throughout the organization and that results in better more effective liquidity managementrdquo


We have a treasury management system that provides us with a global view of our payments process It enhances our disbursement controls Wersquove set the system to automatically flag disbursements that meet certain criteria For example if a disbursement is set up thatrsquos over a predefined dollar threshold the system forces additional review The entire system has helped not only with the payment processing timeline but also with better disbursement controls

We have standards and policies that apply globally throughout the organization They enable us to accommodate local market conditions requirements and regulations For greater tax efficiencies we concentrate cash at the corporate or international hub level which enables us to minimize our operating cash needs regionally We typically do that through automatic sweeps which makes global cash management efficient The payment policies we have in place ensure a consistent process throughout the organization and that results in better more effective liquidity management


39

The advantage we gain from our global payments platform is assurance that wersquore making legitimate timely payments When working with global investors and global vendors questions about payments always arise usually through email from different time zones There are always due diligence issues especially now in the current unpredictable fraud environment The treasury team needs to be sensitive about all of these payments and we rely on the system to track our counterparts so that we know if wersquore receiving invoice emails from someone outside our vendor list A single payment platform mitigates some of these issues

ldquoWhen working with global investors and global vendors questions about payments always arise A single payment platform mitigates some of these issuesrdquo



40

ldquoWhen we implemented our payments platform a big win was standardizing the payment processes across the company The payment system has [also] made us more bank agnosticrdquo

Before we implemented a payment platform we were decentralized and not standardized from a process perspective Most payables were made locally using bank platforms and payments were not automatically generated Invoices and AP records were printed and then someone would manually enter the information in a bank portal Itrsquos actually not that uncommon for corporations to operate that way

When we implemented our payment platform a big win was standardizing the payment processes across the company No matter which enterprise resource planning system the invoice came from it went into a single payment platform That enabled us to maintain the vendor database in the platform as well We use the platform to run batch payments and send them to the banks For us it was all about having one process Visibility into flows was crucial and we could make sure we had total control throughout the world



41

We are now able to work toward centralizing more processes You can even start looking at things like shared service centers to improve daily treasury operations The platform has affected our workflow in other ways too For instance it has made us more bank agnostic Regardless of which bank holds our bank accounts we keep our payment processes the same from a treasury perspective

Wersquove also lowered the risk of fraudulent payments through improved visibility into the payment processes the platform provides Itrsquos a huge risk to businesses in todayrsquos environment We had to standardize payment processing and take as much risk out of it as we could

42

ldquoWhen the treasury management system has been fully implemented we will be able to manage bank transfers from one portal This improvement will save considerably on the labor involved and that change will be tangible to the businessrdquo

One group of people from one office handles all of our global AP The treasury team makes sure that payments are made from the right banks in the right currencies The process is complicated because we have to manage it on a bank-by-bank basis and we have at least 100 bank accounts globally We have people signing in to each bank and initiating electronic funds transfers

When the treasury management system has been fully implemented we will be able to go to manage bank transfers from one portal This improvement will save considerably on the labor involved and that change will be tangible to the business The treasury management system will enable us to be much more efficient in how we make payments which will in turn enable us to grow further before we need to add staff



43

Key Points

bull A centralized payment system creates checks and balances that help mitigate internal and external fraud while standardizing the payment process globally

bull Centralizing payments through a treasury management platform makes you bank agnostic From treasuryrsquos perspective the payment process becomes the same regardless of the bank or location

bull Having standardized payment policies that are consistent throughout the organization results in better more effective liquidity management

44

WORKING CAPITAL MANAGEMENT

CHAPTER 4

Liquidity management is critical for providing the business with the working capital it needs to operate Global businesses take different approaches to managing their working capital and the way free cash flow varies considerably by business type Yet all companies benefit from optimizing their working capital ultimately allowing for increased business value

To find how different organizations actively manage liquidity and working capital we asked our experts the following question

What are the advantages of centralizing the management of free cash flow and liquidity in your organization

44

45

ldquoWhere the treasury management platform becomes so important to us is in forecasting cash requirementsrdquo

