Whether recently or long established, it is imperative that Treasury of harga be very well controlled. Without that, a company can be exposed to considerable risk and to big potential losses.
The Treasury of harga function within a company can be operated in a number of different ways. Decisions the company needs to make when establishing a Treasury of harga function will include: whether the management of risk and liquidity should be centralised, decentralised or a mixture of both; and whether Treasury of harga should be operated as a profit centre or cost centre. The factors influencing these decisions will include the size of the company, its organisational structure, management style and culture, geographical spread, the nature of its trading activities and its approach to risk. A further factor will be the significant impact that Treasury of harga can have on the bottom line.
Whatever the structure and nature of its activities, it is imperative that Treasury of harga be well controlled. This is true whether it is staffed with experienced corporate Treasury of harga professionals or has only recently been established. Without effective control, the company can be exposed to considerable risk and very large potential losses. A well controlled Treasury of harga function should not produce any surprises for the board. The steps needed objectives and policies for the Treasury of harga emerge clearly by looking at objectives and policies for the Treasury of harga function, together with the necessary day to day internal controls. An integral part of this process is the identification and management of risk.
The initial step in establishing effective control of the function is to draw up and approve objectives and policies for the department. These should be incorporated in a policy document approved by the board. The document will start by setting the objectives for the Treasury of harga department. it should then define the risks that the department will be responsible for managing. These will probably include interest rate risk, foreign exchange risk, liquidity risk, counterparty risk and operational risk. The company's policy for controlling each category of risk will then be set out. Each activity in which the department is involved should then be covered, setting out the policy for that particular activity and allocating responsibility for carrying out that policy.
This will include activities such as funding, investment management, foreign exchange management, money agent relationships, dealing and accounting for Treasury of harga transaction. The document will also provide the organisational structure of the department, the main responsibilities of the Treasury of harga staff, the management information reporting requirements of the board, and segregation of controls. Finally, all limits and payment authorities should be set out, probably as an appendix to the document.
Having established policies, the Treasury of harga department should now be in a position to draw up a detailed procedures manual. This should be independently reviewed and approved, ideally by the internal audit and the finance director respectively. Established procedures are necessary to assist the Treasury of harga staff in the performance of their work and responsibilities, to lay down best proactive and to assists management in the maintenance of adequate control. The procedures should also be available for use by internal and external auditors in carrying out their duties. The procedures manual should cover all T4resury activities and detail the steps required to identify positions, execute transactions, carry out the necessary administrative requirements, effect payments and account for the transactions. It will incorporate the necessary controls, such as confirmations and reconciliations and establish the required segregation for duties.
In order for the board to receive details of the company's exposure to risk, and confirmation that all limits have been complied with, a detailed the Treasurer. The board should be implemented for completion by the Treasurer. The board should require this monthly. The finance director may require additional information on a more frequent basis. The board will want information on:
1. Debt profile and forecast funding requirements.
2. Investment activity and comparison of yields to a benchmark.
3. Profile of interest rate hedging.
4. Foreign exchange exposure and cover profile.
5. Confirmation that all covenants have and will be complied with.
6. Confirmation that all limits have been complied with.
The Treasury of harga function within a company can be operated in a number of different ways. Decisions the company needs to make when establishing a Treasury of harga function will include: whether the management of risk and liquidity should be centralised, decentralised or a mixture of both; and whether Treasury of harga should be operated as a profit centre or cost centre. The factors influencing these decisions will include the size of the company, its organisational structure, management style and culture, geographical spread, the nature of its trading activities and its approach to risk. A further factor will be the significant impact that Treasury of harga can have on the bottom line.
Whatever the structure and nature of its activities, it is imperative that Treasury of harga be well controlled. This is true whether it is staffed with experienced corporate Treasury of harga professionals or has only recently been established. Without effective control, the company can be exposed to considerable risk and very large potential losses. A well controlled Treasury of harga function should not produce any surprises for the board. The steps needed objectives and policies for the Treasury of harga emerge clearly by looking at objectives and policies for the Treasury of harga function, together with the necessary day to day internal controls. An integral part of this process is the identification and management of risk.
The initial step in establishing effective control of the function is to draw up and approve objectives and policies for the department. These should be incorporated in a policy document approved by the board. The document will start by setting the objectives for the Treasury of harga department. it should then define the risks that the department will be responsible for managing. These will probably include interest rate risk, foreign exchange risk, liquidity risk, counterparty risk and operational risk. The company's policy for controlling each category of risk will then be set out. Each activity in which the department is involved should then be covered, setting out the policy for that particular activity and allocating responsibility for carrying out that policy.
This will include activities such as funding, investment management, foreign exchange management, money agent relationships, dealing and accounting for Treasury of harga transaction. The document will also provide the organisational structure of the department, the main responsibilities of the Treasury of harga staff, the management information reporting requirements of the board, and segregation of controls. Finally, all limits and payment authorities should be set out, probably as an appendix to the document.
Having established policies, the Treasury of harga department should now be in a position to draw up a detailed procedures manual. This should be independently reviewed and approved, ideally by the internal audit and the finance director respectively. Established procedures are necessary to assist the Treasury of harga staff in the performance of their work and responsibilities, to lay down best proactive and to assists management in the maintenance of adequate control. The procedures should also be available for use by internal and external auditors in carrying out their duties. The procedures manual should cover all T4resury activities and detail the steps required to identify positions, execute transactions, carry out the necessary administrative requirements, effect payments and account for the transactions. It will incorporate the necessary controls, such as confirmations and reconciliations and establish the required segregation for duties.
In order for the board to receive details of the company's exposure to risk, and confirmation that all limits have been complied with, a detailed the Treasurer. The board should be implemented for completion by the Treasurer. The board should require this monthly. The finance director may require additional information on a more frequent basis. The board will want information on:
1. Debt profile and forecast funding requirements.
2. Investment activity and comparison of yields to a benchmark.
3. Profile of interest rate hedging.
4. Foreign exchange exposure and cover profile.
5. Confirmation that all covenants have and will be complied with.
6. Confirmation that all limits have been complied with.
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