ACT Training Courses 2012 by pengtt


									ACT Training Courses 2012
Treasury training by professionals for professionals

“ACT Training Courses provide expert, practical
guidance in treasury. I would recommend
these courses to develop understanding in key
treasury areas and to remain up-to-date.”
Mike Wallace, Group Treasurer, Marks and Spencer plc
                            Welcome to the ACT Training Directory 2012
                            Our short courses offer focused, topic-specific                  Why ACT training?
                            treasury training, specially designed to develop your            Value – as a professional association, our courses are informed
                            understanding of both the theory and application of              by up-to-the-minute developments in the market and are
                            treasury activity - whether it forms a large or small part       offered at a highly competitive price when compared to other
                            of your working day.                                             commercial training providers.

                            Essential for those who quickly need to get up to speed          Content – our courses are founded in the ACT’s unparalleled
                                                                                             expertise in international corporate treasury matters.
                            with any aspect of treasury, our courses provide focused,
                                                                                             Scope – the breadth and depth of the ACT’s network enables
                            skills-based learning that can be applied in the work
                                                                                             us to train across the full range of treasury activity.
                            place as soon as you return to your desk.
                                                                                             Impartiality – our core aim is to promote best practice in
                            Our courses have been specifically developed for you,            corporate treasury, not to sell products or solutions.
                            whether you’re new to the profession, a seasoned                 Experts – our trainers have extensive industry experience and
                            practitioner, provide banking or professional services or        are drawn from the range of our network, providing a depth
                            need to oversee the treasury function.                           of expertise and understanding that spans the spectrum of
                                                                                             treasury activity.

                            We’re here to help                                               Practicality – real life examples and case studies are used to
                                                                                             support theoretical training.
                            If you would like any help in planning your development needs,   Networking – ACT Training allows you to share experiences
                            or if you want to discuss developing a team of people, please    and discuss ideas with peers and trainers.
                            call Samantha Baglioni on + 44 (0)20 7847 2559 or
                                                                                             Materials – comprehensive reference manual provided to
                                                                                             each participant.
                            How to book
                            Copy and complete the booking form on page 32 and fax
                            to + 44(0)20 7374 8744 or visit us online at
                            For enquiries, call Radmila Trkulja on + 44 (0)20 7847 2573
ACT Training Courses 2012


  Capital Markets and Funding
  Principles of Borrowing                                                   2
  Borrowing and Financial Strategy                                          3
  Trade Finance                                                             4
  Introduction to Islamic Finance                                           5

  Cash and Liquidity Management
  The Nuts and Bolts of Cash Management                                     6
  Cash Management at the Leading Edge                                       7
  Investing Corporate Cash                                                  8
  Working Capital Optimisation                             New for 2012     9
  SWIFT for Corporates                                     New for 2012    10

  Corporate Financial Management
  Corporate Tax for Treasurers                                             11
  Relationship Banking                                                     12
  Treasury Strategy                                        New for 2012    13
  Creating Compelling Business Cases                                       14
  Company Law Update                                                       15

  Risk Management
  Fundamentals of Risk Management                                          18
  Applied Risk Management                                                  19
  FX Derivatives: forwards and swaps                                       20
  FX Derivatives: options and structured products                          21
  Modelling the Financial Markets                                          22
  Pensions for Treasurers                                                  23

  Treasury Operations and Controls
  Essential Treasury for Support Staff                                     24
  Practical Treasury Management                                            25
  The Essential Guide to Treasury Security and Controls                    26
  Auditing the Treasury Function: a practitioner’s guide   New for 2012    27
  Ultimate Persuasion Techniques                                           28
                                                                                     ACT Training Courses 2012
                                                          Capital Markets and Funding                                                                                                                    2

                                                          Principles of Borrowing
                                                            Understand key factors in
Capital Markets and Funding

                                                            borrowing by corporations

                                                            Who is it for?                                                       Credit risk exercise
                                                                                                                                 Key financial risks in borrowing
                                                            •   CFOs, FDs and corporate treasury personnel
                                                                                                                                 • A risk framework
                                                            •   Accountants, auditors and analysts
                                                                                                                                 • Borrowing can be used to manage some risks e.g. Liquidity
                                                            •   Other financial professionals involved in arranging or
                                                                                                                                    and cost of capital but by borrowing, the firm is exposed to
                                                                administering corporate borrowing programmes

                                                            What is it about?                                                        -   refinancing risk
                                                                                                                                     -   repricing risk
                                                            This course is aimed at those involved in financial strategy,            -   interest rate risk
                                                            looking for an introduction to the theory and practice of debt,          -   currency risk
                                                            its instruments and markets.                                         Factors in deciding to lend (based on EU SME toolkit)
                                                            Borrowing is looked at firstly from the view of the borrower,        • Credit assessment
                                                            setting out reasons to borrow and then from the lender’s             • Presenting a borrowing case
                                                            perspective, using that understanding to present a robust business
                                                            case to secure the funding and address lenders’ key concerns.        How do you benefit?
                                                            The course covers the key sources and markets for borrowed
                                                                                                                                 You will gain an overview of why firms borrow, the broad sources
                                                            funds and goes on to look at some implications of borrowing
                                                                                                                                 of debt funding and the range of instruments available. You will
                                                            for risk management.
                                                                                                                                 discover the importance and nature of credit risk and how this
                                                            Participants on this course may also be interested in the            is reflected in the pricing and an awareness of the terms and
                                                            Borrowing and Financial Strategy course to further develop           conditions that can be contained within borrowing contracts. You
                                                            their knowledge.                                                     will also gain an appreciation of the financial risks implied for the
                                                                                                                                 firm when it borrows, and how these might be managed.
                                                            Programme                                                            This one-day course involves practical exercises to apply the
                                                            Introduction                                                         content to real situations.
                                                            • The nature and history of debt
                                                            • Debt v equity                                                      Trainer
                                                            • Why do companies borrow?
                                                                                                                                 Will Spinney FCT
                                                            Credit risk
                                                            • What is credit risk and why is it important?
                                                            • Measures of credit risk                                            What have other participants thought?
                                                            • Debt capacity
                                                            • Security and subordination                                         “A very good grounding in the key components of
                                                            • Business and financial risk                                        borrowing, well worth taking” April 2011
                                                            • Credit ratings
                                                            Markets for borrowing
                                                            • Sources of borrowed funds
                                                            • Committed versus uncommitted funding
                                                                                                                                   Dates and Location
                                                            • Banks v bonds                                                        Tuesday 27 March 2012, London
                                                            • Markets - public v private
                                                                                                                                   Monday 22 October 2012, London
                                                            • Some typical borrowing instruments
                              ACT Training Courses 2012

                                                            • Some alternative borrowing instruments (leasing, hybrids,            Number of Days:             1
                                                               convertibles etc)?
                                                            The lending contract                                                   Fees
                                                            • The cost of borrowing
                                                            • Ratings / spreads                                                    ACT Members and Students: £575 + VAT
                                                            • Terms of lending                                                     Non-members: £650 + VAT
                                                            • Key aspects of documentation                                         A 10% discount will be offered when booking both Principles of
                                                                                                                                   Borrowing and Borrowing and Financial Strategy on consecutive days
Capital Markets and Funding                                                                                                                    3

Borrowing and Financial Strategy
   Financial strategy and in

                                                                                                                                                                               Capital Markets and Funding
   depth views of borrowings

  Who is it for?                                  The view from the lending side              course content to consider the issues
                                                  • Banks and Basel II / III                  faced by the company and propose and
  •   CFOs, FDs, corporate treasurers,
                                                  • Bank relationships                        explore alternative funding packages.
      consultants, relationship managers
                                                  • Bond investors
  •   Other financial professionals who
      are involved in developing financial
                                                  • CDS markets                               How do you benefit?
      strategy, or sourcing and structuring       Markets for borrowing                       Building on the Principles of Borrowing
      corporate borrowings in support of a        • Bank market                               course content, Borrowing and Financial
      business strategy.                          • Bond market – junk to investment          Strategy will develop your understanding
                                                     grade, issuance and retirement           of the structuring and management of
  What is it about?                               • Other markets, commercial paper,          more complex borrowing arrangements
                                                     private placement                        and look at how financial strategy,
  This course covers the many different                                                       including rating strategy, plays a large
                                                  Forms of bank borrowing
  factors that drive a financial strategy,                                                    part in determining how companies raise
                                                  • Uncommitted versus committed
  allowing participants to see how such a                                                     borrowed funds. You will also understand
                                                  • Bilateral versus syndicated
  strategy can be constructed given the                                                       how derivatives can be used to manage
                                                  • Term versus revolving
  many choices available and constraints                                                      some of the risks of debt.
                                                  • Non bank lenders in public and
  that could apply.
                                                     private markets
  Using corporate finance theory and
                                                  The lending contract
  an analysis of companies by sector,
                                                  • Key issues                                Will Spinney FCT
  participants will see the influences on
                                                  • Control of the borrower
  debt strategy in typically larger firms. The                                                What have other
                                                  • Detailed aspects of documentation
  course discusses banks and other lenders
  in detail and examines the influence
                                                  • Financial covenants                       participants thought?
                                                  • Bank type documents, bond                 “A very enjoyable day with something
  of real life complexities such as credit
                                                     type documents                           for everyone, both treasury teams and
  ratings, inter-company funding, different
                                                  • High grade, high yield approaches         bankers (such as myself) alike. I would
  types of lender, seniority of debt and the
  effects of the Credit Default Swap (CDS)        Credit ratings                              recommend this course to anyone
  market. It also covers the major risks          • Investment grade versus                   who wishes to upgrade or refresh
  arising from borrowing.                            speculative grade                        their understanding of corporate
                                                  • The rating process                        borrowing techniques”
  A case study is used to illustrate a range of
                                                  • Key factors in ratings / ratio analysis   Gary Smith, Senior Manager, Loan Syndications,
  practical complexities arising from a real                                                  Danske Bank A/S, October 2011
                                                  • Credit risk of the lender
  life refinancing. Subject to availability, a
  staff member from a major bank gives a          Financial strategy
  market update for the course.                   • Liquidity risk
                                                  • Legal structures including:
                                                                                                Dates and Location
  The course assumes an understanding
                                                      - intercompany lending                    Wednesday 28 March 2012, London
  of the fundamentals of corporate
                                                      - project finance                         Tuesday 23 October 2012, London
  borrowing, as provided in the Principles
                                                      - joint ventures and minorities
  of Borrowing course.
                                                      - subordination / seniority               Number of Days:               1
  Programme                                       Financial risks from borrowings and
                                                                                                                                                   ACT Training Courses 2012

                                                  use of derivatives to manage them             Fees
  The corporate finance background                • Interest rate risk
                                                                                                ACT Members and Students:
  • Capital structure                             • Foreign exchange risk
                                                                                                £575 + VAT
  • Leverage, risk and returns                    Case Study – putting it all together
  • Credit risk of companies in different                                                       Non-member Price:
                                                  The course concludes with a practical,
     sectors and life cycles                                                                    £650 + VAT
                                                  interactive case study featuring a
  • The practical overlay (what                   company raising debt. Participants will       A 10% discount will be offered when booking
     really happens)                              work in breakout groups, applying the         both Principles of Borrowing and Borrowing
                                                                                                and Financial Strategy on consecutive days
                                                          Capital Markets and Funding                                                                                                            4

