Please explain how SGS operates its treasury.
SGS operates an in-house bank model though one which is also fairly unique in that we have outsourced the front-, back- and middle-office functions to a third-party provider, Treasury Management Systems TMS in Neuchatel, Switzerland. In order for our treasury team to focus on higher value adding activities, we decided that the leg work involved in executing, reporting and confirming treasury deals would be best done by a specialist provider who had the economies of scale and expertise to grow with us some years ago. Many treasurers may feel that letting go of these core treasury functions would in some way diminish the value of treasury in...