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Hindsight Is Not 20/20

Hindsight Is Not 20/20

In the aftermath of events, we often look back to analyze our decisions and experiences. We compare our prior expectations of how things would pan out against our current perspective. “Of course,” we may comment, “hindsight is always 20/20.” We may say this in an attempt to console ourselves or others…

Tales from the Front: The Hospitality Industry and COVID-19

Tales from the Front: The Hospitality Industry and COVID-19

With the present crisis have come myriad cancelled events and travel bans, as well as consumer reluctance to travel voluntarily. While no one has been entirely unaffected by the virus, both the nature and the degree of the effects have varied wildly from one industry to another, with some struggling to safely meet unprecedented demand and others struggling to stay afloat with no customers.

Don’t Let COVID-19 Hinder Your Learning

Don’t Let COVID-19 Hinder Your Learning

With the current disruptive events driving health concerns for our loved ones, we also see a secondary impact: Our everyday concerns have expanded and can include much talk of boredom, cabin fever, stir craziness, and too much time on our hands.

The Global Crisis Monitor: Insights from the First Four Weeks

The Global Crisis Monitor: Insights from the First Four Weeks

A crisis is also a classroom in some respects. No one knows this better than treasury professionals, who, as managers of risk, in some ways spend their whole careers preparing for and watching for events where risks become reality in unexpected ways – events such as 9/11, the financial crisis, and the COVID-19 pandemic.

COVID-19: Part 3, The Human Element

COVID-19: Part 3, The Human Element

We’ve discussed various ways the COVID-19 crisis could impact our technology, operations, and security concerns – but what about our people? Many of the staff now working from home have never done so before. Most were unprepared for their home to become their full-time office, and each employee has a unique situation with varying concerns and impediments.

COVID-19: Part 2, Challenges of Continuing Remote Work

COVID-19: Part 2, Challenges of Continuing Remote Work

In our previous post on the coronavirus remote work era, we discussed some technical and security factors that treasury needs to make sure they have covered as they send workers home. In this second post, we’ll talk about the challenges of continuing remote work, focusing on three areas: 1) backup plans, 2) extending the business continuity plan, and 3) capturing the gaps.

COVID-19: Part 1, Equipping Staff and Securing the Environment

COVID-19: Part 1, Equipping Staff and Securing the Environment

In what has been called a mass experiment in remote work, attempts to mitigate and slow the spread of coronavirus have led many companies to ask or allow their employees to work from home for the first time. Remote work, however, involves different considerations for different departments. Treasury’s considerations are complex, and neglecting proper setup can lead to problems.

Treasury Fraud & Controls, Part 3: Mounting an Effective Defense

Treasury Fraud & Controls, Part 3: Mounting an Effective Defense

We’ve seen plenty of bad news about fraud. Scams are coming faster, more of them are succeeding, and companies’ losses are mounting. Many organizations are under-protected and insufficiently prepared. The data and analysis showing these facts are well-documented. Fearmongering, however, isn’t our goal.

Treasury Fraud & Controls, Part 2: Payoff Size of Fraud Points Explains Continued Escalation of Attacks

Treasury Fraud & Controls, Part 2: Payoff Size of Fraud Points Explains Continued Escalation of Attacks

In the final quarter of 2018, the average payoff amount for retrieving files encrypted in ransomware attacks was holding steady around $10,000. Early in 2019, the number began to rise, and only six months later it had quadrupled at $40,000. In 2019’s final quarter, the average amount was $84,116, and as if to warn that this number wasn’t going to drop anytime soon, the month of December saw the average rise to an unprecedented and shocking $190,000.

Treasury Fraud & Controls, Part 1: Increased Success Rates and Sophistication Raise Threat Level

Treasury Fraud & Controls, Part 1: Increased Success Rates and Sophistication Raise Threat Level

Much as we all wish they would, cyber criminals are not sitting on their hands. While these groups and individuals are anything but admirable, we could stand to learn a few things from them in terms of creative innovation, adaptability, persistence, and patient commitment to goals. Our posture, while defensive, must be no less active and intentional than theirs, or we will inevitably fall behind and leave our organizations open to attack.

What Does It Mean to #GoStrategic?

What Does It Mean to #GoStrategic?

This new year, Strategic Treasurer is challenging everyone – itself as well as others – to “go strategic,” but the phrase is more than a clever play on the company name. So, what do we mean by it?

Strategic Treasurer FAQ Sessions Shed Light on Common Treasurer Queries

Strategic Treasurer FAQ Sessions Shed Light on Common Treasurer Queries

Strategic Treasurer FAQ Sessions Shed Light on Common Treasurer Queries It is no secret that the realm of treasury has become a complicated environment to operate within. Gone are the days when treasury’s primary focus was simply executing payments; today, there are a...

Cash Boot Camp for Treasurers

Cash Boot Camp for Treasurers

Cash Boot Camp for Treasurers Chapter 6 of The Strategic Treasurer: A Partnership for Corporate Growth by Craig Jeffery  Introduction Successful Treasurers take decisive ownership of cash for their organization and decide how cash is kept, controlled, managed, and...

