Events

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In this session, sponsored by HSBC, treasurers will discuss the multifaceted issues related to ESG in EMEA supply chain finance, debt finance and bank relations, including:

1. ESG Euro taxonomy
2. ESG supply chain finance
3. ESG debt finance
4.  Bank ESG parameters

The two NeuGroups for FX come together for a joint "Summit" only every two years, so the expanded opportunity for networking and benchmarking makes the time extra valuable. For the 2022 FX Summit — in addition to standing agenda items like projects & priorities, and plenty of chances for breakouts and small-group huddles — members and sponsors have agreed on the following topic selection: 

1. Time to Revisit Net Investment Hedging?
2. Cause and Effect – Targeting FX Attribution Analysis…
3. … Will Make for More Productive Conversations with Leadership About FX Risk Origins, Risk Management Objectives, and Program Results
4. Maximizing the Cost-Benefit Equation in Your FX Hedging Program
5. Risk Analytics Methods and Self-Service Tools

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The NeuGroup for Asia Tech Treasurers will conduct its second semi-annual meeting, this time with Hong Kong-based sponsor Goldman Sachs Asset Management.

This session will gather Treasury leaders from leading Asia-based technology companies including Alibaba, Ant Financial, Intel, Lenovo and others to compare notes with their U.S. Technology partners on several topics.

The meeting will be held at the Ritz-Carlton, Half Moon Bay just outside of San Francisco with the main meeting on Tuesday, March 15th. We will have an opening dinner on Monday, March 14th, with a possible half-day session on Wednesday, March 16th. If the meeting is extended, we are planning dinner for the evening of March 15th with a featured speaker. We would welcome member suggestions for our keynote speaker – perhaps a CFO who has expressed or acted on a vision for de-siloed collaboration across strategic finance and especially between FP&A and treasury.

The meeting will feature several timely and topical sessions, including one or two joint sessions with the NeuGroup for Mega-Cap Heads of FP&A, so it would be great if members could share live or recent examples of collaboration. In addition to holding our usual Projects & Priorities session, we intend to have sessions on 2-3 of the below topics.

1. Managing Upward
2.  How do treasurers manage their relationships with the CFO, CEO, and the Board? How does treasury build a rapport and gain a seat at the table? How can topics such as capital structure optimization and interest rate risk management provide treasury with the opportunity to demonstrate its critical contribution to enterprise value?
3. Treasury and Carbon Emission Targets
4. What is treasury’s role, and what tools does it possess, to drive down reported carbon emissions? How can treasury work with the sustainability team and get aligned with corporate reporting, audit, and other stakeholders? What examples can members share of what they have done to date (e.g., VPPAs)?
5. Optimizing Treasury for Scalability
6. How have members balanced the benefits and challenges of centralization and decentralization? How have they utilized process standardization and end-to-end process ownership and automation to migrate activities to shared service centers so treasury teams can focus on strategic initiatives and tasks? What contributions have Centers of Excellence made to enhancing scalability efforts?
7. Questioning Everything
8. How can members future-proof their treasury by questioning the status quo? How do you even go about this exercise? Are you reporting on items that are no longer relevant? Are there opportunities for outsourcing mundane tasks to either a shared service center or a third party? What technologies are becoming game changers in transforming treasury processes?

COVID Protocol

The health and well-being of our members, participants, and employees remains our top priority. Our COVID protocol is proof of vaccination and an on-site rapid test for each meeting day. Additional relevant CDC and local recommendations at the time of the meeting will also be considered and any requirements followed.

Our December 13th Hybrid Meeting will take place at The Nexus Club, 100 Church St &th Floor, New York, NY 10007. In-person attendees should arrive at 9:30am to take a COVID rapid test before entering the building.

If you plan to come in person, you should bring:

1. Proof of vaccination: digital Excelsior (or Plus version) or similar State pass or your vaccination card
2. A rapid test to take prior to entering the building where the meeting will take place – this test seems to be the one in widest use and Abbott is a member company: https://www.globalpointofcare.abbott/en/product-details/binaxnow-covid-19-antigen-self-test-us.html (so get this one online ASAP or at a local CVS or Walgreens).

We will reimburse you for the cost of the rapid test. If do not plan to bring 1 and 2, please plan to attend virtually. 

Lastly, for the meeting agenda, please click here. 

Afterward, we will be hosting a NeuGroup Holiday Dinner at The Greens at Pier 17. Pier 17 is located on the East River rise of the intersection of Fulton Street and South Street. Fulton Street is the nearest subway stop and is serviced by the A C 4 5 J Z with the R and W nearby at Cortlandt Street. Walk East on Fulton Street all the way through the Seaport area and under the FDR highway.

This call is part of the three "Pillar" FinTech Series NeuGroup manages. This session represents Pillar 2 - Fintech Solution Sessions (scheduled for February, May, August and November) where we invite select FinTech firms our members identify as of interest for an overview of a treasury function challenge, member case studies from peers of yours that have used the system, and a possible optional demo at the end.

We welcome member's ideas and introductions to FinTech firms as we curate the sessions. Watch this space for an update of the guest presenter.

Members will identify their best sources of insight from among their suppliers such as banks, law firms, accounting firms, and security firms.

The session will be Monday, May 23 at 08:00 - 09:00 Pacific Time / 11:00 – 12:00 Eastern Time / 16:00 – 17:00 GMT / 17:00 – 18:00 Central European Time.

Again, this is a member-only session (no sponsor) and may be followed by additional sessions in the future. Please cascade this information to your team as you deem appropriate.

The meeting will be held at the Ritz-Carlton, Half Moon Bay just outside of San Francisco with the main meeting on Tuesday, March 15th. We will have an opening dinner on Monday, March 14th, with a possible half-day session on Wednesday, March 16th. If the meeting is extended, we are planning dinner for the evening of March 15th with a featured speaker. We would welcome member suggestions for our keynote speaker – perhaps a CFO who has expressed or acted on a vision for de-siloed collaboration across strategic finance and especially between FP&A and treasury.


The meeting will feature several timely and topical sessions, including one or two joint sessions with the NeuGroup for Mega-Cap Heads of FP&A, so it would be great if members could share live or recent examples of collaboration. In addition to holding our usual Projects & Priorities session, we intend to have sessions on 2-3 of the below topics.

