Treasury management encompasses wide range of activities related to the issuance of debt, management of liquidity, investing financial assets for the purposes of reducing the financial risks. In this backdrop, the system requires benchmarking of the standard procedures in treasury operations.

Benchmarking in `Treasury Management' though not a new subject, has gained increased prominence in this decade. In today's business environment, the demand for more transparency, accountability and auditability are not only desirable but are compulsory. Understanding the concepts of `corporate governance' is increasingly important in the post-financial scandals of WorldCom and Enron. The Sarbanes Oxley-Act adds to the critical component in bringing compliance in corporate governance. In the UK, `The Turnbull Report on - Internal Control: Guidance for Directors on the Combined Code' and the recent `IT Governance' recognize the importance of corporate governance. The International Accounting Standards (IAS) in European Union and Basel II norms for supervising banking institutions worldwide also falls in the same lines.

At present, there is a huge push on corporate governance across the world. The regulatory bodies are emphasizing more towards corporate governance and are moving towards severe penalizing organizations for non-compliance and are holding the CEO and CFO accountable for their serious financial misconducts. With the increasing surveillance on corporate governance, in order to reduce costs and to have more control over information, companies are investing in a flexible and integrated approach to compliance management.

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