This is a YouTube video titled "How to Develop Competence in Treasury with George Terziev" containing a detailed talk by George Terziev on June 5, 2023, about the importance of trust, competencies, mentorship, and teamwork in treasury management. The content focuses on organizational efficiency, risk management, and practical principles such as meritocracy, pragmatism, and honesty in a corporate treasury context.
So for me the top two priorities. One is trust and competencies, right? So we need to have the people that bring the right competencies. But competencies also can be developed or learned how people have the potential and people who trustworthy and have the integrity to outperform in their role and job. So that's really mapping the organization and finding the best people for the role. So that's really where it starts. The wider the circle of trust and competency, the more efficient the organization is. So it's really the building blocks of Treasury. Now of course in terms of treasury competencies, clearly liquidity is a priority, especially in the current environment. So cash as a corporate asset, cash management and operations, risk management, those are top priorities. When you come back into treasury from other exposures, then you bring a lot of other experience that maybe breaks the silo or the specialization within Treasury. For example, M and A is a great school for negotiations dealing with large transactions. Also there you get exposure to say best in class bank M and A professionals or lawyers. That teaches you a lot. Risk management on the other hand within treasury teaches you how to trade currencies on interest rates or make decisions with little information and see the result of that decision fairly shortly after. So you really have to be able to stomach that risk. And that would at that time and still is a great school because there is a proprietary trading within treasury still permitted to a certain, certain level. So that also teaches that ability investment or acumen, treasury acumen to make quick decisions based on Mac economic factors or market trends. And then you immediately see the result of your trade which is a great experience that contributes to the broader decision making within the company. It's more difficult to manage people that are within the broader team that not directly report to you. So managing the whole project team is more difficult than managing a direct report. So that brings a lot of know how and experience and mentorship probably wouldn't forget mentorship is critical. I learned a lot from my mentors in terms of people management, ZM&A negotiations or corporate finance say know how. But mentorship and exposure also to executive management boardroom large projects really teaches a lot on how to navigate manage large and complex metrics organizations. But at the end it boils down to teamwork. You mentioned that it's a collaborative effort and it's a team teamwork. It's not a matter of individuals. As I said and I think there was some videos from Simon Sinek where trust and competence is typically competency you can develop. But trust is is one factor that really it's a teamwork, so you'd probably comprom somewhere to balance trust and competencies. But that's a key teamwork and effort. And last but not least, my principle, at least in particular I think the Singapore government uses this is the MPH formula, which is not miles per hour. It stands for meritocracy, meaning find the people that are best suited for the job in terms of qualifications. P stands for pragmatism. So we need to be pragmatic, especially in such a fast paced environment. Maybe the 1820 rule applies. So really a pragmatism down to your feet is really key, together with the teamwork. NH stays for honesty or the trust. That was saying without integrity, honesty or trust, large organization would fail.