1. Managing Upward
2.  How do treasurers manage their relationships with the CFO, CEO, and the Board? How does treasury build a rapport and gain a seat at the table? How can topics such as capital structure optimization and interest rate risk management provide treasury with the opportunity to demonstrate its critical contribution to enterprise value?
3. Treasury and Carbon Emission Targets
4. What is treasury’s role, and what tools does it possess, to drive down reported carbon emissions? How can treasury work with the sustainability team and get aligned with corporate reporting, audit, and other stakeholders? What examples can members share of what they have done to date (e.g., VPPAs)?
5. Optimizing Treasury for Scalability
6. How have members balanced the benefits and challenges of centralization and decentralization? How have they utilized process standardization and end-to-end process ownership and automation to migrate activities to shared service centers so treasury teams can focus on strategic initiatives and tasks? What contributions have Centers of Excellence made to enhancing scalability efforts?
7. Questioning Everything
8. How can members future-proof their treasury by questioning the status quo? How do you even go about this exercise? Are you reporting on items that are no longer relevant? Are there opportunities for outsourcing mundane tasks to either a shared service center or a third party? What technologies are becoming game changers in transforming treasury processes?

COVID Protocol
The health and well-being of our members, participants, and employees remains our top priority. Our COVID protocol is proof of vaccination and an on-site rapid test for each meeting day. Additional relevant CDC and local recommendations at the time of the meeting will also be considered and any requirements followed.

The NeuGroup Crypto Summit will be a unique networking and education opportunity for a distinguished network of corporates and select digital assets organizations who are working on, or are on the journey into, digital assets and the crypto-economy. The summit will provide opportunities to learn first-hand from custodial providers, tax professionals, payments and staking professionals, and will most importantly afford members the ability to network and benchmark. Whether from Treasury or from a Digital Assets unit or from technology, the NeuGroup Crypto Summit will provide essential content and connections at a crucial time in the crypto-economy.

Members are excited about the October 20th meeting in Houston, where we will gather at a single location in the Houston Galleria area for a 1/2 day session followed by the always popular member cocktail event and dinner. This meeting marks an opportunity for members to share any updates, and for the group to discuss topics for the event, which will be sponsored by C2FO sponsoring includes TD Securities as a special guest.

Recent topics from our members:

• Fixed/Float mix
• Managing excess cash efficiently
• ESG Financing / Sustainability
• Return to work issues
• System implementation – system automation
• Recruiting – especially in a time of heavy retirement and a tight labor market.

Members shared their key projects and priorities in our recent hybrid meeting which occurred in-person at BNY Mellon in New York, and virtually via Zoom. In this session, we will discuss the meeting highlights, key takeaways, and next steps.

Members will discuss the steps they have taken to ensure ample liquidity to fund withdrawals. As DB plans move from years of accumulation to years of decumulation, liquidity in the form of cash or cash equivalents becomes imperative. In this session, members will discuss the following:

1. How the modified the investments in DB plans via asset allocation modifications
2. How members view secondary market liquidity for credit product in light of experiences during the pandemic
3. What impact having a higher percentage of cash and cash equivalents can impact performance

With a continuing tight labor market and volatile equity market at the start of 2022, as a backdrop, members will discuss the following topics:

1. How are members working through FX exposures in inflationary exposures? 
2. How are members navigating deals through the market and geopolitical volatility? 
3. What are some key learning from working with a team remotely, and the transition to hybrid or in-person?

Heading into 2022, Treasurers in Asia are facing multiple challenges and opportunities. This meeting will focus on member's projects and priorities for this year including topics such as:

1. Cyber-security
2. Managing liquidity across the region
3. Treasury technology
4. Supply-chain finance
5. Talent management 

Members will discuss the lessons learned in 2022 in which both equity and fixed-income markets experienced shocks and negative returns. A strengthening USD along with rising commodity prices presented their own challenges and forced many members to rethink risk management policies and programs. 

What are the front-of-mind topics members want to discuss at our 2023 H1 meeting? 

Regarding topics, below is a menu of possibilities to spur member discussion. 

• Cash optimization and what it entails
• Treasury's working relationship with FP&A
• Working session on rating agency relationship management
• Assistant treasurers and their remit of responsibilities
• Working capital platforms
• Talent management environment and dynamics

1. Has your company felt the increase in pressure - to halt operations completely - from the Ukrainian and western governments, from investors or customers?
2. Has your company made progress on replacing Citibank given their “complete withdrawal” from Russia as of 31 March 2023?
3. Any news from the two largest Western banks remaining in Russia, UniCredit and Raiffeisen?
4. Any news about your negotiations with other Western, Russian, and Asian banks?
5. Any innovations in terms of repatriating funds?
   

Please refer to recent postings in the RUCC Page and please post there any interesting information you may have:

RUCC link here

Thank you.

Today's regulatory environment is creating more areas for internal auditors to look at; this includes third parties who in turn are themselves connected to fourth and fifth parties. Where do ESG risks fit in? What are the technologies that can help with monitoring third-party behaviors? Should or can an outside company help?

• Exploring tech to solve the third-party management challenge
• Helping management understand the risks third parties present
• What are other members doing to meet the challenge?

With LIBOR ending on June 30, 2023, trillions of dollars in floating-rate debt and derivatives will transition to alternative reference rates — SOFR for most U.S. borrowers. For the many corporates electing standard fallback language, this can create a material mismatch between the debt and derivatives, along with the risk of falling out of hedge accounting — even if you elected ASC 848.

Join us for this exciting research debrief session to discuss the findings of a survey we conducted in partnership with NASP, Fitch Ratings and Sustainable Fitch in December of 2022. The survey's objective was to identify common and best practices in how treasuries work with diverse-owned firms when issuing debt and investing cash and pension assets. 

Key takeaways include:

• Treasury is leading the charge in working more closely with diversity firms rather than responding to requests from the CFO and/or the Board. 
• Companies expect to increase the share of transactions and cash and portfolio assets allocated to diverse-owned firms.
• The most successful D&I treasury initiatives involve actively seeking engagement with minority-owned firms and a highly engaged CFO.

