December 7, 2010
Rémy Cointreau Implements IT2
New York--IT2 Treasury Solutions announces that Rémy
Cointreau has completed implementation of the IT2 treasury management
system. The IT2 solution addresses a broad range of treasury management
business issues, and includes a cash concentration process that provides a
high level of autonomy for the Rémy Cointreau treasury operation.
Rémy Cointreau’s original selection of IT2 was based around the company’s
strategic organisational shift from a joint venture based system to a
subsidiary-based business model. This evolution meant that treasury’s
reliance on several different, outdated systems was no longer appropriate.
IT2 was selected to provide a fully integrated solution that would optimise
control and efficiency, including bank communications, and would also
facilitate the efficient intercommunication of critical financial
information with Rémy Cointreau’s global network of operating subsidiaries
via IT2 NET.
Luc Vlaminck, Rémy Cointreau’s Group Treasurer, comments: “I was very
pleased that the IT2 implementation project was completed on time and within
budget, so that we can fully enjoy the benefits of the new integrated
solution as planned. A key value-added factor for us is the unique IT2
process maps, which are so much more than workflow documentation. In
implementation, the process map library provided a best practice basis,
which enabled us to configure processes according to our policies and
requirements quickly and easily. In live operation, process maps
interactively manage, control and document cash, treasury and financial risk
management. They give us a secure and transparent basis for treasury
operations – and they are also extremely helpful with the efficient and
effective training of new team members, and with achieving strong audit
The Rémy Cointreau IT2 system addresses FX and interest rate exposure
management, treasury accounting, fair value and cash flow hedge accounting,
inter-company financing and cash management. The system will integrate with
the Bloomberg service for the import of FX and interest rates, plus
volatilities to support option pricing. IT2 will integrate with SWIFT, as
part of the automated treasury workflow.
The cash concentration process involves the use of IT2 NET to assemble cash
forecasts from across Rémy Cointreau’s global subsidiary network.
IT2 then constructs the forecast by applying the subsidiaries’ inputs to
the bank account position. IT2 next calculates and reports the sweep
amounts, which are flexibly projected to selected value dates by currency,
enabling any necessary FX hedges to be applied.
Based on a single, central database that is updated in real time, IT2
generates a comprehensive range of operational and management reports that
form a fully dependable information platform for treasury management.
Rémy Cointreau S.A. is a global leader in the production, marketing and
distribution of premium branded cognacs, liqueurs, spirits and champagnes.
The Group’s key brands, such as Rémy Martin, Cointreau and Piper-Heidsieck
now rely on a largely restructured and controlled distribution network. The
network offers a sound basis in high potential worldwide markets,
particularly in China and South East Asia. It also enables the continuation
of a discerning marketing differentiation and price increase policy for its
key brands. Group turnover in financial year 2009-10 was EUR 807.8 million.
IT2 Treasury Solutions is a leading provider of treasury management software
to corporate treasuries and financial institutions. The IT2 TMS is a fully
integrated best practice solution that supports treasury in its entirety,
fulfilling cash, debt and investment, financial risk, treasury accounting
and hedge accounting requirements.