                                                          Trade Finance

                                                            Understanding trade finance solutions
Capital Markets and Funding

                                                            Who is it for?                                                        •    Payment terms – sight, acceptance, deferred payment
                                                                                                                                       and negotiation
                                                            •   Treasury and finance professionals
                                                                                                                                  • Raising post-shipment finance – with recourse or
                                                            •   Credit controllers and credit management team members
                                                                                                                                       without recourse
                                                            •   Export sales and marketing
                                                                                                                                  • Overview of International Chamber of Commerce (ICC)
                                                            •   Logistics and shipping personnel
                                                                                                                                       UCP 600 versus UCP 500
                                                            •   Purchasing/procurement managers/teams
                                                                                                                                  Handling and understanding documentary credits
                                                                                                                                  • The negotiation stage – sales contracts v the L/C contract
                                                            What is it about?                                                     • Key checks when the L/C is received
                                                            Over fifty percent of all corporations are involved in cross border   • Compiling documents and presenting to the banks
                                                            trade to one degree or another. Trading internationally is an         • Common problems and discrepancies
                                                            important factor in stimulating a company’s growth strategy,          • Remedies for unpaid documents
                                                            competitiveness and profitability. There are however additional       The dynamics of a middleman operation
                                                            risks to be considered when buying and selling goods and              • Assignment of proceeds
                                                            services outside of the domestic market. This two-day course          • Transferable credits
                                                            takes a comprehensive look at how trade finance mechanisms            • Back-to-back credits
                                                            and practices can be used to mitigate and manage the various          Aiding the supplier – “special” credits
                                                            risks in international trade, covering the needs of all parties’      • Red clause letters of credit
                                                            involved in short, medium and long-term commercial contracts          • Green clause letters of credit
                                                            and both consumer and capital related goods and services.             • Advanced payment credits
                                                                                                                                  • Packing credits
                                                            Programme                                                             Contract bonds and guarantees
                                                            •   Setting the scene - ‘Why trade finance?’                          • Understanding the purpose and mechanics
                                                            •   Commercial contracts and International Chamber of                 • The key common types
                                                                Commerce (ICC) Incoterms® 2010 rules                              • Conditional and unconditional
                                                            Financial documents                                                   • Complying with ICC Uniform Rules for Demand
                                                            • The mechanics of bills of exchange and promissory notes                  Guarantees URDG 758
                                                            • Discounting bills and notes – improving cash flow                   • Guarantees and documentary credits working in tandem
                                                            • Achieving transactional control                                     • Risk considerations for banks
                                                            • Avalisation – mitigating payment risk                               Transferring risks to the insurance market
                                                            • Recourse and without recourse                                       • Commercial
                                                            Commercial documents                                                  • Political and economic
                                                            • Third party inspection certificates                                 • Short-term export policies
                                                            • Certificates of origin                                              • Capital goods cover
                                                            • Waybills                                                            • Access to finance
                                                            • Mates receipts                                                      Standby letters of credit
                                                            • Bills of Lading                                                     • The difference between a standby credit and a bond/
                                                            • What is the value of documents of title?                                 guarantee
                                                            • Understanding payment risk in international trade –                 • International Chamber of Commerce ISP 98
                                                                The Risk Ladder                                                   • Protocols and practices
                                                            Documentary collections                                               • Appreciating the risks
                                                            • Appreciation of the mechanics                                       Export credit agencies and medium/long-term finance
                              ACT Training Courses 2012

                                                            • Identifying the parties to a collection                             • Supplier credit finance
                                                            • Raising short-term structured finance                               • Buyer credit finance
                                                            • Outline of International Chamber of Commerce (ICC) URC 522          • Lines of credit
                                                            Documentary credits                                                   ECGD new product initiatives
                                                            • Definition                                                          • Access to export finance
                                                            • Process and mechanics                                               • Credit insurance
                                                            • Types – revocable, irrevocable, unconfirmed and confirmed           • Bond and guarantee issuance support
                                                                                                                                  • Foreign exchange hedging cover
Capital Markets and Funding                                                                                                         5

                                                                 Introduction to
                                                                 Islamic Finance

                                                                                                                                                                    Capital Markets and Funding
                                                                   Who is it for?
• Fixed rate                                                       Anyone with an interest in this
• Up front                                                         rapidly-growing area.
• Extended credit
• Without recourse                                                 What is it about?
Open account trade versus documentary settlement
– the future:                                                      Islamic finance is one of the fastest growing sectors of the
• SWIFT TSU                                                        banking industry. This one-day course will introduce delegates
• Bolero                                                           to the basic Sharia’a principles that underpin all Islamic
• Bank assisted “open account”                                     transactions, explore the history and development of specific
• Supply chain finance                                             Islamic financial institutions and products, and provide
                                                                   an overview of the key differences between Islamic and
Case Studies                                                       conventional finance.
A number of case studies are used during the two-day
programme providing attendees with the opportunity to              Programme
provide their own input/solution to a particular trade finance     •   The principles of Sharia’a and their application
related scenario.                                                  •   Islamic contracts – Mudaraba, Musharaka, Murabaha,
                                                                       Ijara, Salam and Istisna`a
How do you benefit?                                                •   Sukuk – Islamic ‘bonds’
Completion of this programme will enable participants to:          •   Investment and asset management
• Feel confident using trade finance jargon                        •   Takaful – Islamic insurance
• Understand classical trade finance mechanisms                    •   Retail finance – restricted and unrestricted
   and instruments                                                     investment accounts.
• Identify and mitigate risks in international trade
• Sharpen credit quality and control                               How do you benefit?
• Secure payment for cross-border sales contracts
• Consider a range of options for raising working                  You will gain:
   capital finance                                                 • an understanding of the principles of Islamic finance
• Improve cash flow                                                • clarity about the different types of Islamic
                                                                      products available
Trainer                                                            • an understanding of the practices used in Islamic
                                                                      financial markets
Mike Skelton
                                                                   • knowledge of the principles behind compliant investment
What have other participants thought?                                 selection decisions.
”Trade finance at its best”
Yusuf Bagasrawala, Treasury Financing Manager -
Jaguar Land Rover, October 2010
                                                                   Dr Natalie Schoon CFA, Principal Consultant, Formabb Ltd.

  Dates and Location                                              Dates and Location
                                                                                                                                        ACT Training Courses 2012

  Monday 12 & Tuesday 13 March 2012, London                       Monday 26 November 2012 (09.30 – 17.00), London
  Wednesday 24 & Thursday 25 October 2012, London
                                                                  Number of Days:         1
  Number of Days:               2
  Fees                                                            £480 (no VAT)
  ACT Members and Students: £1150 + VAT                           8 ACCA CPD units
  Non-members: £1300 + VAT                                        This course is held by ACCA and endorsed by the ACT.
                                                            Cash and Liquidity Management                                                                                                       6

                                                            The Nuts and Bolts of Cash Management
                                                              The principles and practices of
Cash and Liquidity Management

                                                              effective cash management

                                                              Who is it for?                                                     Programme
                                                              •   New entrants to the treasury function                          Float time
                                                              •   Those who interface with treasury                              • The cost of poor cash management; invoicing; payables
                                                              •   All those with day-to-day responsibility for managing cash         and receivables management; liquidity and the cash cycle
                                                                  and liquidity                                                  • Payment instruments (paper-based, electronic) and
                                                                                                                                     clearing systems (RTGS, NSS); domestic and international
                                                              What is it about?                                                  • Finality; value dating
                                                              This course provides a broad understanding of the basic            Cash management structures
                                                              principles and practices of cash and liquidity management.         • Types of accounts; currency accounts; zero balance; lock
                                                              While different market sectors have different cash flow               box; disbursement
                                                              dynamics, there are common cash management issues that             • International account structures
                                                              affect all organisations to some degree. Starting with the
                                                                                                                                 Liquidity techniques
                                                              domestic viewpoint, the course examines the basic building
                                                                                                                                 • Notional pooling; cash concentration; cross-border
                                                              blocks of cash management and then, through a series of
                                                                                                                                     notional pooling
                                                              case studies, extends the basic principles to tackling the
                                                                                                                                 • Short-term borrowing; investing; leading and lagging
                                                              complexities of international cash management.
                                                                                                                                 Cash flow forecasting
                                                                                                                                 • Purpose; methods and problems
                                                                                                                                 Basic interest calculations
                                                                                                                                 • 360/365 bases; short-term instruments
                                                                                                                                 Further international complexity
                                                                                                                                 • FX (spot, forward, swaps); netting

                                                                                                                                 How do you benefit?
                                                                                                                                 Participants will gain an understanding of what cash and
                                                                                                                                 liquidity management consists of, its importance to
                                                                                                                                 the business and to the treasury function.

                                                                                                                                 Anthony Birts CertICM, BSc, MBA
                                                              What have other participants thought?
                                                              “Useful to people of all ranges of knowledge &
                                                              abilities from all types of institutions”
                                                              Jodie Smith, Assistant Product Manager - Lloyds TSB, March 2009

                                                              “An info packed day, with a chance to learn from
                                                              others as well as the trainer”
                                                                                                                                   Dates and Location
                                                              Michelle Brown, Cash Solutions Manager - QBE European Operations     Friday 23 March 2012, London
                                                              March 2009
                                                                                                                                   Friday 22 June 2012, Manchester
                                ACT Training Courses 2012

                                                              “Comprehensive course, well presented. Ideal if                      Friday 5 October 2012, London
                                                              you want an introduction to cash management”
                                                              Haroon Rashid, Chief Accountant, FGH LIMITED, September 2011         Number of Days:          1

                                                                                                                                   ACT Members and Students: £575 + VAT
                                                                                                                                   Non-members: £650 + VAT
Cash and Liquidity Management                                                                                                           7

Cash Management at the Leading Edge
  Efficiency through centralisation –

                                                                                                                                                                        Cash and Liquidity Management
  techniques, barriers, banks’ offerings
  and industry initiatives

  Who is it for?                                                    Notional pooling
                                                                    • Notional pooling as compared to interest enhancement
  Corporate treasurers and other financial professionals
                                                                    • Operational and pricing mechanics of notional pooling
  responsible for payments, bank relationships, and cash
                                                                    • Treatment by banks for capital adequacy, liquidity reserves,
  management processes.
                                                                       asset-based reserves, deposit insurance
                                                                    • Tax and legal issues
  What is it about?
                                                                    Challenges in achieving fully centralisation
  This course examines the drivers and order of centralisation,
                                                                    • Centralising commercial payments in a multi legal
  banking service needs, how they are currently met or not by
                                                                       entity business
  individual providers.
                                                                    • Collections centralisation
  Go beyond the single-country environment and there are a          • Industry initiatives aimed at facilitating harmonisation
  host of challenges – and potential solutions – to effective       • Global initiatives - SWIFT Corporate Access and ISO20022
  cash management. The scope of cash management inevitably          • European initiatives – single euro payments area and
  widens to embrace Payables and Receivables management,               payment services directive
  deciding on efficient account structures, and running effective
  ‘pooling’ of the balances on those accounts, whichever type of    How do you benefit?
  ‘pooling’ is meant: the course goes deep into the techniques
                                                                    Participants will gain an understanding of the challenges
  and mechanics of ‘notional pooling’. Learn how industry
                                                                    involved in moving through centralisation of treasury
  initiatives such as SEPA and ISO20022 are intended to
                                                                    (status quo) to further centralisation of financial processes,
  facilitate optimised cash management.
                                                                    interlocking payments/receipts with cash management, and
                                                                    the role of industry initiatives like SEPA and SWIFT corporate
                                                                    access in this landscape. The course goes deep into the range of
  Centralisation of finance functions                               account balance management techniques, tax/legal issues and
  • Treasury centralisation                                         current service offerings, with a special focus on the pricing of
  • Payables and receivables centralisation                         notional pooling by banks.
  • Mechanics of multilateral netting as a key first step           The two-day course will take the form of a workshop and
     towards treasury centralisation                                involve some practical exercises.
  Treasury centres and shared service centres
  • Treasury centres: activities, locations, integration with       Trainer
      subsidiaries and tax treatment, IT environment                Bob Lyddon
  • Shared service centres: activities, legal and operational
      relationship with subsidiaries, IT environment
  International banks - structure, products and services for
                                                                    What have other participants thought?
  meeting the needs of corporates                                   “Very interesting course, with good coverage of the cash
  • Branch/subsidiary structure and operational capabilities        management topics and banks’ offerings in the European market”
  • Treasury and wholesale banking services                         Veronica Parisi, Treasurer, Quantum Storage GMBH, November 2011
  • Local banking capabilities
  • Basic funds transfer and electronic reporting
  Cash management products                                            Dates and Location
                                                                                                                                            ACT Training Courses 2012

  • Zero-balancing and target balancing under                         Tuesday 22 & Wednesday 23 May 2012, London
     several scenarios
                                                                      Tuesday 20 & Wednesday 21 November 2012, London
  • Pooling engines
  • Partner banking models (IBOS, Re Accounts, Bilaterals)            Number of Days:             2
  • Complex account structures for liquidity management
     aimed at establishing a single counterparty                      Fees
                                                                      ACT Members and Students: £1150 + VAT
                                                                      Non-members: £1300 + VAT
                                                            Cash and Liquidity Management                                                                                                                  8

                                                            Investing Corporate Cash
                                                              The principles and practices of
Cash and Liquidity Management