To answer that question it helps to understand some of the peculiarities of liquidity management in higher education Higher education is a special animal in terms of working capital In most corporations cash is owned centrally Everything is given up by the subsidiaries and itrsquos up to central management to decide what to do with the cash Some may be used to build new facilities develop new products or buy back stock In higher education the cash we have and manage is an aggregate of all the units schools and departments Itrsquos cash those departments own and it has accumulated over the life of their business activities which for some schools can be hundreds of years Treasury canrsquot just spend it

For example even if we have the cash to fund a new building we canrsquot use that cash unless the department that will own the building owns the cash to build it We have to borrow for capital projects when a department doesnrsquot have the cash even when other departments have cash but arenrsquot building



46

We look closely at our expectations for borrowing versus use of cash and we segment our cash into three tiers of investments The first is a longer-term tier invested in long-duration fixed income and some equities We have a middle tier thatrsquos put into one- to three-year fixed-income investments that we donrsquot expect to touch for a few years The largest bucket is short term and follows the twin-peak curve of our tuition cycle We manage that closely through fixed-income investments and money market funds We also manage the short-term tier to be as close to zero as possible at the low points in our cyclemdashsummertime and December when tuition money has been spent Some years wersquoll be a bit over some years wersquoll issue commercial paper to bridge a month or so That is generally how we manage working capital

We also have to balance the debt side so wersquore planning our capital spending and our borrowing We actually use an internal bank structure to give loans to internal departments for capital projects We manage our weighted average cost of capital on the whole and then charge a blended rate internally

Where the treasury management platform becomes so important to us is in forecasting cash requirements From a treasury perspective we are not concerned about which department owns which cash For treasury itrsquos more about the scenarios in which cash is being spent There are the normal things such as payroll and vendor payments but we try to predict the timing of the big drivers such as tuition and capital spending

The latter requires being close to the capital planning process and understanding which new buildings are being built how much money is going to be borrowed and how much is going to be equity or from our cash balance

We have built forecasting into our treasury platform and wersquore constantly refining the predictive models Over time that will be a big help as we better understand the biggest material drivers of our inflows and outflows When we refine those categories and see the history then we can use that information in treasuryrsquos relationship with facilities so that they understand how important it is for us to know cash flow schedules They have their own systems and eventually we will tie their systems into the treasury management system to strengthen our forecasting

47

ldquoHaving the kind of view that a treasury management system provides when itrsquos tied into other business systems banks and investments is essential for forecasting and balancing working capitalrdquo

Ours is one of those organizations where working capital is managed outside of treasury but we work closely with those people and wersquore all incentivized to make sure that our working capital is at an appropriate level We have a treasury management system that talks to our enterprise resource planning (ERP) system our banks and our investment platform This is essential for managing working capital as closely as we do We continuously look to see if our payables and receivables financing programs are right for us We are continuously looking at our customer terms and supplier terms to get them to the appropriate levels So wersquore aggressive on the working capital side Cash is the lifeblood of any business so itrsquos important to make sure that terms are set up on payables and receivables so that the working capital is appropriate for the business

In our industry our partners are flexible with us and happy to discuss working capital There are many ways to manage it and banks provide a great medium for accelerating those payments and making other kinds of arrangements Having the kind of view that a treasury management system provides when itrsquos tied into other business systems banks and investments is essential for forecasting and balancing working capital



48

ldquoLiquidity and working capital management is central to our business and a key function of treasuryrdquo


Liquidity and working capital management is central to our business and a key function of treasury In addition to our vacation exchange business we really have four business lines We develop and sell vacation ownership products we manage vacation ownership resorts we rent the inventory at those resorts to the extent that theyrsquore not yet sold and we finance the purchases of timeshares Approximately 62 percent of our sales volume is financed by our customers through us

One of the largest and most important sources of liquidity for us which is similar to others within the vacation ownership industry comes by way of the asset-backed securities market Most of our customers who choose to finance with us do so through a loan with a term of 10 years so itrsquos important that we can enhance liquidity by way of our securitization program which enables us to pull forward cash that otherwise we would only be realized over the course of 10 years In this way we can improve our cash-conversion cycle We typically issue debt in that asset-backed securities market once or twice a year We also have a warehouse liquidity facility with our bank group that enables us to monetize those receivables between term securitization transactions


