IT2 Treasury Solutions says that Rémy Cointreau has completed implementation of its IT2 treasury management system. IT2 was selected to provide a fully integrated solution that would optimise control and efficiency, including bank communications, and would also facilitate the efficient intercommunication of critical financial information with Rémy Cointreau’s global network of operating subsidiaries via IT2 NET.
Luc Vlaminck, Rémy Cointreau’s Group Treasurer, comments: “A key value-added factor for us is the unique IT2 process maps, which are so much more than workflow documentation. In implementation, the process map library provided a best practice basis, which enabled us to configure processes according to our policies and requirements quickly and easily. In live operation, process maps interactively manage, control and document cash, treasury and financial risk management. They give us a secure and transparent basis for treasury operations – and they are also extremely helpful with the efficient and effective training of new team members, and with achieving strong audit results.”
The Rémy Cointreau IT2 system addresses FX and interest rate exposure management, treasury accounting, fair value and cash flow hedge accounting, inter-company financing and cash management. The system will integrate with the Bloomberg service for the import of FX and interest rates, plus volatilities to support option pricing. IT2 will integrate with SWIFT, as part of the automated treasury workflow.
A ‘cash concentration’ process involves the use of IT2 NET to assemble cash forecasts from across Rémy Cointreau’s global subsidiary network. IT2 then constructs the forecast by applying the subsidiaries’ inputs to the bank account position. IT2 next calculates and reports the sweep amounts, which are flexibly projected to selected value dates by currency, enabling any necessary FX hedges to be applied.
