June 15, 2011
Managing Risks and Leveraging Tech
Engineering & Construction Treasurers Look at ERM and Technology
The members of the Engineering and Construction Treasurers’ Peer Group met for the third semi-annual meeting on February 16-17 in Dallas this year. The discussion topics ran the gamut from enterprise risk management (ERM) to implementing a treasury management system (TMS). Other topics included:
1) Managing M&A Integration. Given the prolific acquisitions, members agreed that knowledge shared is likely to improve the efficiency of the process.
Key Takeaway: While every acquisition is unique, a general guide outlining steps can help in sequencing.
2) Enterprise Risk Management: Members discussed the foundational principles and the best approach to ERM.
Key Takeaway: ERM should be practical and pragmatic, allowing companies to make better risk management decisions.
3) Implementing a TMS. While Excel and bank systems are popular in the group, many use a TMS only for basic functions.
Key Takeaway: A TMS won’t solve all problems, but it can be a big help in reporting.
4) Bank Account Signer Protection. Discussions on issues surrounding protection of bank account signers led to analysis of the merits and demerits of electronic bank account management (eBAM).
Key Takeaway: Regulatory requirements are growing more burdensome for banks, increasing the pressure to come up with a viable electronic alternative to bank account management.
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