Today, more than 80+ bank APIs are live and being used by treasury teams around the globe. Now that bank APIs are truly a viable connectivity option, what specific problems can they solve for treasury? Join this session to learn how bank APIs address concrete treasury use cases, including:

• Laborious payment traceability
• Fraud incidents
• Keeping up with bank messaging standards and onboarding new payment types like real-time payments, P2Ps, FedNow, etc.
• Slow, imprecise reconciliation
• Disconnected systems and fragmented data

Panelists:

Jim Hawthorne, FinLync 
Joseph Lee, DBS
Kurt Smith of ACTA and Global Business Partners
Ai Li Tan, X-press Feeders

Moderator: Sarah Pease, FinLync

Meeting Details:

Time: Sep 27, 2022 
Start Time:10:30 AM Singapore
End Time: 12:00 PM Singapore

Join Zoom Meeting
https://neugroup.zoom.us/j/3348312601?pwd=Vk9ZUEFRU1ZMSmZNaFpOWWtpbkFNQT09

Meeting ID: 334 831 2601
Passcode: NGM2022H2

Join Us to Learn How to Create an Integrated Human-Centered and Collaborative Team to Imagine and Implement the Future of Work.

Matt Alevy, VP Services Innovation for Thomson Reuters will lead a kickoff discussion about their future of work (FoW) program and then share ideas and feedback with colleagues. This is a practitioner only (Head of Real Estate or above) session facilitated by the NeuGroup.

Topics will include:

• Thomson Reuters FoW program - team structure, charter, works streams 
• Best practices and lessons learned
• The property portfolio: size, owned vs. leased, vendor relationships 
• Data and trends from Thomson Reuters

NeuGroup welcomes members and non-members to join us for this discussion.

In what will be the first in-person gathering of Capital Markets' peer group, members will discuss a materially different and challenging market. Topics abound and include the following:

1. How inflation is impacting capital structures and rates risk management
2. Liability management in a world of higher rates
3. Sustainable financing and regulatory changes

Paul Sobel, the COSO Chairman, will update attendees on guidance issued in the last two years and facilitate discussion about how this guidance can be leveraged by risk management professionals in a transformational world. 

The latest COSO Guidance covered topics such as: 

1. Risks and blockchain
2. Risks around artificial intelligence and cloud computing. 
3. Compliance risk management. 

The session will finish with a brief discussion of potential future guidance.

Members will discuss audit opinion ratings (e.g. 3 opinions: Satisfactory, Needs Improvement, Unsatisfactory) and the standards, criteria or factors member teams use to assign those opinions. Also, the finding risk categories (e.g., three ratings: High, Medium, and Low) and standards member teams use to assign the risk rating for individual findings.

Topics abound for regional treasurers and will likely continue into 2023 including

• LIBOR transition and the work still to be done
• FedNOW, instant payments and intraday liquidity
• FOMC policy outlook with Morgan Stanley
• Pre-meeting benchmark survey

Members will meet to plan the agenda for the H1 2022 Peer Group Meeting noting the following:

1, The meeting is scheduled for Thursday, June 2nd, with a meeting the evening of June 1st

2. The plan is to have a hybrid format with an in-person option in Chicago and a virtual option via Zoom

3. Our meeting sponsor, DWS, will host the meeting at their office in Chicago

Members will gather to share what they believe will be their key challenges for the new year. Talent management, recession and inflation, tech innovation, and volatile markets are sure to be on the list. 

For many companies, the decision to hedge is based on exposure size and may move forward layering in tranches to protect against exchange-rate volatility. However, this 'a+b=c' approach doesn't factor in the true cost of hedging, particularly for currencies with high cost of carry (the net cost of holding a position). A more holistic picture of hedging costs is needed to make more accurate and strategic decisions.

During this roundtable session of the NeuGroups for Foreign Exchange, Robert Mutagwaba, Manager, Treasury, Equinix, will discuss recent efforts at his company to determine if and when cost of carry should factor into hedging decisions. We will also look at aggregate results from a recent benchmarking survey on the topic. Participants will consider: 

• How cost of carry factors into exposure management
• Metrics applied to hedging decisions
• Is there a line in the sand? To hedge or not to hedge  

Treasurers are facing a year of economic uncertainty and financial markets' turbulence. They will therefore be looking to their financial and technology partners for support and solutions to their 2023 challenges. In this Research Debriefing Session, we will share the findings of our 2023 Treasury & Finance Agenda Survey and identify opportunities for engagement with corporate treasury clients. 

Topics include: 

• Treasurers’ top priorities for 2023 and the biggest obstacles to achieving these objectives
• The most critical risks treasurers face this year
• Technology adoption trends, for TMS and beyond

In a full-day and in-person meeting in New York, Insight Investment will both sponsor and host the H2 meeting which is expected to cover a wide range of topics including the following:

1. How the sharp sell-off in equity and fixed-income markets have impacted the performance of DB plans
2. DB plans and recent developments in the risk transfer space
3. Alternative investments and their role in an inflationary environment

The working group for Treasury Technology, aka Treasury Technology Tuesday is a quarterly opportunity for members of NeuGroup to come together in members-only small-group conversations dedicated to their TMS of choice, similar to a user group but without vendors present.

The benefits of this group include:

1. A “safe zone” for frank conversations with other treasury professionals about your specific challenges, solutions, vendor experience and desired functionality improvement.
2. A place to connect and network to establish offline discussions.
3. The opportunity to benchmark with other users of the same system you have.
4. A chance to anonymously influence vendors’ development path.

Further details:

1. Participants will include members of NeuGroup peer groups, and/or select team members from NeuGroup network member companies.
2. These sessions will be for NeuGroup members and select practitioner guests only, unless members request the presence of a vendor for the purposes of Q&A, product-development discussions and the like.

Meeting cadence:

1. This working group meets 12:00-1:00pm ET on the second Tuesday of March, June, September and December.

Fundamental to the NeuGroup Process is sharing what you are working on and your top issues while learning about the projects and priorities of other members. This helps members and NeuGroup determine who to connect with and who we can connect you with to collaborate on similar projects or gain knowledge about best practices, success drivers, and what to avoid from those who have done these types of projects before.

"Projects and Priorities" sessions have proven themselves over time to be the most popular and valuable with NeuGroup members. By joining this session, you set yourself up for success by getting validation for what you are working on. You also establish who in NeuGroup can work with you to further success.

Members will gather to share what they believe will be their key challenges for the new year. Cash management, talent management, tech innovation, and volatility are among the issues members will likely be talking about.

The consequences of the pandemic have forced treasurers to re-think talent management. For some companies, remote teams have become the norm and will likely remain so. Other companies are either now back in offices or employing a hybrid format. How are treasurers navigating candidates and team members who want to work remotely? How has the 'war for talent' impacted the ability to be competitive from a compensation perspective? What other issues are treasurers encountering?

