What’s in it for you? In short, workflows help you work smarter. By moving the more technical aspects to the background, they allow you to focus on the functional aspects of the task at hand. They empower you to communicate with your subsidiaries in a structured and well-documented fashion, so you can finally say goodbye to never-ending e-mail chains, incomplete information, misunderstandings and missed deadlines. The more complex the process, the more there is to gain from replacing today’s ‘manual, paper-based, error-prone’ with the future’s ‘automated, electronic, audit-proof and compliant’ as offered by a structured workflow. Example: Best practice FX-hedging and IFRS9reporting The process starts with an automated, daily feed of project Cash Flows from the client’s ERP-system to the FX-hedging workflow. Comparing these flows to existing hedges, TIP automatically generates hedge proposals in line with the hedging policy in place. Of course, Treasury front office users / traders can adapt these proposals according to their assigned user role. Only after additional approval(s) the hedge proposal is automatically forwarded to the online trading platform where the trade is executed. New hedges are automatically passed on to the TMS responsible for mark-to-market valuation and G/Lpostings. In addition, they are imported to TIP to update deal and exposure data. Since the ERP project number serves as a unique ID throughout the entire process, the documentation required to monitor the development of hedging relationships is easily created – including hedge effectiveness over time and other details. This way, IFRS9 reporting becomes a piece of cake and brings a smile to every auditor’s face. The result: ERP, workflow, trading platform and TMS are optimally connected, communicate automatically with one another and the staff involved know exactly what to do at any given time. If you want to leverage the power of workflows for FXmanagement, the management of guarantees, bank accounts and signatories, bank fees, user access rights to Treasury systems or other Treasury processes, let’s talk! Author: Hubert Rappold, Managing Director UPDATES & TRENDS 33 TIPCO
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