Beyond Yield: A treasurer's guide to cash as an asset class

Your cash has a return. It also has a risk.

Every other asset on the balance sheet is judged on both. Cash should be no different.

Beyond Yield introduces a practical framework for evaluating institutional cash across security, liquidity, yield and diversification – and for comparing investments on the risk-adjusted basis they deserve.

Co-written by Kevin Cook, Co-founder & CEO, and James Skillen, CTO, TreasurySpring.

‍

What you’ll learn

• Same yield, different risk: why apparently similar cash investments can represent very different decisions.
• The policy trap: how “highest yield within policy” can become the default – and what that framework can miss.
• Risk-Adjusted Value: a practical approach using risk-weighted assets and the Basel Standardised Approach as a proxy for credit risk.
• Risk and return on one chart: an efficient-frontier view of deposits, MMFs and Fixed-Term Funds.
• The framework in practice: how sophisticated cash investors and treasury teams approach risk-adjusted decision-making.