This is a YouTube video titled "Video 3 Do you need industry sector experience" containing a panel discussion from November 5, 2020, focused on the relevance of industry sector experience in treasury roles. Mike Richards moderates the conversation with multiple panelists who share their perspectives on the importance of industry knowledge versus transferable skills in treasury functions across different sectors.
And you made the natural move into building services. So how did that come about? Or was it just. Hang on, it's just treasury, it doesn't matter what industry. I mean, how do you feel about that? Remarks other panelists as well.
Yeah, well, indeed, it is rather treasury, basically, the industry is key because you need to understand it. Being a treasurer, because the service. I like to say that we provide services, the service might differ, but there is some routes, let's say really routes that remain, but you get to adjust to the business workflows and services which are required. Yeah, I made the move not because of the industry, because I wanted to add a nice opportunity with a new challenge and basically I wanted to grow as well in terms of responsibility and new projects. So that's the main reasons why I moved at that time. Not because I was passionate, particular really interested in the industry. I wanted to remain in the corporate environment. But yeah, so it's true that it's not a natural move. I didn't move to a competitor, but I remain in treasury nevertheless.
With some of our US clients, when we're dealing with them particularly, they say we want someone who has building experience and making that move, or FMCG and things like that. When I deal with a lot of European clients is less so they go. Actually, I want a really good treasury person that's had cash management or exposures or fx. I mean, just asking you as a panel, do you. Do you think it's of relevance to have sector experience or. It really doesn't matter. Treasury is treasury, wherever you are. Yes, it's useful. Or what are your thoughts?
Well, yeah, it depends what's behind treasury. Basically, if we talk about financing, probably the way financing is being organized is quite similar, let's say, across large multinationals. Now, when it comes to more specific feature like risk management, for example, this is a bit specific. For example, in the metals and mining industry, where I am for a long time now, you need to know a bit about different markets, which are pretty unusual, probably in the Amazon world or in the building world. So in a sense, yeah, if you want to be successful, at least you need to gather the skills to understand about that.
Just to comment on it. Basically, let's say if it's just to do copy paste, I wouldn't have really been eager to change because of course you have some, some fundamentals of your work. But let's say there need to be also the challenge to learn of a new business activity, but also maybe of other treasury requirements. So you always have, I think, a Foundation which might remain or might be duplicated from what you did before, and then the opportunity to learn and to exchange and to learn from the team, let's say, because it's not only top down learning, it needs to be also that you learn from your peers or from your colleagues. And I think, let's say the treasurer is not the only person working in the Treasury Department. So you are working with a team or you set up a new team. So it's important also to find the right skills in your team so that you can move on and build a new Treasury Department. You are, you are, let's say, required to do so. For me, let's say there need to be, let's say you cannot jump into the role with no knowledge at all. But let's say we all grew in our role and I think that's what makes it interesting and challenging when you move to a new company to get to know new things.
I think from my experience is that with the industry knowledge it helps to shorten your learning curve to get to your job and do it. But ultimately is your ability to learn and your attitude that kind of take it to the long, more of a long term view. I wouldn't say that I know everything about Amazon because we're everywhere and we've done a lot of things. But you've got to be able to learn, try to find ways to learn about this particular industry or that particular line of business very quick to help to address the needs, the risk assessment and funding, for example. So I think it's always, as these gentlemen mentioned, it's all learning curve, it all depends on. But I do believe it would help a great deal if you do have some background to get started quicker.