2019 Alexander Hamilton Awards

2019 Alexander Hamilton Awards

2019 Alexander Hamilton Awards The Awards It is quite a challenge getting others in the company to understand what treasury does. It is even harder getting them to understand the unique challenges or creative approaches to different problems that Treasury has solved....

GDPR: What This Means for You

GDPR: What This Means for You

With new regulations coming to pass in the EU, businesses around the world are changing their policies on data storage and communication. Learn more about what Strategic Treasurer is doing in this update.

Making the Case for Treasury Technology

Making the Case for Treasury Technology

The Burden of Today's Treasurer As the world becomes more connected, many corporations are experiencing strong growth and increased complexity. In the midst of these changes, treasury practitioners are struggling to keep up with the coinciding heightened...

The Missing Link in Corporate Fraud Prevention

The Missing Link in Corporate Fraud Prevention

Imagine receiving an email that appears to come from your supervisor, requesting that you immediately send a wire transfer of a substantial sum to a client. Not wanting to disappoint or question your superior, you hastily comply without taking the time to...

Key Takeaways: 2017 Compliance Survey

Key Takeaways: 2017 Compliance Survey

The 2017 Compliance Survey found that compliance continues to be a mixed bag for treasurers. However, many are still behind on preparations for many important compliance regulations.

Six Key Principles for Security

Six Key Principles for Security

This article discusses 6 of the 12 key principles that you can use to help your company have a more secure framework. It is based off a webinar that was held in January 2018.

Device Security

Device Security

Proper endpoint protection of your devices covers the physical environment and the access methods & controls. Learn more about physical and direct access.

Is Your Password Strong Enough?

Is Your Password Strong Enough?

As technology evolves passwords are becoming less secure. There are several things that you can do today to strengthen your passwords to better protect your data and payment systems. Learn more here.

How Treasury Stands to Benefit from Blockchain [Q3 Newsletter Article]

How Treasury Stands to Benefit from Blockchain [Q3 Newsletter Article]

When looking at the level of investment that has been poured into the technology within the past several years, and at the advantages it offers, it is clear to anyone paying attention that blockchain is here to stay. Ripple, a major industry disruptor, stands out stands out from the crowd.

Treasury Technology Ten Years from Now

Treasury Technology Ten Years from Now

For several years now, Strategic Treasurer has asked a subset or our survey respondents to share a top question or concern regarding treasury or the treasury technology industry.  We have compiled those entries in order to establish a list of FAQs and answers for...

Moving Beyond Tech to Improve Working Capital

Moving Beyond Tech to Improve Working Capital

If any working capital strategy implemented by treasury is to be successful, there must be buy-in from other departments. And if treasury’s relationship with those departments is strained, the success of the WCM program will certainly be impacted.

Treasury Aggregators: An In-Depth Look

Treasury Aggregators: An In-Depth Look

Strategic Treasurer defines a Treasury Aggregator as a solution that provides a single connection point to all of a corporate’s banking connections for both payments and reporting.

FBAR: 2017 Deadline Update

FBAR: 2017 Deadline Update

UPDATE: FinCEN has released another FBAR filing extension as of December 16th 2016. This is an extension for INDIVIDUAL filers with signature authority over BUT NO FINANCIAL INTEREST in one or more financial accounts. The new time granted for these filers is April...

Your TMS Implementation Plan

Your TMS Implementation Plan

You’ve picked a TMS… now what? The first step in your implementation plan is figuring out how to best onboard your banks.

2016 FBAR & BAM Update

2016 FBAR & BAM Update

Figure out the latest with what’s going on with FBAR and BAM here. Learn what you and your company needs to do to stay up-to-date with regulations.

FBAR: Extension to 2017

FBAR: Extension to 2017

For those of you who are individuals filing FBARs with signature authority over but no financial interest in the accounts, your due date for these individual FBARs is now…

What is Blockchain and Why Treasury Should Care

What is Blockchain and Why Treasury Should Care

This article discusses Blockchain not from the deep mathematical algorithms used for security but from the practical perspective of a treasury professional.  We will cover everything from speaking the language to how the security works and what it can mean for the treasury professional.  

Achieving Bank Visibility

Achieving Bank Visibility

If any working capital strategy implemented by treasury is to be successful, there must be buy-in from other departments. And if treasury’s relationship with those departments is strained, the success of the WCM program will certainly be impacted.

FBAR (Foreign Bank Account Report): The What and Why

FBAR (Foreign Bank Account Report): The What and Why

Given the general confusion of filing and the requirement to file electronically, many organizations may want to seriously consider outsourcing to a third party filer for at least the individual filing steps (requirements for 3rd party filers (lawyer, CPA or other enrolled agent).

Hedging Misconceptions

Hedging Misconceptions

One would think that after many years’ worth of ‘experience’ with hedging that we would have the subject down pat; that we would no longer have any misconceptions about it.