Beyond well-known standards like ISO 20022, there are several lesser-known standards that play a crucial role in treasury management. ISO 31000 focuses on risk management guidelines that can be applied to treasury operations to enhance risk assessment and mitigation strategies. ISAE 3402 is another standard that provides assurance on the controls of service organizations, which is particularly relevant for outsourced treasury functions. Additionally, the Global Legal Entity Identifier (LEI) System is a standard that ensures transparency and helps identify legal entities in financial transactions, aiding in risk management and regulatory reporting. Incorporating these standards can provide a more comprehensive approach to managing a treasury engine by ensuring compliance, enhancing risk management capabilities, and improving transparency.
Key Takeaway: Lesser-known standards like ISO 31000 and ISAE 3402 enhance risk management and transparency in treasury operations.