New poll shows almost half of respondents will significantly increase their effort in terms of their FX risk management over the next 12 to 18 months
SCOTTSDALE, Ariz., March 22, 2012 /PRNewswire via COMTEX/ -- FiREapps, the leading provider of foreign currency exposure management software, in collaboration with Treasury Strategies and Proformative, announced the results of its recent hot-topic FX poll study, which reveals that FX risk management is a strong focus for the majority of corporate financial professionals coping with the increased FX volatility brought on by the euro crisis.
According to the poll of over 400 multinational corporations, which was conducted during a recent Proformative webinar, sponsored by FiREapps, "Best Practices for Managing Currency Risk: Managing the Euro Storm and Beyond" and was attended by hundreds of senior corporate financial professionals across the globe, nearly 50% of respondents are actively involved in a euro-readiness plan, where only 12% decided not to address it and 19% have not started yet.
Beyond preparing for contingency events in the Eurozone, 46% of survey respondents are focused on expanding the scope of their overall currency risk management efforts over the next 12 to 18 months. In addition, over the next 12 to 18 months nearly 60% of survey respondents said that improving current processes was top of mind, and an additional 26% said that setting up a formal risk management process was a priority.
"These poll results are certainly a representation of what we have been seeing, which may not be common knowledge," says Wolfgang Koester, CEO at FiREapps. "A large amount of corporations are preparing for continuous currency volatility that impacts their financial statements. This often reaches beyond the Euro."
For Brent Callinicos, VP, Treasurer at Google, who was also a featured presenter at the webinar, foreign exchange was the first thing he focused on when he began his position in 2007. "You need to have this stuff down, otherwise you are constantly fighting fires and band-aiding," says Callinicos. During the presentation, Callinicos revealed that Google, a FiREapps customer, has benefitted from the use of FiREapps by being able to increase the effectiveness of its currency hedging program by over 98% over a very short period of time.
"Our clients have focused on the need to have exposure capture down to a science given market events that could occur. Too many companies rely on out-dated methods and technology for exposure gathering and analysis," says webinar presenter Laurie McCulley, partner at Treasury Strategies, an independent treasury management consulting firm and FiREapps partner. "Worries about the Eurozone reveal the urgency that treasuries have about addressing this problem."
"The Proformative community of CFOs and Treasurers has been abuzz around FX issues and the Euro crisis," says John Kogan, CEO at Proformative, a resource for corporate finance, accounting and treasury professionals. "These findings support the groundswell of peer-to-peer conversations we have seen on these topics."
To learn more about this webinar and view the recorded version, click here.
About FiREappsFiREapps, the leader in FX Exposure management, enables multinational corporations to identify, analyze and manage FX risk using fact-based collaboration. FiREapps has offices in New York, Chicago, Portland, and San Francisco, and is headquartered in Scottsdale, AZ.
About Treasury StrategiesTreasury Strategies, Inc. is the leading Treasury consulting firm working with corporations and financial services providers. Our experience and thought leadership in treasury management, working capital management, liquidity and payments, combined with our comprehensive view of the market, rewards you with a unique perspective, unparalleled insights and actionable solutions. Visit TreasuryStrategies.com for more information.
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