Adam Smith Awards 2013 Top Treasury Team winners

Adam Smith Awards 2013 winners

Overall and Highly Commended Winners

The calibre of entries for the 2013 Adam Smith Awards was extremely high, with 214 entries spanning 25 countries and with every continent represented. Scroll down to read about all the winners.

Overall Winners

Jose Luis Marti, Microsoft, Lesley White, Bank of America Merrill Lynch, Jim Scurlock, Jayna Bundy, David Munier and Anita Prasad from Microsoft

Treasury Today’s Top Treasury Team

Winner: Anita Prasad, Pankaj Gudimella and Jayna Bundy, Microsoft

Microsoft

This submission covered the broad and innovative journey of the Treasury Capital Management (TCM) team at Microsoft from developing electronic visibility into its global cash to achieving the ability to move money across multiple banks and countries seamlessly and, now finally to using this rich and complex electronic data set to drive compelling business intelligence. This has enabled the TCM team to earn the trust of its partners and to grow treasury’s strategic impact. Truly a team effort generating over 4 x ROI and a worthy winner of this year’s Top Treasury Team accolade.

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Angela Berry and Maeve Robinson, Omnicom Group

Treasury Today Woman of the year

Winner: Maeve Robinson, Omnicom Group Inc.

Omnicom Group Inc. logo

Maeve was nominated by John Voorhis, Director of Treasury Operations at Omnicom. She has demonstrated considerable commitment to the success of the company during close to a 20-year career. Maeve is specifically responsible for all treasury operations across North America but, as you will see from the case study, much more too. Maeve is a deserving winner of this new Award in 2013.

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Richard Parkinson and Jim Colby, Honeywell

Judges’ choice

Winner: Jim Colby, Honeywell

Honeywell

Anyone wishing to know what Dodd-Frank is all about should call Jim Colby. Honeywell, along with a handful of other companies, played a lead role for the industry in obtaining significant Dodd-Frank regulatory reporting relief. They even testified before the US House Committee on Agriculture that resulted in the introduction of HR 634 in Congress, a bill that would, if enacted, exempt non-financial end users from margin requirements on hedging transactions with banks. Our judges thought this was worthy of a special mention and is, therefore, their 2013 Judges’ Choice winner.

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Patricia Greenfield, AstraZeneca and Richard Parkinson

Lifetime Achievement Award

Winner: Patricia Greenfield, AstraZeneca

AstraZeneca logo

This is a special Award this year to recognise the contribution that Patricia Greenfield has made to the industry over a career spanning 40 years. Having battled her way from being a ‘runner’ on the male-dominated discount house trading floors to the Head of Treasury at AstraZeneca, Patricia has gained an invaluable, and rarely matched, experience across a wide range of industries. Patricia is due to retire shortly and Treasury Today felt such a career should be celebrated and recognised. We are, therefore, delighted to make this Award to Patricia.

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Royston Affonso, HSBC, Ciar Timon, Honeywell and Steve Duranti, BNP Paribas

First Class Bank Relationship Management

Winner: Ciar Timon, Honeywell

Honeywell

This solution showcases how Honeywell has worked with its two key banks in the Middle East to support its expansion in the region, particularly for their Automation and Control Solutions Strategic Business Group. The manner in which Honeywell worked with their partners in the UAE and Saudi Arabia are key components of the solution.

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Brice Zimmerman, Novartis, Marc Espagnon, BNP Paribas and Peter Zumkeller, Novartis

Best Cash/Liquidity Management Solution

Winner: Finance Transformation Programme, Novartis

Novartis

The main objectives addressed in this pan-European solution were effective financial risk management and to provide financing and financial services to the operating businesses of Novartis. The solution involves three main banking partners in Europe, improved cash forecasting through system based processes and standardised bank interfaces and file formats.

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Ben Street and Michal Kawski, Gazprom Marketing & Trading

Best Short-Term Investment Strategy

Winner: Michal Kawski, Gazprom Marketing & Trading

Gazprom Marketing & Trading

This is an in-house solution utilising credit and treasury team expertise to deliver STP and top-class exposure reporting across its TMS and Risk Reporting software. The solution has given Gazprom Marketing & Trading the ability to safely maximise returns on cash investments which have increased from £12 billion in 2012 to £22 billion in 1Q13 alone.

