Jaguar Land Rover, one of the greatest success stories of British manufacturing and the UK’s largest automotive business, was highly commended for Best Risk Management Solution using the Reval Cloud Platform, in Treasury Today magazine’s Adam Smith Awards 2016. Jaguar Land Rover’s project is profiled in the recently published “Adam Smith Awards 2016 Yearbook,” which features winners of the award programme.
Jaguar Land Rover was recognised for its model migration project, moving its large foreign exchange hedging portfolio and its commodity hedging programme off legacy systems and spreadsheets to the cloud. “Working with Reval, we delivered a robust solution and migrated our entire FX and commodity book within the target five-month timeframe,” says Duncan Karran, Assistant Treasurer at Jaguar Land Rover.
According to Treasury Today, the team at Jaguar Land Rover set out to improve controls with automated processes in the cloud, while gaining sophisticated and flexible effectiveness testing, analysis and regulatory reporting capabilities. The technology project “…was governed by a cross functional Jaguar Land Rover steering committee led by treasury, which set an ambitious target to complete such a major systems project within five months,” award organisers reported.
“Jaguar Land Rover is a fantastic example of a treasury team that saw an opportunity to push its treasury risk management process beyond the status quo, aligning the organisation and executing against a common vision,” says Reval CEO and Co-founder Jiro Okochi. “We are honored to be the platform underlying the firm’s move toward best-in-class risk management and pleased that we could partner with the Jaguar Land Rover team to help them achieve their vision with such an aggressive timeline.”