Treasury Today Country Profiles in association with Citi

Winners, 2008 Adam Smith Awards

2008 Award Winners

Below is a list of the corporate Winners and Highly Commended of the Treasury Today Adam Smith Awards 2008. Scroll down to read about all the winners

Group photo of the 2008 Adam Smith Award winners.

Winners

Treasury Today’s Top Treasury Team, Winner – Etienne Deslauriers (Credit Mutuel), Olivier Bouillaud and Richard Parkinson.

Treasury Today’s Top Treasury Team

Winner: Olivier Bouillaud, Antalis

The overall winner is Antalis and Olivier Bouillaud led the team. The need to raise enough funds to strengthen its financial position and purchase Map Merchant was an unenviable task for Antalis, yet the required level of finance was raised with the support of some of Europe’s leading banks and the dedication of its entire treasury team. In addition to the case study we will be carrying an interview with Olivier in the September edition of Treasury Today. This was an impressive team effort and the Antalis treasury team won Treasury Today’s Top Treasury Team Award.

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Highly Commended:

SAP AG

Bank Relationship Management, Winner – Ben Fletcher, Richard Parkinson.

Bank Relationship Management

Winner: Ben Fletcher, The Procter & Gamble Company

In partnership with ABN AMRO, Procter & Gamble initiated an innovative Joint Internship Scheme. This scheme placed Procter & Gamble employees in the bank and vice versa, allowing both organisations to learn from one another and drive their relationship forward. This is easier to say than do with restricted confidential and commercial information on both sides that had to be inaccessible to the interns. The overall result is much lower error rates and vastly improved customer service at all levels.

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Highly Commended:

GE/TWIST

Global Liquidity Management, Winner – David Li (Citi), Elias Xilas (Citi), Pauline Haggerty and Richard Parkinson.

Global Liquidity Management

Winner: Pauline Haggerty, Marsh & McLennan

Marsh & McLennan Companies worked alongside Citi to create a highly-automated, multi-currency notional pooling system. This type of pooling is not easy to establish as multiple regulatory and legal issues have to be resolved. The new arrangement provides automated interest allocation and settlement. As a result, administration activities were reduced significantly while cash and debt management was eased through the accessibility of available funds on a global scale. The savings achieved have been very significant.

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Highly Commended:

Skandia Insurance Co. Ltd

Working Capital Management, Winner – Neil Gray (SWIFT), Tancrede Carpenter (JPMorgan), Roberto Rossetti (Telecom Italia) and Ernesto Simonetta (Telecom Italia).

Working Capital Management

Winner: Giovanni Cravero, Telecom Italia

Working in conjunction with JPMorgan, Telecom Italia set up a SWIFT connection to streamline its cross-border payments. All three of the available SWIFT corporate access models were used – Treasury Counterparty, MA-CUG (Member Administered Closed User Group) and SCORE (Standard CORporate Environment). Control of the data is automated by the bank’s back office and funds reach the beneficiary within minutes. Furthermore, any SWIFT message is stored and electronically available for the 10 years required by Italian law, as well as for internal and external auditing. Subsequently, Telecom Italia has benefitted from the sending of messages in a standard format as well as enhanced levels of traceability. Telecom Italia is the overall winner in this category.

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Highly Commended:

Knorr-Bremse AG

Outstanding Insourcing/Outsourcing, Winner – Julian Giliberti (Citi), Rebecca Wilson and Richard Parkinson.

Outstanding Insourcing/Outsourcing

Winner: Rebecca Wilson, Kimberly-Clark Corporation

Outsourcing may sometimes no longer be appropriate and Kimberly-Clark’s innovative insourcing of an in-house bank is a good example of this. The project involved the formation of an entirely new legal structure, bank account structure and the use of a treasury management system that would improve processes and efficiency. Working with their partner bank, Citi, the project was completed in less than a year.

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Highly Commended:

Standard Bank Offshore Group

Leveraging Corporate Debt Solutions, Winner – Mark Wyllie.

