The article is referring to the first worldwide economic crises that took place globally. The root of the problems started with the failure of the investment Lehman Brothers, which exposed the vulnerability of the worlds economy to systemic risk. This lead to certain challenges to deal before any strategy could be made to deal with the systematic risk. These troubled times increased the responsibilities of a treasurer on daily basis from banking relationships to increased role in the transactions of merger and acquisitions. All of the management including (board of directors, audit committee and other shareholders) urges treasurer to play and remain in the center stage. This made the treasurer indispensable in modern finance, as they master and control the financial risks that have become critical. The role of the treasurer has not changed, but has become more important in these troubled times. Its sphere of responsibility has become extremely critical and even vital sometimes. Access to credit has become a sensitive issue for treasurers. The treasurer is the bodyguard of that which is the dearest and most precious today: liquidities. Short or long, they must now protect company solvency at all costs. Treasurers, now, must also anticipate the companys future cash flow and net situation. They monitor the cash conversion (i.e. free cash flow) of earnings before interest, tax and amortization, at the same time as tracking variances, all while hunting down explanations for any deviations from forecasts. The treasurer must now mitigate Counterparty and liquidity risks and diversify the sources of investment and financing. The crisis has modified treasurers role by significantly increasing the analytical aspects, as well as the strategic aspects of the job. The crisis has helped treasurers to cut themselves out of administrative problems to rise towards strategic management and general management. Their role has clearly grown as a result of the crisis and they are now generating even more value than before the crisis. Their management of fundamental matters has become vital. The treasurer also produces 1518 per cent of the financial information contained in the annual report. The treasurer must remain cool-headed in such changing times. Then comes the IT which eventually modernizes and brings technology with the software. Certain powerful software were developed to centralize and generate financial information in real time. This saves most of the time of the treasurer. The role of the treasury now became more preventive. It must anticipate and analyze hedging strategies, particularly commodities, which have experienced very high levels and then very low ones.

After reading the following paper, discuss how the role of corporate treasurer has evolved. You may also discuss the responsibilities of someone you know who is working in a treasury department