During the crisis, an efficient liquidity management became a strategic objective. This was stated by Aleksey Zakrevsky, Vice-President for Financial Control of CJSC IES, at the annual Russian Financial Forum on November 25.  In his speech, he told about the "Treasury" program which is now being implemented in IES Holding to ensure automation of treasury operations and creation of the Central Treasury Information System based on SAP solutions. Aleksey Zakrevsky explained that the energy company's specific business did not allow the opportunity to take the easiest way of combining the treasury, concentrating all resources on one monetary account, and using services of only one bank. "That's why we decided to use the operating monetary resources to the maximum, minimize credits, centralize not the treasury but the treasury control, learn to make good forecasts of the liquidity position of every enterprise within the holding in accordance with common standards", said Vice-President of CJSC IES.
The "Treasury" program has been implemented in the company since January 2009. It stipulated the creation of a common information system with all the Holding's divisions working in it (both the ones initiating payments and the treasury services). With a centralized control, the regional treasuries still bear the responsibility for liquidity maintenance. Treasury operation is based on common principles, regulations and reference documents. In the business process development, the project was significantly extended, we have actually unified the main elements related to treasury operations, i.e. contract coordination, monetary funds and payment forecasts, throughout the Holing", Zakrevsky clarified. The project was implemented in the majority of the Holding's divisions, and it has already given good result. "We got great benefit from the point of view of monetary funds saving, filtered out unwanted payments, and unified the payment control system at all subdivisions", underlined the Vice-President for Financial Control. The annual Russian Financial Forum organized by the Vedomosti newspaper took place in Moscow on November 25 and 26. It was attended by the government representatives, financial directors of major Russian companies, and the country's leading experts in the financial sector. |
