London, Eng., February 16, 2017 — Treasury Management International (TMI) announced today the winners of the annual 2016 Corporate Recognition Award for Currency Risk Management . We would like to congratulate Magnus Attoff, the Head of Financial Risk Management & Operations at Ericsson who won in the Risk Management category. This prestigious award recognizes innovation and excellence in finance and treasury innovation, process and practice. This is the second time the finance team at Ericsson has won an award. Ericsson joins the ranks of numerous other award-winning FiREapps clients who have claimed 13 awards to date.
Ericsson has always had to deal with a complex currency environment. As a telecommunications company with operations in 180+ countries, Ericsson’s currency exposures are huge. Over time, Ericsson built a successful but complex currency risk management program. However, increasing scale, market volatility and incomplete data could put even world-class treasury teams at risk.
Without accurate, complete and timely (ACT) data, the exposures you identify and the strategic decisions you make are grounded in bad data (for more on ACT data, read our earlier blog post “In Currency Risk Management, Garbage in = Garbage out.”) Today, FiREapps enables Ericsson to capture exposure data and allows for 70 team members worldwide to collaborate based on a single truth: better data. As a result of using FiREapps, Ericsson sees savings of $2 million annually and has reduced their risk by over 30 percent. For more information on Ericsson’s currency risk management solution, read the case study.
We would like to congratulate award recipients in all other categories and extend our thank you to TMI for hosting the Corporate Recognition Awards. During times of great uncertainty, it is important to shed light on the need for innovation that drives process changes and allows for treasury and finance teams to overcome any and all obstacles.