- Akzo Nobel selects Trema to support reorganization project at central treasury and remote sites
- Implementation of Trema Suite to reduce number of applications required for treasury operations
ACT Conference, Celtic Manor, Newport, UK, 13 May 2005 - Trema, the leading provider of treasury and asset management software for global corporations and financial institutions, today announced that Akzo Nobel, the Dutch pharmaceuticals, coatings and chemicals group, is to implement the Trema Suite at its central treasury. The Trema Suite will replace three systems currently used for core treasury and in-house banking functions, plus a number of additional applications. The system will be implemented in central treasury and will link to 200 remote sites.
The implementation of the Trema Suite is part of Akzo Nobel's Trust Project (Treasury Upgrade of System), designed to achieve three core objectives: improved risk management information and reporting consistency; systems sustainability and reduction of interfaces; and cost reduction both in terms of IT support and efficiency of treasury processes. The Trema Suite's Transaction and Risk Management Module (TRM) is expected to go live later this year, with the implementation of the Trema Cash Management Module (CMM) to follow six to nine months later.
Once Akzo Nobel identified the need for a new system, it visited a number of reference sites at comparable firms, rather than conduct a formal selection process. The Trema Suite was chosen as the best system available, based on its risk management and compliance capabilities.
Frederik Stolwijk, project manager for Akzo Nobel's Trust Project, commented: "When choosing a potential system the risk management capabilities were very important to us. We needed a solution that would have the means to produce risk reports effectively, to help comply under the Sarbanes-Oxley Act and IFRS regulation. The Trema Suite was very strong in this area, and it is for this reason that it was finally chosen."
Robert WennerstrÃ¶m, Regional Vice President and General Manager, Northern Europe, Trema added: "Many corporates have urgent compliance requirements, but they need to look to the long term and select a system that can adapt to future regulatory changes as well as current needs. A single integrated system, such as the Trema Suite, is able to handle all instruments throughout their lifecycle and so is very well positioned to meet ongoing risk management and reporting challenges.