Leveraging Corporate Debt Solutions

Winner: Mark Wyllie, Central European Media Enterprises

CME’s in-house treasury devised an innovative call spread and convertible offering that successfully raised a total of $475m – a figure achieved through the use of four different banks. This was particularly impressive at a time when credit conditions were in such a volatile state and financing was difficult to come by. They are the outright winner in this category.

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Best SEPA Solution, Winner – Martin Runow (Deutsche Bank), Martin Schlageter and Richard Parkinson.

Best SEPA Solution

Winner: Martin Schlageter, Roche

By addressing the impact of SEPA early, Roche was also well ahead of the pack and able to reap the benefits of SEPA’s launch from day one. Roche is one of the few companies that, thanks to its co-operation with Deutsche Bank, has been seamlessly using SEPA Credit Transfers for all its entities across Europe from day one. Roche is the winner of the Adam Smith Award for The Best SEPA Solution.

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Highly Commended:

VocaLink

Effective Enterprise Risk Management, Winner – Jesus Angel Garcia-Quilez, Richard Parkinson.

Effective Enterprise Risk Management

Winner: Jesus Angel Garcia-Quilez, Abengoa

In looking to develop its operations on a global scale, Abengoa devised a solution that covered credit risk, liquidity risk, exchange rate risk and interest risk. They created a consolidated risk management process that provides a secure financial position and demonstrably enhances business results.

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Highly Commended:

Novelis AG

Mid-market Treasury, Winner – Michael McAdams.

Mid-market Treasury

Winner: Michael McAdams, Robbins & Myers Inc.

By working alongside JPMorgan, the company implemented a less fragmented treasury structure capable of meeting the company’s needs as it continued its European expansion. In reducing the number of banking relationships, achieving economies of scale and minimising the level of manually intensive tasks, Robbins & Myers was able to meet its requirements and establish a centralised treasury that had enhanced levels of control over its financial operations. In the process, they have established a structure as good as, or better than, many much larger companies, thus demonstrating what can be achieved if you work hard at getting the basics right.

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Harnessing the Power of Technology, Winner – Theresia Brink (Wall Street Systems), Ian Johnson and Richard Parkinson.

Harnessing the Power of Technology

Winner: Ian Johnson, Merck & Co., Inc.

Despite the competition from Volkswagen, the overall award goes to Merck. In conjunction with Wall Street Systems, Merck was able to reduce the number of banking relationships it maintained from 100 to three after upgrading to the treasury management system, Wallstreet Suite 7.1. This was a complex project but the rewards have been significant.

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Highly Commended:

Volkswagen

Highly Commended

Treasury Today’s Top Treasury Team, Highly Commended – Andreas Knopf (SAP), Jörg Wiemer and Richard Parkinson.

Treasury Today’s Top Treasury Team

Highly Commended: Jörg Wiemer, SAP AG

SAP created an automated statement collection solution for its worldwide bank accounts and improved the visibility of its cash positions across all 27 currencies. A reduction of workload and process complexity for staff, improved efficiency, cost savings and security enhancements are just some of the benefits they now enjoy.

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Winner:

Antalis

Bank Relationship Management, Highly Commended – Paul Burstein and Dennis Sweeney.

Bank Relationship Management

Highly Commended: Paul Burstein and Dennis Sweeney, GE/TWIST

General Electric and TWIST worked together to initiate the global standardisation of e-billing and the writing of the new international standard, the Bank Services Billing (BSB) standard. This standard, which is apparently being adopted somewhat reluctantly by other banks, dramatically improves a customer’s ability to get detail of all commission charges in a standardised form. Danske Bank say it has won business by offering to provide information on charges using the standard and GE/TWIST say several more banks are about to join Danske and Barclays, the forerunners, in offering information in this way. The BSB is already the billing standard of choice for many corporates but it looks like it is going to be several more years before it is universally available. Nonetheless the judging panel felt the initiative should be recognised.

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Winner:

The Procter & Gamble Company

Global Liquidity Management, Highly Commended – Claus Pahlke (Deutsche Bank), Ouisem Samoud and Richard Parkinson.

