- More than half report more strategic roles, and 30 percent provide counsel to executive team
- 100 percent cash visibility eludes treasurers, less than 60 percent report having visibility over 80 percent of global cash, Kyriba /ACT 2016 Annual Survey Finds
Kyriba Corp. today announced the results of the Kyriba / Association of Corporate Treasurers 2016 annual treasury survey. The survey reveals that resource-strapped treasurers face 19 percent greater risk of fraud; responsibility of liquidity management increased 17 percent; and 36 percent continue to use spreadsheets despite error, inefficiencies, and lack of controls.
"The findings of the Kyriba / ACT 2016 Annual Survey clearly show that CFOs and Treasurers are embracing treasury technology to become more influential within their organization," said John Campbell, VP sales northern Europe at Kyriba. "With fraud, risk management, and a heightened focus on unlocking cash and working capital consuming more of treasury's time, treasurers will benefit from modular cloud treasury management solutions that simplify implementation and align perfectly with treasury's expanding needs."
“The ACT is delighted with its long-standing partnership with Kyriba on this important survey,” said Peter Matza, ACT Engagement Director. “A comprehensive picture has been established over several years that makes clear the importance of treasury technology to the successful running of a contemporary corporate treasury operation.”
Findings are based on the insights and opinions of a cross-section of 332 finance and treasury professionals from companies of all sizes and geographies. Respondents were all members of the ACT. Key findings include:
- Sixty-two percent of participants reported had been actual or attempted target of internal / external fraud (up from 43 percent in 2015)
- Those that had suffered from fraud, identified losses of up to $2.5m through single incidences
EXPANDING TREASURY RESPONSIBILITIES
- Treasurers taking responsibility for group liquidity management, including investment and borrowing has grown from 67 percent in 2015 to 84 percent in 2016.
- Half of respondents noted that they provide strategic financial analysis, compared with 39 percent a year ago, while 30 percent are acting as counsel to the executive team (2015, 24 percent).
- In 2015, 70 percent of respondents were responsible for cash position reporting and forecasting while in 2016, this has increased to 84 percent.
OPPORTUNITY TO IMPROVE
- Thirty-six percent of companies use spreadsheets, burdening small treasury operations with manual tasks
- While treasurers are far less confident in their working capital performance: fewer than half (47 percent) of participants said that they performed well or extremely well in this area.
The full report on the survey can be found online.