2016年-德勤全球_2016_global_foreign_exchange_survey_22页_3mb

Deloitte 2016 Global Foreign Exchange Survey Summary

Core Content

The Deloitte 2016 Global Foreign Exchange Survey provides an in-depth analysis of the challenges corporations face in managing FX risk, the effectiveness of their hedging strategies, and the role of technology and board visibility in this process. The survey highlights the evolving nature of FX risk management in the context of global economic uncertainty and changing regulatory environments.

Main Challenges in FX Risk Management

• Lack of visibility is a major issue, with nearly 60% of respondents reporting it as a challenge. This is due to the complexity of FX exposures and inadequate investment in automation.
• Many organizations rely on manual processes for exposure quantification, leading to late and unreliable forecasts.
• Inaccurate forecasts, poor communication, and non-transparent exposures are identified as the top three sources of hedging ineffectiveness.
• Treasurers need to be involved in IT and cash-flow forecasting projects to ensure better integration and visibility.

Board Visibility and Reporting

• Only 37% of respondents believe that FX exposures and risk management performance are clearly quantified and reported to the board.
• Board challenges include the limited use of natural hedging and netting, with only 58% using natural hedging and 46% using netting.
• Reporting to the board is often limited to basic metrics (e.g., FX exposures, gains/losses), with less than 25% providing sophisticated analysis (e.g., VaR, stress tests).
• There is an opportunity to improve reporting by incorporating more detailed and strategic metrics aligned with financial and business goals.

Treasury Structures

• 93% of respondents use a centralized model for FX risk management, often with regional centers supporting the central function.
• Centralized models report more benefits and fewer challenges compared to decentralized models, although both can be effective.
• Decentralized models may offer greater responsiveness and local market awareness, but centralized models provide more oversight and clearer responsibility.

Hedging Objectives and Strategies

• Hedging objectives are mainly focused on reducing income statement volatility and protecting cash flows.
• Rolling hedging strategies are the most common, with 59% using them, and about half incorporating layering to achieve an "average" rate.
• Ad-hoc hedging is used by 33% of respondents, particularly in the Energy & Resources and Consumer & Industrial Products industries.
• Translation exposures are hedged less frequently, with only 8% of respondents hedging foreign earnings.

Natural Hedging Opportunities

• Only half of respondents use natural hedging techniques such as netting and exposure matching.
• Derivatives are the primary tool for hedging, with FX forwards and FX swaps being the most commonly used.
• Options and collars are used by fewer respondents, possibly due to premium costs and lack of expertise.

Use of Technology

• 44% of respondents do not use a Treasury Management System (TMS) for FX risk management.
• Manual forecasting is still prevalent, with over 60% using manual processes.
• Technology integration is seen as a key enabler for better FX risk management, but many organizations face limited interconnectivity and inadequate automation.

Accounting Treatment and Hedging Strategies

• Accounting policies influence hedging strategies, though not routinely.
• 20% of organizations have accounting policies that drive hedging decisions, while 17% say they have no impact.
• Treasurers often adjust strategies to avoid undesired accounting results, highlighting the need to balance economic and accounting objectives.

Key Findings Summary

Conclusion

The survey underscores the importance of improving visibility, leveraging technology, and enhancing board reporting in FX risk management. While centralized models are more prevalent, decentralized models can also be effective if managed properly. Corporations should consider integrating natural hedging and better analytics into their strategies to optimize value and reduce costs.

Contacts

• Melissa Cameron (Global Treasury Leader): mcameron@deloitte.com, +1 415 706 8227
• Karlien Porre (UK Treasury Partner): kporre@deloitte.co.uk, +44 20 7303 5153
• Steven Cunico (Australia): scunico@deloitte.com.au, +61 3967 1702
• Kristine Dooreman (Belgium): kdooreman@deloitte.be, +32 2 800 2651
• Paul Lech (Canada): plech@deloitte.ca, +1 416 643 8037
• Floyd Min Qian (China): flqian@deloitte.com.cn, +86 21 2316 6585
• Michael Vestergaard (Denmark): mvestergaard@deloitte.dk, +45 2030 4990
• Corrine Sanchez (France): cosanchez@deloitte.fr, +33 140888437
• Volker Linde (Germany): vlinde@deloitte.de, +4921187722399
• Muzammil Patel (India): muzammilpatel@deloitte.com, +91 22 6185 5490
• Pieter Burger (Ireland): piburger@deloitte.ie, +35 03 1417 2446
• Kaoru Ito (Japan): kaito@tohmatsu.co.jp, +81 804 597 4232
• Irshad Jooma (Middle East): jjooma@deloitte.com, +97145064928
• Monique De Waal (South Africa): modewaal@deloitte.co.za, +27 11 304 5417
• Benny Koh (South East Asia): bekoh@deloitte.com, +65 6800 2266
• Alejandro Gonzalez de Aguilar (Spain): agonzalezdeaguilar@deloitte.es, +34 91 443 2552
• Davina Bradley (Switzerland): davbradley@deloitte.ch, +41582798090
• Jeroen Jansen (The Netherlands): jerojansen@deloitte.nl, +31 (0) 88 288 5928
• Dino Nicolaides (UK): dinicolaides@deloitte.co.uk, +442070074568
• Niklas Bergentoft (US): nbergentoft@deloitte.com, +1 203 905 2859
• Richard Brooks (US): rbrooks@deloitte.com, +13124864364
• John McNally (US Tax): jmcnally@deloitte.com, +1.312.486.3141
• Stephen Weston (UK Tax): sgweston@deloitte.co.uk, +442070074568

For more information, visit www.deloitte.com/us/globalfx.