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Cross-Border Data Patrol

Multinationals need to replace their fragmented policies and legacy systems with ultra-safe, ultra-sophisticated and ultra-standardized platforms and practices

By Russ Banham | Updated on May 01, 2008

IN THE OLD DAYS, finance and treasury were managed eight hours a day, five days a week from the 40th floor of headquarters–make a left turn down the hall and there was accounts receivable; next door was foreign exchange. Today, AR might be in a shared service center in Asia and FX could be in Europe or Latin America. Companies no longer just sell overseas or even manufacture there–they have become global citizens of the world. Such cross-border complexities can create any number of compliance and operational risk exposures when channeled through an outmoded set of financial systems and processes.

Many companies are still bogged down by a patchwork of add-ons, especially involving technology. “Your treasury model has to be in synch with the business model–not easy when the company has a global footprint,” says Robert Baldoni, leader of the the global treasury advisory practice at Ernst & Young. The sad fact is that too often finance systems and processes are not reexamined to the extent that inefficiencies and risk exposures are addressed following each large merger or acquisition.

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