Chaired by: Anne Friberg, CTP, Senior Director, Peer Knowledge Exchange, 2:20 MANAGINGRISINGRATES,ANDRISINGINVESTMENTRISKS STREAM2 The NeuGroup & Senior Contributor,iTreasurer Astheglobal interestratecycleturns,treasurers,especially thosesittingonlarge 11:40 THEENDLESSCYBERPROBLEM cash holdings need to look at their investment strategies. The cash buckets that // DAY 1 According to the two companies, the NotPetya ransomware attacks cost Möller- havemadesenseforadecadeofnearzeroratesmaynotifratesrisequickly. Maersk up to $300 million and Merck’s insurers up to $275 million. Boards are Shortening durationmaycostmoneyupfrontbutitleads tolowerMTMlossesanda TUESDAY MAY15 finally taking notice and have realized that in order to spend appropriately on quicker portfolio response to rate rises. Rising rates imply strengthening economies protection, they need some measure of how much exposure they have. IT and so (often) tightening credit spreads – so is now the time to move out along the departments do not understand risk management and neither do cybersecurity credit curve? The onus still remains with treasury teams to assess investment risks END-TO-END vendors.Buttreasurersdo.Atthesametime,thesecurity andprivacy requirements independently, so which are the best portals or other providers that can help not RISKOVERSIGHT: of the EU’s GDPR directive, with fines of up to 4% of global revenues, are about to just with execution and reporting but also sophisticated analytics to help evaluate become a huge business and compliance problem. Again, treasury has the investment decisions? And is it time to look at unconventional assets and A ROLE FOR THE experience and expertise to help mitigate and manage these risks. So what is best structures? INTELLIGENT practice in these areas? How doyou begin tocalculate potential lossscenarios from 3:00 REFINANCEORWAIT?HOWTOPLAYTHETIPPINGPOINT TREASURY? cyberattacks? Andistreasury therightteamtohelp? USdebtmarketsboomedpartlyoninflowsfromnon-USinvestors runningfromzero 12.20 TREASURY’STWO-WAYSTREET:WHATAREYOUWORTHTOYOURBANKS? and negative yields. But with QE in Europe starting to wind down, and investors Treasury’s standard ANDWHATDOYOUGETINRETURN? hedging against rate rises, that demand for corporate paper may well diminish. At Despitetheadvances intreasury technologyandbankconnectivity, few treasurers the same time, a record $2 trillion of U.S. corporate debt comes due in the next five portfolio of bank have access to a consolidated view of relationships/accounts with their banks and years, with industries such as telecom and energy having especially significant relationship and its value to the bank or the dollar number for annual revenue. And that’s not refinancing needs. Does it make sense to refinance existing facilities now, even if counterparty risk, FX, surprising becausemostbanks donothavereal-timeaccesstothatdataeither. they have two to three years still remaining? What cost-effective hedges are interest rate and liquidity That’saproblem:corporateclients needtoknowhowtheycanmaintain relevance available for those who would rather buy protection against a surprise curve as a client not only to access core products and services, such as credit, FX and steepening than incur the costs of balance sheet restructuring today? And have risk is growing. Cyber risk transaction banking, butalso toensure that theyarehigh upthelistwhenitcomes central banks misreadthesigns–will raterises stallasgrowthslows? management, data privacy to information requests or issue resolution. So how has banks’ view of their Pradipto Bagchi, VP &Assistant Treasurer, Allergan, US compliance, PCI DSS and corporate clients changed as new regulations have become established? How 3:40 REFRESHMENTBREAK more have been added. As transparent are they in revealing their requirements in terms of wallet? And what globalratesrisethough,are cantreasurersdotoensurethattheyremainvaluedrelationships? 4:00 ADJOURNTOTHEEXHIBITIONFLOORFORASPECIALCONVERSATIONON funding and investment risk Steven Vu, Director, Treasury, Prologis, US INNOVATION ANDFINTECH the next bigones? Douglas Tropp, Corporate Treasurer, Booking Holdings Inc., US (See page6.) Mustally Hussain, VP&Treasurer, HercHoldings Inc,US 1:00 LUNCH “The EuroFinance Conference Miami exceeded my expectations by far. Everything from the organization of the event, to the relevance of the topics discussed, to the quality of the speakers, was carefully thought out. Also, an experienced and diverse audience certainly contributed to the discussions and provided excellent networking opportunities.” —MarcusMeirelesVieira,NovaA3 12