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With solutions such as FiREapps, the role of Treasury within the organization can be more advisory and strategic.

Laurie McCulley | Treasury Strategies, Inc.

Featured Case Study: FLIR Systems Inc.

Under the leadership of a new treasurer with a strong FX background, FLIR’s approach to managing foreign exchange exposure and risk has undergone a dramatic transformation over the past several years. What used to be an informal and labor-intensive manual process is now a structured, automated FX management program that elevates the benefits of exposure elimination and hedging beyond treasury to the corporate level, both strategically and operationally.

The FLIR FX management program takes a holistic cost-benefit approach to minimizing FX gain/loss while protecting EPS and providing predictability in the income statement. Using FiREapps cloud-based software to identify, analyze, eliminate, and manage foreign exchange exposure and risk across multiple currency pairs, the treasury team at FLIR has:

  • Increased confidence in exposure numbers from zero to 90 percent with automated data extraction from SAP and template-based aggregation from other systems of record.
  • Organically reduced balance sheet exposure by more than 50 percent in the first six months by using exposure intelligence to restructure and settle outstanding intercompany transactions.
  • Instituted a successful hedging program that reduces volatility in the income statement and enables historical cost/risk analysis to identify new currency pairs for future hedging with optimized interest income.
  • Improved cash management decision-making by analyzing the historical impact of FX on forecasted revenues and expenses, and enabling collaboration between treasury and accounting to mitigate risks across the income statement.
  • Continuously adapted and improved the program using a monthly Cost and Risk Efficiency (CoRE) Analysis to align FX risk management strategies with corporate risk tolerances.

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