FINANCIAL MANAGEMENT

Treasury
Management
Services






kpmg.ch
Public and private sector companies are increasingly exposed to volatile economic
and nancing conditions, rapidly evolving market drivers, and increasingly complex
regulatory and accounting environments. Many companies are committed to
responding to these challenges by building an effective and integrated operating
model around treasury and nancial risk processes. This complexity requires in-
depth and leading practice know-how within nancial risk and cash management
but also system capabilities to ensure high-performance as a treasury function,
straight-through-processing in the operational core processes and complying with
all governance requirements at the same time.
Operational workload, project work, short resources, manual processes and
missing tools or IT systems prevent treasurers from developing adequate
strategies and approaches that bring real value for the rm.
Here KPMGs Financial Management practice can help with its Treasury expertise
and specialists with extensive industry experience to meet the demands of our
clients. Moreover, our experts are not only educated in consulting but generally
have gained also lots of experience on the ground in renowned organizations.
Therefore, we also know when it is time to be pragmatic and to implement lean
solutions for quick wins.
Our services are supported by KPMGs leading industry practices knowledge and
established methodologies, tailored to client size, complexity and management
objectives. These services can help move your organization towards greater
transparency, improved operations and efciency in all core processes, enhanced
exposure management and a broader enterprise wide view of risk management.
Whether your most pressing issue involves improving core risk, nance & treasury
processes, organizational transformation, developing effective structures or
nancing future growth and acquisitions, KPMGs Treasury experts are prepared to
help.
In addition, our worldwide network of KPMG International member rms is well
positioned to help you apply global risk management leading practices.
Treasury Management
Service Offering Overview
KPMGs Treasury Service is an integral part of the Financial Management (FM)
consulting practice. Financial Management aims to improve both efciency and
effectiveness of the Finance function. We strive to support CFOs in bettering their
service to the organization. For this purpose, we have built our service portfolio
around four pillars:
1. Accounting
2. Controlling
3. Treasury
4. Transformation
Our Treasury services are designed to help corporate and public sector CFOs,
Treasurers, Controllers, Risk Managers, and Tax Directors achieve strategic, tactical
and operational goals. The Treasury service applies to companies of all sizes and
complexities. This could be either complex and well developed organizations
with signicant cash, nancial risk, liquidity and funding constraints, international
operations, or comprehensive cost-cutting initiatives or smaller rms that deem to
establish a more professional treasury function under cost-benet aspects.
Each service represented below is based on KPMGs Risk & Finance methodology
and industry accepted leading practices. KPMG recognizes each company
is unique, and as such, each service is tailored to address distinct client size,
complexity, development stage, and business objectives.
While each service may be delivered as a stand alone initiative, combined activities
may lead to transformational endeavors.
KPMG
Treasury
Services
S
trateg
y

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Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
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Source: KPMG Consulting,
Financial Management
Treasury Strategy
& Transformation
As organizations evolve treasury
and nance functions typically
move from a decentralized
structure to a coordinated and
strategic value center. This
evolution is particularly relevant
as organizations embrace global
markets and evaluate the need
for consolidated and cost efcient
treasury and nance activities.
When fully embraced, the Treasury
transformation process broadly
addresses location, resources,
governance & organizational
structures, systems, processes and
tax relevant aspects.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
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Service Offering Activities
Treasury
centralization
and
outsourcing

Evaluate opportunities to outsource or centralize certain
treasury functions e.g. funding, operations, accounting,
cash management, risk management

Review alternative locations or vendors providing optimal
economic, nancial, and tax services
Mergers and
acquisition

Provide pre-transaction due diligence support addressing
valuations, risk estimates, and subject matter knowledge

Provide integration planning, project management
oversight, or tactical implementation support
(e.g., systems, processes, controls, and risk management)
Funds transfer
pricing

Identify potential transfer pricing protocols, baseline
revenue and cost assumptions, and general allocation
protocols

Evaluate pros and cons associated with treasury as a
transfer pricing prot center and recommend related
business, functional, and governance requirements
Treasury
infrastructure

Survey industry participants to determine treasury
infrastructure, systems, and compensation structures

