Al-Futtaim awarded SAP Certificate for Treasury Transformation project
Al-Futtaim was awarded the SAP Certificate for its outstanding performance and contribution in successfully implementing and integrating S/4 HANA Treasury & Cash Management as a cornerstone of its Treasury Transformation and Digitalization journey.
As part of the ceremony hosted in the Innovation Hub in Dubai Festival City, GD-Finance – Pär Östberg, Ex Group Treasurer – Cuan Duncan and IT Director – Marinda Sheahan were presented with the award by the SAP EMEA South Chief Business Officer – George Riding and the SAP Al-Futtaim account team.
In their key notes the speakers acknowledged and thanked the implementation and Transformation Teams for mastering more than 30 projects and 21 system go-lives across the Group.
Treasury Transformation to achieve best practice
The Treasury systems implementation marks a cornerstone of the Treasury Target Operating Model (TOM) realization. The TOM was set to establish state-of-the-art Treasury Operations within both the Group and Divisions. As part of the implementation the Treasury Function was significantly strengthened through the establishment of divisional Treasuries, the segregation of Front-, Back- and Middle-Office roles and responsibilities, standardized and integrated processes, system controls and governance, trainings as well as analytical Treasury dashboards and reporting via Alteryx and Tableau.
Key achievements of the implementation
Workflow-based bank account administration and automated bank account reconciliation
Daily multi-dimensional cash position based on bank account balances
Central accounting-integrated record-to-report repository for all Treasury Transactions (Deposits, FX Spots & Hedges, Loans, Intercompany Loans, Trade Finance, etc.)
Straight-through-processing of FX deals via fully integrated platforms for trading, market data and mobile approvals
Financial risk management applications such as for internal and external Limits Management
Analytical treasury reporting through SAP, Alteryx and Tableau
Roadmap – SWIFT
The GD-Finance – Pär Östberg and his leadership team recently set out further modernization and automation initiatives such as the Group’s Roadmap to join SWIFT – the global standardized bank communication and correspondence channel.
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