Upload
kyriba-corporation
View
219
Download
3
Tags:
Embed Size (px)
Citation preview
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 2
Michael VaseyTreasury Analyst, BBC
Bob StarkVice President of Strategy, Kyriba
Today’s speakers
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 3
What is Bank Account Management?– Bank Account Management– Signatory Management– eBAM– Bank Fee Analysis
Why Bank Account Management?– Control and Visibility– Regulation (e.g. FBAR)– Fraud Prevention– Cost Savings
BBC case study
Agenda
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 5
Listing bank accounts Tracking account details – internal /
external data Managing signatories and approvers Segregation of duties / approval
workflow
Bank account management
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 6
Sending authenticated messages to instigate bank account: opening / closing / updates
Receiving acknowledgement messages Replaces some / all of paper
documentation Status: evolving
eBAM – “electronic” bank account management
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 7
1)Visibility into bank fees– Utilizing AFP service codes
Bank fee analysis
Format Region
EDI 822 US
TWIST BSB UK/Europe
ISO 20022 CAMT .086 (XML) Global (aspiring to be)
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 8
1)Visibility into bank fees– Utilizing AFP service codes
2)Analyzing monthly fees– Price accuracy – vs. pricing schedule “benchmark”– Correct volumes – vs. accumulated daily bank
reporting– Across banks – analyze cost of bank services
Bank fee analysis
Format Region
EDI 822 US
TWIST BSB UK/Europe
ISO 20022 CAMT .086 (XML) Global (aspiring to be)
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 10
Difficulty to support audits and regulatory requirements (FBAR)
Risk Management: Limited risk and fraud mitigation
controls
Managing accounts is inefficient and error
prone
Inconsistent bank account procedures throughout global
organization
Common challenges that effective BAM can solve
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 11
As organizations expand/decentralize, easy to lose control of accounts, signatories…and management of funds
Need to establish:– Visibility into global accounts (centralized repository)– Systematic tracking of authorized signers in a central database
(documentation of all account-employee relationships)– Structured workflows that require all bank account activity to be
tracked and approved in a single system
Key: visibility and control of bank accounts
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 12
eBAM is more than ‘electronic’ BAM Drives enforcement of BAM best practice– Centralizes control of bank account actions: opening/closing/
maintenance of accounts–No bank account action can happen if not initiated from the
eBAM solution– Simplifies ‘sunset procedures’: reconciliation of internal signatory
data with bank records
eBAM will take bank account control to the next level
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 13
Internal approval workflow
Audit and reporting
Legal document management
BAMBAM vs eBAM
Internal approval workflow
Audit and reporting
Legal document management
eBAM
eBAM XML (15) connectivity
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 14
eBAM - checklist to be prepared
Proper BAM workflow for all bank accounts Bank account management module has data needed to
populate eBAM messages SWIFT connectivity to / from banks Support for digital signatures
(e.g. SWIFT 3SKey)
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 15
In the U.S., FBAR helps encourage BAM practice: Requires:– List of accounts (outside US)– List of signers on those accounts–Maximum value in those accounts
How it helps:– Visibility into signers (tip: who is that?)–Maximum value (e.g. are we using these accounts?)– See patterns over time (reporting 2010 – present)
Regulatory compliance
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 16
Bank fee analysis provides information to drive cost reductions: Bank fee accuracy– Pricing– Volumes
Understanding bank fees Analyzing: – Costs across banks: optimizing bank usage– Account usage vs. costs: do we need this account?
Cost savings
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 18
British Broadcasting Corporation (BBC) is the world’s largest public service broadcaster
Global reach: 40+ channels in 30+ languages around the world
Worldwide audience of more than 300m £5bn+ ($8bn) global revenues
Introduction to the BBC
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 19
BBC initiated treasury centralization and process improvement project in 2013
Two separate treasury teams (Public Service and Commercial) combined into one entity
A key objective was to optimize BAM globally
Treasury overview
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 20
BAM process goals Enhance control of bank account data Robust management of opening and amendment operations Provision of strong audit visibility Reduce operational risk Error reduction Improve data integrity and quality
BAM project goals
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 21
Security goals Effective disaster recovery processes Storage of all key documentation Provide effective security over data access rights Protection of very sensitive user information– Specimen signatures– Signatories’ ID validation documents, such as passport copies
BAM project goals
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 22
Approx. 1,000 unique legal signatories across the BBC
80-100 Banks 550 bank accounts Accounts held in 54 currencies
BAM project: scope
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 23
The account creation process involves three steps:
1) Initial data entry by the Front Office team– e.g. company, currency, bank
2) Back Office enriches data– e.g. account number, sort code, SWIFT identifier, IBAN
3) Back Office approves account to make “live”
BAM implementation: new workflow
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 24
Processes for modification of data are similar: Segregation of duties between front and back office Modification of data includes:– Adding /removing signatories–Updating signatories or related information–Documentation amendments–Mandates
BAM implementation: new workflow
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 25
Overall process: improved visibility, control, and efficiency Segregation of duties: centralized front and back office
functions for account open/close/update More reliable data: improves compliance with internal audit Regulatory compliance (e.g. FBAR for US entity) Complete lists of authorized account signatories can be
created on-demand
BAM implementation: realized benefits
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 26
1) Simplify workflows to remove need for front office input
2) Adoption of eBAM for additional efficiency and control benefits
3) Integrate third party solution into Kyriba and develop workflow to cover end-to-end BAM process
BAM implementation: next steps
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 27
Thoroughly validate and cleanse BAM data before integrating into new system
Define and test end-to-end BAM workflow before implementation Don’t over-engineer the process. Keep it as simple as possible
whilst ensuring segregation of duties where necessary Build catch points into the process to ensure treasury is always
across bank account administration, to avoid losing sight of data changes
Conclusions from BBC
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 28
Increase visibility and control of bank accounts
Reduce expose to fraud Ensure regulatory compliance Streamline processes and improve
efficiency Lower banking costs
Summary: why bank account management?
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 29
Additional ResourcesTreasury & Risk Special Report: Slow Start For eBAM contains a number of features and essays from the industry thought leaders on topics ranging from the true value that eBAM will deliver to corporates, to innovations in payments and how this could impact businesses.Download the report at http://kyri.ba/eBAMReport
Find out how Kyriba can help you increase visibility and gain control over your banking relationships. Download the fact sheet at http://kyri.ba/1Goe6xZ
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 30
Additional Resources
• Learn how Kyriba enabled the world's largest public service broadcaster to seamlessly manage the administration of about 550 bank accounts using 54 currencies, held by almost 100 banks globally.
Read the success story at http://kyri.ba/1RuIM5Q
© 2015 Kyriba Corp. All rights reserved. PROPRIETARY & CONFIDENTIAL. 31
Thanks for attending
1-855-KYRIBA-0
kyriba.com/blog
twitter.com/kyribacorp
linkedin.com/company/kyriba-corporation