Survey industry participants to determine treasury
resource levels (front, middle, back ofce), governance
protocols, transaction volumes and types, performance
and cost metrics, and roles and responsibilities
Treasury
efciencies

Evaluate opportunities to streamline treasury functions or
processes through technology and automation

Evaluate opportunities to segregate, streamline, or
enhance treasury responsibilities including accounting,
tax, and risk management
Financial Risk Management
Chief Financial & Chief Risk
Ofcers face challenges to adapt
their existing risk management
strategy and governance structure
to a changed environment where
crisis become more frequent
and potentially more severe.
Furthermore, organizations need
to maintain compliance with
external regulation and with
internal policies or keeping pace
with industry practice. KPMG
provides tailored and a broad
ranging support addressing key
aspects of your risk management
organization. KPMG services
typically fall into three categories.
1.Assist management to evaluate
risk management structures,
activities, infrastructure, and
controls against regulatory
requirements, industry or peer
practices. 2.Assist management
to identify, measure, and report
key risks in terms of nancial,
regulatory, or strategic impact.
3. Assist in transforming the risk
management function to a dened
target operating model.
In all cases described above,
KPMGs efforts are intended
to help promote integrated
risk management, improved
risk transparency, operating
performance, governance and
applies to all nancial risks, i.e. FX,
IR, commodity and energy risk.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
Capital
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Service Offering Activities
Risk industry
benchmark &
gap analysis

The typical benchmarking study is performed using
KPMGs benchmark experience and diagnostic gap
analysis tool and can cover the following nancial risks: fx
risk, interest rate risk, commodity & energy risk, credit/
counterparty risk

While benchmarking activities may be broadly
dened, general areas addressed by risk management
professionals include: Risk scope/inventory & strategies,
risk measurement, assessment & reporting, risk
appetite& limit systems, governance & integration of risk
into the business, key risk indicator metrics & reporting,
infrastructure & applications, critical processes & controls
Risk
identication,
measurement
& assessment

Risk identication, measurement and assessment
activities leverage KPMGs experience and capabilities
in the area of risk type specic modeling and hedging
products, as well as knowledge on geography-driven risk
aspects

KPMGs risk assessment broadly covers all strategic,
business, operational and nancial risks and may involve
a qualitative or quantitative risk approach
Risk
management
transformation

Determine the vision, objectives and strategy of the risk
management transformation journey

Rapid current state assessment and future state design of
the risk management function integrated into the business
and supporting corporate strategy

Development of a target operating model design and
roadmap that includes a benet costs assessment,
a change management prole and integrated components
such as business, process, data, technology

Implementation support, project & change management
as well as benets tracking
Commodity
& Energy Risk
Management

Identify and report existing commodity, energy, and raw
material contracts, explicit and implied nancial risks
(e.g., optionality), credit risks, and operational exposures
and summarize in relevant nancial exposures using
industry applied risk methods and tools

Identify and model alternative risk mitigation strategies
(e.g., nancial hedging, insurance, and other) and the
associated risks, benets, and costs

Identify infrastructure requirements supporting a
comprehensive commodity risk management program
and recommend risk oversight committees, operational
roles, responsibilities, and controls

Assist management to identify potential commodity risk
management systems, analytics and dene business
and functional requirements, assist with vendor RFP, and
facilitate vendor demonstrations to select the appropriate
future solution.
Financing & Forecasting
As organizations grow,
corporations typically evaluate
alternative funding mechanisms
for cost efciencies, liquidity, and
capital exibility. At the same time
global markets volatility impacts
both investor appetite for public
debt and availability of bilateral
funding, calling for a strategic
analysis of funding alternatives at
corporate treasury level. Regardless
of the choice, management
analysis typically involves a
comprehensive cash and liquidity
requirements study, funding
alternative cost/benet analysis,
and a product, counterparty, and
market risk assessment.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
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Service Offering Activities
Intercompany
Pricing (loans &
guarantees)

KPMG has developed the KPMG Intercompany Pricing
tool (IPT) which provides an automated pricing process
of intercompany loans and guarantees based on proven
market data as well as risk metrics and proles

The IPT manages and documents intercompany nancing
transactions and processes efciently and ensures tax
compliance in terms of transfer pricing documentation

We offer the IPT either by supplying the tailored tool
with full functionality to the client for own usage or as an
outsourcing service by providing individual risk spreads per
organization on a regular basis
Scenario
analysis

Dene relevant enterprise risk, downsizing or nancial
crisis scenarios and derive impact on liquidity risk and
funding strategy and costs

Impacts are usually analyzed from a business and nancial
perspective but should also include legal and tax related
aspects assessed by respective experts.

