Treasury 360° Nordic 2023

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Simon Hesse Hoffmann, Investor I Board

Known as the journalist who consistently warned of the derivatives mess-up before the 2008 global crisis, and currently head of the Financial Times’ US editorial board, Gillian Tett is well positioned to kick off the event with a holistic geopolitical outlook. But don’t expect her to stop at that. Through her exceptional career, she has been an advocate for an entirely different take on business, markets and risk. Join us and expand your skill set. 

The approach she promotes is that of … social anthropology, a topic in which she holds a doctorate degree from Cambridge. Seeing through the rituals and cultural patterns in a space, be it a village in Soviet Tajikistan or a 2000’s Wall Street investment bank, can help you foresee what will happen next. And indeed, one of the key sources of insight is the silence: what are the topics that everybody is busy not talking about? Around 2006, Gillian Tett could observe how such silence surrounded seemingly exotic derivatives where she was seeing mounting systemic risks: collateralised debt obligations, credit default swaps, and others.

Gillian Tett has authored award-winning books, co-founded the Financial Times sustainability newsletter Moral Money and managed the US editorial desk, won prizes including the 2009 Journalist of the Year title at the British Press Awards, and holds honorary degrees at a range of universities. Plus, she is one of those world-leading speakers who simply leave you stunned.

Gillian Tett, Chair of the Editorial Board and Editor-at-Large, US, Financial Times

Claus Gregersen, CEO, Chr. Augustinus Fabrikker

Quick scroll: [Track A] • [Track B] • [Track C] • [Track D]

For the middle section of the day, the program now splits into four topical tracks. Each track will feature 3–4 sessions: two before lunch and one or two after. You move between the sessions as you like, and many will later be available as videos on treasury360.net.

TRACK A – Technology-driven transformation at the treasury

11:15 INTRODUCTION

From advanced cash management systems to artificial intelligence, robotic processing and cybersecurity … We have heard all the terms but how do we manage our innovation to make sure new solutions support, rather than disrupt, our operations? This track will feature both cases and discussion. Experiences from different Nordic countries will be discussed.

Track moderator: Lone Kejser, Board Leader and Partner, infiniance P/S

11:20 KEYNOTE: Driving payments innovation through collaboration

As business-to-business payments are becoming increasingly digital based, the demand for frictionless payments naturally grows even stronger from both sides of a transaction. Together, banks and fintechs on top of new infrastructure projects like ISO 20022, Swift gpi, and the Nordics’ P27 aim to bring reality closer to the ideal. Join the session for an overview of what is underway, and a look at the intensive cooperation that corporates, banks, innovative companies and industry associations are entering to achieve the benefits.

Bruno Mellado, Global Head of Payments and Receivables, BNP Paribas

Oscar Berglund, Chief Business Development officer Europe, Trustly

(A five-minute buffer at 11:50 enables you to shift tracks if you would like.)


11:55 CASE STUDY: Enabling real time transaction reporting at Norsk Hydro

Using APIs, Norwegian energy group Norsk Hydro has set up connections to make its bank transactions reflect in the group’s ERP system in real time, day and night, granting instant and global visibility of balances and transactions. Join for a discussion of how the group leverages this information to support better and faster cash and credit management decisions, also bearing on the commercial client relations. 

The real time reconciliations, including accounts receivable and payable, represent a movement away from batch processing based on intra-day or prior-day statement reporting. Hear Norsk Hydro’s Cash Management Manager Erik Snersrud present the drivers behind the solution, the process to build and deploy the tool in collaboration with banks and fintech providers, and where the outcome is currently at.

Erik Snersrud, Manager Cash Management, Global Process Owner Payments, Norsk Hydro

Pål Bagstevold, Managing Director, Nasarius Norway

Aravindh Prasanna, Managing Director, Findroids

12:25 Lunch break

13:40 CASE STUDY: Cutting through. Equipment and tool maker Sandvik’s award-winning digital transformation and system consolidation project

Lifting the trophy for the year’s best treasury transformation project at the 2022 TMI Awards could be the most public evidence that the treasurers at Sweden-based Sandvik are doing something right. 

Launching a digital transformation project, the team set out to consolidate various finance systems, 2,500 bank accounts for 350 legal entities and 400 reporting entities across the world – into a single treasury management solution, also including the finance functionality of the corporate ERP system for Group reporting purposes. The treasury team led the project with the main system provider and internal resources, without engaging third-party consultants, and now sees the new system having delivered on all the 70 points that where on the requirements list. Being able to see all currency positions by 9 a.m. and netting the 350 legal entities in an integrated way, are examples of the resulting benefits.