49

One other way we manage working capital is on the inventory acquisition front Wersquoll work with capital partners to source inventory using what we refer to as a capital efficient inventory acquisition model That model enables us to delay the capital deployment for the inventory purchase until we really need the inventory and the inventory is in a finished goods state

50

Cash is the lifeblood of every organization For a business to be a successful company it must proactively manage its working capital sensibly and in a forward-looking way We use a treasury management system to enhance our cash management process and we are currently designing a modest investment program to support our cash needs The treasury team must have visibility into everything that affects liquidity and drives the need for working capital

In our business of investing in commercial properties the money we invest is tied up in equity until we sell the property and can recycle the money in five or 10 years Our real estate fundrsquos working capital comes from leases mortgage financing and recapitalization We work with a variety of lenders with a goal of always improving the process and transaction efficiencies Corporate treasury really needs to understand what happens on the operations side and it has a significant role in determining how money is spent and how mortgages are structured

ldquoCash is the lifeblood of every organization For the business to be successful it must proactively manage its working capital sensibly and in a forward-looking mannerrdquo



51

ldquoTreasuryrsquos function is to manage our working capital to support our programs and our own operational needs Without that the business would sufferrdquo

When it comes to liquidity and capital management we are still not fully automated We are working on establishing a cash pool or liquidity structure in Europe which is something we have had in North America for a while That will help us significantly in our daily operations We are currently funding about a dozen countries on a regular basis through trade payables and intercompany loans Centralizing and automating the working capital management will enable us to improve the processes In addition treasury manages external debt through normal bank relationships and a few instruments we have with other lenders

One challenge for us is that our business is cyclical We build springsummer inventory in the fallwinter then we sell most of those products such as lawnmowers in the spring and summer In the summer we build snow equipment There is six months of lead time between building inventory and sales and our springsummer line is larger than the fallwinter line As a result we go from being net investors for part of the year to being net borrowers at other times We manage this cycle through a revolving line of credit with our bank group similar to most other corporates



52

We also have a supply chain program that we run with some of our larger suppliers We have finance programs that we run for some of our customers as well We have a dealer network program that provides them with good financing to help them through the seasonal cycles They often buy equipment in January and they may not sell until August If the customer is a rdquobig-boxrdquo retailer it may not be a big issue because they closely manage their working capital and have other sources of financing But smaller customers may not have the working capital to buy the inventory they need when they need to buy it We have dealer programs like that for North America Europe and Australia

Treasuryrsquos function is to manage our working capital to support these programs and our own operational needs Without that the business would suffer

53

We require working capital financing due to the nature of our business For us managing working capital means closely monitoring the cash conversion cycle specifically days sales outstanding and days payable outstanding to ensure that wersquore neither lagging too much on cash coming in the door nor accelerating our payments and paying too quickly When yoursquore managing both ends of the spectrum in terms of cash coming in and cash going out centralized working capital management improves your cash position and helps to self fund your working capital needs

In addition to the extent that you can improve the cash available for working capital and rely less on external financing you become more flexible in dealing with other demands on capital such as investments and acquisitions

We actively review the types of financing available for our business For instance wersquore working on expanding our supply chain financing Providing our suppliers the ability to get paid sooner without shrinking our DPO Thatrsquos an example of how we can manage working capital in a way that drives mutual value for us and our suppliers

ldquoWhen yoursquore managing both ends of the spectrum in terms of cash coming in and cash going out centralized working capital management improves your cash position and your working capital financingrdquo



54

ldquoThe new treasury management system we are currently implementing will enable us to manage bank balances more closely so that we wonrsquot need to have as much cash in reserve in our banks around the world This system will free up working capital that we can put toward new eventsrdquo

We proactively manage working capital with a 52-week cash forecast that boils down to a 13-week rolling forecast by currency and country Every week we look at our cash balances across all the different countries and currencies and then determine if cash needs coming up based on scheduled events and registrations We move cash around to make sure that we have enough money to make the payments we need to make without triggering tax liabilities We currently manage all of that through spreadsheetsmdasha cumbersome and painful process that requires people grinding through data every day The process is fairly accurate and the team is good about reviewing everything but mistakes still arise Some days we have false alarms or we worry that wersquore running low on cash somewhere only to find out that there was a mistake on a spreadsheet Although we manage working capital centrally our current manual process is inefficient and not a lot of fun