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Fabio Sarao, Deutsche Bank, Josiane Farronato and Martin Schlageter from Roche

Best AP/AR Solution

Winner: Martin Schlageter, Roche

Roche

This is an Accounts Payable solution which utilises Roche’s In-House Bank with its bank’s ‘Virtual Account’ solution. Starting with Estonia initially but then rolled out to assorted countries and more than ten affiliates around the globe during the next 12 months. Read how Roche is making use of ISO 20022 XML and SEPA to support its IHB solution.

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Steven Elms, Citi and David Swainston, Procter & Gamble

Best Card Solution

Winner: Steve Ader, Procter & Gamble

Procter and Gamble

P&G operates in approximately 75 countries worldwide so it needed the services of a global bank to deliver a robust prepaid debit card solution. This forward-thinking initiative has led to dramatic cost savings measured at an estimated 65% for the company.

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David Johnson, Toyota Financial Services collecting on behalf of Sylvia Baharet

Best Financing Solution

Winner: Sylvia Baharet, Toyota Financial Services

Toyota Financial Services logo

The Debt Capital Markets (DCM) team at Toyota Financial Services substituted a seven-year benchmark deal of $750m with an equivalent maturity profile in structured notes. They realised cost savings of $29m. Read how Toyota Financial Services achieved this.

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Richard Parkinson and Jayna Bundy, Microsoft

Best Risk Management Solution

Winner: Debdatta Banerjee, Jayna Bundy and Chase Johnson, Microsoft

Microsoft

Foreign currency options are one of the most challenging asset classes to match on an electronic platform due to the sheer variability of the matching criteria. This is particularly true when the manual confirmation of thousands of FX option trades represents over $100 billion in notional exposure processed each year. Read how Microsoft mitigated this risk.

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Damjan Stukelj, adidas Group

Best Process Re-engineering Solution

Winner: Damjan Stukelj, adidas Group

adidas Group

This solution forms part of the adidas Group’s Driving Route 2015 campaign which it launched in 2010. The motto of this campaign is ‘simplify to the max’. See how adidas has re-engineered its processes and why several of its peers are now contacting them for benchmarking purposes.

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Pierre de Montessus, Bank of America Merrill Lynch, James Koh and James Westerby-Jones from Vertu

Best MME/SME Treasury Solution

Winner: Vertu, James Koh

Vertu

In less than six months Vertu established a fully functional global treasury operation from scratch to support its business across its regional offices, flagship stores and worldwide distribution. China, which comprises more than 50% of its market, was a key component to the solution it implemented.

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Lewis Jones, The Automobile Association and Maurice Cleaves, Barclays

One to Watch

Winner: Lewis Jones, The Automobile Association

The Automobile Association

The AA interacts with 15 million people across the UK. This solution, which is moving The AA towards a paperless environment by removing cash and cheques as much as possible, enables their customers to send money using just a mobile phone number.

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Onkar Liddar and Scott Ahlstrom from Accenture

Best in Class Benchmarking

Winner: Scott Ahlstrom and Onkar Liddar, Accenture

Accenture

The Treasury Transformation project has been an overwhelming success for Accenture. Despite the challenges of implementing an initiative on such a large scale, the company now has a robust, flexible and scalable solution to support its rapid growth trajectory and optimise cash and risk management, particularly in the emerging markets. KPIs have been introduced to benchmark performance.

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Cormac Donohoe, Citi and Stuart Kirk, Xerox

Best Foreign Exchange Solution

Winner: Stuart Kirk, Xerox

Xerox

Xerox wanted a rules-based solution which was transparent and easy to implement and which would more closely align its hedging programmes with its exposures thus reducing the period-on-period impact of FX volatility on its bottom line. Xerox’s bank responded with an innovative dynamic layered hedging model.

