Role Statement
To manage the liquidity of the business by ensuring that all current and projected cash inflows and outflows are monitored to ensure that there is sufficient cash to fund company operations, as well as to ensure that excess cash is properly invested.
While accomplishing this mission, the Treasurer must engage in considerable prudence to ensure that existing assets are safeguarded through the use of safe forms of investment and hedging activities.
Key Accountabilities
- Cash forecasting. Compile information from around the company to create an ongoing cash forecast. This information may come from the accounting records, the budget, capital budget, board minutes (for dividend payments) and even the CEO or CFO (for expenditures related to acquisitions and divestitures).
- Working capital monitoring. Review in liaison with Accounts Payable and Receivable Managers the corporate policies related to working capital and model their impact on cash flows.
- Cash concentration. Create a system for funneling cash into a centralized investment account, from which cash can be most effectively invested. This may involve the use of notional pooling or cash sweeps.
- Repatriation: Develop and implement methods of currency repatriations from weak currency zones to strong currency zones to ensure minimum currency risk to the company.
- Investments. Use the corporate investment policy for allocating excess cash to various types of investments, depending on their rates of return, risk and how quickly they can be converted into cash.
- Fund raising. In liaison with the Head of Corporate Finance, determine when additional cash is needed, and raise funds through the acquisition of debt, sale of stock, or changes in company policies that impact the amount of working capital required to run the business.
- Risk management. Use various hedging and netting strategies to reduce risk related to changes in asset values, interest rates, and foreign currency holdings. Explore various options of mitigating risk of interest rate, forex and commodity price fluctuation.
- Bank relations. Open, rationalize and maintain bank accounts and mandates to ensure efficient operations, compliance and security of funds. Keep the company’s bankers apprised of the company’s financial condition and projections, as well as any forthcoming changes in its need for borrowed funds. The discussion may extend to the various services provided by the banks to the company, such as lockboxes, wire transfers, ACH payments, etc.
- Credit rating agency relations. Keep any credit rating agencies informed of the company’s financial results and condition, if these agencies are providing ratings on the company’s marketable debt issuances.
- IT systems. Maintains treasury applications/workstations that provide reliable information about cash holdings, projections, market conditions, and other information.
- Reporting. The Treasurer provides the senior management team with reports concerning market conditions, funding issues, returns on investment, cash-related risks, and similar topics.
- Manage Trade Finance facilities i.e Standby letters of credit (SBLC’s), Bank guarantees, etc, for aircraft acquisition and other operations and review bank reconciliations to ensure accuracy of underlying records and prevent loss to the company.
- Develop and implement hedging strategies and products in multi-currency transactions and analyse foreign exchange regulations for compliance and to minimise financial risks.
- Control cost centre overhead expenses to improve profitability.
Key performance indicators
- Timeliness and availability of cash
- Level of blocked funds
- Level of exchange loss/gain
- Cost centre variance to budget.
- complete and timely bank reconciliations.
- Statutory and contractual compliance.
- Level of Interest income generated.
Qualifications
- Business graduate (Major in Finance or accounting)
- ACCA/CPA (K) or equivalent
- 7 years experience in a bank or Corporate Treasury, 3 of which should be in a supervisory role. Experience in the aviation industry will be of added advantage
Additional skills
- Knowledge of current use of Derivative in hedging in a banking or corporate environment.
- Understanding of aircraft financing
- Exposure and knowledge of Strong IT supported systems in Finance.
- Excellent interpersonal and people management skills
- Financial analytical skills
- Communication skills
- Negotiation skills
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