The power outage that caused gridlock in many North American cities in August caused minimal disruption to banks and treasuries, according to Treasury Strategies. Evidence collated by the consultancy in the wake of the blackout revealed that most disaster recovery plans performed as expected. In most cases, financial institutions and their treasury management clients were able to move smoothly into backup procedures and carry out their core functions. Speaking to corporate treasury clients, however, Treasury Strategies found that many disaster recovery plans required staff to relocate to an alternate site. One Detroit-based company said ‘roadways were so gridlocked that what should have been a 60 minute drive took more than six hours. Susan Skerritt, a partner of Treasury Strategies, commented, ‘This is the classic dilemma that organizations face – you want your back-up site to be far enough away that it’s not at risk of being impacted by the disaster. But, you also want a place that is accessible by the people performing the back-up work.’ The firm concluded that Y2K and 9/11 had served as a wake-up call ‘and their aftermath can largely be credited with the admirable performance’ of most corporate treasury disaster recovery plans.
The annual BNP Paribas Cash Management University kicked off on Thursday morning with treasury professionals congregating in Paris from across Europe.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
Kicking off the first day of the Singapore Fintech Festival, issues with cryptocurrencies were addressed by MIT media labs director, Joi Ito, and panels of technology leaders discussed how they’re using data analytics.
Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more