55

The new treasury management system we are currently implementing will automate a lot of those liquidity management tasks making that process much easier and more efficient It will also enable us to manage bank balances more closely so that we wonrsquot need to have as much cash in reserve in our banks around the world This system will free up working capital that we can put toward new events It will also reduce foreign currency exchange and task liability risk as we transfer funds between banks to provide working capital for events All these improvements in liquidity management will provide value to the business

56

Key Points

bull Cash is the lifeblood of the business For the business to be successful it must proactively manage its working capital in ways that are forward-looking and sensible for the business

bull When treasury is overseeing both incoming and outgoing cash centralized working capital management improves your cash position and your working capital financing

bull Having a treasury management system that talks to ERP systems banks and investment platforms enables close management of working capital and gives you more flexibility in using that capital to improve overall business performance

bull Supply chain finance programs can help preserve cash longer on the balance sheet and increase free cash flow which is a big benefit to companies with seasonal businesses

57

HOLISTIC VIEWCHAPTER 5

Active liquidity management requires an accurate real-time view of data on every factor that affects cash risk payments and working capital That level of visibility in turn requires integrations between systems inside and outside the organization

To learn more about where treasury groups are in their efforts to improve visibility into such areas and the advantages of a holistic view we asked our experts the following question

What level of integration is necessary to get a real-time view of cash and liquidity and how would that real-time information enhance decision making and performance

57

58

ldquoIf you can get AR and AP information straight from the source thatrsquos going to help with cash flow forecastingrdquo

A holistic real-time view is ideal If you can get accounts receivable (AR) and accounts payable (AP) information straight from the source thatrsquos going to help with cash flow forecasting

For those of us in higher education such data would provide granularity Our cash roughly follows an 80-20 rule where 20 percent of the cash flow categories are responsible for 80 percent of the material cash flows As long as we have a handle on that 20 percent we feel comfortable in the investment and borrowing decisions wersquore making But we also need to maintain a cash buffer We work with a $40 million or $50 million buffer on our checking account If we are able to integrate our enterprise resource planning (ERP) system and our capital planning system we would have better data and be able to reduce that buffer by $10 million $20 million or $30 million and put that money to better use elsewhere such as investing it or avoiding having to borrow it

Modern cloud-based ERP systems do not always talk to other systems effectively File systems for cloud-based applications are not easily customized and integrating them is often more complicated than just having an application programming interface The limitation is how quickly and easily you can integrate the systems As technology evolves and integrations become easier the value of integrating those systems will definitely provide added benefit

Adam Day AVP amp Associate Treasurer Rutgers The State University ofNew Jersey


59

ldquoWhen systems are talking to each other yoursquore much closer to having a real-time view into your cash position and liquidity needsrdquo

Matthew HansenAssistant Treasurer Marriott Vacations Worldwide Corporation

Itrsquos possible to have a solid view of liquidity without a huge amount of integration For example if your treasury management system is set up broadly throughout the organization to capture all your bank accounts globally and you have an accurate cash forecasting model you should have a good real-time picture of your cash position Where you really gain through integrationmdashfor example if a Kyriba system is talking to a PeopleSoft systemmdashis in efficiencies You can now automate journal entries so that you donrsquot have staff accountants creating journals and introducing errors The same advantages come from integrating market data-providing solutions such as interest rates and currency rates used in the general ledger to revalue assets and liabilities Revaluation becomes a more automatic process rather than one that requires manual entry Manual entry is prone to error and takes longer to complete

When systems are talking to each other yoursquore much closer to having a real-time view into your cash position and liquidity needs That view improves forecasting cash needs and with that potentially comes a more efficient use of debt facilitiesmdashperhaps lower draws on debt which leads to lower interest costs hitting your income statement


60

True real-time visibility requires a lot of integration between the corporate and operational sides of the business Treasury needs to understand both perspectives and gather all that data so that it can manage cash in a way that supports and strengthens the business