Annika Romnéus Westberg, Global Project Manager, Sandvik Group Treasury

Krister Edgren, Cash Flow Management, Manager IT, Sandvik Treasury


(A five-minute buffer at 14:10 enables you to shift tracks if you would like.)


14:15 TECHNOLOGY PANEL: No pain no gain? Selecting your treasury’s next tech initiative – and keeping it on the rail

It is no news that managing a treasury is very much about managing technological transformation: picking the right tools and vendors out there, managing the implementation projects, developing new ways of working in our teams, etc. ... And with all this, in many places, the line between financial and technical skillsets is becoming blurrier. This panel will navigate the dos and don’ts of today’s treasury technology landscape.

• In what areas do we see the main potential for tech-driven improvements at our treasuries through 2023 and beyond?

• How do we determine that a solution is right for us, and how we should approach it?

• Will continous incremental change do the job or must we be ready to face more of those big high-risk transformational implementation projects?

• What are some major failure risks to avoid … and some solution-provider promises to be sceptical of in 2023?

Moderator: Torben Winther, Partner, Deloitte

Panellists:

Johan Larsson, Head of Cash Management & Settlement, Volvo Cars

Mario del Natale, Treasury Director, Global Digital Treasury, Johnson Controls

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)

14:50 CASE STUDY: Hands off. Fully automating FX trading at Lerøy Seafood Group

With its product on 5 million plates every day, in over 80 countries, Norwegian seafood producer Lerøy decided to take its FX trading to the next level of automation. Now, as soon as the sales order is registered in the business, one or more foreign-exchange trades are performed automatically, in seconds, with the bank offering the best FX rate.

Being a concrete example of how treasuries in general are moving from trade execution to overseeing software systems, the setup lets Lerøy achieve full visibility on its sales margins, and a more efficient sales process. Plus, it saves costs, frees treasurers’ time, and reduces the operational risk.

How it is done? Integrating the ERP system to FX automation software, and then further on to an FX trading platform, gives the complete chain. Meet the group’s Head of Treasury Hans Ljøen for an illustrative presentation of the process, the lessons learned, and the details of how it was put in place.

Hans Ljøen, Head of Treasury & Investor Relations, Lerøy Seafood Group ASA

Quick scroll: [Track A] • [Track B] • [Track C] • [Track D]

Track B – Nailing the deal

11:15 INTRODUCTION

This track looks at corporate finance, funding and investment initiatives, and discusses what we can learn. Experiences from different countries will be discussed.

Track moderator: Sander Van Tol, Partner, Zanders

(In the meantime, why not look back at the 2022 case studies in this track, of which full video coverage is available:
• Meet one of the world’s largest non-sovereign bond issuers – Tim Armbruster, KfW.
• New metrics, new role – Miguel Silva Gonzalez, Ahold Delhaize.
• The first ever digital bond on a public blockchain – Olivier Chapiteau, European Investment Bank.)

11:20 CASE STUDY: Treasury and corporate finance at H&M

Group Treasurer Carl Gemzell joins Treasury 360° Nordic to share insight on the group’s corporate finance journey – and how turbulent times, including a Covid-19 crisis and a challenging macro environment, have impacted the role of the treasury. Capital structure, financial policy, working capital, debt capital market programs and credit rating are among the factors in play. 

In his presentation he will – together with Sander van Tol, Partner at Zanders – also highlight why treasurers should take a more active approach towards their corporate finance strategy in order to be more resilient. By combining risk management techniques into corporate finance companies can have more quantitative insights on their risk bearing capacity and financial resilience.

Carl Gemzell, Group Treasurer, H&M

(A five-minute buffer at 11:50 enables you to shift tracks if you would like.)

11:55 PANEL: Navigating a storm – How to ensure access to funding at a weather turn in the financial market

2022 marked a clear shift in both the availability of capital and the pricing of risk, compared to previous years since the financial crisis. We have seen bond-to-loan migration, particularly for unrated issuers, and funding has become more dependent on a solid balance sheet. Lender relationships grew more important than ever, capital got more expensive, and corporates need to work harder to secure their long-term funding and liquidity.

