2022 Award winners and runners up

Mastering strategic change

EuroFinance Award for Digital Transformation & Technology ImplementationWinner: Holcim

Holcim group, the Swiss multinational manufacturer of building materials,set out on a path to shift treasury activities to centres of excellence (COEs).overhauling operating models to better align with the rest of a multinational’s global finance organisation.

This meant handling not only a multitude of technological and banking challenges but also significant operational headwinds as the company moved from a local treasury in each country to a regional treasury reporting to the regional CFO.

Despite the challenges, the treasury team’s efforts reaped benefits as simplification, standardisation, resulted in the reduction of hundreds of manual labour hours, tens of hours in treasury tasks and also cutback in banking fees. As masters in strategic change, the treasury team has achieved important goals in digital transformation, people development and in the aim of being a real business partnering to the business, the business itself is growing due to these efforts.

EuroFinance Award for Digital Transformation & Technology ImplementationRunners Up: London Stock Exchange

In January 2021, London Stock Exchange Group (LSEG) completed the acquisition of Refinitiv, a financial markets data and infrastructure provider. This was the largest acquisition in the history of the company. While acquisitions fuel growth for an organisation, they always come with challenges, and for the treasury team at LSEG it not only meant merging the two treasury organisations but also standardising and integrating their processes, including the implementation of a global treasury management solution.

In November 2021, LSEG started working on the treasury transformation and after a short period of six months, the treasury team was able to automate and standardise a large part of its manual treasury processes and further integrate with Refinitiv’s treasury management solution, helping it gain access to daily cash visibility, something the team did not have with their manual processes and further making it is easier to analyse and eliminate manual reconciliations and enhancing controls.

Digital transformation

EuroFinance Award for Digital Transformation & Technology ImplementationWinner: Health Care Service Corporation

The scale of HCSC’s US$50.2bn operation is enormous and involves a complex system of multiple independent financial platforms. This led the treasury team to begin an enterprise-wide digital transformation project to improve decision making and re-architect the team’s capacity to be prepared for any future crises or to take advantage of an opportunity with agility and confidence.

The modernised treasury technology stack delivered critical productivity enhancements, such as centrally organised data management and improved treasury decision making functionality that has driven treasury performance, and created significant business value.

EuroFinance Award for Digital Transformation & Technology ImplementationRunners Up: CrowdStrike Holdings,Inc.

A global cybersecurity leader that provides cloud-delivered protection of endpoints, cloud workloads, identity and data, CrowdStrike has seen its revenue increase by two-fold while cash & cash equivalents climbed from just over $250 million in January 2020 just before the pandemic to over $2 billion as of April 2022. Therefore, to support this hyper-growth, the company needed a quick and automated solution that could be rapidly implemented and scale treasury alongside the growing company.

Taking advantage of the rising trend of open banking via APIs and machine learning solutions, the company partnered with a fintech company to gain full visibility into its cash activities within weeks and was able to provide valuable cash insights to support real time data backed decisions.

Risk management and resilience

EuroFinance Award for Digital Transformation & Technology ImplementationWinner: Pegasus

The dramatic drop in demand for passenger air transport due to the COVID-19 pandemic upended operations for the airline industry. With aircrafts grounded and oil prices tumbling, treasurers at the Turkey based Pegasus Airlines were tasked to ensure that the company had sufficient liquidity to survive the pandemic.

The treasury team carried a Eurobond issuance, a local currency issuance and also utilised its bank limits to bolster its cash positions. Meanwhile, the team also started to hedge against fuel prices at the beginning of June 2021 which reaped profits as Brent prices rallied, and implemented multiple steps in order to cut its payments and generate cash savings. The treasury team’s efforts helped reduce cash burn across the organisation in order to emerge strongly out of the pandemic.

EuroFinance Award for Digital Transformation & Technology ImplementationRunners Up: Save the Children International

Established over a century ago, Save the Children International provides education, health care, economic and emergency relief to children in 118 countries around the world.