A treasury platform that integrates with other business systems makes it possible to quickly resolve questions that otherwise can take a long time to answer This efficiency can be as simple as account discrepancies that take hours to resolve manually time that is not being spent working on more valuable issues such as how better to use cash to help the business grow There is great value in consistent efficient treasury operations

ldquoA treasury platform that integrates with other business systems makes it possible to quickly resolve questions that otherwise can take a long time to answerrdquo



61

ldquoThe treasury management system has taken over a lot of the nonvalue-added labor-intensive tasks that prevent treasury professionals from doing what they actually should be doing which is to become a strategic partner in the businessrdquo

We have found that making our treasury management system the ldquosystem of recordrdquo and having everything go through one system has transformed the way treasury works For our treasury group we consolidate everything that affects liquidity all our bank statements all the forecasts all our foreign currency exchange (FX) contracts and all of our debt and investment funds through the treasury management system We can see at any time today or historically exactly what levels of liquidity or amount of FX contracts we had We are able to do a lot of our cash accounting from the treasury management system as well We use the system to do a lot of our accruals for financial instruments which we can automatically post into our ledger We even do the mark-to-market calculation in the system the same day we close the books Itrsquos all automaticmdashwith almost no manual input

Just a couple of years ago we got our mark-to-market information as PDF reports from our nine different trading banks Then someone had to manually organize them all into one spreadsheet It was the same for bank account information We have at least 20 banking relationships around the world where we manually managed the balances daily A few years ago a big part of what we did throughout the day was pull bank statements from the banksrsquo websites to show that we had liquidity there



62

That was a big part of what cash management wasmdashpulling bank statements and dumping the data into a spreadsheet that you would then organize in a way that makes sense We had people doing this for hours all the while hoping they were actually getting everything right Thatrsquos one reason treasury historically tried to work with as few banks as possible When yoursquore running a global operation however yoursquore forced to deal with multiple banks

One of the most important criteria for us in selecting a treasury management system was to have only one pipeline going in or out of the company to a payment processor or reporting aggregator This single pipeline makes it much easier to work with multiple banks it makes you more bank agnostic in the way you manage cash as well We wanted to have one pipeline that we knew was extremely secure that went from our environment to the providerrsquos environment From that point the provider would take over parsing out payment files reporting files reconciliation files and any other types of data

Now when we come in in the morning everything is already there organized the way we want to see it If I want to drill down and see what happened early in the day in Italy I can do that with the click of a button Recently auditors asked for bank statements for one of our affiliates for the full year I was able to download that information in less than 10 seconds

The treasury management system has taken over a lot of the nonvalue-added labor-intensive tasks that prevent treasury professionals from doing what they actually should be doing which is to become a strategic partner in the business and focus on helping it grow and run more profitably When you are able to manage liquidity more effectively you can improve forecasts which makes for better business decisions It all fits together

63

Itrsquos imperative that you have all your major systems connected and sharing informationmdashyour treasury management system trading platforms and your ERP system If you donrsquot have active connectivity between these platforms you will spend more time on manually tracking your cash position and ensuring that yoursquore making the right decisions Instead of a report being automatically generated individuals will have to go to different portals and pull the information If you have connectivity between your trading platform and your other systems you will be able to execute FX transactions and create hedges and those actions will sync up with all the other systems

Cash is real-time If yoursquore trying to make a decision based on a cash position that is multiple days old by the time yoursquore ready to make your decision the data has already changed In contrast if data is posted in real time itrsquos easier to effect change with more relevant data Having essential systems connected in this way improves reporting and uses fewer resources to generate better information By generating better information in a timely manner you make better decisions to manage working capital and liquidity If you canrsquot see the data in a timely manner then itrsquos hard to use that data effectively to make risk management decisions or to make decisions that affect working capital financing

ldquoIf you canrsquot see the data in a timely manner then itrsquos hard to use that data effectively to make risk management decisions or to make decisions that affect working capital financingrdquo



64

Before we connected our treasury management system to our other platforms it would take us anywhere from multiple days to a week to gain visibility of our global cash We currently get global cash every morning

65

ldquoWith a technology platform many of the problems associated with manual data collection go away The technology is working in the background You know where your cash is and now you have real-time cash flow forecastingrdquo

