The Finance Transformation
in Insurance Awards
Enter the awards ceremony
Welcome to an imaginary celebration of the world’s most innovative capital markets companies and their CFOs. The firms may be fictitious, but their achievements could be real for your finance team. Learn from prize-winning digital transformations in our five fantasy award writeups.
Best Cost Manager
Award
Best Risk Controller
Hover over the winners to explore their awards . . .
Finance Manager of the Year
Team of the Year
Data Transformation of the Year
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What they have in common
Award categories
Best Risk controller
Finance manager of the year
Data transformation of the year
Team of the year
Winner: Company A, a mid-sized hedge fund, supported by FIS
Every day, finance teams in capital markets firms must make sure they keep borrowing to a minimum and make profitable use of capital. This award recognizes CFOs who go further – and considerably lower their firms’ operational expenditure by driving digital transformation.
Award-winning achievements
Acceptance speech
Company A's story: Inflation and interest rates were still rising and driving costs up. So, it was critical to make complex finance processes more efficient, integrate workflows and reduce the overhead of managing multiple legacy systems, data sources, banking partners and payment channels.
Company A digitized, automated and integrated all its treasury management processes on a single platform, which gave it a complete view and better control of cash flow, as well as new capabilities for in-house banking, hedge automation and trade consolidation. Tightly integrated with Company A’s ERP system, an integrated payment hub now handles all the firm’s domestic and cross-border payments. And a managed cloud-based solution and bank communication channel takes care of the many administrative and compliance requirements of connecting to banks.
– Sam, CFO, Company A
As well as cutting our costs, we’ve improved visibility and control of cash flow and reduced our number of banking relationships. But we couldn’t have achieved this transformation without our technology provider, FIS.
Winner: Company B, a global asset manager, supported by FIS
As global businesses, many capital markets firms are exposed to foreign exchange (FX), interest rate, liquidity and other risks. In today’s volatile markets, this award goes to the firm that hedged these risks most effectively to protect its investment returns.
Company B's story: For effective hedging strategies, Company B needed a complete understanding of the risks it faced. However, it had struggled to bring together data on cash flow and exposure from all its corporate systems. And the firm’s different business units had no way of managing their own FX payments and trades.
By automating workflow for hedging with FIS’ advanced treasury management system, Company B accelerated complex data management and modeling processes. It can now present results clearly and consistently for a comprehensive view of all its risks – and execute more targeted hedging strategies to reduce trading volumes and associated costs. Company B also implemented FIS’ powerful FX system and portal, which gives its business units real-time rate feeds and auto-hedging capabilities across multiple asset classes.
– Li, CFO, Company B
Thanks to our technology provider for helping us get risk under control. Now we can make better, faster decisions and respond quickly to market conditions and rate changes with sophisticated, well-informed hedging strategies.
Winner: Company C, a large private equity firm, supported by FIS
To complement organic growth, more firms are investigating opportunities for mergers and acquisitions (M&As). In uncertain times for the financial markets, the winner of this award can rely on accurate budgets and forecasts to facilitate long-term investment strategies.
Company C's story: Disparate data sources, fragmented systems and manual processes were delaying the delivery of complete and up-to-date data on the availability of funding. Even when Company C did determine its current cash position, it couldn’t easily see how future adverse shocks would affect its liquidity.
By centralizing its cash management capabilities in FIS’ treasury management system, Company C made sure it could gain an instant, one-touch, real-time snapshot of its global liquidity positions. With advanced analytical tools for scenario analysis and stress testing, the firm can now also predict the impacts of changing market conditions on its investment and capital market financing strategies.
– Mark, CFO, Company C
However our inorganic growth plans evolve, however markets shift and however the business performs, timely, accurate budgets and forecasts will keep investment decisions informed and our firm on top of the risks. We’re proud to achieve this recognition, thanks to a great team and the best treasury management technology on the market.
Winner: Company D, a growing asset servicer, supported by FIS
Every business needs its finance function to operate as efficiently as possible. But is your staff consistently adding value and helping the firm achieve its strategic goals? The recipient of this award is the finance team that makes the best use of its talents.
Company D's story: Finance and accounting processes can be complex but should be seamless, especially when it comes to audit and control. For Company D, handling these processes manually meant wasted time, more opportunities for error and less capacity to cope with rising volumes. Something had to give.
Last year, Company D’s finance team started using integrated web-based payables software to automate B2B payments, which not only saves effort but also earns revenue share on virtual cards. Using workflow, AI and collaboration tools to improve cash flow, the team also automated the credit-to-cash cycle with one integrated system for receivables. Additionally, Company D can now seamlessly automate and control every step of the complex financial close process. Again, a single system does all the work – capturing the data and documentation the finance and accounting team needs to certify general ledger account balances for the close period.
– Jai, CFO, Company D
With technology taking care of repetitive tasks and improving speed, accuracy and control, my team are more motivated and productive and they have more time for business priorities like managing cash flow. But I’d like to share this award with our technology partner, FIS – you’re one of the team, too.
Winner: Company E, an international investment bank, supported by FIS
To support decision making throughout the business, finance needs total faith in the figures it presents. There can be no surprises in terms of revenue and expenditure, which means no inaccuracies. This award goes to the firm that has transformed its data integrity processes most effectively to deliver more confident results.
Company E's story: Reconciliation is key to ensuring data integrity. But in the past, Company E had not only reconciled different sets of financial data in disparate systems, but also carried out some reconciliation processes in spreadsheets. These classic signs of fragmentation stood in the way of efficiency, accuracy, compliance and control.
Company E adopted a centralized, highly automated reconciliation system that uses artificial intelligence and machine learning to accelerate everyday reconciliation tasks and constantly find new efficiencies. Backed by the same powerful reconciliation engine, Company E also standardized and automated account certification processes for the financial close, using configurable best practice models.
– Nia, CFO, Company E
With streamlined, digitally transformed reconciliation processes – and a constantly clear view of their progress – we can demonstrate consistent levels of data integrity and control, for confident reporting and decision making. With FIS as our partner, we’ve completely revolutionized the way we validate our data.
With an ecosystem of cutting-edge financial technology, software and services, FIS empowers people and processes across treasury, finance and the investment life cycle.
What do all five winners have in common?
of the world’s top 50 asset managers
80%
of the largest private equity firms
90%
of the largest global banks
of the top 20 clearing firms
85%
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