                                                              effective cash management

                                                              Who is it for?                                • Resultant liquidity buckets; long,       IT and data management
                                                                                                              medium, short term operational cash;     • Rate feeds
                                                              • New entrants to treasury
                                                                                                              investment and pension cash              • Execution and portals
                                                              • Experienced treasury staff wishing to
                                                                                                            Understanding yield and yield              • TMS support
                                                                review and update their investment
                                                                                                            parameters                                 • Reporting
                                                                skills and knowledge
                                                              • Treasury staff reviewing, or planning to    • Interest rates                           Exercise: managing operational risk
                                                                review, their policies and processes        • Discount rates
                                                              • Bankers and asset managers wishing          • Day count conventions                    How do you benefit?
                                                                to understand the key parameters and        Risk management
                                                                                                                                                       Participants will gain an insight into, and
                                                                thought processes behind corporate          • Counterparty risk
                                                                                                                                                       understanding of, the significant factors
                                                                investment decisions                        • Role of rating agencies
                                                                                                            • Alternative approaches and               to be taken into account when investing
                                                                                                               special cases                           corporate cash, including policy, financial
                                                              What is it about?                                                                        and operational risks and the linkage
                                                              This course presents an overview of the       Exercise on yield
                                                                                                                                                       between policy, process and controls.
                                                              key elements of effective investment          Asset classes and instruments
                                                                                                                                                       All participants will be provided with a
                                                              management, and focuses on the                • Bank investments (accounts, depos, CD)
                                                                                                                                                       current edition of “the Treasurer’s Global
                                                              diversity of factors that need to be taken    • Non-bank investments (CP, bonds, MMF)
                                                              into account when investing cash. The           i. Government and quasi-government       Guide to Investing Cash”
                                                              course is aligned with the principles set       ii. Corporate
                                                              out in the book, The Treasurer’s Guide to       iii Hybrids (incl MMF, repo)             Trainer
                                                              Investing Cash, a copy of which will be       • Alternative investments” derivatives,    Adrian Rodgers FCT FCA BSc (Econ) CCM
                                                              given to each participant.                      equities etc)
                                                              Day one reviews the various investment        Exercise on asset classes                  What have other
                                                              challenges facing corporate treasurers        Day 2 establishing the policy;
                                                              and considers the basic factors of yield,     evaluating the position; and executing
                                                                                                                                                       participants thought?
                                                              counterparty risk and choice of instrument.   the deals                                  “This course provides an excellent
                                                              Day two considers the factors that                                                       analysis from the key principles of
                                                                                                            Developing policy
                                                              should be included in a comprehensive
                                                                                                            • General considerations (all policies)    investing corporate cash right through
                                                              investment policy, together with the
                                                                                                            • Investment considerations                to the multiple types of risk, actual
                                                              operational requirements that need to be
                                                                                                            • Interaction with other policies          process’ involved and key decision
                                                              met when developing a properly controlled
                                                              investment process.                           Developing process: Establishing the       making required to successfully
                                                                                                            future liquidity position                  achieve it. It will provide an excellent
                                                                                                            • Role of cash flow forecasting            platform of knowledge for any
                                                              Programme                                     • Segmentation and cash buckets            Corporate Treasurer or Banker”
                                                              Day 1 Introduction and basics of              Exercise on cash flow forecasting          Duncan Todd, Liquidity Sales Manager, RBS
                                                              investment                                                                               Corporate & Institutional Banking, September 2011
                                                                                                            Managing the interest rate
                                                              Background: Corporate treasury role           • Fixed v floating
                                                              and structure                                 • Use of derivatives – FRA’s, swaps
                                                              • Structure; centralised and                    and futures                                 Dates and Location
                                                                decentralised models and impacts
                                                                                                            Administration of investments                 Wednesday 14 and Thursday 15 March
                                                                on liquidity
                                                                                                            • Dealing                                     2012, London
                                                              • Role of policy and drivers
                                ACT Training Courses 2012

                                                                                                            • Settlement
                                                              • Definition of corporate liquidity                                                         Thursday 13 & Friday 14 September
                                                                                                            • Reporting and accounting
                                                                (as “access to cash”)                                                                     2012, London
                                                                                                            • Custody requirements
                                                              • Current trends
                                                                                                            • Taxation issues
                                                              Cash and liquidity management                                                               Number of Days:               2
                                                                                                            Control and audit
                                                              • The Corporate Cash Cycle and
                                                                                                            • Risk identification
                                                                transaction flows
                                                                                                            • Onion theory
                                                              • Liquidity structures and techniques
                                                                                                            • Key controls and reports                    ACT Members and Students: £1150 + VAT
                                                                                                                                                          Non-members: £1300 + VAT
Cash and Liquidity Management                                                                                                        9
                                                                                                          NEW FOR 2012

Working Capital Optimisation
  How to manage your working

                                                                                                                                                                     Cash and Liquidity Management
  capital for improved profitability

  Who is it for?                                                     How do you benefit?
  Corporate treasurers, accountants, purchasing specialists and      You will gain an overview of why working capital management
  other financial professionals involved with managing working       is vital for the profitability and survival of all companies.
  capital for small and large companies.                             You will also gain an appreciation of the techniques that can
                                                                     be employed to manage working capital and permanently
  What is it about?                                                  improve cash flow.
  This course is aimed at those practitioners responsible for        This one-day course involves practical exercises to apply the
  controlling the working capital of a company or organisation. It   content to real situations.
  deals with basic principles for smaller companies and strategies
  for larger enterprises to employ.                                  Trainer
                                                                     Damian Pickard BA, FCA, MCT
  • Importance of working capital management
  • Cash flow and profit relationship
  • Risk and return trade off
  The Working capital cycle basics
  • Cash conversion cycle
  • Inventory
  • Debtors & Days Sales Outstanding
  • Creditors & Days Payable Outstanding
  Working capital optimisation - theory
  • Economic Order Quantities
  • Baumol/ Miller-Orr cash management models
  • Process improvement (P2P, O2C)
  Working capital optimisation – basic practice
  • Credit control
  • Stock control
  • Debtor management
  • Management reporting – KPI;s
  Working capital optimisation – advanced practice
  • Treasury procedures
  • Technology solutions
  • Payment systems (CLS, EIPP,B2B)
  • End to end cash flow management
  Working capital exercise
  Financing working capital                                            Dates and Location
  • Discounting/Factoring
                                                                                                                                         ACT Training Courses 2012

                                                                       Monday 26 March 2012, London
  • Supplier financing
  • Liquidity management                                               Thursday 20 September 2012, London
  • Capital intensity
                                                                       Number of Days:           1

                                                                       ACT Members and Students: £550 + VAT
                                                                       Non-members: £630 + VAT
                                                            Cash and Liquidity Management                                                                                                           10
                                                                                                                                                                    NEW FOR 2012

                                                            SWIFT for Corporates
                                                              The essentials of switching to a
Cash and Liquidity Management

                                                              multi-banking connection using
                                                              SWIFT Corporate Access

                                                              Who is it for?                               •   Expansion into further message         ISO20022 – tie-in with SWIFT MX and
                                                                                                               types and services                     SWIFT for Corporates
                                                              For CFOs, Treasurers, Shared Service
                                                                                                           •   MACUG – member-administered            • History of ISO2002 through TWIST
                                                              Centre Managers, Chief Accountants,
                                                                                                               Closed User Group                         to CSTP to ISO to SWIFT MX
                                                              Heads of Accounts Payable and/or
                                                                                                           •   SCORE – Standardised Corporate         • Registration process and
                                                              Receivable who want to learn about, or
                                                                                                               Environment                               standards owner
                                                              are considering or implementing, the
                                                                                                           •   Business case examples                 • Significance of UML – Universal
                                                              merits of connecting to banks over the
                                                                                                           Connecting to SWIFT for a corporate           Modelling Language
                                                              SWIFT network.
                                                                                                           • Elements of the technical connection     • Physical layer
                                                              For Transaction Services bankers who                                                    • Tie-in with SEPA
                                                                                                           • Contracting with SWIFT
                                                              wish to know more about SWIFT                                                           • Tie-in with SWIFT MX Migration, E&I
                                                                                                           • IT environment at the corporate
                                                              Corporate Access and its benefits viewed                                                   and eBAM
                                                                                                           • Connecting with treasury
                                                              from a corporate perspective.
                                                                                                              Management system and with ERP          Benefits and issues with MX services
                                                                                                           • Internal costs and SWIFT costs           on MACUG and SCORE
                                                              What is it about?
                                                                                                              upfront and ongoing                     • Pain – payment initiation
                                                              The market issues for corporates that        • Business case                            • SEPA payments
                                                              SWIFT Corporate Access addresses, what       Connecting to SWIFT directly or via a      • Camt – cash management
                                                              its value proposition is, what contractual   Service Bureau                                (statements, advices)
                                                              constructions and services are available,    • What is a Service Bureau?                • Exceptions and Investigations (E&I)
                                                              what technical connection options exist,     • How does using a Service Bureau          • Electronic Bank Account
                                                              how it is integrated into the corporate         alter the requirements qua effort,         Management (eBAM)
                                                              environment, benefits and issues,               costs and resources, and the
                                                              how it relates to other banking                 business case?                          How do you benefit?
                                                              infrastructure initiatives.                  • Risks of using a Service Bureau          You will gain a practical and quick
                                                                                                           • What players are in the market as        orientation on scope, benefits and
                                                              Programme                                       Service Bureaux?                        issues, and project scale to get a solution
                                                              The problems SWIFT Corporate Access          Services on MACUG and SCORE                implemented.
                                                              is trying to solve                           • Main differences in services available
                                                              • Managing a multi-legal entity                 on MACUG as opposed to SCORE            Trainer
                                                                   business                                • Treasury Confirmations (MT3nn)           Bob Lyddon and guest speaker
                                                              • National data standards and IT             • MT services (MT101, 940, 942)
                                                                   platforms                               • FileAct
                                                              • Mismatch of electronic banking with        • MX Services (pain, camt)
                                                                   customer’s reach and demands of         • XML services only available
                                                                   centralisation/harmonisation               on SCORE: Exceptions and
                                                              • What is the ideal environment that            Investigations (E&I), and Electronic
                                                                   the centralised customer would like        Bank Account Management (eBAM)             Dates and Location
                                                                   to work with                            Benefits and Issues with MT services
                                                              • How the SWIFT offering positions                                                         Thursday 24 May 2012, London
                                                                                                           on MACUG and SCORE
                                                                   itself to meet these requirements       • MT101 outcomes (book transfer,              Monday 19 November 2012, London
                                ACT Training Courses 2012

                                                              SWIFT Corporate Access -                        local RTGS/ACH, foreign transfer)
                                                              harmonisation of channel of                  • MT942 (timing of updates,
                                                                                                                                                         Number of Days:           1
                                                              communications                                  limitations of the message itself)
                                                              • SWIFT Corporate Access history             • MT940 (transaction detail,
                                                              • Treasury Confirmations (MT3nn                 available balance)                         ACT Members and Students:
                                                                 message series)                                                                         £575 + VAT
                                                                                                                                                         Non-members: £650 + VAT
Corporate Financial Management                                                                                                                   11

Corporate Tax for Treasurers

                                                                                                                                                                                  Corporate Financial Management
  Running a tax efficient treasury function

  Who is it for?                                                     In-house banking
                                                                     • A tax-eye view of in-house bank accounts, shared service
  Anyone working in or with treasury who has a basic grasp
                                                                         centres and why house-keeping is everything for tax
  of UK corporate tax principles and needs to understand
  more about how corporate tax can affect the value added by         Funding an international group in an evolving world
  treasury activities.                                               • Practical issues with optimising UK group funding
                                                                        arrangements in light of increasingly sophisticated
  What is it about?                                                     tax regimes.
  It is vital for treasurers to understand the tax implications of   Tax planning
  their actions as treasury transactions can significantly affect    • A look at the latest trends in anti-avoidance measures and
  both the effective group tax rate and cash tax. This one-day           UK case law
  workshop aims to bring you right up to date with the core tax
  principles governing everyday treasury and to focus on some        How do you benefit?
  advanced or topical issues. Real life examples encourage group     •    A full day’s tax update with senior specialists in
  participation and deliver an understanding of the application           treasury taxation
  of tax rules in practice.                                          •    Insight into the core UK tax rules governing treasury
  Delivered from a UK tax perspective, but covering key                   transactions, including the most up-to-date developments
  international aspects, this course is designed to give you a            in relevant case law and anti-avoidance provisions
  strong grounding in core tax rules and answer all the basic        •    An overview of core international tax concepts that should
  questions you’ve ever wanted to ask!                                    be borne in mind when structuring cross-border financing
                                                                          activities, such as international cash management, inter-
  Programme                                                               company transactions and hedging strategies

