UK-based Engineering group FKI plc has licensed SimCorp’s IT/2 treasury management system to facilitate overall control of its treasury function. The implementation process will begin during the summer, with focus on cash management, foreign exchange, interest rate risk management and hedge accounting. In a later phase, FKI plans to use multilateral netting to streamline cash management further, subsequently reducing administration costs and bank charges, said SimCorp. Commenting on the firm’s need for an updated system, FKI group treasurer, Robin Graham-Adriani, explained: ‘We have been using spreadsheets to support treasury management, but we have increasingly centralised our treasury activities and now have large numbers of more complex transactions. With more stringent requirements for hedge accounting and the increasing need for more sophisticated risk management, the spreadsheet approach is simply not acceptable going forward.’
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