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AFP Survey Results: How Treasurers are Responding to COVID-19
The AFP survey “Impact of the COVID-19 Pandemic” gathered insights from corporate treasurers to examine how they’re responding to coronavirus-related challenges. More than 400 treasurers participated to offer their perspectives on the following:
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The actions treasury departments are taking in response to the global pandemic.
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Whether organizations had a business continuity plan in place prior to the global pandemic and if so, whether these plans serve their purpose effectively.
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Whether treasury teams at organizations have a seat at the table, such as COVID-19-related task forces and meetings.
Among the key takeaways:
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Treasurers are focused on cash forecasting and expanding the time horizon for cash forecasts. Seventy-one percent of respondents reported their organizations had already increased their focus on cash forecasting and expanded the forecasting horizon, while another 17% said their companies are planning for the same.
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Sixty-five percent of organizations are shifting from paper payments to electronic formats in an effort to increase efficiencies in payment processes.
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A majority of organizations delayed or planned to delay hiring new employees (69%) or instituted a hiring freeze (61%).
Click here to view AFP's interactive report, or you can read the full report here.
Read more
COVID-19 Insights
,
Treasury Services
April 22, 2020
Sharon Haward-Laird is accountable for defining and executing the strategy for BMO Financial Group’s North American Treasury & Payment Solutions bu...
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COVID-19 Insights,
Treasury Services
April 22, 2020
The AFP survey “Impact of the COVID-19 Pandemic” gathered insights from corporate treasurers to examine how they’re responding to coronavirus-related challenges. More than 400 treasurers participated to offer their perspectives on the following:
-
The actions treasury departments are taking in response to the global pandemic.
-
Whether organizations had a business continuity plan in place prior to the global pandemic and if so, whether these plans serve their purpose effectively.
-
Whether treasury teams at organizations have a seat at the table, such as COVID-19-related task forces and meetings.
Among the key takeaways:
-
Treasurers are focused on cash forecasting and expanding the time horizon for cash forecasts. Seventy-one percent of respondents reported their organizations had already increased their focus on cash forecasting and expanded the forecasting horizon, while another 17% said their companies are planning for the same.
-
Sixty-five percent of organizations are shifting from paper payments to electronic formats in an effort to increase efficiencies in payment processes.
-
A majority of organizations delayed or planned to delay hiring new employees (69%) or instituted a hiring freeze (61%).
Click here to view AFP's interactive report, or you can read the full report here.
Read more
BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Harris Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c, and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC) in the U.S., and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Investment Industry Regulatory Organization of Canada and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in the UK and Australia.