by Srikanth Dasari, Head of Treasury Front Office, Dow Corning Corporation
The winner of the TMI Corporate Recognition Award for Risk Management, 2014, was Dow Corning Corporation, in recognition of the achievements that treasury has made in currency risk management. In this article, Srikanth Dasari, Head of Treasury Front Office at Dow Corning describes the project that treasury has undertaken, and some of the improvements that treasury has achieved as a result.
Managing foreign exchange risk is a significant priority for our treasury department, a predominantly centralised department of around 20 treasury professionals based in Midland, Michigan. Before our recent technology transformation project, limitations in our risk management processes and analytics severely constrained our ability to make strategic financial decisions. This led us to a comprehensive overhaul of each step in our transaction management and reporting process, resulting in a best-in-class solution with a high degree of straight-through processing (STP), standardised workflows, significantly improved use of resources and substantial cost savings.
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