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Adam Smith Awards 2013 – Winner, Ping Chen, Pfizers

Asia Pacific Regional Award for Best Practice

Winner: Ping Chen, Pfizer

Pfizer

Pfizer has a strong presence in the Asia Pacific region with operations in 15 countries and territories. This solution showcases an ambitious treasury transformation initiative that has moved them from managing treasury operations from a complex multi-format, multi-system platform to an efficient centralised, single format, single system structure with some impressive results.

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Highly Commended Winners

Andrew Marshall, Alex Fiott, Patricia Greenfield and Cristiane Candeloro from AstraZeneca

Treasury Today’s Top Treasury Team

Highly Commended: Patricia Greenfield, Cristiane Candeloro, Alex Fiott and Andrew Marshall, AstraZeneca

AstraZeneca logo

Over the past 12 months the Treasury Team at AstraZeneca has delivered on a significant number of projects and operational activities that have ensured their operations continue to be amongst the most efficient, automated and reliable in the corporate treasury domain. Hear how they achieved this using a LEAN review, Zero Tolerance on Manual Processes (ZTMP) and quarterly ‘Boot Camps’.

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Marie-Astrid Dubois

Treasury Today Woman of the Year

Highly Commended: Marie-Astrid Dubois, Honeywell

Honeywell

Marie-Astrid was nominated by John Tus, VP and Treasurer at Honeywell. We also received several supporting statements from her colleagues, banking partners, consultants, subordinates and peers; all very complimentary. She is described as a ‘leading light in the international corporate treasury field’ and a ‘treasury ambassador’. Read why.

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Rob Harrington, HSBC, Ben Haislip, Coca-Cola Enterprises and Steven Elms, Citi

First Class Bank Relationship Management

Highly Commended: Ben Haislip, Coca-Cola Enterprises

Coca-Cola Enterprises

Coca-Cola Enterprises (CCE) streamlined its Western European banking structure by consolidating from ten banks down to five with two primary banks selected. Host-to-host connectivity using ISO 20022 XML, full integration with CCE’s ERP system (SAP), improved STP, BIC/IBAN and SEPA all feature in this impressive solution.

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David Johnson, Toyota Financial Services

First Class Bank Relationship Management

Highly Commended: David Johnson, Toyota Financial Services

Toyota Financial Services logo

The principal commodity that Toyota Financial Services uses every day is bank credit and in recent years the size of its multi-year credit facility has grown to $13 billion, one of the largest in the US. This case study highlights how Toyota Financial Services engaged with its core banks to better understand the impact of Basel III on its ongoing relationships with its banks from a lending perspective.

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Maris Zutis, Dematic and Kateryna Yelisova, J.P. Morgan

Best Cash/Liquidity Management Solution

Highly Commended: Maris Zutis, Dematic Group

Dematic

This solution is a great example of how a global cash management system can be designed to work 20 hours a day starting from opening of the day in Australia to end of day in the US. The solution has a simple aim; to ensure that cash is always available in the right place, at the right time and in the right currency to meet the company’s payment obligations.

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Martin Cussen, Gilead Sciences collecting on behalf of Brad Vollmer and Joy Macknight

Best Cash/Liquidity Management Solution

Highly Commended: Brad Vollmer, Gilead Sciences

Gilead

There were two unique aspects of this solution that really stood out. Firstly, the speed at which the end-to-end implementation of the automation project was completed and secondly almost all the technologies deployed in the solution are cloud-based. The projects linked nine systems and Gilead’s largest cash management banks in more than 30 countries across 39 legal entities.

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Harish barai, Larsen & Toubro

Best Short-Term Investment Strategy

Highly Commended: Harish Barai, Larsen & Toubro

Larsen & Toubro

The treasury team at Larsen & Toubro in India manage average surplus investments of $1.2 billion. Read about the strategies the team adopted to maximise its short-term investment returns.

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Jim Scurlock, Microsoft

Best Working Capital Management Solution

Highly Commended: Jim Scurlock and Paul Weldon, Microsoft

Microsoft

Microsoft runs a centralised treasury for more than 350 legal entities in 118 countries with more than 1,250 bank accounts spanning more than 90 banks worldwide. This cash flow forecasting solution shows how it can really improve the company’s working capital.