As a corporate executive I want to know where my cash is in real time Different businesses define real time in different ways Personally I want to know where every dollar is in every bank account as of last night This becomes a complex data-gathering exercise if yoursquore trying to do this work in real time especially globally

If you donrsquot have a technology product that can consolidate all your cash data and connect to other platforms yoursquoll be pulling data from bank websites and putting them in a spreadsheet Thatrsquos manageable if you only have a few banking partners If you have a lot of banks you will need more staff and time to do it manually In addition to those costs you have issues with human error or delays if people are out of the office Now take that a step further You want to look at your interest rate hedges and all the information related to them When you start looking at all the different components for making hedging decisions and yoursquore doing that manually thatrsquos when your staff numbers start to get big



66

With a technology platform many of the problems associated with manual data collection go away The technology is working in the background Itrsquos meaningful to have full functionality either within one technology solution or through add-ons Recently companies have become more open with integration It has become much easier to integrate your favorite treasury management system with banking and trading platforms for specific purposes so that information flows freely You just need somebody to sign in to the system make sure there are no errors with data coming in and all your cash balances are right there ready to go You know where your cash is and you can layer on your FX positions and look at your debt positions You know in real time how many payments are in your system waiting to go out for approval You can build that information into your cash flow forecasting and now you have real-time cash flow forecasting This forecasting is extremely valuable for managing working capital from a cash perspective Debt management interest rate management working capital decision making and liquidity forecasting become much better when you have real-time information

67

ldquoReal-time data access and visibility are critical because of the speed of business The farther out we can forecast the smarter we can be about how we move cash around so that we donrsquot have inefficient cash movementsrdquo

We are living in an age when not having real-time visibility can create a hole in your business Thatrsquos different from where we were just a decade or so ago Real-time data access and visibility are critical now because of the speed of business

In our business the need for real-time data is clearly illustrated by two routine aspects of our operations One is event registration 60 percent of our revenue comes from event registration and those registrations come to us through a third-party provider Currently our systems are not integrated with that vendorrsquos systems

Right now we track registrations from our third-party service provider simply by looking at the number of registrations Several factors complicate this method One is that we run 250 events every year worldwide which means that wersquore tracking a lot of event registrations in a lot of currencies Furthermore not all registrations for a given event are priced the same Itrsquos not a matter of simply multiplying the number of registrations by a dollar amount To find out how wersquore doing on registration revenue we collect registration data daily by manually going online and retrieving it from our registration vendor



68

Then we send that information to finance so that they can interpret what that means in terms of cash and revenue From finance it goes to treasury so that we can make projections about future registrations and revenue which is itself challenging because the velocity of registrations is constantly changing

When we can link our systems to the registration vendorrsquos systems and have access to real-time cash flow information we will be much better at projecting how much cash wersquore going to have in the next 13-week rolling cash cycle We will be much more nimble in how we manage that cash Integrating those systems which is something we are working on now will make our cash forecasting faster and more accurate

The second aspect of our business that will improve with real-time data visibility is how we manage cash movements between banks Although our current visibility is considerably better now than it was in the past lack of real-time visibility reduces precision in our cash forecasting With better forecasting we can move money between banks more efficiently For example we may have a bill coming due in Germany that will be paid in euros and we move cash to Germany to cover that bill At the same time we may be sitting on extra cash in Canada and we know it will be a while before we need Canadian dollars We would take some money out of Canada and move it to Germany to make that payment making sure that wersquore not creating unwanted tax consequences We move money between currencies often

From a forecasting perspective the question is why we needed to move money to Germany It could be that we needed to make payments in Australia and had extra euros so we moved euros to Australia to make payments there But in doing so itrsquos possible that we created a future shortfall of euros that required us to move Canadian dollars to Germany With better visibility and forecasting we could have avoided extra transfers by picking a good time to move Canadian dollars directly to Australia Real-time visibility into registrations cash positions and billing around the world is important to us The farther out we can forecast the smarter we can be about how we move cash around so that we donrsquot have inefficient cash movements

