New Standards are Driver for FTSE 100 Home Entertainment and Communications Company
Reval, a leading global Software-as-a-Service (SaaS) provider of comprehensive and integrated Treasury and Risk Management (TRM) solutions, announced today that British Sky Broadcasting Group plc (BSkyB), the UK and Ireland’s leading home entertainment and communications company, is now live on Reval, with the ability to incorporate new accounting standards into its financial reporting.
“As we were looking to upgrade our legacy treasury system, we took the opportunity to review our manual processes and to incorporate the new IFRS13 requirements for Credit Value Adjustments (CVA) into our financial reporting,” says Simon Morley, Group Treasurer at BSkyB. "In addition to supporting the new standards, Reval´s SaaS TRM solution enables us to improve the efficiency in risk management processes, provide more accurate mark-to-market valuations and benefit from its integrated capabilities for hedge accounting. We are also planning to leverage Reval´s straight-through processing (STP) community to more effectively manage our money market fund investments."
“New regulations and accounting standards always add complexity to the treasury function," says Nigel Sirett, Managing Director EMEA at Reval. “Trying to adapt simple tools with more manual workarounds increases operational risk and is extremely inefficient. Reval is therefore delighted to help BSkyB significantly reduce manual efforts, improve their risk management, and ensure compliance today and in the future.”