Step 1 – Build the Treasury Management System Team
First and foremost - ensure that you have executive support. The CFO or Treasurer must understand and believe the need for the new system is critical. They need to understand the complexities of the project and the critical nature of its success. Once on board, you can lean on him or her for support and resources. What you do not want, is to be in the process of selecting or implementing and at the same time explaining to the executives what you are doing. Get support before you move on. The lack thereof can be career-ending.
This is a large undertaking at best. It is critical that you get a solid project manager on board right from the beginning. The best project managers are those that bring a combined skill set of project management methodologies and treasury knowledge. As IT, Treasury, Accounting and other departments will be stakeholders you will need someone to manage the players to ensure timelines, approvals, and issue resolutions are met.
You will also need a proficient IT person who has an understanding of treasury concepts and a good grasp of technological advances. This will be a lengthy project, so secure someone who is solid.
Lastly, ensure that there is representation from each of the stakeholders. This would involve Treasury, IT, Accounting, Investor Reporting, etc. Make sure every and any department that will be touched by this project is represented. This involvement assures that the selection and implementation process will be clear, approved, and disciplined.
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