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Colin Lowen, RBS and Giuliana Quadernucci, Lambeth Council

Best AP/AR Solution

Highly Commended: Financial Shared Services (Accounts Payable), Lambeth Council

Lambeth

This is another accounts payable solution involving the implementation of a bank’s electronic invoicing hub technology. Lambeth Council now has over 2,000 suppliers fully onboard and is operating electronically with them.

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Thomas Dunn, Orbian and Wadim Buettner, Osram

Best Financial Supply Chain Solution

Highly Commended: Wadim Buettner, Osram

Osram

Osram had three key objectives; to extend its payment terms, to enhance the relationship with its suppliers and to improve its cash flow. Osram chose a supply chain finance (SCF) solution which addressed each of these key goals.

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Paul Greenhaigh, Bank of America Merrill Lynch collecting on behalf of Eva Price

Best Card Solution

Highly Commended: Eva Price, Sunsweet Growers

Sunsweet Growers Inc.

Sunsweet Growers is the world’s largest handler of dried tree fruits. It chose a payroll and vendor payments solution which has enabled it to migrate 100% payroll to electronic and to enrol 10% of its vendor payments to card within just five months of initiating the project.

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Rey Malaya, Home Development Mutual Fund and Barbara Harrison, Citi

Best Card Solution

Highly Commended: Rey Malaya, Home Development Mutual Fund

Home Development Mutual Fund

This organisation operates a national savings programme and provides affordable shelter financing for Filipino workers. It has mandated its bank to provide fully customised prepaid cards for disbursement of loan proceeds and provident benefits.

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Rainer Wagner, Deutsche Bank, Dympna Donnelly and Steffen Diel from SAP, Matthias Reschke, J.P.Morgan

Best Financing Solution

Highly Commended: Steffen Diel, SAP

SAP logo

This solution relates to the funding and FX hedging in connection with SAP’s $4.3 billion acquisition of Ariba Inc. SAP was one of the few corporates that entered into a large M&A transaction in 2012.

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Paul Taylor, Bank of America Merrill Lynch and Neil Sawbridge, CIT Group

Best Financing Solution

Highly Commended: Treasury Team, CIT Group

CIT

CIT has completely restructured over $30 billion of debt following its emergence from pre-packaged bankruptcy proceedings. From a starting point of highly structured, expensive and restrictive borrowings, the company has totally transformed its funding profile.

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Kevin McKenna, Brocade collecting on behalf of Neha Chhawchharia

Best Risk Management Solution

Highly Commended: Neha Chhawchharia, Brocade Communications Systems Inc

Brocade logo

Information security is a top concern for senior executives and the Board at Brocade. The solution which the company implemented was developed entirely in-house by a team comprising representatives from legal, IT, internal audit/compliance and ERM.

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Dimitris Papathanasiou, Coca-Cola HBC and Peter Reynolds, Reval

Best Risk Management Solution

Highly Commended: Dimitris Papathanasiou, Coca-Cola HBC

Coca-Cola HBC AG

Coca Cola HBC was trying to integrate its risk management activities across financial risks in the company. It embarked upon a major project which it split into three distinct parts; change management, system implementation and internal reporting. The company chose a software-as-a-service (SaaS) solution which satisfied IAS 39 and IFRS 7.

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Dominic Little, Thomson Reuters and Barbara Harrison, Citi

Best Process Re-engineering Solution

Highly Commended: Dominic Little and Gouse Basha Shaik, Thomson Reuters

Thomson Reuters

This solution involves a consolidated receivables project that has delivered end-to-end automation and optimised cash management for Thomson Reuters. The incorporation of Brazil’s Boleto instrument into the solution was unprecedented.

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Freya Yao, Honeywell and Sebastian Bechtold, Deutsche Bank

Best Process Re-engineering Solution

Highly Commended: Freya Yao, Honeywell

Honeywell

This is a regional re-engineering solution developed in Asia Pacific which focuses on the extensive issuance of Bank Guarantees (BGs) such as bid bonds and performance guarantees. Honeywell issues about 700 BGs each year and the application (issuance) submission and tracking is a challenge in itself. Read how Honeywell worked with its bank in the region to address the challenge.