This group first discussed crypto assets in April 2021 at our H1 meeting. At that time, we noted that "treasury teams would likely need to learn more and more about these crypto assets over the next year". Matt Thomas who leads NeuGroup's Digital Asset Working Group will join the session and briefly share his experience with members over the last few years with members then encouraged to do the same. 

In several recent sessions, the HiPos have been asking one another ad hoc questions about ERP and TMS systems, bank relationships, number of bank accounts managed, job titles, org charts and team size, and a myriad of other topics.

While much of this information is gathered via NeuGroup’s annual member survey, this session represents a chance to dig into the numbers a little, compare notes, and ask questions of one another in a private, member-only session.

Everyone's talking about bank APIs. But with so many demands on finance, why should treasury teams  prioritize bank APIs?  Join this panel discussion to hear Walmart's story including:

1. Why Walmart considered bank APIs in the first place
2. The specific problems the treasury team is solving, and goals they're achieving with this connectivity advancement
3. How treasury built the business case internally for bank APIs

Speakers Include:

• Trevor Bateman, Senior Manager, Global Treasury at Walmart
• Chris Noe, Head of Digital Segment Strategy, Commercial Bank & Corporate Investment Bank at Wells Fargo
• Mitch Thomas, Head of Solutions Engineering at FinLync

Volatility in commodities markets have led many companies to look at establishing risk management programs and the need to understand the differences between hedging commodities and other asset classes, the importance of partnering with procurement, and the steps necessary to operationalize a successful program. 

Current global turmoil has complicated portfolio positioning and optimization analyses.

Portfolio reviews have been well underway at many member companies with a specific focus on what repositioning can and should be done in the wake of inflation. However, with the current global turmoil spooking the markets, scenario analyses have been complicated with additional layers of uncertainty and risk. During this month's meeting of the Cash Investment peer groups, members will have the opportunity to share various strategies and discuss difficulties as the world shifts from a global pandemic to a time of war. Managing Director and Head of NeuGroup Research, Nilly Essaides, will also share preliminary benchmarking survey results on:

1. Strategic investment portfolio positioning
2. Internal and external triggers for duration extension
3. Best use of external advisors for analyses and investment optimization

Transporting cash has always been a challenge for Retailers with multiple locations. That problem has only been exacerbated by Covid, shrinking bank locations and services, and a confusing array of new options.  The cash process can be categorized into three areas: 1) handling the cash in-store (smart safes, “dumb” safes, cash recyclers, etc.), 2) making reconciliation and tracking across sometimes thousands of stores easier (the main topic of our December session) and 3) figuring out ways to transport the cash from multiple store locations to banks securely (armored car, cash by mail, etc.) 

In this session, we address this third area (including cash deposits by mail) and have asked members including Dollar Tree, Walmart, Columbia Sportswear, Office Depot, Ross Stores and others to share their current frustrations and the options they have considered. Discussion points are expected to include:

• Outlining the different challenges depending on number of store locations (<100 vs thousands)
• Vendor solutions (Armored carriers like Brinks et al, UPS, bank offerings, etc.)
• Maximum $ amounts per package datapoints
• Security concerns
• Questions about accountability and compliance by USPS”
• Armored car services invoicing - Outsourced or managed in-house?
• Identifying best practices

We look forward to a tactical discussion designed to provide solutions for our members based on real-member experiences.

This session will also include a short discussion on topics of interest for the Retail group for 2023.

Lorraine Dirks (VP, USB Treasury Management Group) from 1H 2022 sponsor US Bank leads a discussion on two topics:

1. US Bank economists and government affairs experts Kevin MacMillan (MD, Head of Government Relations, Managing Director) and Eric Freedman (EVP and Wealth management Chief Investment Officer) update members on the current market outlook including impacts of policy changes and macroeconomic trends.
2. Members discuss their use of Treasury Management Systems (TMSs) and share recent transitions and experience with systems involving SunGard, WallStreet Systems, Kyriba and others. Several members have already registered and plan to kick off the discussion sharing their experience including:

• Kelly Kozon  (Treasury Sr Manager at Lowe's) 
• Staci Reardon (Manager, Treasury and Risk Management at Sherwin-Williams)
• Doug Brauch (VP, Treasury & Insurance at Macy's)

COVID, a new generation of employees, automation, and several other factors are making the job of leading a treasury organization more challenging than ever. Our Retail treasury leaders have highlighted several topics they’d like to delve into deeper and compare approaches with their peers. We plan to have each topic introduced by a member, who will share their dilemma, considered solutions and questions. 

A few members who have expressed an interest in the participating in what should be a great discussion:

• Chris Samson (Best Buy) 
• Kristyn Sugrue (BJs Wholesale) 
• Robert Chutuape (Chipotle) 
• Todd Hipwell (Dick's Sporting Goods) 
• Katie Mallas (Dollar Tree) 
• Scott Meader (McDonalds)
• Dan Fleming (Target) 
• Erica Farrell (TJX)  
• Matt Allen (Walmart)
• John Lane (Yum) 

Planned topics:

• How does your titling / levels work in our treasury function, and how do you define each level (Analyst, Manager, Sr. Manager, Director, etc.)
• How many staff do you have in Treasury and where are they located?
• What specific functions does your treasury group have under its banner?
• Do you have a career development plan for your staff and if so how well defined is it?
• Where do you source talent from? Colleges? Outside companies? Banks?
• Do you prefer generalists who rotate across different finance functions or specialists that stay in place for long periods of time?
• How important is having a CTP designation for your staff?
• What are you doing to build strong soft skills in your organization?

Signed into law in late 2022, this session will provide a forum for members to compare their thoughts on how the Secure 2.0 Act will impact how their companies manage various retirement plans.

Willis Towers Watson's Jonathan Drummond, Head of Broking North America, will provide perspectives on rate forecasts and market conditions for 20+ lines of insurance as noted in their latest edition of Insurance Marketplace Realities. https://www.wtwco.com/en-US/Insights/2021/11/insurance-marketplace-realities-2022-introduction-executive-summary

Following opening comments from Willis Towers Watson, members will share how they are dealing with a multitude of challenges renewing insurance lines:

1. How treasurers are coordinating internally senior management and business divisions.
2. How companies are assessing insurance risks relative to other risks such as foreign exchange and interest rates.
3. The noticeable differences in how members approach various types of coverage such as D&O, P&C, and cybersecurity.

We hope you can join!

While easing somewhat lately insurance premiums for many lines continue to challenge corporate insurance and risk professionals. In this session, we'll hear from Scott Borup of Johnson & Johnson, who will describe how he speaks to management about the insurance market and what it should expect.

