Support for Libor was set to end after 2021, but in November, the benchmark’s administrator proposed an 18-month extension to complete the array of complexities to transition legacy transactions. While the extension will give market participants more time to transition legacy transactions to a replacement reference rate, regulators still want new loans to reference a replacement starting in 2021, requiring significant business and operational issues to be addressed while many corporates are still in the early stages of the transition.
FP&A’s response to a world of changing information and uncertainty is to maintain multiple points of view. We need to incorporate intelligence quickly (rapid reforecasting), remain focused on long-term strategy, and stretch the organizational mindset for the possibility of varied future outcomes, aka scenario planning.
After the AFP FinNext Virtual Conference Planning Task Force met in January to select the sessions, a few of the members sat back to reflect on the larger trends evident in the multitudes of proposals. What they found were three core themes that reinforced the need for finance to hold multiple points of view simultaneously.
As of January 25, the acronym FPAC will officially be used to denote the Association for Financial Professional’s Corporate Financial Planning and Analysis Professional credential.
We are pleased to announce the members of AFP’s 2021 Financial Planning and Analysis (FP&A) Advisory Council. These members represent a broad cross section of industries, size, and ownership structure, and are selected based on their contributions to the FP&A practice, expertise in specific areas, and desire to contribute to the advancement of their peers.
Our last article discussed model governance and risk management, the background to successful development. If we think about building a model as a product development process, we can apply best practices from decades of research and the current trends.
Writing about career prospects for 2020 seems out of place at a time when professionals are worried about their jobs as much as companies are distressed about staying in business. But as history has shown us – there is a cycle to everything – and this period of relentless challenges will eventually come to an end, and professionals and businesses will begin anew.
Unlike a typical financial downturn, the impact of COVID-19 pandemic has been far more difficult to predict. In this environment, with traditional business models and old market assumptions no longer working, companies are turning to financial planning and analysis (FP&A) professionals to help them navigate the turbulent waters and prepare for the aftermath. But are they ready?
With the ISO 20022 standard now seeing widespread adoption, financial messaging has never been more relevant in cross-border transactions.
AFP is proud to introduce the new Chairman and Vice Chairmen of its Board of Directors, as well as some new members.
During the AFP 2020 Insurance Industry Roundtable, sponsored by Fifth Third Bank, treasury professionals discussed their response plans to the COVID-19 pandemic.
Mat McBride, finance leader for Microsoft’s Cloud and Gross Margin, recently sat down with us for a virtual conversation. We asked him about the challenges currently faced by CFOs, CPOs, and other financial decision makers, the concerns of customers and investors, and building resiliency.
While SOFR is the chosen successor to Libor in the United States, other rates have emerged as potential alternatives. The latest AFP Treasury in Practice Guide, underwritten by Kyriba, takes a look at Ameribor.
Rob Trippe, M&A, corporate finance advisor and analyst for Corporate Finance Consulting & Advisory, discusses the role that models play and the challenges that they present to FP&A departments.
Peggy Ang, FP&A Leader for APAC for National Instruments and a member of AFP's APAC FP&A Advisory Council, discusses the ways in which finance has changed as her career has progressed.
AFP's new Payments Guide features an in-depth look at a new plan by the G20 and the Financial Stability Board (FSB) to strengthen and modernize the cross-border payments infrastructure.
During a recent webinar, treasury practitioners based in the Asia-Pacific (APAC) region discussed the value of earning the Certified Treasury Professional (CTP) designation.
We are already in the midst of a talent war. Nowhere is this more evident than in the role of financial planning and analysis (FP&A).
Martha Sierra of the British Council and AFP's APAC FP&A Advisory Council has handled FP&A duties in multiple countries, taking on unique challenges with each new role.
The 2020 AFP FP&A Survey, underwritten by Workday, Inc., found that demand for forecasting services increased in 2020 and is expected to remain at an elevated level.
The 2020 FP&A survey examines FP&A’s abilities by focusing on the quality and accessibility of the data, and the tools available to examine and find meaning in that data. Here are a few highlights.
Model governance is a set of activities, policies and procedures which formalize model and model risk management activities for implementation.
The Federal Reserve, the FDIC and OCC issued a joint statement urging banks to cease entering into new contracts that use U.S. dollar Libor as a reference rate.
U.S. businesses finally appear ready to shed paper checks and embrace digital payments for business-to-business (B2B) transactions, according to the 2020 AFP Survey, sponsored by Truist.
The 2020 AFP Asia-Pacific Treasury Management Handbook, sponsored by Kyriba, explores the ways in which treasury interacts with a range of third-party organizations, within a regulatory framework set by a number of legislators and regulators.
Every year, FP&A goes through the exercise of preparing a plan for the upcoming year. And then it all changes. What is a planning function to do in the wake of this? Be ready for everything.
Kwaku Agyemang-Duah, Senior Manager of FP&A at AirtelTigo Ghana, tells the story of his transition from engineering to FP&A.
In order to maintain business continuity in the remote working environment, treasury departments have been forced to rapidly move towards digitalization.
To bolster its expansion into the Asia-Pacific (APAC) region and support the financial planning and analysis (FP&A) profession around the world, AFP has formed the APAC FP&A Advisory Council (FPAAC).
At the AFP 2020 FP&A Happy Hour, sponsored by CCH Tagetik, Planful and Vena, the conversation quickly turned how finance has changed in a remote working environment.
AFP and Beacon FinTrain have joined forces to offer special training courses for treasury and finance professionals throughout the Middle East.
At AFP 2020, keynote speaker Daniel Pink, New York Times bestselling author, provided attendees with a look at the importance of timing in their professional and personal lives.
AFP 2020 FP&A keynote speaker Amy Vetter outlined how to prepare ourselves and our department to deliver finance expertise that is insightful, timely and well presented.
In an AFP 2020 presentation, FP&A professionals discussed how they improved technology to accelerate cycle times for planning, reporting and analytical processes.
During the AFP 2020 Payments Roundtable on Fraud and Control, sponsored by Kyriba, treasurers discussed the threat of business email compromise (BEC) scams and what organizations can do about them.
In the AFP 2020 MindShift Keynote presentation, sponsored by Capital One, quantitative futurist and best-selling author Amy Webb equipped attendees with the tools they need to think like futurists.
Dräger has emerged as the winner of the AFP 2020 Pinnacle Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by MUFG, was presented today during the AFP 2020 Virtual Experience.
Like many financial professionals, Danny K. Shiu wasn’t looking for a career in FP&A. But once he found it, it turned out to be his true passion. That ultimately led him to seek out the AFP's Certified Corporate FP&A Professional credential.
As the COVID-19 pandemic has unfolded, bank relationships have proven to be critical for treasury departments.
Just what is a financial model? Are Excel workbooks considered to be models? Or are models confined only to large, complex data driven statistical models?