Global Liquidity Management

Highly Commended: Ouisem Samoud,
Skandia Insurance Co. Ltd

Liquidity management for Skandia had become hampered by the decentralised structure of its operations. In joining with Deutsche Bank, a multi-currency account platform was established that eased the initiation of domestic and cross-border payments and significantly reduced the number of banking platforms used.

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Winner:

Marsh & McLennan

Financial Supply Chain, Highly Commended – Fritz Philipps (Deutsche Bank), Sigurd Dahrendorf (Knorr-Bremse).

Financial Supply Chain

Highly Commended: Treasury Team, Knorr-Bremse AG

The effect on a company’s working capital of days sales outstanding exceeding days payable outstanding can be significant – especially as the company expands and sales grow. Knorr-Bremse made the decision to implement Deutsche Bank’s Supplier Finance programme to address this issue. This solution enabled each party to benefit: Knorr-Bremse had a better chance of agreeing longer payment terms with its suppliers, who then enjoyed access to additional funding at better rates, while Deutsche Bank gained transaction and factoring business from a well-rated company. The ability to customise the solution was also a big advantage for Knorr-Bremse.

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Winner:

Telecom Italia

Outstanding Insourcing/Outsourcing, Highly Commended – Jonathan Reynolds.

Outstanding Insourcing/Outsourcing

Highly Commended: Jonathan Reynolds,
Standard Bank Offshore Group

SBOG was looking for a means to improve its efficiency and STP rates, at the same time reducing operational risks and eliminating manual processes. HSBC was able to initiate a solution to meet its requirements through a combination of banking services and third party suppliers. Combining the use of a SWIFT service bureau with the outsourcing of activities, Standard Bank has seen a significant reduction in manual processes that have driven increased levels of efficiency within the company. This sort of outsourcing from one financial institution to another is becoming more common and we are beginning to see even big banks outsourcing some aspects of their back office processes. This is a particularly good example of this trend.

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Winner:

Kimberly-Clark Corporation

Best SEPA Solution, Highly Commended – Martin Wilson, Richard Parkinson.

Highly Commended: Martin Wilson, VocaLink

The January launch of the Single Euro Payments Area has been one of the largest developments in the payments arena for some time. One company that is ahead of the pack in achieving SEPA compliance is VocaLink. The creation of their euro Clearing and Settlement Mechanism was Europe’s first independent pan-European clearing payment service and has the versatility to allow banks, no matter what size, to benefit from a fully compliant, ready-made solution. VocaLink is the winner of the Highly Commended Award for The Best SEPA Solution.

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Winner:

Roche

Effective Enterprise Risk Management, Highly Commended – Ulf Gedamke (Commerzbank), Friedrich Floto and Richard Parkinson.

Effective Enterprise Risk Management

Highly Commended: Friedrich Floto, Novelis AG

Novelis currently has operations in 11 countries and wanted to manage its cash and risk management activities on a central basis. However, a number of obstacles had to be overcome, including the conditions of the company’s syndicated loan. Working with Commerzbank, Novelis overcame these to set up euro cash pooling and centralise its risk management activities.

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Winner:

Abengoa

Harnessing the Power of Technology, Highly Commended – Thorsten Brand.

Harnessing the Power of Technology

Highly Commended: Thorsten Brand, Volkswagen

World-renowned automobile manufacturer Volkswagen is the recipient of the Highly Commended title for Harnessing the power of technology. Technology consulting company BearingPoint took up the challenge of replacing Volkswagen’s diverse network of legacy systems, many of which were restricting the efficient operations of the company, in a process involving a combination of its ProvenCourse® methodology with Volkswagen’s SEP-SAPSM implementation technology. This was another complex project with impressive results.

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Winner:

Merck & Co., Inc.

Bright SOX award for good corporate governance, Highly Commended – Dharmendra Varma, Philip Pettinato (Reval) and Richard Parkinson.

Bright SOX award for good corporate governance

Highly Commended: Dharmendra Varma, Reval

SOX compliance demands that as well as ensuring that your own company is compliant, companies are also responsible for ensuring that their third party software providers comply with their controls. Reval has become Type II SAS70 compliant, the more stringent type of certification, making SOX compliance much easier for its clients. Previously each company auditor had to review individually Reval’s processes for SOX compliance.

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