• Prepping management for good times and bad
• Giving historical context by describing the market's ups and downs
• How building strategic relationships with insurance partners can help in the long run
• Putting the board at ease over insurance concerns

Members and their insurance colleagues will discuss the results of a ten-question survey on the merits and challenges of captive insurance companies. Survey questions included the following:

• What are the benefits of using a captive?
• How much are premiums reduced by utilizing a captive?
• Which programs do you have in your captive?
• Where is your captive domiciled?

Opinions vary as to whether the dollar is strengthening or everything else is weaking. Either way, FX markets are getting a lot more volatile and it’s likely to continue. This month, the Life Sciences Treasurers will meet to compare notes on questions like:

• Are company’s changing their philosophy on hedging?
• Where do treasurers think rates are headed?
• How is treasury’s role in managing FX risk changing
• How does this current market environment impact how treasurers are thinking about FX risk?  Are they reacting or just riding through the volatility?
• Are treasurers looking to introduce more optionality to how they manage their FX risk?
• What are the primary currencies most peers are focused on?

We plan to cover two topics in our September monthly Peer Group Session:

• Previewing the Nov 15th and 16th In-person meeting at Regeneron (Tarrytown, NY), including agenda and planned topics.
• An open member discussion on FX issues - a hot topic in this sector:

Opinions vary as to whether the dollar is strengthening or everything else is weaking. Either way, FX markets are getting a lot more volatile and it’s likely to continue. This month, the Life Sciences Treasurers will meet to compare notes on questions like:

• Are company’s changing their philosophy on hedging?
• Where do treasurers think rates are headed?
• How is treasury’s role in managing FX risk changing
• How does this current market environment impact how treasurers are thinking about FX risk?  Are they reacting or just riding through the volatility?
• Are treasurers looking to introduce more optionality to how they manage their FX risk?
• What are the primary currencies most peers are focused on?

During this Members-only session, we will:

1. Review the top Projects and Priorities for Growth Tech Treasurers
2. Review the preliminary results of the 2022 Member Agenda Survey Results
3. Discuss current member needs and open Shop-Talk items

HSBC will describe its “Road to Sustainability for Corporate Treasurers”, which includes seven “Stops” on the Road, each of which can be the subject of a deep dive in a subsequent session. This roadmap will include:

• An “ESG Toolbox for Treasurers”
• Techniques to close the “gap” between CFO and Treasurer perceptions of ESG
• How to build a credible ESG strategy and how to manage the complexity of ESG KPIs
• Highlights of future presentations from HSBC on:
  • EU ESG Taxonomy and its consequences for Corporate Treasurers
  • ESG in Supply Chain Finance
  • ESG in Corporate Loans and Bonds
  • ESG in Working Capital, Guarantees etc.
  • ESG in Hedging
  • ESG in KYC / “Know Your Bank”
  • ESG in Investments

After presenting the roadmap, we will ask members how to prioritize the subsequent discussion topics (the Stops).

Additionally, this journey will be kick-started with a report HSBC conducted, Rethinking Treasury: The Road Ahead - The 2021 Corporate Risk Management Survey. This will be sent to members several weeks ahead of the session.

In this member-only session, European treasury leaders will:

• Discuss and summarize the highlights and key takeaways for those not able to attend
• Create a list of follow-up questions, if any, for the guest speakers
• Brainstorm topics of interest and desired speakers for the 2023 sessions

The LIBOR Transition Working Group will be joined by Chatham Financial for members to ask nuanced questions and have a constructive dialogue with transition experts. Members have asked questions regarding swap contracts and term SOFR marketplace standards, all questions Chatham will be prepared to answer and discuss with NeuGroup members.

Chatham Financial is uniquely positioned as risk experts, a long-standing NeuGroup partner, this session is designed for an open conversation with market experts.  

Discussion items can include:

1. What are some market factors to consider for members waiting to transition language? 
2. What have been some learnings from members who've completed the transition for new/existing loans?
3. 'Big Bang' or one contract at a time?
4. What are some last-minute hurdles for your organization? 
5. Have your systems been able to integrate the new ARRC alternative? 
6. Questions for Chatham Financial? 

Q1 of each calendar year has historically been a prime time for companies renewing their revolvers. In this session, members will discuss their expectations on several fronts including bank receptivity to renewals and commitment increases, whether adding sustainability language is right for them, and the final stages of the LIBOR transition. 

Corporates are increasingly including and expanding the role that diversity firms play in in executing financial transactions. Join Andrew Cohen (NY Life), Tony Masone (Amazon), Carol Lundahl (Allstate), Juanita Lee (Merck), along with Annie Seelaus (D&I Firm Seelaus & Co) and Betanya Akilu (Morgan Stanley) to discuss:

1. How to determine which firms to include and why
2. What are best practices in conducting vetting and due diligence
3. How to determine the role and appropriate size of each D&I firm's allocation.
4. Understanding the advantages and disadvantages of using a bank coordinator to manage the process

We will fast-forward our November monthly peer group session a few weeks so we can discuss the key takeaways and key highlights from our recent H2 meeting in New York. This session should be especially relevant to the following members:

1. Members who were unable to participate because of business and/or personal conflicts

2. Members who participated virtually, but had to leave the session from time to time during the day

3. Members who participated in person and have suggestions on topics for future sessions and/or benchmarking surveys

Topics will include:

• Treasury Team Meetings
  • Your feedback on Treasury Teams meetings to date - How can we improve?  Frequency?  Most relevant topics? 
  • Do we want to create a team contact list organized by standard Treasury functions?
• H1 Meeting - what key topics would you like to have addressed?
• Member topics/queries/questions - This is your meeting.  What topics would you like to discuss?
• Relevant topics - In the news or recent common themes from clients, regulators or others?
• Survey launch

Treasurers are facing another year of economic uncertainty and financial markets' turbulence. To weather the storm, they are braced to focus on several key treasury initiatives that connect treasury to the larger global finance organization and technological advances. In this research debriefing session, Nilly Essaides, Managing Director of Research and Insights, NeuGroup, will share findings from the recent NeuGroup Treasury & Finance 2023 Agenda Survey and identify opportunities (and headwinds) specific to members of NeuGroup.

