New level of systematic control over payment processes

Magnitogorsk Iron and Steel Works took part in the XVI International Corporate Treasurers' Forum organised by Prosperity Media Group and CFO-Russia.ru.

Maria Nikulina, Head of MMK's Financial Resources Department, gave a presentation on "How to build a system for controlling the payment process in a group of companies". MMK Group has a high level of professionalism in this area: payments are controlled by a unified corporate information system based on Oracle and the ATACH electronic document management system, an innovative development designed to manage EDI and corporate communications.

The effect of an integrated approach to building a control function is obvious - this includes reducing labour costs through automation and the creation of a continuous "chain" of payment request formation, and full transparency with the ability to control each stage of the business process, and completeness of data reflection in the system, eliminating the risk of missing checks and conducting payments outside the control environment, etc.

Other key topics at the forum include treasury risk management, new modelling and forecasting tools, commodity and currency risk hedging and financial project management.