Liquidity risk is a key source of concern to every company. How much is enough? How much should firms pay for liquidity in terms of low yielding cash, expensive bank lines and incentives for customers to pay at an accelerated pace? These problems can, and should, be analyzed to develop a liquidity strategy in which the level of cash (locally and globally), the amount of bank lines and receipt and payment terms are optimized for a company’s circumstances. Do you apply such discipline to your liquidity management process?