Topics include:

1.      Treasurers’ top priorities for 2023 and the biggest obstacles to achieving these objectives

2.      The most critical risks treasurers face this year and

3.      Technology adoption trends, for TMS and beyond

This 60-minute session provides NeuGroup Network members with a quarterly opportunity to come together for frank conversations about specific treasury technology challenges, solutions, vendor experiences and desired functionality improvements. Participants may choose to breakout into smaller round-table discussions by treasury management system or engage in open-forum style conversations about various systems' functionalities, bank and fintech connectivity, ERP integrations and upgrades. Sessions are held as members-only, without vendors present to allow for unedited dialogue of opinions and experiences with treasury technologies. 

Meeting cadence:

1. This working group meets quarterly from 12:00-1:00pm ET on the second Tuesday of March, June, September and December.

The session will be Monday, March 14 from 11:00am – 12:00pm ET / 17:00 – 18:00pm GMT.

 Again, this is a member-only session (no sponsor) and may be followed by additional sessions in the future. Please cascade this information to your team as you deem appropriate.

This session will be a follow-up to the sessions we hosted on February 2, February 28, March 4, and March 7.

Russia Sanctions and Counter-sanctions: Treasury Prepares for the Unknown

Russia Sanctions Strategy: Corporates Prepare for Disruptions

Some of the topics to be addressed include what members have learned about:

1. Sanctions
2. Counter Sanctions
3. Advice from banks, law firms, accountants, security consultants, etc.
4. What do companies mean when they “suspend operations” or “exit” the country?
5. The compliant ways to pay employees in Russia
6. How to collect receivable payments that can no longer transit through sanctioned banks?
7. Have any OPAC licenses been issued yet under the new sanctions?
8. Have any payments failed yet?  Any failed settlement of hedges yet?
9. Are companies able to open new bank accounts in Russia?
10. Have any companies had a RUB working capital crisis since the Russian regulation allowing local banks to lend to MNCs only for salary, rent, and taxes?

We hope you can join.

This 60-minute session provides NeuGroup Network members with a quarterly opportunity to come together for frank conversations about specific treasury technology challenges, solutions, vendor experiences and desired functionality improvements. Participants may choose to breakout into smaller round-table discussions by treasury management system or engage in open-forum style conversations about various systems' functionalities, bank and fintech connectivity, ERP integrations and upgrades. Sessions are held as members-only, without vendors present to allow for unedited dialogue of opinions and experiences with treasury technologies. 

Meeting cadence:

This working group meets quarterly from 12:00-1:00pm ET on the second Tuesday of March, June, September and December.

Treasurers have faced challenging times and volatile markets since the beginning of 2022, including inflation, the Russian-Ukrainian war, the post-COVID surge in demand, rising interest rates, supply chain bottlenecks, and a possible recession in some countries and regions. At this meeting, members will share insights on how they have navigated these turbulent times. Connections will be made at formal sessions on topics,informal breakfast, lunch, and dinner, and specific networking sessions. This meeting is sponsored by Bank of the West and hosted by Snowflake at their offices outside San Francisco.

NeuGroup will host a session so members can share how sanctions, countersanctions, and local Russian law are affecting their companies and how they plan to navigate these challenges. Members will also identify their best sources so far of good feedback from among their suppliers such as banks, law firms, accounting firms, and security firms. 

 The session will be Monday, March 28 at 08:00 - 09:00 Pacific Time / 11:00 – 12:00 Eastern Time / 16:00 – 17:00 GMT / 17:00 – 18:00 Central European Time.

 Again, this is a member-only session (no sponsor) and may be followed by additional sessions in the future. Please cascade this information to your team as you deem appropriate.

Russia Sanctions and Counter-sanctions: Treasury Prepares for the Unknown

Russia Sanctions Strategy: Corporates Prepare for Disruptions

Russia Crisis: Finance Navigates Complexity, Fluidity, Unknowns

Some of the topics to be addressed include what members have learned about:

1. Sanctions
2. Counter Sanctions
3. Advice from banks, law firms, accountants, security consultants, etc.
4. What do companies mean when they “suspend operations” or “exit” the country? 
5. The compliant ways to pay employees in Russia
6. How to collect receivable payments that can no longer transit through sanctioned banks?
7. Have any OPAC licenses been issued yet under the new sanctions?
8. Have any payments failed yet?  Any failed settlement of hedges yet?
9. Are companies able to open new bank accounts in Russia?
10. Have any companies had a RUB working capital crisis since the Russian regulation allowing local banks to lend to MNCs only for salary, rent, and taxes?
11. What are companies learning about local regulations for winding down operations, paying severance to staff, etc?

We hope you can join!

Please join us on Monday March 13th at 1200 ET/0900 PT for a NeuGroup Crisis Community session to discuss the evolving situation at Silicon Valley Bank.  We don’t know how exposed the Growth Technology Treasurers are to SVB, but we invite you to discuss and share knowledge and insights about SVB’s sudden potential liquidity issues.

We will discuss:

• Current situation – where are we after the weekend?
• How did things get this way?
• VC responses to the crisis
• Funding options away from SVB
• Possible future paths for SVB (if not yet determined)
• How can a Treasurer defend against this type of situation in the future and be positioned in the case of future “liquidity runs” at other banks ?
• How is this situation different from those in the financial crisis? 

We will be joined by Jerry Olivo, who was formerly the Head of Intraday Liquidity and Business Treasurer for the Institutional Clients Group at CitiBank.

NeuGroup peer groups and sessions deliver the most value for our members during crises and periods of uncertainty by facilitating frank exchanges to help each other figure out what they can and should be doing. As with all NeuGroup meetings Chatham House rule apply.

“How did you go bankrupt?  Gradually, then suddenly”

• Ernest Hemingway, the Sun Also Rises

Treasurers are facing another year of economic uncertainty and financial markets' turbulence. To weather the storm, they are braced to focus on several key treasury initiatives that connect treasury to the larger global finance organization and technological advances. In this research debriefing session, Nilly Essaides, Managing Director of Research and Insights, NeuGroup, will share findings from the recent NeuGroup Treasury & Finance 2023 Agenda Survey and identify opportunities (and headwinds) specific to members of NeuGroup.

Topics include:

1.      Treasurers’ top priorities for 2023 and the biggest obstacles to achieving these objectives

2.      The most critical risks treasurers face this year and

3.      Technology adoption trends, for TMS and beyond

High inflation and rising interest rates have driven U.S. consumer sentiment indexes to all-time lows. Yet how consumers feel about the future is not evident in consumer activity today. What does this dichotomy suggest for credit markets and the economy?  

Join us for an in-depth examination of consumer behavior and the potential investment implications across credit sectors, as well as opportunities that may lie ahead. 

