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Financial Risk Mentoring Programme

Background


Understanding currency risk and implications of non-Eurozone trade is a key component of doing business in international markets. The continuing uncertainty surrounding Brexit is causing fluctuations in foreign exchange rates, clients must have a strategy in place to mitigate the negative effects of these fluctuations. Over half of the companies who responded to our 2018 Brexit Barometer (52%) do not have a hedging strategy in place. 63% of respondents working for companies with ˂ €1m total annual revenue have not identified the risks and exposures to currency fluctuations as a result of Brexit.

 

Objective


The objective of this programme is to help identify the key challenges that clients are currently facing in terms of financial risk. In addition to Brexit advice, the mentoring programme will provide support to clients in developing a Foreign Exchange strategy, a treasury management plan and help clients to review exiting policies.

 

Format


Each client will receive a one-to-one consultation with a banking and finance specialist over two days split between on-site and off-site contact. The purpose of the consultations will be to:

  • Undertake a review of all aspects of a company’s banking activity (from overdraft compliance and foreign exchange to establishing the correct financing structures and other ancillary facilities)
  • Identify areas requiring immediate action
  • Identify areas for possible cost savings

 

Output


The output from this mentoring programme will be a plan of specific actions to be taken in order to:

  • Reduce and mitigate identified risks
  • Benchmark cost of business against current best practice e.g. overdraft rates, loan borrowing rates, bank charges, credit card charges, etc.) and
  • Assist the company in initiating contact with their banks to progress all matters favourably and promptly.

Support

If you would like to find out more about the Financial Risk Management Mentoring Programme, please contact shane.hamill@bordbia.ie.

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