“Every company has different workflows when it comes to hedging. By working with FiREapps, we were able to design a customized workflow to meet our specific needs.”
Newell Brands, Inc. is a multibillion-dollar consumer goods company whose brands are used by more than 1.25 billion consumers.
Newell recognized the need to create a modern FX management program. Limited by their inability to collect data from numerous disparate ERP systems and outdated time consuming, manual processes, the small treasury team sought technology to enable a complex automated risk management program.
The Newell team threaded together best-in-class treasury technologies to customize an automated end-to-end exposure management workflow. FiREapps facilitated data collection for 38 ERP systems (including SAP), exposure consolidation, currency analysis, and reporting, as well as securely sending hedge recommendations to FXall for execution. FiREapps and FXall integrated with Kyriba to fully automate the hedge accounting process, resulting in significant process improvements, cost savings and risk reduction.
SAP and 37 other ERP systems, Kyriba, FXall
‣ The FiREapps-designed workflow automatically pulled data from 38 legacy ERP systems and 25 different business units
‣ The new workflow reduced cumulative foreign currency transaction net losses from $88 million (2013-2015) to less than $2 million in 2016; trading fees were reduced by $1. 3 million / year
‣ Newell now has visibility to and manages 14 additional currency pairs
‣ The notional size of the balance sheet hedging program increased from $800 million in 2015 to $2 billion today
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Download the FiREapps Newell Brands case study, which documents how FiREapps helped the organization better manage FX risk and improve efficiencies.
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