Analysis and thought leadership on the practical application of key concepts and topics developed via interviews with experts and treasury professionals. Presented with key takeaways and informative tools to help you be more effective and increase efficiency.

People Side of Business Continuity

Underwritten by Kyriba

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At the beginning of the coronavirus pandemic, business continuity plans were quickly tested, vetted, refined and fully implemented. Much of the focus has been on adapting processes to ensure team members working remotely can continue fulfilling treasury’s core tasks. Less attention has been paid to managing the team members, with people management coming to the fore because of the “great resignation.”   

The 2022 AFP Treasury in Practice Guide: People Side of Business Continuity, underwritten by Kyriba, seeks to identify how treasury professionals prioritize tasks to safeguard company assets and outlines strategies for dealing with the great resignation in the changing employment environment.   

This guide includes:  

  1. Treasury's Role
  2. Setting Priorities in the Business Continuity Plan 
  3. Managing the People Side of Business Continuity 
  4. Conclusion: Focus on People  

DOWNLOAD THE GUIDE 

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Treasury's Role

There were two key impacts on corporate treasury departments throughout the pandemic. First, it required treasury practitioners to prioritize and focus on the most essential activities and second, it impacted the departmental working environment. 

Learn more about lessons learned and what it means for treasury today.

Setting Priorities in the BCP 

While each organization likely has a companywide business continuity plan, treasury is responsible for setting and reviewing its own plan to ensure it can continue to meet its own specific objectives. The process of setting and reviewing the departmental BCP starts by identifying the “what,” or the critical functions that need to be prioritized including: 

  • Drawing from lessons learned
  • Making critical payments to avoid a breach on contract 
  • Collecting payments 
  • Ensuring the availability of sufficient liquid working capital 
  • Investing any surplus cash safely 
  • Identifying risks and managing them appropriately 
  • Supporting the achievement of regulatory compliance 

    • Learn more about setting priorities in the BCP.

    Managing the People Side of Business Continuity 

    Companies have different approaches to their use of treasury policies and procedures and having an appropriate level of detail serves a range of purposes: 

  • Manages operational risk 
  • Provides an audit trail  
  • Provides guidance to new team members  
  • Supports interim management  

    Find out more about managing the people side of business continuity.  

    • Focus on People

    Developing a strong culture of support is critical in both fostering best practices and minimizing the operational risks associated with a lack of personnel. 

    Several actions will help including: 

    1. Upskilling 
    2. Distributing strategic tasks to team members as part of their career development 
    3. Knowing the team
    4. Recognizing the importance of challenges 
    5. Realizing individuals are different and they change  
    Read the conclusion of the guide and see why you should focus on people.   

    DOWNLOAD THE GUIDE 

    Published October 19, 2022