69

Key Points

bull When a treasury management system is integrated with other business systems many of the problems associated with manual data collection go away You know where your cash is and you are able to pull in FX positions debt positions forecasting and everything you need for better liquidity management

bull Being able to see all your data in a timely manner makes it easier to use that data to make better risk-mitigating decisions or other decisions that affect working capital financing

bull A treasury management system that is integrated with banks and other business systems takes over many nonvalue-added labor-intensive tasks that prevent treasury professionals from making more strategic business decisions

70

Optimize CashEnhance Working CapitalTransform PaymentsProtect Against Risk

ACTIVATE LIQUIDITY AS ADYNAMIC VEHICLE FOR GROWTH

KY20-014 ALN-Payments-fullpg ads-GW-v3indd 1 3162020 20408 PM

2

INTRODUCTION Active Liquidity ManagementManaging liquidity has never been easy but new technologies are making it easier With ease comes speed accuracy and efficiency enabling treasury to more effectively see move and protect cash and generate increased business value However activating liquidity while navigating volatile markets can be difficult So how does treasury leverage technology to activate liquidity and generate new growth and what does it gain by doing so

With the generous support of Kyriba we explored this question in greater detail by asking seven treasury management experts from different industries the following questions

1 How does expanding the scope of treasury to be inclusive of cash risk payments and working capital increase enterprise value

2 How do you most effectively manage FX risk exposure and why is it important to do that

3 What are the advantages of centralizing and standardizing global payment processes through a single system

4 What are the advantages of centralizing the management of free cash flow and liquidity in your organization

5 What level of integration is necessary to get a true real-time view of cash and liquidity and how would that real-time data enhance decision making and performance

Their insights are collected in the five chapters of this eBook In reading them I was struck by how different the challenges are for their businesses and how they all benefit from greater visibility into cash payments risk and working capital If you are involved in treasury and finance I believe you will appreciate this glimpse into the value of a holistic treasury view

copy 2020 Mighty Guides Inc I 9920 Moorings Drive I Jacksonville Florida 32257 I 516-360-2622 I wwwmightyguidescom

Mighty Guides make you stronger

These authoritative and diverse guides provide a full view of a topic They help you explore compare and contrast a variety of viewpoints so that you can determine what will work best for you Reading a Mighty Guide is kind of like having your own team of experts Each heartfelt and sincere piece of advice in this guide sits right next to the contributorrsquos name biography and links so that you can learn more about their work This background information gives you the proper context for each expertrsquos independent perspective

Credible advice from top experts helps you make strong decisions Strong decisions make you mighty

All the best David Rogelberg Editor

3









Best regards



FOREWORD

CHAPTER 1


CHAPTER 2

Managing FX Risk 18

CHAPTER 3


CHAPTER 4


CHAPTER 5

Holistic View 57

TABLE OF CONTENTS

4

MEET OUR EXPERTS





Real Estate


Cooke Inc


MTD Products Inc






INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY


PAYMENTCONTROL

7


CHAPTER 1




7

8






9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




3









Best regards



FOREWORD

CHAPTER 1


CHAPTER 2

Managing FX Risk 18

CHAPTER 3


CHAPTER 4


CHAPTER 5

Holistic View 57

TABLE OF CONTENTS

4

MEET OUR EXPERTS





Real Estate


Cooke Inc


MTD Products Inc






INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY


PAYMENTCONTROL

7


CHAPTER 1




7

8






9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




CHAPTER 1


CHAPTER 2

Managing FX Risk 18

CHAPTER 3


CHAPTER 4


CHAPTER 5

Holistic View 57

TABLE OF CONTENTS

4

MEET OUR EXPERTS





Real Estate


Cooke Inc


MTD Products Inc






INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY


PAYMENTCONTROL

7


CHAPTER 1




7

8






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1515






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17

Key Points




18





18

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Key Points




31


CHAPTER 3




31

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43

Key Points




44


CHAPTER 4




44

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MEET OUR EXPERTS





Real Estate


Cooke Inc


MTD Products Inc






INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY


PAYMENTCONTROL

7


CHAPTER 1




7

8






9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






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55


56

Key Points





57





57

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69

Key Points




70





INNOVATION IMPROVE

EFFICIENCYDEFEND

AGAINST FRAUD

WORKDAYERP

INTERNALSYSTEMS

TREASURY

MANUALPAYMENTS

BANKS

BANKS

BANKS

NON-BANKS

FRAUDDETECTION

BANKINGCONNECTIVITY


PAYMENTCONTROL

7


CHAPTER 1




7

8






9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


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52



53







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55


56

Key Points





57





57

58







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61






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63






64


65






66


67







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69

Key Points




70




7


CHAPTER 1




7

8






9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






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52



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55


56

Key Points





57





57

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61






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63






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69

Key Points




70




8






9


10






11






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13


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1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






