Director Treasury & Credit Management

Job description

Country: Panama
Job Function: Accounting & Finance

State / Province: Panama
Position Type: Full time

City / Location: Panama City
Brand: adidas

Relocation: No

Somewhere, in one of our workshops right now, the future is taking shape. We are constantly working to redefine the way clothing and footwear transforms the pitch, court or course. This is what drives us: the feeling of discovery and the urge to innovate. When we create a product that makes our hearts beat faster, we know we’re onto something.

If this sounds inspiring, you might be one of us: Someone who loves to create the present, as well as shape the future. There’s a reason adidas has been at the forefront of defining sport for more than 60 years: We never stand still. Everyday, we work to improve everything we create.

At adidas, interesting, amazing and inspiring aren’t just ideas. They are what we do every single day.

Purpose : As a globally operation company, the LAM subsidiaries of adidas Group, with sales of over 1.6 B EUR and more than 90 bank accounts, are extremely exposted to currency, and interest rate risk. In particular, effective currency management is a key region priority and the aim is to mitigate the impact of currency fluctuations on the region’s assets & liabilities and cash flows.

The Treasury and Credit Management Director identifies and monitor financial and credit risk exposure and together with Group HQ uses hedging instruments with the primary objective to optimize the value of the Company’s net assets and cash flows and to minimize the Company’s after tax financial expenses. The TCM Director also leverages financial risk management skills across businesses and functions to advise on risk-related business issues.

The TCM Director also is responsible to ensure the region´s daily financial liquidity and that sufficient funds are available to operate the daily business on a regional basis and effectively negotiate rates to minize financial expenses/bank fees. To ensure daily liquidity, the region negotiates any daily operational cash shortfall with loans from the financial markets and invests any daily operational cash surplus in the financial markets in order to maximize profit.

Creit Management’s main purpose is to monitor the credit risk of the company towards its customer with the final aim to reduce the risk of A/R wirte-offs to a minimum. Together with local C&C Managers, the TCM Director should continuously monitor the credit limits for the current customers, perform credit investigations for the new customers and determines a credit rating.

Together with local Credit Management Managers, the TCM Director works together with local C&C team to provide regular reporting on the development of bad debts, open items and DSO at customer level to senior management, and calculate the effect of credit policies in working capital metrics.

Key Accountabilities :

Functional:

· Enable fact based decision by creating transparency on reporting of foreign exchanges risks, hedging status, currency development, expected net debt and interest result development.
· Negotiate with financial institutions to optimize rates/fees and minimize net financial expenses.
· Pro-actively communicate with financial institutions and Market LAM subsidiaries announcement of policies, instructions, information.
· Pro-actively communicate with Group Treasury new policies created by Central Banks/Tax/Custom regulators.
· Actively keep up to date with latest trends in foreign exchange markets.
· Identify improvement in management of financial transactions taxes in countries were implemented.
· Coach, guide and train other more junior or new treasury member from LAM countries
· Monitor standard cost preliminaries for future seasons and pro-actively communicate them with LAM markets
· Represent Group Treasury in local/regionl teams.
· Create new and improved working methods for entire processes and system (e.g. innovative new financial strategies and instruments, innovative solutions for risk mitigation, or funding sources)
· Manages standardized reporting and ad-hoc analysis in order to support financial strategies, such as currency exposure of funding solutions for market LAM subsidiaries.
· Promote and enforce accuracy of manually planned cash flows for LAM subsidiaries and arrange funding requested from internal or external sources.
· Cash Factory Project:
· Support consolidation/centralization of Latin America cash management operations
· Assist with the implementation of master bank structures, cross-border cash pools and standardized payment formats
· Ensure smooth operations of the day to day business, such as the issuance of guarantees and intercompany loans, by taking on ownership for related actions.
· Monitor opening /closure of bank accounts, incl. maintenance of records on Bank account manager.
· Management of credit risk for Key Accounts, Field Accounts, Buying Groups and Promotion Customers. At the same time, enforce credit policies, procedures and practices govermening overall credit operations.
· Develop solutions to lower A/R, maintaining strong cash flows thru efficient collections and innovative solutions. At the same time, forecast customer payments per month for an improved cash flow forecast.
· Continuosly monitor the development of credit limits and customers’s credit-worthiness
· Together with local C&C managers and markets FDs, obtain the best solution in the case of potential insolvenvies or overdue situation, while trying to limit the company’s exposure.
· Work independently along given guidelines
· Ensure presentation of complete solutions and efficient resources consumption.
· Determining continuous improvement in the everyday work and specific projects.
· Pro-actively communicate with all business and external contacts.
· Solid understanding of accounting and legal framework for financial derivatives and financial investments.

Control:

· Secure maximum profit in terms of cash.
· Ensure reports are delivered on time an with necessary quality to HQ.
· Check all forward and banking contract documentation.
· Monitor and enforce subsidiarises’s adherence to the group policies described in the Group Treasury Policy (M1)

Knowledge Skills and Abilities :

· Language Skills: Fluent in Spanich, English advanced, intermediate Portuguese level.
· IT Skills: Outlook, Word, Excel/PPT, and ERP advanced. Bloomberg desired.
· Strong communication skills for daily interaction with internal and external parties.
· Knowledge of financial term and local regulations for all markets in the region.
· Very good analytical skills, managing large data quantities from multiple sources.
· Excellent negotiation skills for direct interactions with financial institutions

Qualifications :

· University degree in Finance, Accounting or Economics
· Working knowledge of banking systems and Central Bank regulations is a must.
· 3-5 years of relevant work experience in Treasury related functions gained from banks and /or multinational companies.
· Experience in managing & developing people.