 Panelists will include: 

1. Adam Castle, CFA, Managing Director and Portfolio Manager focusing on securitized credit and specialty finance 
2. Kevin Coyne, CPA, Deputy Director of Global Credit Research focusing on leisure and gaming 
3. Joseph Graham, CFA, Managing Director, Investment Strategist 
4. Samantha Scher, Managing Director and Head of U.S. Institutional Sales, and moderator 

This month's topics will include:

1. Update on member Treasury systems inventory initiative.
2. Establishing a standard monthly update section - content and sources.
3. Best Cash Investment Resources discussion - other than NG - sources for latest topics for consideration?
4. Bank deposit rate observations – please share your recent experiences.
5. Trending member issues, projects and priorities – ask peers for input and offer your approach toward common issues.

What are the most important topics for treasury teams for H2 2022 and where should we spend most of our time during monthly meetings? Do any of the below topics resonate with members as candidates?

• Inflation/Recession & Supply Chain Impacts
• Changing Shape of the Yield Curve, Potential Impacts on Investment Plans
• Treasury Investment Automation Initiatives
• Investment Accounting, Compliance, & Reporting
• Intraday Liquidity Impacts on Investments 
• Member Suggestions

Corporate Treasuries are quickly finding ways to benefit from strategic corporate crypto projects. In this session, Genesis will dig deep into the basics of the crypto market and share their experience. Genesis provides a complete platform (custody, trading, lending) of solutions for corporates engaging the crypto space and will share their insights in a discussion-style format for members.

Some of the questions to be answered:

1. How to accept digital assets payments such as Bitcoin, Ethereum, or USDC?
2. How does the crypto trading market compare to equities or the foreign exchange market? 
3. How can crypto make inter-country settlement more efficient (easier/less costly) than traditional methods?
4. How to accumulate crypto and digital assets securely and responsibly?
5. What are use cases for lending out crypto and digital assets for additional yield?
6. Tools members can utilize to gain insight into the market from Genesis? 

NeuGroup will host a Members Only Cryptos & Coffee for members to meet and discuss some of the topics most relevant to them, as well as some of the plans for the group.  

Discussion items to consider for the session:

1. What are some best practices around picking a custodian?
2. What were some of the first steps in setting up a digital assets/crypto infrastructure? 
3. What are some of your organization's plans and goals for the asset class?
4. What areas would you like to explore?  
5. What tools and plans have members been utilizing to gain insight into the market? 
6. Who would you like to connect with online or offline amongst the working group?
   

This session will build on the collaboration group idea posted to the working group community. 

We hope you can join!

Digital Assets Working Group will host an NFT (Non-Fungible Token) Collaboration Sub-Group session for members only to meet each other and discuss some of the pain points, successes, and key learning during their NFT journey and Web3. 

Discussion items to consider for the session:

1. What are some custodians your firm has evaluated or utilized?
2. How to view working capital versus inventory? 
3. Compare and contrast hot/cold wallet infrastructures. 
4. Discussion around the flow of funds
5. What are some of your organization's plans and goals for the asset class? 
6. What tools could be used to help achieve the goals? 
7. Payments processing for the NFT use case
8. Due diligence benchmarking
9. Vendor/Services comparison

Discussion items to consider for the session: 

• What are some payment rails/custodians your firm has evaluated or utilized? (Perennial topic)
  • What hot wallet / cold wallet set infrastructure does your organization use or look towards? 
  • Best practices around wallet setup and coin/token storage/minting tokens
• What were some of the first steps in setting up a digital assets/crypto infrastructure? 
  • Do you have a standard counterparty evaluation? 
  • What are some of the hold-ups for your leadership or treasury? 
• What are some of your organization's plans and goals for the asset class? 
  • Is your organization trying to facilitate payments?
  • Build out web3, creator wallets, customer wallets, customer rewards?
• What tools and plans have members been utilizing to gain insight into the market? 
  • Tax/Accounting/Reconciliation (Perennial topic)
  • Utilized for staking, node hosting, transacting, and tokenizing?
  • Compliance tools (Perennial topic)
• Payments Rails Collaboration Group? 
• Open Forum

The first for NeuGroup and for the working group, NeuGroup will host an NFT (Non-Fungible Token) Collaboration Sub-Group session for members only to meet each other and discuss some of the pain points, successes, and key learning during their NFT journey. 

Discussion items to consider for the session:

• What are some custodians your firm has evaluated or utilized?
• How to view working capital versus inventory? 
• Compare and contrast hot/cold wallet infrastructures. 
• What are some of your organization's plans and goals for the asset class? 
• What tools could be used to help achieve the goals? 
• Where have members been going to gain insight into the market? 
• What documentation can NeuGroup produce to help guide members or bring in partners (law firms, consultants, etc)? 

We will discuss investment positioning strategy across rising and falling interest rate environments.  Topics to be covered include investment policy considerations, maximizing yield across the curve – especially within 90 days, the current credit environment and bank deposit management.  Portfolio market gains and losses will also be addressed.

The first for NeuGroup and for the working group, NeuGroup will host a Cryptos & Coffee for members to meet each other and discuss some of the topics most relevant to them and some of the plans for the group. 

Discussion items to consider for the session:

• When the Ethereum "Merge" happens, will the ESG focus on the energy required by a hold-up? 
• What are some custodians your firm has evaluated or utilized?
• What hot wallet / cold wallet set infrastructure does your organization use or looks towards? 
• Best practices around wallet setup and coin/token storage
• What were some of the first steps in setting up a digital assets/crypto infrastructure? 
• Do you have a standard counterparty evaluation? 
• What are some of the hold-ups for your leadership or treasury? 
• What are some of your organization's plans and goals for the asset class? 
• Is your organization trying to facilitate payments?
• Build out web3
• What tools and plans have members been utilizing to gain insight into the market? 
• Who would you like to connect with online or offline amongst the working group? 
• What are some possible collaboration groups for 2023?

In this session, we would like to discuss members that would like to participate in our decision tree for crypto and digital assets investments for corporates to be presented back with a draft in April 2023 and final in June 2023. 

The transition from LIBOR may be over for new transactions, but challenges remain. In this session members will share the key issues which remain including legacy loans which have been swapped and various SOFR conventions and the products to which they apply.