Local banking system failures, higher regulatory barriers and economic sanctions in some countries, put tremendous pressure on the treasury team to continue providing funding in the most challenging locations.

The treasury team has been actively mitigating these operational risks by not just keeping the current funding routes and cash distributions system open but also finding alternative payment routes so that funding to frontline colleagues remains unabated in the coming months to support their key mission of supporting children and families.

Award categories

Mastering strategic change

Just as businesses are looking at radical change to keep themselves relevant, so too must treasury. Disruption is a given. But how to create a coherent strategy of how to remodel? How to evaluate in advance the myriad risks that new business and treasury models are likely to entail? Winners of this award have innovated to drive treasury efficiency, control risk and create value for the wider business.

Digital transformation/technology implementation

Treasury has become a driver in joining up disparate systems and making their data available for real-time analysis. This award recognises their role in reducing complexity and increasing visibility and insight, connecting treasury to the business in a way that has not been possible until now.

Risk management and resilience

The coronavirus pandemic has caused a global economic shock, and aside from the human toll has played havoc with treasury forecasts and hedging strategies. This award recognises astute risk management actions by treasury that protected staff and enabled their companies to survive.

About the awards

How to enter

It’s easy to enter the awards – after all, in showing what you can achieve, you’ve already done the hard part. The simple procedure and guidelines are detailed below.

We are looking for a good narrative that supports your submissions. Although we require some information about your company in our online entry form, what we are ultimately looking for is a compelling story. Ideally, to excite our interest, that story can be given simply in bullet points on one page uploaded document showing concrete examples of treasury-led/implemented transformation project (s) that show good communication, mobilisation of resources and teamwork through adversity.

The deadline for submissions for 2022 has now passed. 

Criteria and eligibility

The annual EuroFinance Treasury Award for Excellence is presented to the company that best embodies the themes of EuroFinance’s flagship event.
The award is open to any commercial business, public/state-sector entity or not-for-profit organisation, anywhere in the world
Banks, FIs, software providers and other vendors are not eligible to enter but we welcome submissions on behalf of your corporate clients.
Competition for this award is strong, and so it is unlikely (but not impossible) that treasuries from the smallest businesses will satisfy the criteria.

Guidelines and tips

  • Please use the online entry form to submit your award application. To ensure consistency and fairness in judging, this form is mandatory for all participants.
  • Please provide a clear explanation as to why you should win the EuroFinance Treasury Award for Excellence.
  • You may submit supporting material but this must be in English. (Testimonials from your chief executive, investors, bankers, or internal customers/stakeholders may be helpful but are not necessary).
  • Any commercially sensitive information in the entry should be marked as such and will not be publicised by the judging panel. Please note, however, that you must provide an adequate amount of disclosure to justify the award.
  • Winners will be expected to make a treasury executive available for interview, for an article to be published on the EuroFinance website, and should notify their communications teams of this.

Winner’s entitlement

  • You can publicise yourself as the “Winner of the EuroFinance Treasury Award for Excellence 2022” and use the Award logo on your website and other materials.
  • Banks and vendors whose clients win an award may license the Award logo from EuroFinance. Contact [email protected] for further details.
  • You will be interviewed for an article about your achievements published on the EuroFinance website.
  • At our annual flagship conference you will be awarded the EuroFinance Treasury Award for Excellence trophy and give a presentation on the achievements that won you the award.

Judging process

  • The judging panel will comprise members of the EuroFinance editorial, research and programming teams, chaired by the Senior Editor. Their decision will be based purely on merit.
  • The judging panel may conduct its own additional research or put questions to the entrants in order to clarify your submissions.
  • Shortlisted candidates may be interviewed by one of our senior editorial team and the most interesting story forwarded to our editorial panel.
  • The judging panel’s decision is final and no correspondence will be entered into with unsuccessful entrants other than to advise them of the results of the awards.
  • Entrants will be notified whether they have won or been shortlisted as soon after the closing date as a thorough judging process allows.
  • Anyone considering entering these awards who has any questions about the rules or procedures may email [email protected].