Join this panel of senior representatives from Nordic companies as they discuss how the changing market environment has affected funding objectives and priorities, and share their best practices to address the current challenges.

Moderator:  Henrik Immelborn, Managing Director, Nordea

Panellists:

Tina Nguyen, Finance and Treasury, NIBE Group

Flemming Jacobsen, Head of Group Treasury and FP&A, European Energy

Allan Kristoffersen, Head of Group Treasury, Falck


12:25 Lunch break

13:40 CASE STUDY: How UBS issued its pioneering hybrid digital/traditional bond

With Switzerland at the forefront of digital-asset legislation and infrastructure, UBS was the first external issuer at SIX-owned digital exchange SDX to make use of an innovative new hybrid bond structure in November. An operational link between the traditional and the blockchain-based central securities depositories makes it possible to deliver the bond to investors in the form that each of them prefers: either as a digital token or as a traditional security. This became the first digital bond issued by a banking institution globally to be listed, traded and settled on a regulated digital exchange – in total worth 375 million Swiss franc (with a 2.33-percent coupon).

The two-faced structure lets traditional investors use their existing platforms, while digital-asset investors can enjoy near-instant settlement with no need for a clearing service. In the eyes of UBS, the setup removes a hurdle on the way to adopting new disruptive technology that can make issuing bonds faster, more efficient and simpler. UBS Treasury team joins us to share the detail and background.

Xiaonan Zou, Head of Innovation and Digital Assets, UBS

Emma Koops, Global Head of Funding Management, Managing Director, UBS


(A five-minute buffer at 14:10 enables you to shift tracks if you would like.)

14:15 CASE STUDY: Way beyond the practicalities – How LSEG leveraged its acquisition of Refinitiv to raise its treasury capability group-wide

When the London Stock Exchange Group completed it $27 billion acquisition of market data provider Refinitiv in early 2021, it was the group’s largest transaction ever. Rather than adapting the treasury processes of the acquired business into LSEG’s existing setup, they went for the opposite. They took a new approach – with focus on well automated processes and an integrated treasury and risk management platform – that would instead become the stepping stone for more efficient treasury operations at LSEG group-wide. Following this, a new financing platform and strategy are being implemented.

Challenges included different terminology between the teams, locations  need to be reviewed, over 2,000 bank accounts, and different ERP systems. Yet, a few months into the integration, large benefits were beginning to show. Meet Group Head of Treasury Oliver Wolfensberger for the story of how the integration plan was built and executed – and how it will serve as a foundation for further review and optimisation of every process.

Oliver Wolfensberger, Group Head of Treasury, London Stock Exchange Group

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)

14:50 CASE STUDY: Hiking upstream – Setting up Volvo Cars’ new sustainability-linked supply chain finance programme

At the frontier of corporate sustainability practices, financial incentives for suppliers are increasingly put in place within frameworks managed by the treasury. At Volvo Cars, a new “SCF” programme offers better terms for suppliers who credibly commit to a rapid environmental transition. Starting from the strategic objectives, hear Patrik Marklund describe the project – discussing the collaboration with partners and internal stakeholders, the design of performance indicators, the systems to support it all … and the learnings underway. 

Patrik Marklund, Treasury Development, Group Treasury, Volvo Car Group

Quick scroll: [Track A] • [Track B] • [Track C] • [Track D]

Track C – Boost the process

11:15 INTRODUCTION

Most of us have our core processes and systems reasonably well under control (or let’s hope so). So today, where are the best opportunities to do things even more efficiently? Through cases and talks, and lunch, let us connect with the colleagues who share our craving to improve – or have experiences we can learn from.

Track moderator: Torodd Eeg-Olsen, VP, Treasury and Risk Management, Klaveness Dry Bulk

11:20 CASE STUDY: Riding the inflation - How Ørsted mitigates the risk – and innovates new win-win solutions with clients

For a lot of corporates around the world, the 2022 inflation shock posed a serious and sudden threat to the ability to earn money. And for Denmark’s Ørsted, being a large European energy company, it obviously just added to the challenge.

Join risk manager Bogdan Izmaylov for a look into how his team managed the situation and is now building on from the experience. Let’s learn about the objectives for the group’s inflation and interest rate risk management, what mitigation activities are on the palette, and how the company works with customers and stakeholders to establish win-win products such as inflation-indexed long-term Corporate Power Purchase Agreements.