Align internal/external funding strategy and dene
proactive measures and emergency plans to reduce
liquidity risk signicantly
Alternative
funding
analysis

Identify and evaluate alternative funding strategies
(e.g., credit lines, commercial papers, notes, bonds, letter of
credit, securitizations, intercompany lending, factoring, etc.)

Evaluate funding constraints including local market
liquidity, regulations, and tax

Measure potential funding costs including banking,
investment, and registration fees, interest exposure, tax
impact, and infrastructure and resource requirements

Evaluate funding alternative benets including liquidity,
exibility, cost, and duration matching as well as derivatives
as a mechanism to achieve desired cost of funds
Liquidity
forecasting

Assess local and international liquidity needs and cash
availability

Evaluate cash ow forecasting capabilities supporting
sales and nancing activities

Model forecasted project or business activity cash ows

Dene and roll-out liquidity forecasting approach

Select professional forecasting tools and software or build
easy-to-use forecasting models based on VBA/Excel
Treasury Operations
Treasury operations include
activities associated with cash
management, in-house banking,
payment & collection factories,
corporate nance, nancial risk
and transaction management. In
larger organizations, the denition
is often expanded to include
pension fund management,
risk management & insurance,
investor/creditor relations, transfer
pricing, and risk-based performance
measurement. While these services
generally do not always receive the
strategic attention they deserve,
most companies agree, failed or
insufcient treasury capabilities
can signicantly bear liquidity
& reputational risk, constrain
operations and increase business
costs.
KPMG recognizes the need
for strategic treasury advice,
robust, efcient, and realistic
core treasury functions as well
as effective risk management. As
such, KPMG created services to
assist companies looking to add or
enhance core treasury functions,
capabilities, and systems support.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
Capital
Management
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Service Offering Activities
Payments

Increase the automation level of payment transfers and
support the IT system selection process

Advise on outsourcing potentials and support the vendor
selection process for payment service vendors

Assists in the design and implementation phase to install
technology driven payment factory solutions (e.g. transfer
only, on behalf payments, global integrated platform via
SWIFT)
Target
Operating
Model (TOM)

Review or design the Treasury target operating model in
terms of strategy, structure, operations, policies system
support and resource allocation and quantify the TOM with
a distinct business case

Recommend shared service or centralized functions
(e.g. in- vs. outsourcing) and support in its design and/
or global roll-out. In addition, support in the selection and
implementation of adequate system support
Banking
Strategy &
Bank Account
Management

Dene/Review global banking strategy in compliance with
nancing and capital markets strategy as well as service
requirements and stakeholder or investor interests

Optimize and consolidate house bank and bank account
portfolio to generate economies of scale, reduce costs and
counterparty risk

Introduce electronic bank statement import and automate
the reconciliation process with adequate IT support
Cash
Management
& Pooling

Develop/Review national and global cash pooling
structures and process and assist in the selection of
banking partners and support in the effective roll-out

Set up or optimize cash allocation/disposition process

Design intercompany netting approaches and systems to
reduce intercompany cash transfers and bank charges
Straight-
through-
processing

Review and document front-to-back process in terms
of automation, costs and controls according to leading
practices and compliance and support its roll-out

Manage the selection and design process of required IT
systems
Investment
management

Recommend or benchmark investment polices and
procedures against industry practices