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55


56

Key Points





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57

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63






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69

Key Points




70




9


10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






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52



53







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55


56

Key Points





57





57

58







59






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61






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63






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67







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69

Key Points




70




10






11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






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52



53







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55


56

Key Points





57





57

58







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61






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63






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65






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67







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69

Key Points




70




11






12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


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51






52



53







54





55


56

Key Points





57





57

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59






60






61






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63






64


65






66


67







68





69

Key Points




70




12






13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


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52



53







54





55


56

Key Points





57





57

58







59






60






61






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63






64


65






66


67







68





69

Key Points




70




13


14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






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48






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55


56

Key Points





57





57

58







59






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61






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63






64


65






66


67







68





69

Key Points




70




14






1515






16






17

Key Points




18





18

19






20






21



22






23






24


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27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






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48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






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63






64


65






66


67







68





69

Key Points




70




1515






16






17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


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52



53







54





55


56

Key Points





57





57

58







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61






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63






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67







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69

Key Points




70




16






17

Key Points




18





18

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24


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28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






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40






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43

Key Points




44


CHAPTER 4




44

45






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53







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55


56

Key Points





57





57

58







59






60






61






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63






64


65






66


67







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69

Key Points




70




17

Key Points




18





18

19






20






21



22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






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53







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55


56

Key Points





57





57

58







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61






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63






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67







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69

Key Points




70




18





18

19






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25







26






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28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






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55


56

Key Points





57





57

58







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63






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69

Key Points




70




19






20






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28






29



30

Key Points




31


CHAPTER 3




31

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36






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40






41



42






43

Key Points




44


CHAPTER 4




44

45






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53







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55


56

Key Points





57





57

58







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61






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63






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65






66


67







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69

Key Points




70




20






21



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25







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28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






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39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






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52



53







54





55


56

Key Points





57





57

58







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61






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63






64


65






66


67







68





69

Key Points




70




21



22






23






24


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26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






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48






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53







54





55


56

Key Points





57





57

58







59






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61






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63






64


65






66


67







68





69

Key Points




70




22






23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




23






24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




24


25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




25







26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




26






27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




27


28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




28






29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




29



30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




30

Key Points




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




31


CHAPTER 3




31

32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




32






33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




33


34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




34






35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




35


36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




36






37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




37


38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




38






39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




39





40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




40






41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




41



42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




42






43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




43

Key Points




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




44


CHAPTER 4




44

45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




45






46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




46






47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




47






48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




48






49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




49


50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




50






51






52



53







54





55


56

Key Points





57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




51






52



53







54





55


56

Key Points





57





57

58







59






60






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69

Key Points




70




52



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56

Key Points





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Key Points




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56

Key Points





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Key Points




70




54





55


56

Key Points





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68





69

Key Points




70




55


56

Key Points





57





57

58







59






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67







68





69

Key Points




70




56

Key Points





57





57

58







59






60






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63






64


65






66


67







68





69

Key Points




70




57





57

58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




58







59






60






61






62





63






64


65






66


67







68





69

Key Points




70




59






60






61






62





63






64


65






66


67







68





69

Key Points




70




60






61






62





63






64


65






66


67







68





69

Key Points




70




61






62





63






64


65






66


67







68





69

Key Points




70




62





63






64


65






66


67







68





69

Key Points




70




63






64


65






66


67







68





69

Key Points




70




64


65






66


67







68





69

Key Points




70




65






66


67







68





69

Key Points




70




66


67







68





69

Key Points




70




67







68





69

Key Points




70




68





69

Key Points




70




69

Key Points




70




70




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