FiREapps Publishes Best Practices for Managing Currency Exposure

 

Industry Veteran, Wolfgang Koester, Shares Guidelines for Establishing Ownership, Processes and Accountability to Mitigate Foreign Exchange Risks  

 

SCOTTSDALE, Ariz. —January 8, 2007 — FiREapps, the leading technology provider of Exposure Management solutions, today announced the availability of the company’s report on “Best Practices for Managing Currency Exposures.” This report provides an in-depth discussion for finance and accounting executives to examine their foreign exchange operations and set policies and processes to mitigate risks.

Unlike other areas of accounting and finance such as Accounts Payable, Accounts Receivable and Cash Management, where colleges and universities have established curriculum and training courses, there is little structured education and training for foreign exchange managers. Instead, managers of foreign exchange must learn on the job, where the consequences of making mistakes can be severe.

This report details today’s best practices for managing currency exposures including:

  • Requirements for a Foreign Exchange Business Process Owner responsible for policy compliance and maintenance

  • Setting and maintaining a corporate currency risk management policy

  • Obtaining multi-disciplinary buy-in and authority from top management for the

    end-to-end foreign exchange exposure management process

  • Creating a snapshot of foreign exchange exposures and potential impact of banking actions or currency changes

  • How to make timely optimal decisions based on established policies and current market conditions

  • Communicating the implications of currency management decisions with all of the departments and regional offices that are impacted by currencies

  • Building a single platform to communicate and measure the corporation’s exposure and, ultimately, the risk

  • Establishing achievable performance benchmarks to ensure measurability and accountability

 

About Koester

Koester is the CEO of Rim-Tec, Inc. which operates FiREapps, the leading foreign exchange exposure technology firm. Koester has been managing risk for Fortune 100 companies as well as governments, including G-10s, since 1986. Prior to forming Rim-Tec, Koester served as President with GFTA Trendanalysen Inc., a quantitative currency manager. Koester holds a Bachelor of Science from Arizona State University and a Master's Degree in International Management from The Garvin School of International Management.

About FiREapps
FiREapps, a subsidiary of Rim-Tec, Inc., is the leading technology provider of Exposure Management solutions. FiREapps delivers the market's only end-to-end solution that evaluates foreign exchange exposures and optimizes decisions to reduce economic risk and operational inefficiencies. FiREapps' optimized decision making processes are supported by comprehensive analytical capabilities and patent pending Decision Management Technologies. An on-demand solution based on proven best practices for managing foreign exchange exposures, FiREapps is highly accurate, user friendly and easily tailored to meet individual corporate needs. FiREapps has offices in Scottsdale, Arizona and Portland, Oregon and can be visited online at www.fireapps.com.