BETHESDA, Md., Sept. 15, 2020 /PRNewswire/ -- Alphabet,
Google's parent company, Drager, and Peloton are finalists for the
Association for Financial Professionals' 2020 Pinnacle Award.
Sponsored by MUFG (Mitsubishi UFJ Financial Group NYSE: MUFG), the
Pinnacle Award was established in 1997 to recognize excellence in
treasury and finance.
Finalists were selected by a jury of treasury and finance
professional peers. Decisions were based on innovative solutions
that progress the efficiency and effectiveness of their
organization's treasury and financial operations. Voting is
currently open for the submissions, and the Grand Prize
winner will be announced during the AFP 2020 Virtual Experience.
MUFG will make a $10,000 donation to
a charity of the winner's choice. If you are press and interested
in covering AFP 2020 or have any questions, please contact
Melissa Rawak at
mrawak@afponline.org.
"These submissions by Google, Drager, and Peloton speak to the
ingenuity of the finance profession," said Jim Kaitz, president and CEO of AFP. "AFP is
honored to recognize the 2020 Pinnacle Award finalists."
"MUFG is proud to sponsor the Pinnacle Award to highlight the
innovation of treasury and finance professionals, and how they are
impacting the industry," said Ranjana
Clark, Head of Global & Americas Transaction Banking,
and Bay Area President at MUFG. "We are pleased to support the AFP
in its mission to provide education and to recognize the treasury
and finance achievements demonstrated by these Pinnacle Award
finalists."
About the submissions:
Alphabet, Google's parent company, is a rapidly growing and
dynamic, entrepreneurial business. To support this growth, Alphabet
recognized the need to re-engineer its treasury function.
Partnering with SAP, Alphabet launched Project Emerald—a
state-of-the-art, non-custom solution that migrated treasury's
processes to the company's SAP treasury workstation. The success of
this in-house solution has paved the way for Alphabet to implement
SAP as a single global ERP system for not just treasury, but all
corporate functions.
Dräger, a leading manufacturer for medical and safety technology
products, manages a large foreign exchange portfolio that requires
reliable data processing. Until the end of 2019, FX exposures were
computed in a highly manual and time-consuming, spreadsheet-based
process. To improve data availability and reliability, Dräger
implemented an FX management tool to automate data processing and
the calculation of exposures. Additionally, the company automated
the exposure planning process and created a cost-efficient hedging
portfolio.
Peloton, the world's largest interactive fitness platform,
lacked a formalized treasury operation and needed to quickly build
infrastructure to support its rapid growth, increased complexity
and upcoming public offering. Dana
Laidhold, Peloton's first treasurer, joined the company in
2018 and embarked on a journey to build a treasury team from the
ground up and implement technology and business processes.
Register for AFP 2020 Virtual Experience by September 25 to receive complimentary access to
the "Forecasting in Uncertain Times" Pre-Conference Workshop. This
half-day workshop will provide you with both implementation ready
and theoretical approaches for improving the accuracy of
forecasts.
About AFP®
Headquartered outside of Washington,
D.C. and located regionally in Singapore, the Association for Financial
Professionals (AFP) is the professional society committed to
advancing the success of treasury and finance members and their
organizations. AFP established and administers the Certified
Treasury Professional and Certified Corporate FP&A Professional
credentials, which set standards of excellence in treasury and
finance.
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SOURCE Association for Financial Professionals (AFP)