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News < Back Sarbanes Oxley : US Treasury Treasury Profession Changes with the Times Changing Roles and Responsibilities Continue for Treasury Management
"The changes in the profession over the past three years have never been more significant," said Jim Kaitz, President and CEO of the AFP. "Treasury professionals each day move trillions of dollars through the global financial markets and increasingly need to make decisions that are critical to their organization's performance. The Essentials of Treasury Management was developed by a panel of experts to reflect the significant roletreasury professionals take in their organizations and the global capital markets. Mastery of the best practices and roles defined in this work, as demonstrated through the CTP, ensures that professionals are prepared for the changing requirements of the profession." Under development for over two years, more that 40% of the information contained within the Essentials of Treasury Management is either entirely new or substantially revised. Five new chapters were created to reflect not only the treasury professionals' expanded role in areas such as working capital and corporate finance issues but also the introduction of new technologies as well as the increased regulatory environment and scrutiny. The new body of knowledge builds on the previous Essentials of Cash Management, while also capturing important trends, both evolutionary and revolutionary, that are shaping the treasury profession. Electronic commerce and globalization are examples of evolutionary trends, while the impact of legislation such as Sarbanes-Oxley and Check 21 are examples of revolutionary trends. Other new or expanded topics that are addressed include: Corporate Governance and Ethics; International Treasury Management; and Outsourcing. As the professional organization for the treasury and finance profession, the AFP seeks to define the standard within the profession through the development of the Essentials of Treasury Management. The body of knowledge provides the basis for The CTP. Sponsored by the Association for Financial Professionals, The CTP designation is the globally recognized industry standard for treasury and a requirement for a changing profession. More than 16,000 professionals have earned AFP's certification since 1986. The new Essentials of Treasury Management 1st Edition replaces the current Essentials of Cash Management 7th Edition. In addition, the AFP Learning System, AFP's self-directed line of training products for the financial professional, has also been updated to reflect the new information. Every three years, the AFP convenes a panel of industry experts and senior professionals that reviews and updates the body of knowledge to ensure that it encompasses the best practices within the profession. The process of developing the new and revised body of knowledge began with a committee of eight senior professionals who shared both their experience and insights to ensure that this new text was both up-to-date and easy to understand. Woody Johnson, CTP, vice president, US Bank NA, served as chair of the committee. To further ensure that the body of knowledge reflects the best thinking and a cross section from within the profession, a Treasurer's Panel of twenty- two current treasury professionals was later convened to review all the information prior to publication. This panel was chaired by John G. Oros, CTP, treasurer, Enodis Corporation and included treasurers, assistant treasurers and controllers. Additional information about the Essentials of Treasury Management can be found on the AFP homepage at http://www.afponline.org/essentials. The Association for Financial Professionals, headquartered in Bethesda, Maryland, supports more than 14,000 individual members from a wide range of industries throughout all stages of their careers in various aspects of treasury and financial management. AFP is the preferred resource for financial professionals for continuing education, financial tools and publications, career development, certifications, research, representation to legislators and regulators, and the development of industry standards. For more information about AFP visit http://www.afponline.org/. 
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