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Navigating Financial Risk Management in Global Collaborations with Foreign Institutions

Join us for an insightful presentation by Bob Stemple and Peggy Bartek on financial risk management with foreign institutions. Learn how to set clear expectations, deliverables, and scope in international research agreements. Explore vital aspects such as assessing collaborators, financial systems, and the cultural dynamics of global partnerships. Discover strategies to manage risks associated with fluctuating exchange rates and contractual language. Gain practical insights into types of agreements and effective communication, ensuring successful collaborations that adapt to environmental factors.

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Navigating Financial Risk Management in Global Collaborations with Foreign Institutions

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  1. Financial Risk Management with Foreign Institutions From a Central and Departmental ViewPresented by: Bob Stemple, Associate Director Research RevenuePeggy Bartek, Sr. Grants Administrator MGH Center for Global Health

  2. Setting Expectations • Specific deliverables • Scope • Communication • Cultural Who? What? Where? When?

  3. Assessing Collaborators • Financial systems • Technical expertise • Environmental factors (economic, geographical) • Past performance, questionnaires

  4. Building an Agreement • Clear deliverables • Contractual language as protection for all parties • Managing risk, never eliminating it • Engaging local counsel • Third parties – NGOs, hospitals, universities

  5. Types of Agreements • Fixed price – what happens when currency fluctuates? • Milestones – what happens when milestones are not met? • Custom agreements

  6. Managing Risk - Ongoing • Fluctuating exchange rates – who takes the hit? • COMMUNICATION! – local and foreign • Roles and responsibilities – collaborator and foreign PI • Training for local administrators • Petty cash at foreign sites

  7. Worldwide Research Dealing with Exchange Rates

  8. Subcontract from a hospital in SpainContract states to be invoiced and paid in U.S. Dollars

  9. Subcontract from a hospital in SpainContract states Budget in Euros

  10. Confused? It only gets worse!

  11. Subcontract from a hospital in SpainContract states to be invoiced in Euros

  12. Do of any of these pieces make sense?

  13. Subcontract from a hospital in SpainContract states to be invoiced & paid inEuros

  14. Subcontract to a hospital in JapanContract states to pay in Japanese Yen

  15. The money will fit together with the research, if we work together as a team!

  16. You CAN control the research, you CAN’T control the world economy.Be sure to negotiate to get terms in US Dollars

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