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Defining Treasury Policy for Emerging Markets

Every treasury department operates within a set of treasury policies that define the conditions within which financing, investment, cash and risk management decisions must be made.

These policies have come under scrutiny in recent years as the need to manage liquidity and risk has become more pressing, and in some cases, policies have been found to be inadequate in the face of extreme conditions.

Key Points

  • The Timken Company decided to centralise all treasury, cash and financial risk management decision-making, with execution at a regional level
  • The article describes the company’s approach to investing cash locally in various different regions including Brazil, India, China and some Central and Eastern European countries
  • Timken takes a bespoke approach to defining treasury policy and in particular has expanded its concept of risk, and has adopted competitive bidding through an independent electronic dealing system

 

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Written by:

expert

Andrzej Polak

The Timken Company

Assistant Treasurer

This article is available as part of an extensive case studies collection: Country Focus Series

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