266th FMSC attends annual German banking symposium

Photo By 94th Airlift Wing | Financial managers from the 266th Financial Management Support Center, the Deutsche Bundesbank and the European Central Bank congregate during the third annual Banking Speaker Series in Frankfurt, July 24. The annual symposium focused on the exchange of banking information, strategies and current events impacting the international financial sector. (Photo courtesy of the 266th FMSC)  

KAISERSLAUTERN, GERMANY

07.24.2015

Courtesy Story

21st Theater Sustainment Command

KAISERSLAUTERN, Germany – Twenty financial experts from the 21st Theater Sustainment Command’s 266th Financial Management Support Center took advantage of a unique local-national professional development opportunity July 24.

The 266th delegation, comprised of Soldiers and Department of the Army civilians from both its headquarters element in Kaiserslautern and its Benelux finance office at Supreme Headquarters Allied Powers Europe in Belgium attended the third annual Banking Speaker Series, hosted at the Deutsche Bundesbank’s central office in Frankfurt.

Established as the central bank of the Federal Republic of Germany in 1957, the Deutsche Bundesbank, or DBB, is an influential member of the European system of central banks. The European Central Bank, or ECB, was established in 1998 as the central bank for the euro that administers monetary policy for and maintains price stability within the Eurozone, a conglomeration of 19 European Union states. Business partners from the DBB, ECB, and soldiers from the German Bundeswehr attended the gathering with the 266th FMSC cohort.

The annual visit focused on the exchange of banking information, strategies and current events impacting the international financial sector. The FMSC contingent participated in the facilitated discussions.

David Milleker, chief economist of the Union Investment, delivered a presentation on the outlook and challenges for the global economy, with special reference to post-crisis European Monetary Union. He provided the group insights on the Greek debt crisis and implications for potential national actions.

"Banking support has become an integral part of financial management operations,” said Capt. Juan Pratts, a banking officer with U.S. Army Europe. “The training here today provided our financial management forces a more in-depth understanding of the host-nation banking systems and how institutions like the Deutsche Bundesbank are the cornerstones for providing the instrument of economic power during military operations.”

Milleker’s insight helped the 266 FMSC Soldiers understand the euro rate and other factors impacting the market. U.S. Soldiers stationed in Europe take note of economic changes when the cost of living allowance, or COLA, fluctuates as indicated on their leave and earnings statements.

Nicole Schliffer-Willwacher of the Hauptreferent Business Continuity Management Organization stressed the importance of business continuity management, especially in cases of crisis. She examined the elements of a crisis: threat to an organization, element of surprise and short decision time. She later helped the group explore the three principles of business contingency management and how they could be implemented: resilience, unaffected by most disasters; recovery, restoring critical functions of an organization; and contingency, capability and readiness to cope with unforeseen factors.

"It is imperative that we are postured to carry out any mission, seamlessly, in a short time-period,” said Spc. Lalit Pant, a disbursing agent for the 266th FMSC. “Ms. Schliffer-Willwacher’s presentation provided us with a general framework on how to be mission ready at all times without disrupting the day-to-day operation of the organization."

The 266 FMSC plans to adopt these concepts and strategies to better its operational performance if such adverse situations should arise.

The last presenter, Michael Leuthner, a management consulting partner for the Deutsche Bundesbank, provided assistance to deter and thwart fraud. The internal control section of the 266th FMSC found the information extremely helpful, as he assisted the group in determining the necessary framework to mitigate risk for companies and organizations. The presentation examined infamous fraud cases.

Next, the attendees worked together to analyze the warning factors that led to the crisis. They subsequently evaluated the effectiveness of each company’s response.

According to attendees, the banking symposium is yet another example of the long-established partnership the U.S. Army continues to mold with its host-nation banking partners and the German Bundeswehr.

The 266th FMSC continues to plan additional training and educational opportunities with the European banks and the Bundeswehr’s financial management soldiers.

• Date Taken: 07.24.2015
• Date Posted: 08.04.2015 04:48
• Story ID: 172040
• Location: KAISERSLAUTERN, DE