| FSN BOOK REVIEW |
Essentials of Managing Treasury
by
Karen A. Horcher
For someone entirely new to the corporate treasury function Karen Horcher's book is a well written introduction to the field. But at the same time more experienced readers such as accountants practicing in industry will still find value in a number of more technical areas such as risk management, hedging and currency swaps. Horcher's practical experience comes through strongly and helps to differentiate the content from other texts on Treasury management and practice.
A chapter on Treasury Technology gives a gentle introduction to the topic though once again it probably serves the novice in the treasury function rather better than a more experienced professional. It gives a wide berth to mentioning specific products and developing capabilities which some readers may have found useful. However, Horcher provides some useful tips on selecting and implementing new treasury technology.
The book appears stronger in the more technical aspects of the work. Interest rate management was covered comprehensively with different tactics for managing exposure to interest rates, and the practical use of alternative instruments such as futures, swaps and options for managing risk. The other pillars of treasury management, namely; cash management, liquidity and foreign exchange management were covered in a similar style.
Significant space is dedicated to dealing with some of the more practical aspects of operational risk. These include areas such as internal and external fraud, business disruption, systems failures and process management. Horcher follows this up with a discussion of internal controls, segregation of duties, communication, reporting and regular reconciliations.
The final chapter of the book deals with future trends, for example, treasury outsourcing for all non-strategic requirements of treasury, cash management, payments, investment management and reporting. It also suggests in passing other organisational changes around the centralisation of treasury and shared service centres or regional groupings.
Horcher is a trainer in treasury topics as well as a practitioner and consultant. Her background as a trainer comes through in a clearly written style about the “essentials” of treasury management which will be greatly appreciated by those getting to grips with the topic near the start of their careers.
|
| DESCRIPTION OF THE BOOK BY WILEY - THE PUBLISHER |
| Treasury is the financial hub of an organization, a hub with many spokes. Essentials of Managing Treasury describes each functional area within treasury and includes guidelines for best practices and revelant technologies. With tips and techniques, it provides a practical overview of treasury and its relationship to every part of an organization. |
| • |
Includes a discussion of cash forecasting methods, methods for managing cash shortfalls or excess, and a very useful section on treasury best practices |
| • |
Offers case studies, tips, and techniques |
| • |
Covers the benefits and salient issues related to available treasury technology and services |
|
| 047170704X | 288 pages | Paperback | £25.99 | Dec 2005 |
|
|
