Alphabet, Google’s Parent Company, Drager, and Peloton Are the Finalists for the AFP 2020 Pinnacle Award
The Association for Financial Professionals annually recognizes the leading finance groups for innovation, collaboration, and results.
September 15, 2020 – Bethesda, Md. – Alphabet, Google’s parent company, Drager, and Peloton are finalists for the Association for Financial Professionals’ 2020 Pinnacle Award. Sponsored by MUFG (Mitsubishi UFJ Financial Group NYSE: MUFG), the Pinnacle Award was established in 1997 to recognize excellence in treasury and finance.
Finalists were selected by a jury of treasury and finance professional peers. Decisions were based on innovative solutions that progress the efficiency and effectiveness of their organization’s treasury and financial operations. Voting is currently open for the submissions, and the Grand Prize winner will be announced during the AFP 2020 Virtual Experience. MUFG will make a $10,000 donation to a charity of the winner’s choice. If you are press and interested in covering AFP 2020 or have any questions, please contact Melissa Rawak at [email protected].
“These submissions by Google, Drager, and Peloton speak to the ingenuity of the finance profession,” said Jim Kaitz, president and CEO of AFP. “AFP is honored to recognize the 2020 Pinnacle Award finalists.” “MUFG is proud to sponsor the Pinnacle Award to highlight the innovation of treasury and finance professionals, and how they are impacting the industry,” said Ranjana Clark, Head of Global & Americas Transaction Banking, and Bay Area President at MUFG. “We are pleased to support the AFP in its mission to provide education and to recognize the treasury and finance achievements demonstrated by these Pinnacle Award finalists.”
About the submissions: Alphabet, Google’s parent company, is a rapidly growing and dynamic, entrepreneurial business. To support this growth, Alphabet recognized the need to re-engineer its treasury function. Partnering with SAP, Alphabet launched Project Emerald—a state-of-the-art, non-custom solution that migrated treasury’s processes to the company’s SAP treasury workstation. The success of this in-house solution has paved the way for Alphabet to implement SAP as a single global ERP system for not just treasury, but all corporate functions.
Dräger, a leading manufacturer for medical and safety technology products, manages a large foreign exchange portfolio that requires reliable data processing. Until the end of 2019, FX exposures were computed in a highly manual and time-consuming, spreadsheet-based process. To improve data availability and reliability, Dräger implemented an FX management tool to automate data processing and the calculation of exposures. Additionally, the company automated the exposure planning process and created a cost-efficient hedging portfolio.
Peloton, the world’s largest interactive fitness platform, lacked a formalized treasury operation and needed to quickly build infrastructure to support its rapid growth, increased complexity and upcoming public offering. Dana Laidhold, Peloton’s first treasurer, joined the company in 2018 and embarked on a journey to build a treasury team from the ground up and implement technology and business processes. Register for AFP 2020 Virtual Experience by September 25 to receive complimentary access to the “Forecasting in Uncertain Times” Pre-Conference Workshop. This half-day workshop will provide you with both implementation ready and theoretical approaches for improving the accuracy of forecasts.
Headquartered outside of Washington, D.C. and located regionally in Singapore, the Association for Financial Professionals (AFP) is the professional society committed to advancing the success of treasury and finance members and their organizations. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in treasury and finance.
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