  What’s so important about tax for treasurers?                      Trainer
  • An introduction to some core concepts for tax
                                                                     Sue Mainwaring and members of the PricewaterhouseCoopers
  Loans, derivative contracts, and FX                                Finance & Treasury Tax network
  • An outline of the primary rules governing the tax
     treatment of loans, deposits, derivatives and FX - from
     a UK perspective but highlighting practical differences
                                                                     What have other participants thought?
     resulting from a territorial tax system                         “Top of the class training, with very good coverage
  Related party transactions                                         of the topic”
  • Evaluation of the common issues affecting                        Oscar Rufo Sanchez, Group Treasurer, Euromoney Institutional Investor plc
      related party transactions, including thin
      capitalisation (i.e. acceptable gearing levels),
                                                                     “Very useful course material taught by
      transfer pricing, debt waivers, recapitalisation.              someone who is clearly both well versed and
  Trends in accounting                                               (just as importantly) well experienced in the
  • How accounting developments make a fundamental                   real world as well as in the subject matter”
     difference to the tax treatment of financing and                James Gillard, Assistant Treasurer, Land Securities, June 2011

      hedging transactions
  Withholding taxes                                                      Dates and Location
                                                                                                                                                      ACT Training Courses 2012

  • What they are and how to mitigate them
                                                                         Tuesday 19 June 2012, London
  Hedging transactions
  • The pitfalls and opportunities in securing tax-efficient
                                                                         Number of Days:               1
     hedging transactions
  Liquidity management                                                   Fees
  • Comparing and contrasting common methodologies for
      tax purposes                                                       ACT Members and Students: £575 + VAT
                                                                         Non-members: £650 + VAT
                                                             Corporate Financial Management                                                                                                           12

                                                             Relationship Banking
                                                               Understand what goes on
Corporate Financial Management

                                                               inside a corporate treasury

                                                               Who is it for?                                                     Bank relationships
                                                                                                                                  • Power of a corporate to choose banks
                                                               Corporate bankers, bank treasury staff and product specialists
                                                                                                                                  • People and length of relationship
                                                               who are involved with corporate treasurers and
                                                                                                                                  • Return on bank equity and use of capital
                                                               their teams on a one off or continuous basis.
                                                                                                                                  • Ancillary business
                                                                                                                                  • How a corporate manages its counterparty risk
                                                               What is it about?
                                                                                                                                  • Credit support agreements and ISDAs
                                                               This half-day course is aimed at corporate bankers who wish
                                                               to understand what goes on in a corporate treasury, how the        How do you benefit?
                                                               board approaches the difficult issues of hedging, derivatives,
                                                                                                                                  Participants will learn from experienced treasurers what it feels
                                                               bank relationships and risk and how they use the treasurer to
                                                                                                                                  like to be in a corporate treasury and the pressures they face,
                                                               advise and execute their decisions. It covers how different each
                                                                                                                                  how they make decisions and how they deal with the many
                                                               treasury will be in different corporates, shows how complex
                                                                                                                                  different parties with whom they interact every day.
                                                               some problems can be and concludes with a look at banking
                                                               relationships from the point of view of a corporate.
                                                               Programme                                                          Will Spinney FCT, Gerry Bacon FCT, MBA

                                                               Influences on the treasury function
                                                               • Business and financial strategy
                                                               • Products and geographic markets
                                                               • Areas managed by the finance and treasury functions
                                                               • Size, sophistication and centralisation of treasury
                                                               • Treasury links in and outside the business
                                                               • Decision makers for buying financial products
                                                               • Factors affecting timing of buying decisions
                                                               • Treasury performance measurement
                                                               Products that a corporate needs from the banking sector
                                                               • Credit products
                                                                  - Direct funding
                                                                  - Disintermediated funding
                                                                  - Guarantees, letters of credit, bid bonds, derivatives etc.
                                                               • Cash management systems and payment mechanisms
                                                               • SWIFT
                                                               • Trading and confirmation systems
                                                               • Foreign exchange and interest rate derivatives and
                                                                  hedging objectives
                                                               • Other derivatives (employee options, pensions, inflation,
                                                                  commodities, counterparty risk)
                                                               • Investment instruments                                             Dates and Location
                                                                                                                                    Tuesday 12 June 2012, London
                                 ACT Training Courses 2012

                                                                                                                                    Tuesday 27 November 2012, London

                                                                                                                                    Number of Days:           1/2

                                                                                                                                    ACT Members and Students: £315 + VAT
                                                                                                                                    Non-members: £400 + VAT
Corporate Financial Management                                                                                                     13
                                                                                                       NEW FOR 2012

Treasury Strategy
  Explore the rationale for treasury strategy

                                                                                                                                                                    Corporate Financial Management
  and how to go about implementing it

  Who is it for?                                                  Some critical value drivers
                                                                  • Depth of available resources
  Directors and corporate treasury executives who need
                                                                  • Operating and sourcing efficiency
  to deepen and broaden their understanding of strategy
  management, treasury operations managers, risk managers,        Typical treasury requirements
  auditors, bank treasury staff and product specialists who are   • Equity, gearing and dividend policy
  involved with corporate treasurers.                             • Cash management
                                                                  • Banking relationship management
  What is it about?                                               • Treasury controls and performance measurement
                                                                  • Business continuity plans
  This one-day course will provide delegates with a
  comprehensive understanding of how to effectively manage        Risk management & controls
  treasury affairs underpinned by a carefully thought out         • Profit centre v value-added centre v cost centre
  treasury strategy. You will have a chance to explore the        • Treasury controls and risk mitigation v target risk levels
  rationale for treasury management strategies and learn how      • Which hedging instruments are appropriate and why?
  to implement best-practice strategies to fit your treasury      • Treasury systems
  requirements and minimise risk exposure.                        Leading treasury
                                                                  • Setting standards/ benchmarking / providing the best
  Programme                                                          possible service
                                                                  • Organisation design and talent management
  The rationale
  • The case for designing / understanding the importance of      Making strategy work
     treasury strategy                                            • Improving communication, understanding and tracking
  • Linking strategic planning and decision making with overall      implementation
     business strategy                                            • Keeping the plan flexible and adapting to changes in the
  • Influencing factors                                              business and external environment
  • Creating a clear direction
  Treasury strategy
                                                                  How do you benefit?
  • The vision                                                    Delegates will have a chance to explore in-depth the rationale
  • Strategy formulation                                          and key elements of treasury management strategies. You will
  • Applicability                                                 also enhance your appreciation of the broader strategic group-
                                                                  wide risk management, aligning treasury more closely with
  Influences on the treasury function
                                                                  improving shareholder value.
  • Business and financial strategy
  • Risk management - risk policy, risk appetite and
      risk tolerance
  • Size, sophistication and centralisation of treasury           Raj Gandhi, FCT, FCCA
  • Business and product life cycle influence

                                                                    Dates and Location
                                                                                                                                        ACT Training Courses 2012

                                                                    Tuesday 18 September 2012, London

                                                                    Number of Days:           1

                                                                    ACT Members and Students: £575 + VAT
                                                                    Non-members: £650 + VAT
                                                             Corporate Financial Management                                                                                                14

                                                             Creating Compelling Business Cases
Corporate Financial Management

                                                               Who is it for?
                                                               Finance directors, heads of finance, financial controllers,
                                                               financial analysts, management accountants, business
                                                               development personnel and planners

                                                               What is it about?
                                                               The current challenges to company finances are well
                                                               understood by us all. Now, more than ever, expenditures on
                                                               projects and initiatives will need close scrutiny and evaluation
                                                               to ensure best value and financial returns. This course, using
                                                               qualitative and quantitative techniques, considers how
                                                               compelling business cases can be prepared and uses case
                                                               studies for illustration.

                                                               How do you benefit?
                                                               •   Understanding the components of a compelling
                                                                   business case
                                                               •   Getting beyond simple measures of business case desirability
                                                               •   Taking proper account of risk and ensuring appropriate returns
                                                               •   More ability to choose between competing demands on
                                                                   precious resources in today’s constrained economic climate

                                                               •   The most basic question – why should we pursue
                                                                   specific expenditures?
                                                               •   Modelling criteria – payback, breakeven, ROI, ROCE,
                                                                   shareholder impact, DCF, NPV, IRR
                                                               •   How can we quantify all benefits, including tangible,
                                                                   intangible and ‘soft’ social benefits?
                                                               •   How much risk are we taking on? – risk evaluation and
                                                                   discount rates
                                                               •   Post-project follow-up – did we perform as expected?

                                                               John McKenzie, MBA, Independent Consultant
                                                                                                                                    Dates and Location
                                                                                                                                    Monday 23 April 2012 (09.30 – 17.00), London
                                                                                                                                    Wednesday 31 October 2012 (09.30 – 17.00), London
                                 ACT Training Courses 2012

                                                                                                                                    Number of Days:         1

                                                                                                                                    ACT Members and Students: £480 (no VAT)
                                                                                                                                    Non Members: £480 (no VAT)
                                                                                                                                    8 ACCA CPD units
                                                                                                                                    This course is held by ACCA and endorsed by the ACT.
Corporate Financial Management                                                                                                  15

Company Law Update
  How will changes in company

                                                                                                                                                                 Corporate Financial Management
  law impact on your organisation?

  Who is it for?
  Accountants, secretaries and all involved in advising and
  administering companies

  What is it about?
  The course begins with an overview of the current company
  law legislation. The new model articles of association, the
  position of shareholders and the rules governing shares will be
  covered. It will include responsibilities for the board of directors
  and decision-making within the company.

  •   The company constitution today
  •   Key changes regarding directors
  •   The current law on shares and shareholders
  •   Decision-making within companies
  •   Recent developments and future changes

  How do you benefit?
  •   An overview of the current company law legislation
  •   An understanding of the new model articles of association
  •   An awareness of recent changes in company law
  •   An understanding of the key insolvency procedures

  Mike Griffiths LL.B., LL.M.

                                                                         Dates and Location
                                                                         Friday 29 June 2012 (09.30 – 17.00), London
                                                                         Tuesday 13 November 2012 (09.30 – 17.00), London
                                                                                                                                     ACT Training Courses 2012

                                                                         Number of Days:         1

                                                                         ACT Members and Students: £480 (no VAT)
                                                                         Non Members: £480 (no VAT)
                                                                         8 ACCA CPD units
                                                                         This course is held by ACCA and endorsed by the ACT.

                            Dates for your diary...
ACT Training Courses 2012

                            Treasury training by professionals for professionals
                                                      17   T +44 (0)20 7374 2573       F +44 (0)20 7374 8744
                                                           ACT Training Courses 2012

 Receive a 10% discount when you book two
 corresponding courses on consecutive days
                                              Risk Management                                                                                                                                  18

                                              Fundamentals of Risk Management
                                                Managing financial risk in
                                                the corporate context
Risk Management

                                                Who is it for?                                                               Identifying financial risk
                                                                                                                             • Interest rate risk
                                                •   Finance professionals newly exposed to treasury
                                                                                                                             • Currency risk
                                                •   Treasury professionals with experience in areas such as
                                                                                                                             • Liquidity/funding risk
                                                    corporate finance or operations who need a refresher in the
                                                                                                                             • Commodity risk
                                                    wider area of risk management
                                                •   Risk professionals, consultants and bankers who wish to                  Risk management instruments
                                                    gain an insight into how corporate treasury approaches                   • Currency risk management instruments: forwards, options,
                                                    risk management                                                              cross currency swaps
                                                                                                                             • Interest rate risk management instruments: FRAs, futures,
                                                What is it about?                                                                options and swaps

                                                This course provides a framework for understanding treasury’s                How do you benefit?
                                                role in risk management. It introduces the fundamentals of
                                                                                                                             You will gain an understanding of treasury’s role in risk
                                                interest rate risk and currency risk, identifies how these risks
                                                                                                                             management through an overview of how the main financial
                                                might arise and their impact on the company and explains the
                                                                                                                             risks can impact an organisation and insight into key financial
                                                main instruments which can be used to manage these risks.
                                                                                                                             risk management instruments used in the context of risk
                                                Participants may also be interested in the Applied Risk                      management strategy.
                                                Management course which provides a deeper understanding
                                                of how to quantify risk exposure in a practical situation,
                                                determine risk management action and develop policy
                                                                                                                             Ian Jakeways FCT, MBA Mike Northeast FCT, MA, MBA
                                                consistent with an ERM framework.