Identify and assess risk and reward proles associated with
instruments and counterparties
Treasury Systems &
IT Infrastructure
Treasury management faces
increasing demand for efciency,
exibility and compliance with
both corporate governance
guidelines and external
regulations. Implementation of
customized state-of-the-art TMS
and IT infrastructure solutions is
deemed critical for standardization,
automation and centralization of
large scale and repetitive Treasury
processes.
Abundance of vendor offering,
with differences in system
functionalities and lack of
alignment of business and
system requirements, render
the TMS selection process long
and complex. Hence, Treasury IT
projects imply high cost, time and
quality risk in terms of delivery
and expectations towards the nal
product.
KPMG has developed a structured
and proven approach to help
our clients in selecting and
implementing a modern state-of-
the-art TMS in order to achieve
a leading practice level and to
substitute handwork through
brainwork wherever possible.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
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Service Offering Activities
1. System
selection

Gather key criteria by conducting a design workshop with
all key stakeholders (Treasury, IT, Accounting) based on
KPMGs proven and standardized key criteria catalogue of
the KPMG System Selection Tool

Manage the RfP process and prepare the RfP documents
based on the workshop results including business
requirements, timelines and additional technical as well as
vendor-related aspects. In addition, dene of the vendor
shortlist based on KPMGs treasury market expertise

Evaluate systems and vendor responses by KPMGs
treasury and system experts based on KPMGs System
Selection Tool and the KPMG scoring model in an
automated manner and summarize the results including
pricing information in a Management presentation

Conduct vendor pitching workshops for short-listed
vendors and integrate results into the overall evaluation

Summarize evaluation results in a Management
presentation for nal system decision
2. System
design

Design processes, reporting and accounting functionalities
of the new system environment by considering capabilities
and limitations of the system; e.g. static/dynamic
data management, transaction management, cash
management, interfaces, risk management & controlling,
reports

Include overall business requirements collected at the
start of the selection process

Develop a leading practice solution design as a basis and
tailor to the clients specics

Summarize all requirements in detailed business concept
documents as an implementation basis for the system
vendor
3. Quality
assurance &
PMO

Within the implementation phase KPMG acts either as
a project manager on behalf of the client (active role) or
assures and reviews quality within the implementation,
testing and go live of the new system infrastructure as an
independent advisor (supervisory role).
4. System
reviews / audits

KPMG performs independent system reviews in terms
of efciency in order enhance level of straight through
processing or governance and compliance, e.g. internal
control system, data security, backup and recovery,
incident & contingency management.
Working Capital
Management
Corporate and public sector
treasuries generate signicant
cost savings and efciencies
through streamlined or improved
cash and working capital
management processes. Working
capital management is typically
dened as an organizations
ability to maximize cash ow
through the complete transaction
life cycle beginning with a
forecast and continuing through
cash settlement. The working
capital management process is
particularly relevant to companies
with sizeable accounts receivables,
payables and inventories. Other
contributing factors include
signicant capital expenditures,
real estate, and xed asset
holdings.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
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Service Offering Activities
Inventory
Forecast
to fulll

Analyze sales forecast processes including production
schedules, product congurations, production BOM/
routing, ship orders, etc.

Evaluate production and material execution plans for
scheduled and executed orders

Review and recommend product quality protocols,
transaction inventory tracking, and general controls
Receivables
Order to cash

Evaluate opportunities to manage or generate cash
value from credit and collections, contracts, customer
relationship management invoicing and billing

Evaluate standardized and global proposal, pricing, and
quotation policies to conrm consistent and timely
revenue recognition and improve cash performance

Evaluate reporting capabilities to deliver enterprise-wide
visibility and consistency throughout the order to cash
process (protability analysis, customer segmentation, etc.)
Payables
Purchase
to pay

Analyze company expenditure and spending patterns

Evaluate standard procurement life cycle methodologies
including working cash vs. discount modeling, invoice
synchronization, and vendor payments management
Benchmarking

Calculate and compare key working capital management
metrics (e.g. DSO, ADO) against industry and peer data

Develop recommendations and implementation plans to
improve cash and working cash management processes
Tax Efcient Treasury
Tax requirements associated
with many treasury and nance
activities are complex, unique
to local and international
geographies, and susceptible
to change. Without sufcient
up front consideration for, and
deep knowledge of, relevant
tax considerations, a routine
or seemingly advantageous
transaction can create signicant
nancial risk and compliance costs.
As part of KPMGs cross-functional
advisory approach, KPMGs global
Tax practice provides focused tax
services to the treasury function
and is fully integrated into the
overall treasury service offering.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
Capital
Management
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Service Offering Activities
Software and
tools

