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Insight to All Things Currency and Treasury Management

The latest in a long list of award-winning clients, Newell Brands was recently named a Technology Excellence finalist for Treasury & Risk’s 2018 Alexander Hamilton Awards.

Starting from Scratch: Complete FX Automation

 
Recognized for its automated FX program, Newell Brands, a multibillion-dollar consumer goods corporation, enlisted FiREapps to help overhaul its manual process to build an automated workflow for balance sheet management. This new, automated program pulls data from 38 different ERP systems and 25 business units.

By automating its FX program, FiREapps helped Newell:

  • Lower cumulative foreign currency transaction net losses from $88 million to less than $2 million
  • Reduce annual trading fees by $1.3 million
  • Gain greater visibility into 14 additional currency pairs
  • Increase the notional size of the balance sheet hedging program from $800 million to $2 billion

 

Find out how Newell revamped its entire currency risk management program in less than one year: Download the FiREapps Newell Brands Case Study now.

A History of Award-Winning FX Improvements

 
FiREapps has a longstanding tradition of delivering best-in-class, award-winning FX risk management programs to its clients.

Other award-winning clients include:

 

Ericsson

Ericsson lacked insight into exposure creation and had to deal with a complex currency environment that included operations in nearly every country.

With the help of FiREapps, Ericsson realized $2 million in annual savings and reduced FX-related risks by 30 percent.

The new program resulted in Ericsson winning three prestigious awards: a 2017 Alexander Hamilton Award for Financial Risk Management, the 2017 TMI Award for Innovation & Excellence for Risk Management, and a 2016 Adam Smith Award for Best Foreign Exchange Solution.
 

Dow Corning

Dow Corning previously relied on a manual FX process that was resource-intensive and subject to error. Additionally, its multicurrency accounting environment was decentralized and did not provide adequate visibility.

FiREapps helped Dow Corning realize an annual savings of $5 million and reduce the amount of time spent managing its currency risk by 600 hours.

FiREapps helped Dow Corning develop a 3x award-winning FX risk management program. Awards include a 2014 Alexander Hamilton Award for Financial Risk Management and a 2014 TMI Award Corporate Recognition Award for Risk Management. Dow Corning was also noticed as a highly commended winner for the 2015 Adam Smith Award for Risk Management.

Behind each award-winning FX program, is an automated process that eliminates errors and reduces risk and cost. Find out if automated FX is right for your company.