                                                Building a risk management framework
                                                • Risk concepts and definition
                                                • Risk and the investor
                                                • Risk and the firm
                                                • Attitudes to risk
                                                • Risk management objectives
                                                • Risk management architecture
                                                • A framework for operational implementation

                                                What have other participants thought?
                                                                                                                               Dates and Location
                                                “The course gave me a solid overview of risk                                   Wednesday 9 May 2012, London
                                                management and linked overall risk management
                                                to financial risk management”                                                  Number of Days:            1
                  ACT Training Courses 2012

                                                Uwe Schiller, Director Treasury & IR, Sunrise Communications AG, June 2011
                                                                                                                               ACT Members and Students: £575 + VAT
                                                                                                                               Non-members: £650 + VAT
                                                                                                                               A 10% discount will be offered when booking both the
                                                                                                                               Fundamentals of Risk Management and Applied Risk
                                                                                                                               Management on consecutive days
Risk Management                                                                                                                           19

Applied Risk Management
  Financial risk management
  in an ERM framework

                                                                                                                                                                           Risk Management
  Who is it for?                                                         Risk evaluation
                                                                         • Sensitivity analysis
  •   Treasury professionals involved in risk management
                                                                         • Scenario analysis
      including Enterprise Risk Management (ERM)
                                                                         • Developing the use of Value at Risk (VaR)
  •   Finance and risk professionals who need to
                                                                         • Applying VaR to a realistic situation
      understand treasury’s role within an overall risk
                                                                         • Advantages/shortcomings of VaR
      management framework
  •   Audit and compliance professionals                                 Risk planning
  •   Consultants and bankers who need to understand how                 • Policy development and benchmark setting
      organisations can use ERM frameworks to manage                     • Deciding whether or not to hedge
      financial risk                                                     • Deciding what form any hedging should take
                                                                         • Trading off different benefits from different hedging action
  What is it about?                                                      • Criteria for deciding which instruments to use
                                                                         • How/when to implement the hedge
  This course is aimed at those with some experience in or of
  treasury who wish to gain a deeper understanding of financial          Risk reporting
  risk management. It looks at how decisions on financial risk           • Is policy being followed?
  management should be taken, consistent with enterprise-wide            • Is policy having the right effect?
  and other risk management programmes elsewhere in the                  • Typical information flows
  organisation. Placing risk identification in a practical context, it
  identifies methodologies for risk quantification and discusses         How do you benefit?
  how an appropriate risk management response might be                   You will gain an understanding of how to quantify risk
  determined. All this is set within the context of a case study         exposure through a detailed overview of how to determine
  organisation.                                                          risk management action and develop policy consistent with
                                                                         an ERM framework as well as a practical knowledge of how to
  Programme                                                              apply risk management theory.
  Risk identification and assessment in practice
  • Applying the framework for risk management
  • Identifying treasury risks within a realistic situation              Ian Jakeways FCT, MBA Mike Northeast FCT, MA, MBA
  • Risk management and business strategy; who are we
      hedging for and what are we hedging?

  What have other participants thought?
                                                                           Dates and Location
  “Very well run with good practical exercises. Would                      Thursday 10 May 2012, London
  recommend the course to anyone involved in
  enterprise wide risk management”                                         Number of Days:          1
                                                                                                                                               ACT Training Courses 2012

  Paul Outridge, Head of Treasury, De La Rue plc, October 2011
                                                                           ACT Members and Students: £575 + VAT
                                                                           Non-members: £650 + VAT
                                                                           A 10% discount will be offered when booking both the
                                                                           Fundamentals of Risk Management and Applied Risk
                                                                           Management on consecutive days
                                              Risk Management                                                                                                                    20

                                              FX Derivatives: forwards and swaps

                                                Features, Pricing and Applications
Risk Management

                                                Who is it for?                                                    Case Study – Excel Forward rate calculator, application
                                                                                                                  to forward hedging – selecting the appropriate contract
                                                •   Anyone working in treasury - especially dealers, back
                                                                                                                  using forwards
                                                    office staff
                                                •   Anyone working in or with a commercial team with              Variants of FX forwards
                                                    FX exposure in their trade                                    • Explaining the rationale for non-deliverable forwards
                                                                                                                      (NDFs) and calculating the settlement amount in a
                                                What is it about?                                                     typical transaction
                                                                                                                  • Option-dated forwards – managing FX flows with uncertain
                                                Focusing on Forwards and Swaps, this session provides
                                                                                                                      timing (option dated forwards)
                                                participants with a introduction into how corporate treasury
                                                                                                                  • Determining the price of an option-dated forward contract
                                                can use FX derivatives to manage FX risk.
                                                                                                                      given the term structure of forward contracts
                                                The programme addresses not only how the treasurer will
                                                                                                                  Case study – selecting and applying the fair price for
                                                benefit, but also delves deeper into price derivation and
                                                                                                                  an option dated forward given the term structure of
                                                applications so that the treasurer can present the features,
                                                                                                                  forward rates
                                                applications, costs and associated risks to the broader finance
                                                team to help them demystify some FX structures sold to them       FX Swaps
                                                by the banks.                                                     • Identify the main features and applications of FX swaps in
                                                                                                                     corporate context
                                                Programme                                                         • Explain how swaps are priced and the advantages
                                                                                                                  • How to treat a swap as a ‘rollover’ and the cash
                                                FX Risk and the Derivatives Universe                                 flow implications
                                                • A holistic view of FX exposure – the nature of risks and
                                                                                                                  Case study – FX Swap applications for corporates
                                                   identifying main sources of risk
                                                • Explaining the consequences of transaction and
                                                   translation risk
                                                                                                                  How do you benefit?
                                                • The nature of the derivatives market – a review of the          By the end of the course you will be able to understand:
                                                   choices, pros, cons and costs of the products that             • The aspects and impact of FX Risk
                                                   are available.                                                 • The conventions, pricing and applications in FX
                                                                                                                      forward markets
                                                Case Study – review of a corporate FX risks and use of
                                                                                                                  • Further variants of FX forwards and their uses
                                                derivatives and the implications for Financial Statements
                                                FX forwards                                                       Trainer
                                                • Review of spot market conventions (assumed knowledge
                                                                                                                  Greg Mayes AMCT
                                                    for the most part) before moving onto forward contracts.
                                                • Why use forwards? Some motivators for corporate to use
                                                    forward contracts
                                                • Calculating a forward FX rate using time value of
                                                    money concepts                                                  Dates and Location
                                                • Defining the terms premium and discount in relation to
                                                                                                                    Wednesday 16 May 2012, London
                                                    forward foreign exchange
                                                • Interpreting a variety of forward FX quotations (outright
                                                                                                                    Number of Days:          1
                                                    rates vs. forward points)
                  ACT Training Courses 2012

                                                                                                                    ACT Members and Students: £575 + VAT
                                                                                                                    Non-members: £650 + VAT
                                                                                                                    A 10% discount will be offered when booking both FX Derivatives:
                                                                                                                    forwards and swaps and FX Derivatives: options and structured
                                                                                                                    products on consecutive days
Risk Management                                                                                                                       21

FX Derivatives: options and structured products

  Features, Pricing and Applications

                                                                                                                                                                       Risk Management
  Who is it for?                                                     Case study – analysing option value drivers in Excel
                                                                     The concept of put–call parity will be considered as it
  •   Anyone working in treasury - especially dealers, back
                                                                     provides the basis of a number of option products that will be
      office staff
                                                                     considered later in the day
  •   Anyone working in or with a commercial team with
      FX exposure in their trade                                     Options Applications – part I
                                                                     • Spreadsheet strategy analysis:
  Knowledge of FX fixing instruments is essential and
                                                                        - varying the strike rate
  participants may therefore be interested in the FX Derivatives:
                                                                        - range forwards (collars)
  forwards and swaps course.
                                                                        - participation notes
  What is it about?                                                  Options
                                                                     • Knock in and knock out options
  The course looks in details at price derivation and applications
  of FX option based products.                                       Option Applications – part II
                                                                     • Structured products combined options
  Programme                                                          Case study – building KI and KO barriers into FX structures
                                                                     the risks and rewards
  Option Terminology and Fundamentals
  • Review of the main terminology associated with options
  • Basic conventions of how option premia are quoted
                                                                     How do you benefit?
                                                                     By the end of the course you will be able to:
  Case Study – introduction to the Excel model, applying
                                                                     • understand option terminology
  plain vanilla put protection to an FX receivable
                                                                     • intuitively approach options valuation
  Option valuation                                                   • construct risk management solutions
  Non-mathematical introduction to the main concepts of
  option valuation                                                   Trainer
  • Factors which determine the value of an option
                                                                     Greg Mayes AMCT
  • How valuation impacts on financial statements and
      the treasurer
  • Closed form valuation techniques
  • Binomial/path dependent models
  • Put-call parity

                                                                       Dates and Location
                                                                       Thursday 17 May 2012, London

                                                                       Number of Days:           1
                                                                                                                                           ACT Training Courses 2012

                                                                       ACT Members and Students: £575 + VAT
                                                                       Non-members: £650 + VAT
                                                                       A 10% discount will be offered when booking both FX Derivatives:
                                                                       forwards and swaps and FX Derivatives: options and structured
                                                                       products on consecutive days
                                              Risk Management                                                                                                                          22

                                              Modelling the Financial Markets
                                                Essential modelling techniques
                                                for treasury applications
Risk Management

                                                Who is it for?                                                   Option valuations – Black Scholes model
                                                                                                                 • Constructing the model
                                                •   All those who use spreadsheets for treasury analysis,
                                                                                                                 • Demonstrating value sensitivity versus underlying,
                                                    planning and risk management
                                                                                                                    time, volatility
                                                •   Professionals who want to increase the power, flexibility
                                                                                                                 • Interpreting the results
                                                    and transparency of their financial models
                                                •   Treasurers who need to deepen and broaden their              Value at Risk analysis, diversification and correlation
                                                    understanding of financial relationships, drivers            • What diversification can achieve (and what it can’t)
                                                    and sensitivities                                            • Pension fund analysis, interaction and mitigation of
                                                                                                                    asset and liability risks
                                                What is it about?                                                • Correlation, volatility and market shocks
                                                This is a practical hands-on course which focuses on some key
                                                calculations made every day in a treasury. Financial modelling
                                                                                                                 How do you benefit?
                                                is the result of combining a rigorous application of modelling   Participants will gain a detailed understanding of how to
                                                best practice with an understanding of the relationships being   structure models, the demands placed on them and how they
                                                modelled. This course presents, in a straight forward manner,    can be used as a basis for explaining findings to others. This will
                                                some of the more complex aspects of modelling.                   increase participants’ confidence in building and using models,
                                                                                                                 leading to increased productivity and reduced error rates.
                                                Guidelines for building best practice models
                                                                                                                 Doug Williamson FCT
                                                • Structure for building in both rigour and flexibility
                                                Traps in Excel functions
                                                • Pitfalls for the unwary; Excel doesn’t always perform the
                                                    calculation you expect                                       What have other participants thought?
                                                Sensitivity analysis                                             “If you have practical questions on modelling,
                                                • Using data tables to communicate the range of outcomes
                                                                                                                 this is definitely the course for you”
                                                • Identify the tipping point
                                                                                                                 Mat Ward, Director, Bullsbridge Consulting, June 2009
                                                • Calculating and illustrating market value sensitivity as
                                                   assumptions are changed                                       “This was perhaps the most useful training
                                                Yield curves                                                     course I’ve attended so far”
                                                • Understanding the relevant cash flows                          Mark Peachey, FinancialAccountant, The British Land Company plc,
                                                                                                                 November 2009
                                                • Converting between yield curves
                                                • Quoting conventions and compounding periods                    “Excellent - really gives you a great foundation
                                                Bond valuations                                                  to build upon”
                                                • Constructing the model                                         Vicky Stott, Treasury Manager, TD Waterhouse Investor Services,
                                                                                                                 November 2009
                                                • Understanding value sensitivity
                                                • Understanding the key relationships between value, rates
                                                   and maturity
                                                Swap valuations
                                                                                                                   Dates and Location
                  ACT Training Courses 2012

                                                • Interest rate swap and cross currency swap valuation
                                                • Sensitivity of values as key market drivers vary                 Thursday 14 June 2012, London
                                                Option valuations – Binomial model
                                                • Constructing the model                                           Number of Days:               1
                                                • Demonstrating value sensitivity versus underlying,
                                                   time, volatility                                                Fees
                                                • Interpreting the results                                         ACT Members and Students: £575 + VAT
                                                                                                                   Non-members: £650 + VAT
Risk Management                                                                                                                           23

Pensions for Treasurers
  Identifying and managing the risks
  in maintaining a defined benefit
  company pension scheme

