Dräger has emerged as the winner of the Association for Financial Professionals 2020 Pinnacle Grand Prize for excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by MUFG (Mitsubishi UFJ Financial Group NYSE: MUFG), was presented today during the AFP 2020 Virtual Experience.
Dräger is a leading manufacturer for medical and safety technology products, employing more than 15,000 people worldwide. The company generates revenues of around 2.8 billion Euros, 55% of it in foreign currencies. Dräger's FX portfolio requires reliable data processing in an automated, cost-effective, and flexible manner. Until the end of 2019, FX exposures were computed in a highly manual and time-consuming, spreadsheet-based process.
To improve data availability and reliability, Dräger implemented an FX management tool to automate data processing and the calculation of exposures. Additionally, the company automated the exposure planning process and created a cost-efficient hedging portfolio.
“Automating manual processes of any kind is often a massive undertaking, but it’s always worth the effort,” said Jim Kaitz, president and chief executive of AFP. “This FX management tool shows the foresight of the team at Dräger and is a clear example of a solution worthy of the AFP Pinnacle Awards.”
MUFG donated $10,000 to the charity of Dräger’s choice, Aktion Deutschland Hilft. Founded in 2001 by a coalition of German humanitarian aid organizations, Aktion Deutschland Hilft provides relief in severe catastrophes. The donation will be used for coronavirus emergency aid.
“MUFG is honored to partner with the AFP in recognizing companies for their excellence in treasury and finance,” said Ranjana Clark, Head of Global and Americas Transaction Banking; Bay Area President. “Dräger’s entry demonstrates how an innovative approach can make business processes more effective and efficient. We congratulate Dräger on receiving the Pinnacle Award and we are pleased to support their charity, Aktion Deutschland Hilft, in serving communities in need.”
The runners-up for the Pinnacle Award were Alphabet, Google’s parent company and Peloton. Along with Dräger, these organizations were selected as finalists for their innovative solutions that demonstrated increased revenue, reduced risk, enhanced productivity, saved costs, or improved quality.
Dräger’s Frank Freitag, Controller of FX Risk Management, joined the AFP Conversations podcast to discuss his company’s award-winning solution. Listen to the podcast here.
Register here for the AFP 2020 Virtual Experience. The event runs October 19-29, with over 120+ sessions and close to 100 exhibitors, the experience will be made available through February 28, 2021.