Strategic mindset defines today’s corporate

Kuzmin conducted the white pieces and Emili played with the black pieces. Playing white bears a certain advantage, because of the primary initiative conferred by the very first move in a chess game. A larger advantage of Kuzmin over Emili, however, stemmed in the difference of over 550 points in their respective Elo ratings, 2596 and 2025.Whether managing interest rates, counterparty exposure or funding, risk management became central to the role.

The game opening was the Queen’s gambit declined semi-Slav, 5.e3 [D45], which led to a conventional chess game. Nonetheless, for somebody interested in human behaviour it was beguiling to watch both players in the course of the game. Emili won a pawn in the move 14, which was remarkable for an amateur player struggling with a GM.

This has led to an exponential increase in the number of debt-financed jumbo-sized acquisitions. US tax reform has also reinforced this mindset as it supports corporate profits in the short run. However, neither we, nor they, must become complacent.

Kuzmin won a pawn himself in move 21 and a second pawn in move 26, even though preserving a peaceful, serene manner, and reflecting an emotionless mood. The nerves of Emili seemed close to collapse because at that moment, he had much less available thinking time than his opponent. Seven moves later Emili resigned.

We need more transparency regarding governance, structure and sales for our Know Your Client (KYC) processes and it is often down to the treasurers to provide that information. Indeed, a key skill for client-facing teams is reinforcing the importance of this in our ability to support them.

Common themes addressed in differential psychology are thoroughly reviewed in the book, such as intelligence and personality. Other topics of interest include psychophysiology and brain studies, expertise, sex differences, and the applications of chess in real life domains such as in business, health, and school.

As corporate treasurers have an ever-growing list of responsibilities, they are increasingly strategic to the macro discussion. As their role evolves, getting the right support to help them solve these conundrums and deliver optimal solutions is key. Emili is an amateur chess player. Occasionally, he plays chess in international opens, which for diverse reasons are enticing for both local non-professional club players and professional players from around the world.

The financial crisis brought the role of Treasury into the boardroom. Although their core responsibilities – like cash and currency risk management – were as important as ever, there was a shift towards a more strategic role as macro forces concentrated attention on survival and access to liquidity.