                                                                                                                                                                           Risk Management
  Who is it for?                                                    Managing the sponsor / pension scheme relationship
                                                                    • Creditworthiness of the sponsor
  •   CFOs wanting to understand the implications of running a
                                                                    • The problem of ‘dealing with’ trustees
      pension scheme
                                                                    • Managing / dealing with trustees’ advisors
  •   Treasury and finance staff with responsibility for managing
                                                                    • Funding the deficit; agreeing the plan to eliminate
      the pension liability
                                                                       the deficit
  •   HR professionals who need to understand the financial
                                                                    • Funding issues for the sponsor with a deficit
      risks of a pension scheme
                                                                    • The bank / rating agency view
  •   Trustees wishing to understand the concerns of their
      sponsor and the pressures it may be under                     Derivatives in pension risk management
                                                                    • Liability driven investment (LDI)
  What is it about?                                                 • Using derivatives to aid risk management
  This one-day course will explain why Defined Benefit (DB)
  pension deficits continue to represent a risk for the sponsor.
                                                                    How do you benefit?
                                                                    You will develop a good understanding of the financial and
  It will identify the risks in maintaining a company pension
                                                                    related risks associated with a pension scheme, and the ways
  scheme and indicate how the issues raised can be managed.
                                                                    in which those risks might be managed. The pitfalls when
  Pension risks may affect the funding required by the sponsor,
                                                                    managing such risks will also be discussed.
  and its perception by stakeholders such as banks, bondholders,
  shareholders, and rating agencies.
  Programme                                                         Ian Jakeways FCT and guest speaker

  How did we get here?
  • How factors combined to create the current problems             What have other participants thought?
  Understanding valuation sensitivities
  • A deficit as a liability of the company                         “An interesting and informative day on the hot
  • The profile of pensions cash flows                              topic of UK pension plans. Great to interact
  • Risk of DB schemes versus DC schemes                            with other Treasurers, and have a presentation
  • Sensitivity factors in long-term annuities and investments      from another on their real life experience of
  • Application of Value at Risk
                                                                    converting from a DB to DC plan”
  Accounting and valuation                                          Helen Hanby, International Treasury Manager, Biogen Idec, June 2011
  • IAS 19 in outline
  • Basis of valuation for IAS 19 versus buy-out
  • Accrued Benefit Obligation versus Projected
     Benefit Obligation
  • Longevity assumptions
  • Implications: the augmented pension balance sheet
  Potential conflicts
  • Potential conflicts for the treasurer
  • Active versus deferred members
                                                                      Dates and Location
                                                                                                                                               ACT Training Courses 2012

  • Managing scheme closure
                                                                      Tuesday 25 September 2012, London

                                                                      Number of Days:               1

                                                                      ACT Members and Students: £575 + VAT
                                                                      Non-members: £650 + VAT
                                                               Treasury Operations and Controls                                                                                                      24

                                                               Essential Treasury for Support Staff
                                                                 A concise insight into the key
Treasury Operations and Controls

                                                                 functions of treasury and its
                                                                 importance to the business

                                                                 Who is it for?                                                   Risk management
                                                                                                                                  • Foreign exchange and international monetary economics
                                                                 Anyone who needs to understand the language and function of
                                                                                                                                  • Risk management framework
                                                                 treasury without getting into too much technical detail.
                                                                                                                                  • Exposures, hedging
                                                                                                                                  • Policies and procedures
                                                                 What is it about?
                                                                                                                                  • Credit limits
                                                                 Corporate treasury departments are very specialised and high
                                                                                                                                  Treasury operations and controls
                                                                 profile areas of company financial management. Based on the
                                                                                                                                  • Financial and treasury policies and procedures
                                                                 core elements of treasury, this introductory course outlines
                                                                 the key issues, language and terminology of this critical area
                                                                 of corporate financial management. Using non-technical
                                                                                                                                  How do you benefit?
                                                                 language, it highlights why the treasury function is important   You will gain an insight into the activities of a corporate
                                                                 and provides an overview of each of the main areas of treasury   treasury department for both support staff and others wanting
                                                                 management supported by easy to understand examples, and         to understand its key functions. You will understand how
                                                                 allowing times for questions and discussion.                     treasury can support business strategy, particularly when facing
                                                                                                                                  challenges such as market instability, international competition
                                                                 Programme                                                        and inflationary pressures.

                                                                 What is treasury and what does it do?                            Trainer
                                                                 • Why is treasury important?
                                                                                                                                  Brian Welch, FCT, FCMA, FCIS
                                                                 Corporate financial management
                                                                 • Financial aims and strategies
                                                                 • Corporate governance
                                                                                                                                  What have other participants thought?
                                                                 • Accounting requirements and corporate taxation
                                                                 Capital markets and funding                                      “This course was an excellent introduction
                                                                 • Funding policies and procedures; types of funding; export      to Treasury for beginners, no matter what
                                                                    and trade finance                                             their actual job function. I would definitely
                                                                 Cash and liquidity management                                    recommend it to others”
                                                                 • Cash forecasting and cash pooling                              Judy Ames, Senior GRA Advisor – Holdings &Treasury,
                                                                 • Cash handling and transmission                                 Shell International Limited, March 2011
                                                                 • Cash management systems and banking systems
                                                                 • Managing banking relationships
                                                                 • International cash management

                                                                                                                                    Dates and Location
                                   ACT Training Courses 2012

                                                                                                                                    Friday 9 March 2012, London
                                                                                                                                    Thursday 27 September 2012, London

                                                                                                                                    Number of Days:              1

                                                                                                                                    ACT Members and Students: £575 + VAT
                                                                                                                                    Non-members: £650 + VAT
Treasury Operations and Controls                                                                                                                 25

Practical Treasury Management
  An in-depth look at the role and key

                                                                                                                                                                                  Treasury Operations and Controls
  functions of corporate treasury

  Who is it for?                                                     International payments and banking systems
                                                                     • International banking infrastructure
  •   Treasury managers, treasury dealers, treasury assistants
                                                                     • Making international payments
      and new entrants to the treasury function
                                                                     • Single euro payments area
  •   Specialists who require an overview of the total
      treasury function                                              Foreign exchange and risk management
  •   Those who interface with treasury internally (e.g.             • Introduction to foreign exchange
      accountants, tax staff, IT, internal auditors)                 • Risk management and evaluation
  •   Bankers, auditors, software vendors, consultants wishing to    • Financial risk and instrument types
      understand more about treasury                                 • Risk management policy
                                                                     International liquidity management
  What is it about?                                                  • International liquidity management tools
  This highly interactive five-day course provides a comprehensive   • Managing international liquidity
  overview of the treasury function for new entrants, bankers and    • Case study
  those working alongside the treasury function.
  Providing the perfect forum to learn about the corporate
                                                                     How do you benefit?
  treasury function in modern international markets, this course     •    You will gain an overview of the fundamentals of
  is ideal for anyone who wants to understand more about                  international treasury management
  treasury operations – including finance directors, accountants,    •    Insight into core areas including cash and liquidity
  tax managers and line managers. Banks will find the insight             management, capital markets and funding, corporate
  into their corporate clients equally invaluable.                        financial management, risk management and treasury
                                                                          operations and control
  The course brings together participants from all over the world
                                                                     •    An opportunity to network with an international group
  and provides a perfect opportunity to network and reflect
                                                                          of participants
  upon best practice.
  Presentations from senior practitioners to bring a ‘real-life’
  perspective are included with the course culminating in a case
                                                                     Michèle Allman-Ward CertICM, Greg Mayes AMCT,
  study which gives participants the opportunity to apply some
                                                                     Mark Ingram AMCT
  of the skills they have learnt to a corporate example.

                                                                     What have other participants thought?
                                                                     “The course provided a good overview of all aspects of hands-
  Cash management fundamentals
                                                                     on treasury management with lots of examples and back
  • Structure of the treasury function
                                                                     ground information. Guest speakers from different areas (banks
  • Cash flow and the business
                                                                     and corporates) provided useful insights”
  • Working capital management
                                                                     Uwe Schiller, Director Treasury & IR, Sunrise Communications AG, May 2011
  • The role of the cash manager
  • Important cash management concepts
  • Managing liquidity                                                   Dates and Location
  Capital markets and funding
                                                                         Monday 23 April to Friday 27 April 2012, London
  • Debt and equity
                                                                                                                                                      ACT Training Courses 2012

  • Credit ratings                                                       Monday 5 November to Friday 9 November, London
  • Alternative funding solutions
  • Capital structure and investment returns
                                                                         Number of Days:            5
  • Risk, return and the cost of capital
  Corporate finance
  • Investment decision making                                           UK
  • Shareholder value                                                    ACT Members and Students: £2200 + VAT
                                                                         Non-members: £2450 + VAT
                                                               Treasury Operations and Controls                                                                                                    26

                                                               The Essential Guide to Treasury Security and Controls
Treasury Operations and Controls

                                                                 Building a secure treasury environment

                                                                 Who is it for?                                                     Middle office controls
                                                                                                                                    • Risk analysis and reporting
                                                                 •   Treasury managers and controllers
                                                                                                                                    • Reporting procedures
                                                                 •   Internal and external auditors
                                                                 •   Those with responsibility for treasury but without prior       Role of the accounting function and audit of
                                                                     hands-on treasury experience                                   electronic payments
                                                                 •   Anyone working in treasury dealing or involved with            • Electronic and manual security methods
                                                                     treasury transactions                                          • Electronic web dealing
                                                                                                                                    Market codes of conduct
                                                                 What is it about?                                                  • Electronic payments and system controls
                                                                 This interactive two-day course takes participants through         • Authorisation
                                                                 the process of building a secure treasury environment from         • Audit trails
                                                                 the creation of a framework of policy and delegated authority      • Environment
                                                                 through to how treasury should be organised to ensure              • Impact of new technology
                                                                 maximum control of its activities. Participants will learn about   Instrument risks and structured derivatives
                                                                 front, middle and back office functions, external and regulatory   • Some extreme examples of control issues
                                                                 requirements and controls and security essential to managing       Control in a multinational environment
                                                                 the use of technology within treasury, as well as debating the     • Controlling subsidiaries
                                                                 key issues of control failure.                                     • Special situations
                                                                 The course draws on real examples where controls have been         Detection of fraud - how controls can break down in practice
                                                                 weak or have collapsed, illustrating the absolute importance of    • What went wrong in high-profile cases
                                                                 a well-controlled treasury.
                                                                                                                                    War story
                                                                                                                                    • Examples from real life
                                                                                                                                    Four case studies
                                                                 Policies, organisation structures and skills
                                                                 • Scope of treasury activity                                       How do you benefit?
                                                                 • Policy, delegation of authority
                                                                                                                                    Participants will gain an all round understanding of how to
                                                                 • Corporate governance
                                                                                                                                    create a secure environment in which treasury transactions
                                                                 • Control environment
                                                                                                                                    can be managed and carried out with minimum risk of fraud or
                                                                 • Responsibilities at each level
                                                                                                                                    error, and be able to judge the adequacy of any arrangements
                                                                 • Effective monitoring
                                                                                                                                    and make or recommend necessary changes
                                                                 • Control procedures
                                                                 Front office controls                                              Trainers
                                                                 • Implementing policies
                                                                                                                                    Brian Welch FCT, FCMA, FCIS Pat M Scott FCT, FCCA
                                                                 • The London market
                                                                 • Use of limits as a control
                                                                 • Dealing procedures
                                                                 Back office controls
                                                                 • Confirmations and settlements
                                                                                                                                      Dates and Location
                                                                 • Reconciliations and reporting
                                   ACT Training Courses 2012

                                                                                                                                      Tuesday 26 & Wednesday 27 June 2012, London
                                                                 • System management                                                  Tuesday 4 & Wednesday 5 December 2012, London
                                                                 What have other participants thought?                                Number of Days:           2
                                                                 “A good grounding if, like me, you need an
                                                                 introduction to Treasury and intend undertaking                      Fees
                                                                 an audit on them”                                                    ACT Members and Students: £1150 + VAT
                                                                 Malcolm Bradley, Senior Internal Auditor, Costain plc, June 2011     Non-members: £1300 + VAT
Treasury Operations and Controls                                                                                                       27
                                                                                                          NEW FOR 2012

Auditing the treasury function – a practitioner’s guide
  Learn about the auditing fundamentals

                                                                                                                                                                        Treasury Operations and Controls
  necessary to effectively review treasury
  activities and risks