Bogdan Izmaylov, Senior Lead Risk Manager, Financial Markets Risk, Ørsted

(A five-minute buffer at 11:50 enables you to shift tracks if you would like.)

11:55 CASE STUDY: Putting up a payment factory at TOMRA 

If you ever recycle your drink bottles, you have probably met with some of Norwegian machine manufacturer TOMRA’s more than 100,000 recycling installations worldwide, across 80 markets. In this session, meet Elisabeth Elsom and Cristina de la Torriente for a presentation of their cash management implementation at the successful 11-billion-NOK group, including a “payment factory” and a liquidity forecasting solution.

Elisabeth Elsom, VP, Head of Group Treasury, TOMRA Systems

Cristina de la Torriente, Solution Specialist, TOMRA Systems


12:25 Lunch break


13:40 CASE STUDY: Creating a treasury – jumping on in the middle of the ride

After leading Atlas Copco’s internal bank from Ireland for several years, Mahmoud Iskandarani moved to Stockholm in July 2021 to join one of the world’s fastest-growing tech startups: Bolt, the Estonian-headquartered mobility challenger (hosting taxis, kick scooters, car sharing, food deliveries ...). The task: Build the treasury. Freek van den Engel, based in the Netherlands, joined ten months later. Learn how they are building the fundaments and where they see the road leading forward.

Mahmoud Iskandarani, Group Treasurer, Bolt

Freek van den Engel, Treasury Manager, Bolt

(A five-minute buffer at 14:10 enables you to shift tracks if you would like.)

14:15 CASE STUDY: By the pool – Kongsberg’s solution to cut down on the need for cash

What would you do if your board asked “why do you need so much cash to run the company”? Many corporates have built up significant cash surpluses in the loose credit conditions post-2008. However, for multinational corporations, these are often held out of clear sight in idle balances held across fragmented global accounts. Hear how Kongsberg’s treasury rose to its board’s challenge, delivering a solution including a multi-currency notional pool.

Morten Kristiansen, Cash Manager, Kongsberg

Johan Fagerström, Head of Payments Nordics, J.P.Morgan

(A five-minute buffer at 14:45 enables you to shift tracks if you would like.)


14:50 CASE STUDY: Building a new treasury from scratch after an IPO at Ebusco

Join for a presentation of one of Europe’s most recent build-ups of a fully functional treasury department – taking place at one of the most interesting fast-growing new companies in an emerging industry.As the world transitions from fossil fuels, fast-growing Dutch manufacturer Ebusco seeks to deliver the electric buses it will take, and its public listing in 2021 brought 315 million euro to fund the venture. A plan to set up a suitable treasury department was put into action. It layed the basis for a broad range of elements: from process policies to system setups and integrations, cash management structures, and a roadmap for upcoming funding waves.

Jan Hermans, Treasury Manager, Ebusco

Guus Groote Schaarsberg, Senior Associate, Orchard Finance

Quick scroll: [Track A] • [Track B] • [Track C] • [Track D]

Track D – The human element

11:15 INTRODUCTION 

It’s all about the people, right? From education to recruitment, motivation, continuous improvements, transformation, social sustainability and long-term wellbeing … how do we relate to our treasuries’ most powerful but also most unpredictable asset: our colleagues and ourselves?

Track moderator: Caroline Stockmann, Chief Executive of the Association of Corporate Treasurers (ACT), Board member EACT (European Association of Corporate Treasurers) and Deputy Chair IGTA (International Group of Treasury Associations).

11:20 PANEL: Diversity and inclusion

Yes, we all seek the “good” co-worker for our team. But these days, most companies are well aware of the value also of mixed backgrounds and mindsets – and of the risks that face organisations where unbothered middle-aged men just staff up their offices with their look- and think-alikes. So, as we move from insight to everyday action on diversity and inclusion at the treasury, what are the best practices … and the pitfalls to avoid?

Moderator: Caroline Stockmann, Chief Executive ACT, Board member EACT and Deputy Chair IGTA

Panellists:

Mumtaz  Dole-Allera, Director, Head of Treasury & Banking Solutions, Vestas

Cornelia Hesse, former Board Member, European Association of Corporate Treasurers

Royston Da Costa, Assistant Treasurer, Ferguson plc

(A five-minute buffer at 11:50 enables you to shift tracks if you would like.)

