Inside World Vision’s award-winning FX solution
World Vision International was awarded the AFP 2017 Pinnacle Grand Prize, which recognizes excellence in treasury and finance. The global development organization narrowly edged out the two other Pinnacle finalists— Allstate Insurance Company and last year’s Grand Prize winner, Hyundai Capital America—with its innovative foreign exchange management solution.
World Vision International had a major challenge in coping with sharp swings in currency rates in the many countries in which it operates. Treasury is responsible for identifying and mitigating these risks. “Due to our vast, global footprint we are exposed to significant foreign exchange risk,” said Leon Tompkins, director of global financial risk for World Vision. “To combat that, the team needed solutions to cope with sharp swings in both income and expense currencies.”
All in all, the initiative resulted in $57.1 million in savings in FY16, and $11 million in FY17.