  Who is it for?                               •   Validate design of treasury strategy     Operations - Structure of a typical
                                                   and policies (adequacy and coverage)     corporate and bank’s dealing process
  This course provides a forum for
                                               •   Evaluate the risk management cycle       • Bank and business unit structures
  treasurers and auditors to share
                                                   (risk implications of analysis and       • Front, middle and back office
  experiences and discover how they can
                                                   reporting of treasury activities)           structures
  work together to enhance corporate
                                               •   Advise on robustness of service          • Beyond the dealing room
  governance and add value to the firm. It
                                                   objectives (eliminating processing       Risks in the dealing operation
  is relevant to group treasurers, treasury
                                                   bottlenecks, inefficiencies)             • Interactive brainstorming session
  managers, controllers, internal and
                                               •   Comparison of risk management                - Human
  external auditors and those dealing or
                                                   activities with appropriate benchmarks       - Operational
  involved with the review and control
                                               •   Review appropriateness of current            - Market and credit risks
  of treasury activities in financial
                                                   treasury services to stated needs        • System management
  institutions, commercial banks and
  corporate organisations.                     Auditing Treasury – The approach             • Audit of electronic payments and
                                               • Audit universe                                 manual security methods
                                               • Methodology
  What is it about?                                                                         Dealing disasters and lessons to
                                               • Risk based assurance plans                 be learnt
  This course provides a constructive          • Terms of Reference - quality of            • Barings, Societe Generale, etc -
  perspective on auditing the treasury            internal audit coverage
  function. It goes beyond a mere cost of                                                        Recurring problems highlighted
                                               • Evaluating findings and assessing
  compliance e.g. checking the robustness         their significance
  of internal control, and demonstrates        • Audit report (style, structure,
                                                                                            How do you benefit?
  how internal audit can add value to             information, clarity, language)           By the end of the course, you will
  treasury activity. Internal audit can        • Actively reassess audit plan and           learn how to effectively plan risk based
  help ensure that treasury optimises the         adapt the audit process                   treasury audits that add value as well
  efficiency and effectiveness with which                                                   as provide assurance, gain a deeper
                                               Strategy and Treasury Governance
  it performs key processes and manages                                                     understanding of the key issues of
                                               • The role of the auditor
  risks in delivering corporate objectives.                                                 control failure concerning strategy and
                                               • Interviews with management, at all
  The course addresses the fundamentals                                                     operations, and identify early warning
                                                   levels of dealing, settlement and
  necessary to the control of treasury                                                      signals of potential problems. You will
                                                   recording staff
  activities and risks at every stage; from                                                 also learn how to effectively promote
                                               • Articulating treasury’s role in adding
  setting overall strategy and policy to                                                    best practice and communicate
                                                   sustainable shareholder value
  the day to day management, dealing,                                                       lessons learned.
                                               • Review of strategy, policy,
  processing, settlement and reporting             objectives, guidelines and delegation
  cycles. It will enable delegates to assess       of authorities                           Trainer
  the clarity of treasury’s role in the        • Organisation and structure including       Raj Gandhi, FCT, FCCA.
  firm, and whether its risk and control           segregation of duties
  processes are adequate.                      • Dealing, settlement and recording
  Highly interactive discussions will focus        procedures
  on real case studies where controls have     • Warning signals and what to look for
  been weak or have collapsed, illustrating
  the absolute importance of well-
                                               Corporate Governance - the UK                  Dates and Location
  controlled treasury activity.                                                               Monday 19 March 2012, London
                                               Explore the duties of the board and
                                               management per the:                            Thursday 11 October 2012, London
                                                                                                                                            ACT Training Courses 2012

  Programme                                    • The Companies Act 2006 (Promote
  Auditing the fundamentals and the               success of company, act in good             Number of Days:           1
  link to value                                   faith/best interests)
  • Assess treasury remit for alignment        • The UK Corporate Governance                  Fees
      with overall business strategy,             Code 2010: Accountability (risks/
                                                  internal control)                           ACT/IIA Members:
      advising on opportunities
                                                                                              £575 + VAT
                                                                                              Non-members: £650 + VAT
                                                               Treasury Operations and Controls                                                                                                      28

                                                               Ultimate Persuasion Techniques
Treasury Operations and Controls

                                                                 Who is it for?                                                    OK, influence me
                                                                                                                                   • Role plays to help you practise your new skills
                                                                 Anyone who needs to get the department, the organisation, the
                                                                 family or the world on their side.                                Permanent commitment
                                                                                                                                   • How to ensure lasting influence
                                                                 What is it about?                                                 • Get real not token agreement
                                                                                                                                   • See it past the new toy stage
                                                                 Tired of all the usual excuses and arguments your colleagues
                                                                 offer you? Fed up with wasting time arguing hour after hour       During the course we will use the case studies you have
                                                                 with someone who will eventually give in and do what you          provided: this is your chance to get a solution for one of your
                                                                 want? In your job you need to enable smooth transitions to        persuasion needs.
                                                                 better methods and risk limiting outcomes; you cannot afford      Before attending the workshop you will be asked to complete a
                                                                 to lose the argument. You need to draw on all the techniques      questionnaire to help you think about your approach to those
                                                                 of persuasiveness available to you today, and that is what this   you seek to influence. How many of the six key skills can you
                                                                 course will enable you to do. This course is your answer to the   claim as your own?
                                                                 stubborn, the unwilling and the downright difficult.
                                                                                                                                   How do you benefit?
                                                                 Programme                                                         After completion you will be able to:
                                                                 This course offers you the chance to bring your own situations    • influence all types of individuals
                                                                 where you need to be more persuasive to the session and walk      • understand why some individuals are more difficult than
                                                                 away with a solution.                                                 others to persuade and still persuade them
                                                                 Influencing skills audit                                          • use your behaviour to help others accept your ideas
                                                                 • Assertion, expertise, political acumen through preparation      • understand how to build very high levels of rapport
                                                                 • Effective presentations, client centred                         • build a permanent commitment to any changes
                                                                 People                                                                you introduce
                                                                 • Understanding the human psyche
                                                                 • The hidden effect you can have                                  Trainer
                                                                 • Behaviour breeds behaviour                                      Jane Allan & Associates.
                                                                 • How to make sure you use your own behaviour wisely and
                                                                    that no one takes advantage of you
                                                                 Emotional intelligence
                                                                 • Understand the impact of your emotional intelligence
                                                                 • Use it to influence colleagues, customers and family alike
                                                                 • How do your filters work? Are they helping or hindering?
                                                                 The power of body talk
                                                                 • Using your body talk to influence                                 Dates and Location
                                                                 • Choosing the words with care
                                                                                                                                     Wednesday 11 April 2012, London
                                                                                                                                     Wednesday 12 September 2012, London
                                   ACT Training Courses 2012

                                                                                                                                     This course is non residential.

                                                                                                                                     Number of Days:           1

                                                                                                                                     ACT/IIA Members: £485 + VAT
                                                                                                                                     Non-members: £585 + VAT
                                                                                                                                     This course is held by the IIA and endorsed by the ACT.
Treasury Operations and Controls                                                                                                                       29

Meet the trainers

1             2               3               4               5              6               7              8               9               10

    1 Michèle Allman-Ward                             learning with real life cases. Before this      8 Sue Mainwaring
                                                      career move, Raj was CFO of London Capital
    Michèle Allman-Ward is the Managing                                                               Sue is a Director in
                                                      Group Holdings plc, global treasury audit
    Partner of Allman-Ward Associates Inc, a                                                          PricewaterhouseCooper’s Finance &
                                                      manager for Royal Dutch Shell plc and Man
    company specialising in strategic planning,                                                       Treasury Tax network and leads their south
                                                      Group plc, and group treasurer of Empire
    business unit development, training, project                                                      east team. Working with multi-national
                                                      Stores Group Plc.
    management and market research with                                                               companies from all sectors, she has
    particular emphasis on international treasury                                                     accumulated much practical experience
    management. Michèle is an internationally         5 Mike Griffiths                                advising on the tax implications of UK and
    respected expert on cash and treasury             Until retiring, Mike spent his career as a      cross-border financing, global liquidity
    management. She has written numerous              university lecturer. He now specialises in      arrangements, and tax-efficient hedging
    books on the subject of International Treasury    post-qualification continuing education.        techniques. Most recently she has been
    Management and is the lead trainer for the        He is a contributor to Gore-Browne on           working with the impact of evolving
    ACT’s CertICM qualification.                      Companies and Charlesworth’s Business           accounting standards and the implications
                                                      Law and is a co-editor of Loose on the          of the UK’s new ‘debt cap’ regime. Sue
    2 Gerry Bacon                                     Company Director, Weisberg, Griffiths           has written and lectured extensively on all
                                                      and Doyle on Company Voluntary                  these topics.
    Gerry has been in finance since his time
                                                      Arrangements, and Loose on Liquidators.
    at university. He is a qualified accountant,
    MBA and FCT. He has worked in both                                                                9 Greg Mayes
    industry and the financial sector, with           6 Ian Jakeways                                  Greg’s extensive financial career, began in
    experience at Kingsfisher and Merrill Lynch.      Ian has over twenty years’ experience           financial accounting with Ernst & Young
    He was treasurer at Vodafone for 15 years         in designing and running training               in London, working through corporate
    until 2008. Since then he has been CFO            programmes in finance and treasury              treasury, into investment management
    at Essar Energy plc but has now taken up          for both bankers and treasurers. This           and investment banking. Greg was most
    academic pursuits.                                experience covers central and western           recently Head of Financial Markets
                                                      Europe, the United States and Asia. Ian is      Training at Barclays Capital, before setting
    3 Anthony Birts                                   Chief Examiner for the ACT’s Certificate        up is own financial training consultancy.
                                                      in Financial Mathematics and Modelling.         Delivering training in accounting, financial
    Anthony is a Senior Teaching Fellow in
                                                      He is also involved in tuition and material     management and analysis, corporate
    Finance at the School of Management,
                                                      development for this Certificate and the        finance, derivative products and investment
    University of Bath lecturing on MBA, MSc
                                                      Certificate in Risk Management. Previously      and trading strategies, Greg’s 20 years
    and undergraduate programmes. He is also
                                                      he was Chief Examiner for the MCT’s             of experience of working in and around
    Director of Studies for the BSc Accounting
                                                      Advanced Funding and Risk Management            investment banks, wealth managers,
    and Finance degree. Before joining the
                                                      for many years until the end of 2002.           corporate treasurers and institutional
    University, Anthony was with Bank of
                                                                                                      fund managers, gives him a broad inside
    America NT&SA, starting as an Account
    Officer in the Energy section and moving via      7 Bob Lyddon                                    knowledge of industry demands.
    International Treasury Services to end as a       Bob is a strategic consultant specialising in
    Vice President in the Payment Services area.      banking, payments and cash management.          10 John McKenzie
    He is Chief Examiner for the CertICM and          Bob is head of the secretariat of IBOS          John has spent 21 years in the Automotive
    regular trainer for the ACT and also lectures     Association in London. He runs numerous         industry with Ford Motor Company and
    at the Vrije Universiteit, Amsterdam.             seminars on SEPA, Payment Services              Unipart, then 12 years in IT with Armstrong
                                                      Directive and international payments            Laing and SAS. He has held a variety of
    4 Raj Gandhi                                      and cash management. In a banking               roles in production, operations and sales
                                                      career spanning over 17 years, Bob              and marketing management, business
                                                                                                                                                            ACT Training Courses 2012

    Raj is a fellow of ACT and the ACCA, and
                                                      was latterly director of European Cash          development, and financial intelligence.
    has worked for SMEs and multinationals
                                                      Management at BankBoston, where he              He has spoken at over 250 conferences and
    across the financial services, energy, and
                                                      created the Connector multibank payments        seminars worldwide and now pursues a full
    retail sectors. He has also been a practitioner
                                                      network. Bob’s earlier career was spent at      time career in freelance consulting, lecturing
    member of the ACT examination board. Raj
                                                      Manufacturers Hanover Trust/Chemical and        and writing. He lectured for the Finance
    became a trainer in 2009 and has since built
                                                      Lloyds Bank International.                      faculty of the Management Centre of Europe
    up a strong reputation for being commercial
    with proven ability to deliver effective                                                          and currently lectures for major accounting

                            Meet the trainers

                            11              12               13                  14                 15                16               17                18               19