With the KPMG Intercompany Pricing Tool (IPT) we
provide an automated and tax compliant process to price
intercompany loans and guarantees including full transfer
pricing documentation

KPMGs Tax practice offers the Tax-One System to make
taxation transparent and efcient within your organization
and standardize processes and tools in the whole group;
i.e. tax calculation and planning, risk management, transfer
pricing, risk management, contract management and
reporting

Our treasury consulting specialists support efcient
implementation of those tools and ensure the integration
of treasury related aspects
Tax planning
and analysis

Review international transactions for opportunities to
reduce tax liabilities

Assess existing or proposed cash management and
funding strategies for negative tax implications, and
recommend improvements as applicable

Review proposed transaction for anticipated tax risks,
treatment, and nancial impact (GAAP and tax)
Ruling and
opinion support

Prepare and submit tax positions to solicit a local ruling

Provide a tax opinion based on KPMG analysis
Tax analysis
and research

Research and report global tax law updates and signicant
rulings

Analyze potential tax impact analysis and remediation
strategies considering new or evolving tax legislation
Tax
implementation

Identify local and international tax guidance, rulings, and
treaties

Identify programs, policies, and tools to implement
management-dened tax strategies
Treasury Governance
& Compliance
Treasury organizations are complex
and deal with highly sensitive
information and transactions.
Hence, high standards in
terms of treasury governance
and compliance are essential
and emphasize the need for
comprehensive policy frameworks
and adequate compliance
concepts that consider regular
and independent reviews/audits
performed by experienced treasury
specialists.
While derivatives serve a major
and increasing role in company
risk management practices,
new and evolving regulations
require strict adherence to local
and international accounting
standards. Considering these risks
and growing external scrutiny,
leading companies seek external
assistance with accounting
research and guidance, local and
international accounting support,
or accounting documentation and
governance.
Source: KPMG Consulting,
Financial Management
KPMG
Treasury
Services
Treasury
Governance &
Compliance
Treasury
Systems
and IT
Tax
Efcient
Treasury
Treasury
Strategy &
Transformation
Treasury
Operations
Financing &
Forecasting
Financial Risk
Management
Working
Capital
Management
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Service Offering Activities
Policies & gov-
ernance frame-
works
Activities

Review or write Treasury policies covering all relevant
strategic, operational and regulatory treasury aspects

Review/Design treasury process description and controls
based on leading practices and regulatory requirements
(e.g. internal control system, SOX)

Design compliance concepts for treasury, asset
management or nancing units
Treasury Audit/
Review
Activities:

Perform treasury reviews as part of the internal audit
support (co-sourcing) through renowned treasury experts
in terms of governance and compliance but also other
relevant treasury aspects

KPMG can either perform internal treasury audits of the
whole treasury function or just focused on certain areas

Therefore, KPMG has developed standardized audit
programs to ensure an efcient and lean audit process
Treasury
Accounting

Assist management to identify and review new accounting
pronouncement guidance and implications (e.g. IFRS,
IPSAS, US-GAAP)

Assist management to perform impact analysis and
evaluate optional implementation activities, as applicable

Assist management to identify business and functional
requirements, perform current state gap analysis,
and prioritize implementation recommendations
(e.g. IFRS 39, IFRS 7, IFRS 9, SFAS 133, SFAS 157, SFAS
159)

Recommend derivative accounting controls and
governance practices

Recommend an internal audit program to continuously
monitor derivative accounting activities and compliance
with internal policies
Risk
documentation

Identify and recommend documentation requirements
commensurate with local and international accounting
guidance

Assist management to document accounting procedures,
assumptions, critical data, and user/department
accountabilities
Risk
modeling and
technology
support

Identify methods applied by industry participants
to measure hedge effectiveness (e.g., dollar offset,
regression, etc.)

Support derivative accounting system selection and
business and functional requirements denition
SECTORS AND THEMES
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or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information
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Markus Richter
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T: +41 58 249 40 64
E: mhofstaetter@kpmg.com
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Director, Tax Corporate
T: +41 58 249 40 93
E: mportmann@kpmg.com
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