Hong Kong – CLP Holdings Limited (CLP) has won a CFO Innovation award for Excellence in Treasury Management Transformation, recognising the Group’s success in modernising its treasury management practices with early adoption of a new international financial reporting standard.
Francis Ho, Senior Director – Group Treasury and Project Finance of CLP, said, “We place high importance on prudent financial planning and risk management, and we are committed to using innovative technology for better control and efficiency. Taking a forward-looking approach, CLP has adopted a new integrated treasury management system that could enhance our capability to monitor and consolidate the Group’s treasury profile, while also providing a one-stop solution to hedge accounting, evaluation, compliance and treasury reporting.”
CLP adopted a new International Financial Reporting Standard on financial instruments (IFRS 9) earlier than required in its Interim Report 2016. The Group has been able to do so in part through the adoption of a scalable cloud-based platform for treasury and risk management developed by software provider Reval. The system has reporting functionalities that cater for the international standard.
Tony Singleton, Reval Managing Director, APAC, said, “Reval is honoured to have assisted CLP in adopting a cloud-based system for improving the company’s treasury processes in view of the challenges brought by constant regulatory changes and dynamic financial markets.”