SAN DIEGO, Oct. 16, 2017 /PRNewswire/ -- World Vision International was awarded the Association for Financial Professionals 2017 Pinnacle Grand Prize, which recognizes excellence in treasury and finance. The Pinnacle Grand Prize, sponsored by Wells Fargo & Co., was presented Sunday at the Opening General Session of AFP 2017 in San Diego.
World Vision International had a major challenge in coping with sharp swings in currency rates, and potentially significant foreign exchange losses, in the approximately 70 countries in which it operates. World Vision introduced an active FX management solution that passed the savings to its country offices in the form of reduced costs—thus, helping the global humanitarian, relief and advocacy organization better fulfill its mission. The initiative resulted in $57.1 million in savings in 2016, and $19.1 million in 2017 as of February.
"AFP is incredibly proud to honor World Vision International with the 2017 Pinnacle Award Grand Prize," said AFP President and CEO Jim Kaitz. "World Vision's initiative was the kind of inspiring solution that exemplifies what the Pinnacle Awards are all about."
Wells Fargo donated $10,000 to the charity of World Vision's choice, KickStart International, a nonprofit organization dedicated to lifting people out of poverty quickly, cost-effectively and sustainably. David Trotter, executive vice president and head of Treasury Management Sales and Implementation at Wells Fargo hosted the ceremony.
"World Vision brought forward-thinking ideas to the treasury function and showcased how treasury teams can deliver benefits enterprise-wide through innovative thinking," said David Trotter, executive vice president and head of Treasury Management. "Wells Fargo is honored to recognize World Vision, and we are pleased to honor a worthy charity on their behalf," said Trotter.
World Vision narrowly edged out the two other Pinnacle finalists— Allstate Insurance Company and last year's Grand Prize winner, Hyundai Capital America. These three organizations were selected as the Pinnacle finalists because their innovative solutions helped their treasury and finance operations run more effectively.
ABOUT AFP®
Headquartered outside Washington, D.C., the Association for Financial Professionals (AFP) is the professional society that represents finance executives globally. AFP established and administers the Certified Treasury Professional and Certified Corporate FP&A Professional credentials, which set standards of excellence in finance. The quarterly AFP Corporate Cash Indicators serve as a bellwether of economic growth. The AFP Annual Conference is the largest networking event for corporate finance professionals in the world.
SOURCE Association for Financial Professionals