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EuroFinance

Treasury Management, Risk Management and Hedging

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Description

Programme

Managing debt

  • Short-term or long-term debt
  • Challenge of re-financing facilities
  • WACC – weight average cost of capital
  • Using the debt markets
  • Fees, covenants, agreements

Investing surpluses

  • Choice of instruments and asset classes
  • Yield curve pickup
  • Maximising investable cash
  • Benchmarking investment performance
  • Appropriate treasury and risk policies

Effective risk management strategies

  • Instruments used for risk mitigation
  • Risk models – VAR
  • FX – spot, forward, swaps, options, NDFs
  • Interest rate swaps, futures, CFDs
  • Defining an appropriate hedging strategy
  • Managing to the yield curve
  • Managing currency needs of subsidiaries

Linking cash flow forecasting to working capital management

  • Optimising working capital
  • Order to cash and purchase to pay cycles
  • Actions to reduce float
  • Accounting and compliance issues

Cash flow forecasting

  • Objectives of forecasting
  • Short-term and long-term forecasts;
  • Models – Miller Orr etc.
  • Receipts and disbursement methods
  • Distribution method; pro-forma statements
  • Exercise: cash flow forecasting
  • Practical exercise to forecast cash needs and investment balances

Case study: FX hedging and risk management

  • Tutors: John Donegan Director of Treasury EMEA Hewlett Packard Enterprise

Local and foreign currency accounts

  • Where to hold them and manage them Implications for banking costs
  • Importance of correct ‘ownership’
  • Resident/non-resident issues
  • Exercise: Account location
  • Practical problems of where to hold currency accounts

Inter-company netting

  • Types of netting
  • Financial flows and inter-company
  • FX Netting drivers
  • Example netting analysis
  • Structural and policy issues
  • Case studies
  • Netting review checklist
  • Netting methods

Experts

Chris has over 30 years’ experience in the payments business, working in treasury, cash management, transaction services, trade, e-commerce and card acquiring. He has worked in senior roles for Citibank and Bank of America and founded the treasury workstation company, IT/2. In 2003 he set up Tran...
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