BETHESDA, Md., Sept. 13,
2021 /PRNewswire/ -- Bechtel, Health Care Service
Corporation (HCSC), and Micron are finalists for the Association
for Financial Professionals' 2021 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 AFP 2021. MUFG will make a $10,000 donation to a charity of the winner's
choice.
Register by October 8 for
additional savings to attend AFP 2021. If you are press and
interested in covering AFP 2021 or have any questions, please
contact Melissa Rawak,
mrawak@afponline.org.
"AFP is proud to recognize the 2021 Pinnacle Award finalists, as
they set the global standard for excellence in treasury and
finance," said Jim Kaitz, president
and CEO of AFP. "These teams at Bechtel, HCSC and Micron
demonstrate innovative solutions that advance not only their
organizations but also the treasury and finance profession as a
whole."
"MUFG is honored to sponsor the Pinnacle Award to highlight the
results-oriented innovations of treasury and finance professionals,
and their impact on the industry," said Ranjana Clark, Head of Global & Americas
Transaction Banking, and Bay Area President at MUFG. "We are proud
to support the AFP in its commitment to provide education and to
acknowledge accomplishments in treasury and finance that these
Pinnacle Award finalists exhibit."
About the submissions:
Bechtel's entry focused on using a robotic process automation
(RPA) tool to query Human Resource (HR) Management System database
daily and compare against Treasury Management System data to
identify if signatories had terminated or changed positions. When
the solution ran for the first time, it generated 280 tickets that
impacted 390 bank accounts where the signer had some type of HR
position change or termination. The tool is now used daily to
identify position changes in real-time to enable timely update of
bank records, comply with long-standing audit recommendation, and
prevent fraud/financial loss.
HCSC's submission centered on treasury becoming more
data-driven, which meant upgrading skills, process efficiencies,
automation, technology, and digital visualization techniques to
better capture treasury data. In response, HCSC's treasury team
underwent a complete digital transformation. New teams were
created, including a dedicated treasury systems solutions team,
expanded forecast teams, and created enterprise banking service
solutions function. Technology platforms were optimized, while data
was centrally organized to make better decisions.
Micron's entry focused on optimizing fund allocation. The
treasury and automation teams developed an artificial intelligence
tool designed to pull data from treasury systems that were already
being aggregated into a single daily file. The first week it was
implemented, the tool advised a reallocation of cash investments
that increased the portfolio yield by low single digits of basis
points. The treasury staff now runs the model daily to search for
further opportunities to increase revenues through more optimal
allocation.
About AFP®
As the certifying body in treasury and finance, the Association for
Financial Professionals (AFP) established and administers the
Certified Treasury Professional (CTP) and Certified Corporate
Financial Planning and Analysis Professional (FPAC) credentials,
setting the standard of excellence in the profession globally.
AFP's mission is to drive the future of finance and treasury and
develop the leaders of tomorrow through certification, training,
and the premier event for corporate treasury and finance. Learn
more at afponline.org.
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SOURCE Association for Financial Professionals (AFP)