AFP ATLANTA EDUCATION DAY Wednesday August 21, 2013
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1 AFP ATLANTA EDUCATION DAY Wednesday August 21, 2013 USING TREASURY TECHNOLOGIES TO STREAMLINE OPERATIONS AND MANAGE RISK EDWIN P. BALDRY ICD, CEO EMEA
2 INVESTMENT TECHNOLOGY CONSIDERATIONS TECHNOLOGY Consolidate reporting and analysis Real-time compliance policy monitoring Portfolio optimization intelligence Integration opportunities Advanced system security risk management DISCIPLINE Defined daily, weekly, monthly, quarterly processes for identifying and managing risk REDUNDANCIES Complete fail-over systems Secondary transport for integration files These technologies, processes and disciplines drive treasury fundamentals through highly efficient, highly effective, highly intelligent treasury systems
3 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES DIVERSIFY Highly diversified investing ANALYZE Portfolio exposure analytics COMPLY Dynamic compliance guideline management OPTIMIZE Increase yield, maintain compliance ARCHIVE Monthly reporting and compliance archive
4 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES DIVERSIFY A highly diversified portfolio is the foundation of a sound investment strategy Develop an investment policy that promotes diversification Determine the technologies you need assist you in enabling, automating and supporting the policy
5 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES MONEY MARKET FUNDS ASSET CLASSES Triple A Prime General Purpose Unrated Government Only Treasury Only Govt./Treasury/Repo Tax Exempt CURRENCIES U.S. Dollar Canadian Dollar British Pound Sterling Euro Korean Won Australian Dollar Japanese Yen Singapore Dollar
6 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES INVESTMENT ASSET CLASSES FDIC Insured Brokered CDs Short Duration Bond Funds Separately Managed Accounts Bank Exposures Direct Investments
7 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES ANALYZE There are three primary levels of analysis: Geo-political macro-view U.S. Markets Individual portfolio Determine the technologies you need assist you in evaluating, automating and supporting your analysis
8 RISK MANAGEMENT ANALYSIS GEO-POLITICAL MACRO-VIEW GLOBAL LEVEL: NATIONAL DISASTERS POLITICAL UNREST WAR
9 RISK MANAGEMENT ANALYSIS GEO-POLITICAL MACRO-VIEW France
10 2008 FINANCIAL CRISIS: RISK MANAGEMENT ANALYSIS US MARKETS
11 RISK MANAGEMENT ANALYSIS US MARKETS Sept Credit Crisis May 2010 SEC Amendments of Rule 2a-7 Sept Debt Ceiling U.S. Downgrade Euro Crisis Dec. 31, 2012 Fed Reserve TAG Program Terminates For Banks Apr SEC Regulatory Action Pending
12 RISK MANAGEMENT ANALYSIS GEO-POLITICAL MACRO-VIEW
13 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW There are 2 elements to managing counterparty risk: 1. Avoid concentrating funds with too few counterparties. 2. Evaluate the relative financial strength of selected counterparties so that the full counterparty risk can be understood. - AFP Guide to Short-term Investment Strategies to Manage Financial Risk (2013)
14 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW
15 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW Direct Exposure Short Duration Bond Funds Separately Managed Accounts Money Market Funds
16 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW
17 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW Citi
18 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW