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Ken Bogert and Marco Brähler from Roche, Klaus Mueller, SAP

Best Process Re-engineering Solution

Highly Commended: Marco Brähler, Roche

Roche

This solution is described by Roche as first-in-class and perhaps best-in-class, STP SWIFT messaging solution on a single standard software system. It was facilitated by Roche’s unique treasury operating model and their ERP’s IT treasury capabilities.

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Matthew Davies, Bank of America Merrill Lynch collecting on behalf of Sheila Johnson

Best MME/SME Treasury Solution

Highly Commended: Sheila Johnson, Hollister Incorporated

Hollister

The team at Hollister is delivering some outstanding results as a result of this solution which comprises 63 accounts across 23 countries. As the client relationship manager at Hollister’s bank notes: “Hollister’s treasury operation is the most disciplined I have seen – anywhere”.

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Karsten Kabas, Merz Pharma Group

Best MME/SME Treasury Solution

Highly Commended: Karsten Kabas, Merz Pharma Group

Merz Pharma Group

Merz Pharma has implemented a solution that delivers integrated analysis, dealing and portfolio management/administration activities regarding short-term investments, long-term investments and foreign exchange hedging all in a single tool.

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Diane Quinn, J.P. Morgan collecting on behalf of Beth Krotiak

One to Watch

Highly Commended: Beth Krotiak, US Foods

US Foods

US Foods is taking steps now to prepare itself for the increasing trend towards mobile technology. This solution deploys their bank’s Image Deposit Direct (IDD) Mobile solution to enable one of the first uses of mobile cheque capture in a B2B environment.

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Colin Fraser, Abu Dhabi Commercial Bank and Harish Pai, Tourism Development & Investment Company

One to Watch

Highly Commended: Harish Pai, Tourism Development & Investment Company

Tourism Development & Investment Company

TDIC, supported by its bank, is one of the first companies in the UAE to implement a customised, automated procure-to-pay process. The solution is based on its ERP and leverages industry best practices and innovative technology.

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Paul Taylor, Bank America Merrill Lynch collecting on behalf of James Muir

One to Watch

Highly Commended: James Muir, Wolters Kluwer

Wolters Kluwer

This custom-user built (CUB) treasury tool was designed by Wolters Kluwer’s Treasury Team in consultation with its bank. The tool enables it to obtain greater control over a wide range of treasury processes while increasing automation levels and allowing more detailed reporting and transactional visibility.

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Steven Elms, Citi collecting on behalf of Yannick Gehin

Best in Class Benchmarking

Highly Commended: Yannick Gehin, Danone Asia

Danone

This case study showcases a recently launched pilot scheme for RMB cross-border lending. In order to comply with transfer pricing regulations, the interest rate was often set with reference to the onshore PBOC benchmark deposit rate.

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Lewis Warren, J.P. Morgan collecting on behalf of UnitedHealth Group

Best Foreign Exchange Solution

Highly Commended: Treasury Team, UnitedHealth Group

UnitedHealth Group

This case study showcases a FX solution to satisfy UnitedHealth Group’s acquisition of Amil, the largest private healthcare provider in Brazil. The initial phase of the transaction would result in the company facing a $5.5 billion equivalent of Brazilian Real exposure. Read how the company managed this exposure.

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Adam Smith Awards 2013 –  Linda Zhang, Honeywell

Asia Pacific Regional Award for Best Practice

Highly Commended: Linda Zhang, Honeywell

Honeywell

Some remarkable benefits are highlighted in this case study where Honeywell undertook seven new projects in the last two years with total investment of close to $400m saving millions of US dollars in tax and in financing costs.

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Adam Smith Awards 2013 – Deepak Kini, PepsiCo India Holdings

Asia Pacific Regional Award for Best Practice

Highly Commended: Deepak Kini, PepsiCo India Holdings

PepsiCo

This is a single country re-engineering solution undertaken during a time of rapid expansion by the company in India. Read how PepsiCo achieved this through the establishment of a shared services centre (SSC) and host-to-host functionality.

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