Following the 19th annual meeting of the Regional Bank Treasurers' Peer Group, members will plan out follow-ups for the balance of 2022 on topics including the following:

1. Deposit beta and factors which impact it
2. Investment portfolio management in a low-rate environment
3. Alternative indices in a post-LIBOR world

Members will discuss moving from a bi-weekly cadence to a monthly cadence for Regional Bank Treasurers and Regional Bank Treasury Teams. Should we keep the same day of week (Thursday) and time (4-5pm ET) or is there a better suggestion?

With inflation and the Federal Reserve meetings set to have rate hikes throughout 2022 as a backdrop, members will discuss the following topics:

1. How the yield curve will affect member balance sheets, both lending, and cost to funding?
2. Deposit balance modeling and how members are managing record deposits?
3. How Members have managed with the Libor Transition coming to a close?

NeuGroup European Treasury members and guests will gather for their H1 2023 meeting to discuss both opportunities and challenges in what is shaping up to be another volatile year. As always, our meeting will include a networking dinner and several other networking opportunities to have informal conversations with fellow members.

In light of the ongoing dislocation in the banking sector and markets, members are taking a fresh look at corporate cash investments and rethinking what comprises a corporate (cash investment) portfolio. 

Additionally, corporates are being asked to benchmark against peers to determine what concentration limits make sense and what instruments are available. Join us for this 1-hour virtual session to exchange ideas and discuss how corporates are responding to this environment.

• What have been strategies members are rethinking? 
  • Which strategies have members been moving into? 
• What are members' takeaways from the FOMC decision? 
  • How does this change the portfolio composition? 
• What are risks still outstanding? (or is nothing 'new')
  • How are members reassessing portfolios? 

Rising interest rates have put the spotlight on working capital initiatives as more companies push to free up cash and find alternate sources of funding for operations and strategic initiatives. During this monthly session of the NeuGroup for Global Cash and Banking, members will discuss the methods that they are using and exploring as means to unlock cash and reduce reliance on external debt.  

The Latin America Treasury Peer Group will meet to share and discuss Cash Collections and receivables operations across the region. Comparing and contrasting systems, jurisdictional nuance, and strategies with fellow members. 

Topics of discussion may include:

1. Colombia collections / receivables
2. Peru and Chile collections / receivables
3. Mexico 
4. Brazil
5. Questions for fellow members

Women in treasury can advocate for diversity in finance and treasury as well as the diversity of the partner teams, including how to monitor success. The CEOs of Women in NeuGroup sponsors CNote and Seelaus Asset Management will lead a panel discussion with prominent NeuGroup members from Microsoft and Merck, along with a guest from Peloton about how to effect change in gender and diverse representation within their own companies as well as, for example, financial counterparties. 

Panel:

Merck - Juanita Lee, Assistant Treasurer

Microsoft - Anita Mehra, Corporate Vice President of Global Treasury & Financial Services

Peloton - Dana Laidhold, Treasurer

Moderators:

CNote - Cat Berman, CEO

Seelaus - Annie Seelaus, CEO

NeuGroup - Anne Friberg, "WiNG Commander" and Senior Director, Peer Groups

Gaining deeper insights into cash and liquidity management is becoming increasingly important to organizations who want to manage working capital intentionally. This information is vital to an organization, and the timeliness and accuracy of data requires a unified approach to systems, data aggregation, and goals. It also entails a multitude of tasks that add to the complexity of achieving a confidence-driven picture of global cash positioning. By unifying myriad systems, tasks, data, and people, organizations can achive clearer visibility into cash position - the visibility that is needed to support critical financial decisions and strategic business objectives. 

In this session, Jon Paquette, VP Client Solutions of TIS, Nicolas Christiaen, Founder of Cashforce, and John Kane, VP Pre-Sales Americas at Cashforce will discuss recent insights into working capital and liquidity management and discuss how to automate processes to achieve comprehensive visibility through common goals, consistent metrics, and a unified approach.

This session will be a combination of the monthly peer group meetings for the Global Cash, Retail, Large Cap Treasurers and Mid Cap Treasurers groups.

Roundtable discussion around the key takeaways from the 2022 Benchmarking Survey conducted by NeuGroup across over 200 network companies. The survey included questions around:

1. The most prioritized objectives for members in 2022
2. The biggest challenges in realizing those objectives
3. The primary risks facing organizations
4. Current and expected level of adoption of various technology

If time permits, we will cover any additional topics raised from members. 

NeuGroup will share key insights from the NeuGroup for Global Cash & Banking 2022 H2 meetings that occurred in October before members revisit follow-up questions for each other and those who missed the meetings have the opportunity to share projects and priorities.

The Fitch team responsible for issuers will review everything a first-time issuer needs to know about the ratings process. Topics will include: 

• How the dialogue with a rating agency begins
• How bankers are often involved & their value to the issuer
• Engagement process & basic components of our engagement letter
• Timing 
• The role of executive management 
• Analyst Alen Lin, who presented on February 16th, will then a walkthrough
  • The management meeting where the company meets with us, what data is generally needed, questions asked, the role of the banker
  • The rating committee mechanics through the draft analysis
  • Publishing process from issuer’s perspective
• Description of onboarding and ongoing relationships

The NeuGroup Russia-Ukraine Crisis Community will host OFAC for a discussion on the sanctions environment. The session will include senior presenters from OFAC and will be conducted as all NeuGroup meetings under Chatham House Rules. Members are asked to provide questions for OFAC ahead of the session but are encouraged to have a direct dialogue during the session with OFAC. 

NeuGroup will provide the forum and moderate the discussion between OFAC and the membership. This session is members-only. 

After 2021’s record highs, 2022 saw venture capital funding drop sharply along with substantial declines in valuations for both listed and private tech companies, a situation that persists this year.  So far in 2023 SVB failed, was rescued, and has been sold to First Citizens; First Republic was rescued; and there have been high-profile layoffs from some mega-cap tech companies.  The private markets for debt and equity continue to be highly constrained for start-ups, VC investors, and both private and public tech companies below the mega-cap size. 

Silicon Valley is in pain.  What’s the effect for Treasurers of Growth Tech companies? 

1. Do your business fundamentals remain strong?
2. Have you revised your risk management policies?
3. Have you reviewed your counterparty risks?
4. Have you reviewed your investment policies?
5. Do you have T&E constraints?
6. Are you still hiring?
7. Have you reviewed your liquidity coverage metrics?
8. Are you changing your banking partners?
9. Do you have a funding concentration risk?
10. Do you have the right processes and tools to quickly identify and move cash?
11. Have you engaged in a dialogue with equity and debt investors and the credit rating agencies?