19 RISK MANAGEMENT ANALYSIS PORTFOLIO VIEW There are 2 elements to managing counterparty risk: 1. Avoid concentrating funds with too few counterparties. 2. Evaluate the relative financial strength of selected counterparties so that the full counterparty risk can be understood. - AFP Guide to Short-term Investment Strategies to Manage Financial Risk (2013)
20 RISK MANAGEMENT ANALYSIS FINANCIAL STABILITY
21 RISK MANAGEMENT ANALYSIS STOCK PERFORMANCE
22 2008 HEADLINE NAME STOCK PERFORMANCE 2008 STOCK PRICING WAMU LEHMAN WACHOVIA AIG WELLS FARGO LLOYDS BNP PARIBAS 01/31/ /29/ /31/ /30/ /30/ /30/ /31/ % -73% -55% -53% -11% -33% -3%
23 RISK MANAGEMENT ANALYSIS CDS SPREADS
24 2008 HEADLINE NAME CDS SPREADS YEAR CREDIT DEFAULT SWAP (CDS) PRICING WAMU CWM1U5 LEHMAN CLEH1U5 WACHOVIA CWB1U5 AIG CAIG1U5 WELLS FARGO CWFC1U5 LLOYDS CLOY1E5 BNP PARIBAS CBNP1E5 January July 31, 31,
25 RISK MANAGEMENT ANALYSIS SECTOR ALLOCATION 13% ABCP 12% ABCP 12% ABCP 13% ABCP
26 2008 RESERVE FUND SECTOR ANALYSIS
27 COULD 2008 RESERVE FAILURE BEEN AVOIDED? IN 2008, EXPOSURE ANALYTICS WOULD HAVE IDENTIFIED : 1. In the fall of 2007, the Reserve Primary Fund significantly changed to a more risky investment strategy 2. The Reserve Primary Fund was investing in Lehman Brothers (and other headline risk company) securities 3. Market confidence in Lehman Brothers was diminishing based on its sinking stock price and dramatically widening credit default swap percentages
28 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES COMPLIANCE Establish your company s compliance policy based on corporate direction and your company s appetite for risk Determine the technologies you need to assist you in establish, manage, monitor and remain in compliance
29 COMPLIANCE FRONT END Create Rules Track Status View Details
30 COMPLIANCE FRONT END
31 NOTIFICATION S COMPLIANCE FRONT END & BACK END
32 COMPLIANCE ON-DEMAND GUIDELINE REPORTING
33 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES OPTIMIZE Optimizing your investment portfolio provides you an opportunity to enhance your yield while remaining compliant. Determine the technologies you need to assist you in optimizing your portfolio.
34 OPTIMIZATION
35 OPTIMIZATION
36 OPTIMIZATION
37 OPTIMIZATION
38 OPTIMIZATION
39 DACOA TRADING & RISK MANAGEMENT BEST PRACTICES ARCHIVE Reporting and archiving your portfolio activity is critical for conducting Determine the technologies you need to assist you in creating the best exposure analytics intelligence to properly risk manage your investment portfolio
40 ARCHIVE DACOA TRADING & RISK MANAGEMENT BEST PRACTICES
41 OTHER TECHNOLOGY CONSIDERATIONS WORKSTATION/ERP INTEGRATION CYBERSECURITY NEXT-GENERATION TECHNOLOGIES
42
43
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45 TECHNOLOGY RISK MANAGEMENT CYBERSECURITY RISK Corporation and Bank Cyber-Attacks Iranian Hacker Tactics Include Destroying Data Congress Considering New Cybersecurity Bill US Military Weighing The Risks Of Cyberwars with Russia and China China Attempts to Steal Secret Recipe for Coca Cola
46 TECHNOLOGY RISK MANAGEMENT LOGIN DATA NETWORKING TRANSACTIONAL OPERATIONAL Multifactor Authentication Database Behind Firewall Intrusion Detection/Prevention SWIFT Messaging Security Redundancy
47 NEXT GENERATION TECHNOLOGY NEAR FUTURE TECHNOLOGIES Enhanced Liquidity Planning and Risk Analysis Automated Portfolio Consolidation Bank Agnostic Highly Secure Auto Payment Comprehensive Portfolio Dashboard
48 THANK YOU!
49 AFP ATLANTA EDUCATION DAY Wednesday August 21, 2013 USING TREASURY TECHNOLOGIES TO STREAMLINE OPERATIONS AND MANAGE RISK EDWIN P. BALDRY ICD, CEO EMEA
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