11:55 KEYNOTE: How to nurture our mental health

Facing challenges too large to manage in periods, is an integrated part of life and some of us have a larger share. However, few take on the challenge in as structured a way as Jimmy Westerheim. Through his work in building The Human Aspect, the Foundation behind The Life Experience library – The world’s largest digital mental health resource, he has interviewed over 800 people about their life’s toughest challenge and how they managed it. As a speaker he shares insights from areas as diverse as war zones, elite sports, social entrepreneurship and the high-performing shipping industry. Enjoy his accessible, vulnerable, but yet powerful and engaging advice on how to nurture your team’s mental health, including your own.

Jimmy Westerheim, Founder & CEO, The Human Aspect

12:25 Lunch break

13:40 CASE STUDY: Framing and fostering treasurers’ competence – A look into Equinor’s new center

Few corporate treasuries would have the necessary scale to establish a dedicated “Treasury and Tax competence center” – but Norway’s Equinor has done it, and Vice President Tor Stian Kjøllesdal leads it since it was put up in 2021. The initiative builds on a recognition that increased focus on people development and competence, in a more flexible and dynamic organisation, can provide the group’s treasury and tax management at higher efficiency and quality. Let’s meet Tor Stian to take the combined human-resources and treasury-senior view.

This session looks into the setup, and discusses the challenge of educating the team members in the broad skill set needed in their corporate treasury today (on top of the high level of general aptitude and financial insight that they may well have already).

Tor Stian Kjøllesdal, Vice President, Head of Treasury and Tax competence center, Equinor

(A five-minute buffer at 14:10 enables you to shift tracks if you would like.)


14:15 PANEL: You got the job - now conquer it!

“If you don’t get the first 90 days right, it is probably hard to come back,” said Kasper Mahon Andreasen, then newly appointed CFO of shipping company Unifeeder, as he spoke at Treasury 360° Copenhagen 2021 (article here).

Whether senior or junior, us finance professionals tend to be structured folks. With this panel, new speakers revisit the topic to discuss what is a good plan when we enter a new workplace or role. What challenges can we expect, and how do we best prepare ourselves? Then, well in place, how do we set our agenda and make the people around us feel confident, comfortable and motivated to support our goals – and enjoy the work?

The session will seek the general tips, while also reflecting on the broad array of situations that a new treasury and finance job can present.

Moderator: Caroline Stockmann, Chief Executive ACT, Board member EACT and Deputy Chair IGTA

Panellists: 

Kasper Christensen, Group Treasurer, Pandora

Kati Vellinki, Head of Treasury, SSAB

Nikolaj Enevoldsen, Group CFO, Lakrids by Bülow

Quick scroll: [Track A] • [Track B] • [Track C] • [Track D]

Last year’s conference saw Nikolaj Enevoldsen (CFO with Lakrids by Bülow) present a “2.0” version of financial business partnering, moving towards more value-adding activities in addition to the standard project budgeting, forecasting etc. So, this year, we’re naturally up for 3.0! 

Let’s shift our focus to competences. Let’s say you need to drive a larger finance project across the organization but lack the required experience and resources on your team … how do you approach the project? What factors will determine the optimal combination of contributions from consultants, banks, and in-house resources? And how do we put them in play with a view to strengthening the treasury’s overall competence, and its capacity to partner ever closer with the business?

Moderator: Simon Hesse Hoffmann, Investor I Board

Panellists: 

Henrik G. Welch, Vice President, Group Treasurer,  Alfa Laval

Mads Holm, Senior Vice President, Head of Treasury, Tax and Investor Relations, Equinor

Torben Winther, Partner, Deloitte

Aurelia Normand, Head of Global Transaction Banking CIB, BNP Paribas

With multinational business (as with a pan-Nordic conference), comes cross-cultural interaction and behavioural differences. We can easily joke about them but can we confidently manage them? Few have analysed this as seriously as Julien S. Bourrelle, a French-Canadian mover to Norway, with a background in … rocket science, actually. His findings are guaranteed to let us reflect on ourselves (which, he argues, is the right place to start when trying to understand our relations to others). He adds useful tips for when we speak to a diverse audience ourselves next time – and will definitely let us have a good laugh. Julien’s most-watched Youtube clip has topped a million views and we are not surprised. In Malmö, meet him live.

Julien S. Bourrelle, Speaker & Author, Founder  of Mondå Forlag

Treasury 360° Nordic is magic. Denmark’s star Henrik Svanekjær at the 2022 event is followed up in Malmö by Sweden’s unbelievable Brynolf & Ljung duo.