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Revival of Global Supply Chain Seen Necessary to Emerge Strong from Recession in 2010
Leaders around the world must coordinate efforts, stifle growing protectionist sentiments and further engage in international institutions, assert experts at FCIB conference
Amanda Alexander, global head of talent for executive search firm Heidrick & Struggles, is interviewed about the battle of the top talent in the world in this video posted February 03, 2009.
Columbia, MD — December 9, 2009 — The global supply chain must revive and global trade pick up again before the world economy can hope to emerge strongly from the latest recession, according to speakers and experts at the recent annual conference of FCIB, an association of export credit and trade finance professionals.
At FCIB's 20th annual global conference, held November 15-17 at the Ritz-Carlton in Palm Beach, Fla., international credit and risk management practitioners began to prepare for the many challenges of 2010, including protecting accounts receivable and improving global trade practices to increase cash flow and boost the bottom line.
"I have never seen in my entire career an international environment as complicated or as vexing as the one we face right now, but we all know that we can't disengage from the rest of the world," said keynote speaker Daniel Christman, retired lieutenant general and senior counselor for international affairs with the U.S. Chamber of Commerce.
It took one of the worst recessions in history, but as Christman emphasized, it has never been more apparent that the economies of all countries are significantly interconnected, and the idea that the U.S. and Europe are decoupling has been proven false. This means leaders around the world will need to coordinate their efforts, stifle growing protectionist sentiments and further engage in international institutions like FCIB that work to support and advance global trade.
During the session "World Markets in Review — Through the Credit Manager's Lens," speaker Dan North, vice president of risk at Euler Hermes ACI and one of the country's most prominent economists, with a proven track record of predicting economic trends, illustrated how every time there has been a sharp spike in oil prices, it is followed by a recession. Due to this economic interconnectivity, it is vital in 2010 to restore or "fast track" international trade agreements and harmonize global response to avoid the large-scale consequences of rampant inflation, North said.
Furthermore, a chief obstacle for companies doing business internationally in the upcoming months will be to ensure timely collection of receivables in order to stay afloat. To establish an effective international credit policy, as addressed by speaker Russell D'Souza, director of global credit risk management at Hanesbrand Inc., the policy must be routinely updated in response to changes in the economy, market conditions and the competitive environment. Maintaining a sound credit department across borders may even require spending money on a translator to clarify policy and procedures so they can be enforced.
At FCIB's 20th annual global conference, held November 15-17 at the Ritz-Carlton in Palm Beach, Fla., international credit and risk management practitioners began to prepare for the many challenges of 2010, including protecting accounts receivable and improving global trade practices to increase cash flow and boost the bottom line.
"I have never seen in my entire career an international environment as complicated or as vexing as the one we face right now, but we all know that we can't disengage from the rest of the world," said keynote speaker Daniel Christman, retired lieutenant general and senior counselor for international affairs with the U.S. Chamber of Commerce.
It took one of the worst recessions in history, but as Christman emphasized, it has never been more apparent that the economies of all countries are significantly interconnected, and the idea that the U.S. and Europe are decoupling has been proven false. This means leaders around the world will need to coordinate their efforts, stifle growing protectionist sentiments and further engage in international institutions like FCIB that work to support and advance global trade.
During the session "World Markets in Review — Through the Credit Manager's Lens," speaker Dan North, vice president of risk at Euler Hermes ACI and one of the country's most prominent economists, with a proven track record of predicting economic trends, illustrated how every time there has been a sharp spike in oil prices, it is followed by a recession. Due to this economic interconnectivity, it is vital in 2010 to restore or "fast track" international trade agreements and harmonize global response to avoid the large-scale consequences of rampant inflation, North said.
Furthermore, a chief obstacle for companies doing business internationally in the upcoming months will be to ensure timely collection of receivables in order to stay afloat. To establish an effective international credit policy, as addressed by speaker Russell D'Souza, director of global credit risk management at Hanesbrand Inc., the policy must be routinely updated in response to changes in the economy, market conditions and the competitive environment. Maintaining a sound credit department across borders may even require spending money on a translator to clarify policy and procedures so they can be enforced.
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