                                 bodies both U.K and abroad, on ABC/M,                Finance function, including re-engineering       treasury courses at Midland/HSBC training
                                 business planning, budgeting, strategic              of corporate Treasury.                           college, Mike was specifically responsible
                                 accounting, CRM, change management,                  His current company, ARC Solutions, is           for the design and delivery of a number of
                                 shareholder value and performance                    an independent consultancy providing             international trade related courses.
                                 measurement. In September 2008, his first            advisory, design and implementation
                                 book, ABC/M to the Max was published.                services to corporates and banks.                17 Will Spinney
                                                                                                                                       Will Spinney has been a practising treasurer
                                 11 Mike Northeast                                    14 Pat Scott                                     for nearly 25 years, working for several
                                 Mike has held a number of senior finance             Pat is a founding partner in Leading Edge        companies including Johnson Matthey,
                                 roles at companies including Rover, BAE              Change, providing business improvement           Eaton Corporation and Invensys plc where
                                 Systems, Dixons and Kuwait Petroleum                 coaching to business owners and managers.        his experience covered all aspects of treasury
                                 International. In 2003 he set up Gairloch            She is also finance director of the Swinton &    including financial risk management, cash
                                 Consulting, an independent corporate                 Cricklade Railway. Formerly group treasurer      management, extensive financings and
                                 advisory consultancy. Mike has recognised            for Redland and director of tax and treasury     pension investment strategies.
                                 teacher status at Cranfield University and           for Thorn EMI, she consulted in corporate        He has been involved with education and
                                 has lectured on both the MBA and MSc                 treasury for a number of years. Pat has also     training with the ACT for several years –
                                 courses. He has been consulting on the               taught finance and financial management          writing resources, running training courses
                                 development of blended learning Post                 with several professional organisations          and as a member of examination boards.
                                 Graduate Degrees in Finance and Risk                 including the ACT, ACCA, IoD and CCH, and is     He is an employee of the ACT.
                                 Management with the University of the                co-author of Having Their Cake and the City
                                 Highlands and Islands. A past chairman of            and Big Bosses are Consuming UK Business.
                                 the ACT, Mike is currently a senior tutor for                                                         18 Brian Welch
                                 the MCT Advanced Diploma and a trainer
                                 on the ACT risk training courses.
                                                                                      15 Natalie Schoon                                Brian has wide experience as a corporate
                                                                                                                                       treasurer with a range of companies
                                                                                      Natalie Schoon is a principal consultant
                                                                                                                                       including Gulf Oil, the Willis Group and
                                                                                      with a focus on Islamic finance, risk
                                 12 Damian Pickard                                    management, and capital adequacy. Prior
                                                                                                                                       the House of Fraser, and also as a treasury
                                 Damian is a Chartered Accountant and                                                                  consultant. He is a former non executive
                                                                                      to this position, she worked for Bank of
                                 MCT member by Diploma and is currently                                                                advisor to the Investment Committee of
                                                                                      London and The Middle East plc as Head
                                 a Senior Lecturer in Accountancy and                                                                  the London Stock Exchange and a member
                                                                                      of Product Research, before which she
                                 Finance at the Northampton Business                                                                   of the ACT Policy & Technical Committee.
                                                                                      worked at Barclays Capital on the Basel
                                 School in the University of Northampton.                                                              He represents the ACT on the Foreign
                                                                                      II programme. Natalie has worked in
                                 He lectures on MSc and undergraduate                                                                  Exchange Joint Standing Committee
                                                                                      international financial organisations such as
                                 programmes in banking, accountancy, trade                                                             (FXJSC) which oversees the London Foreign
                                                                                      ABN Amro and Gulf International Bank. She
                                 finance and corporate risk.                                                                           Exchange Market. He is actively involved in
                                                                                      began her career in Islamic Finance whilst
                                                                                                                                       education serving on the board of a leading
                                 Before joining the University, Damian had            working in Bahrain, Kuwait and Dubai
                                                                                                                                       sixth form college, and is the Chairman of
                                 a varied career in financial services with           during the 1990’s, holds a PhD in financial
                                                                                                                                       an independent preparatory school. Brian
                                 senior positions as an accountant with               analysis, and is an accredited trainer for the
                                                                                                                                       has been an ACT member since 1985 and
                                 Alliance and Leicester plc and Egg Banking           Islamic Finance Qualification.
                                                                                                                                       trains on a number of ACT courses.
                                 plc before becoming CFO for a Citibank
                                 subsidiary and then Finance Director of a            16 Mike Skelton                                  19 Doug Williamson
                                 medium sized Building Society.
                                                                                      Mike is a principal consultant at MSTC
                                                                                      Training and Consultancy, involved in            Doug was the ACT’s Chief Examiner for the
                                 13 Adrian Rodgers                                    providing international trade finance            Certificate in Financial Maths & Modelling
ACT Training Courses 2012

                                 After qualifying as a Chartered Accountant,          training to corporate entities and banks/        for five years. He has taught on the ACT’s
                                 Adrian spent a number of years with                  financial institutions worldwide. He spent       training courses since 2001. Doug has over
                                 IBM, in a variety of tax, treasury and               thirty years of his banking career in the        15 years experience in financial education
                                 finance roles. After managing the EMEA               trade finance arena including many years of      and training, specialising in financial
                                 consultancy team at Chase Manhattan                  practical experience working in the import/      modelling, corporate financial management
                                 (now JPMorganChase), he became a                     export documentary credit and collections        and finance for non-financial directors
                                 Director at PricewaterhouseCoopers,                  departments of Midland Bank. As a course         and senior managers. He has worked as an
                                 specialising in managing change in the               director of a suite of trade finance and         accountant in public practice, an interim
                                                                                                                                       treasurer and a chartered tax advisor.

Terms and Conditions

  Booking procedure                             Early bird discounts                          you are unable to nominate a substitute
                                                                                              attendee. Substitutions should be
  You can book online at                        The Early bird discount applies to ACT
                                                                                              received by the ACT at least 48 hours                   courses only (excludes ACCA and IIA
                                                                                              prior to the course start date.
  Alternatively, please complete the            courses) and runs until 31 January 2012.
                                                Early bird discounts are not available in     An invitation letter can be provided by
  booking form found at the back of the
                                                conjunction with any other offer.             the ACT for those participants as long
  ACT Training Directory 2012 and email
                                                                                              as payment of the course fee has been
  to , or fax to
                                                Special requirements                          received.
  +44 (0) 20 7374 8744, or post to ACT,
  51 Moorgate, London EC2R 6BH, UK.             The ACT will make every effort to
                                                accommodate special requirements that
  Booking confirmation                          have been notified in advance on the          If you fail to attend the course on which
                                                booking form.                                 you are booked and have not given
  Once we have processed your booking,
                                                                                              prior notice to the ACT then the course
  we will send you a confirmation email
                                                Joining instructions                          fee will remain payable in full and no
  with an invoice. Your place is guaranteed
                                                                                              transfer will be allowed.
  once payment has been received.               Joining instructions including outline
  Bookings made less than 21 days prior         of the day, venue details, map and
  to the start of the course will require       information on local hotels will be issued
                                                                                              Cancellation by the ACT
  immediate payment.                            approximately 2 – 4 weeks prior to the        Where circumstances dictate, the ACT
                                                course. If you have not received your         reserves the right to alter published
  Payment                                       joining instructions three days prior to      programmes, trainers, fees or venues
                                                the training course, please call +44 (0)      without prior notice. In the event of
  Payment must be received within 21
                                                20 7847 2540. The ACT will not be held        a course being cancelled, participants
  days of the invoice date or in advance
                                                responsible for non-receipt of joining        will be notified immediately and a
  of the training course, whichever is the
                                                instructions and refunds will not be          refund of the course fee will be made.
  sooner and regardless of booking date.
                                                issued under such circumstances.              No compensation will be paid. for any
  Payment can be made through:
                                                                                              additional costs incurred.
  •   The ACT secure online payment
                                                Course transfers
                                                There is no charge for transferring your
                                                booking to the same course on an              Details of the specific venue will be
  •   Credit card by completing an online
                                                alternative date provided you notify          sent in the joining instructions for all
      booking form, or by phone, fax or post.
                                                the ACT in writing up to 21 days before       training courses.
      Credit card details via email
      will not be accepted under any            the start and that there is availability.
      circumstances                             However, a transfer fee of 20% of the         Dress code
  •   BACS to ACT (Administration) Ltd,         course fee (plus VAT) will be payable if      There is no dress code; however, most
      National Westminster Bank, Sort           the notice is received less than 21 days      participants choose to wear smart casual
      Code 60-00-01,                            before the start of the original course.      clothing. Due to variable temperatures of
      Account name 01053760                     No refund will be made in the event of a      air conditioned rooms, layers are advised.
  •   IBAN GB 94 NWBK 600001                    transfer. No more than one transfer will
      01053760, SWIFT Code: NWBKGB2L.           be allowed. Requests to transfer a course     Liability
      Please quote invoice number in any        must be made in writing and can be sent
                                                                                              The ACT does not accept responsibility
      correspondence                            by email to
                                                                                              for anyone acting as a result of
  •   Cheque made payable to ACT                                                              information or views expressed on
      (Administration) Ltd                      Cancelling your place                         its training courses including course
                                                If you notify the ACT in writing (via         material. Opinions expressed are those
                                                                                                                                                ACT Training Courses 2012

  Fees                                          letter, email or fax) up to 28 days           of individual trainers and not necessarily
                                                before the start date of a course,            those of the ACT. Participants should
  All ACT training courses listed in the
                                                you will receive a full refund less an        take professional advice when dealing
  programme are subject to VAT at
                                                administration fee of 20% (plus VAT)          with specific situations.
  the current rate. Course fees include
                                                of the course fee. If you withdraw for
  tuition on the day(s), all relevant course
                                                whatever reason within the 28 day
  materials, lunch and refreshments.
                                                period, the full fee will remain payable if
Training Booking Form

Course Name:
Date:                                                                 Cost:                                                ACT Member / Non member (delete as appropriate)
Course Name:
Date:                                                                 Cost:                                                ACT Member / Non member (delete as appropriate)
Course Name:
Date:                                                                 Cost:                                                ACT Member / Non member (delete as appropriate)

Participant details
Title: Mr/Ms/Mrs/Miss                                                 First name:                                          Last name:
Company Name:                                                         Job title:
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If booking person’s details are different from the above, please add details below:

Payment details (Payment must be settled within 21 days or in advance of the training course, whichever is the sooner)
     Payment will be made through the online payment site: https//

     Payment will be made by BACS to ACT (Administration) Ltd. National Westminster Bank:
     Sort code: 60-00-01. Account number: 01053760. IBAN: GB 94 NWBK 600001 01053760. Swift code: NWNWBKGB2L Please quote invoice number

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Signature:                                                            Date:

If cardholder name and address are different from above participant details, kindly detail below:

I confirm that I have the authority of my company to incur this expenditure. I understand that invoices must be settled within 21 days or in advance of attendance of the training
course, whichever is the sooner. I further understand that participants will be held responsible for payment of invoices.

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The participant’s details will be held on the ACT’s database and, where relevant, passed to the course provider (if not the ACT) for purposes of processing the booking and the
administration of the course.
TERMS AND CONDITIONS: By submitting this booking you undertake to have read and accepted the ACT’s terms and conditions (see page 31).
DATA PROTECTION: The information you provide will be safeguarded by the ACT and only passed to the relevant course provider in order that it can process the booking.
A participants’ list will be produced to reach training course with details restricted to name, job title and company. This list will be shared with the trainers and other course
participants but will not be disclosed to any other third party.
The ACT will retain your details on its database in order to keep you informed of other relevant products and services.
If you do not want to receive this information, please tick here

Bookings and Enquiries
Training                                          T +44 (0)20 7847 2573
ACT                                               F +44 (0)20 7374 8744
51 Moorgate                               
London EC2R 6BH, UK                       
                                                                                                                                                                                     TDR 2012
ACT in-house training
    Tailored in-house training from                           Benefits of in-house training
    the ACT                                              More relevant, tailored content
                                                         Whether we develop something brand new or customise an
The ACT qualifies finance professionals, provides top-
                                                         existing course, we can address specific challenges and issues
rated conferences and practical training courses but     faced within your company/organisation.
did you know that we also provide in-house training?     Increased flexibility
In-house training has all the benefits of public         You choose the date and location of the course; we provide
                                                         the expert trainers and professional logistical support.
courses but with the added advantage of tailored
                                                         Great value
content. We work with you to identify your needs         Programmes are priced at a day rate rather than an individual
and can either build something that is unique to your    rate, enabling you to obtain cost savings and make the most
organisation or adapt one of our popular courses.        of your training budget.

For more information please visit
or contact Samantha Baglioni on +44 (0)20 7847 2559
or email
Bookings and Enquiries
51 Moorgate
London EC2R 6BH, UK

T +44 (0)20 7847 2573
F +44 (0)20 7374 8744

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