Business Editors/Technology Writers
NEW YORK--(BUSINESS WIRE)--October 30, 2008--Reval, a global leader in financial risk management solutions and services, announced today that it was recognized with an Alexander Hamilton Award at the 13 th annual Treasury & Risk Magazine awards ceremony this week. Reval was awarded the silver award in the Technology of the Year category for its best in class FAS 157 Solution. This FAS 157 award follows Reval's last year’s win as the only vendor to win Best Treasury Tool. The nine year old hedge accounting and derivative valuations Software-as-a-Service firm was once again the only vendor to receive the Technology award alongside Toyota and GE who won gold and bronze respectively.
Reval continues to receive global recognition for being ahead of the curve and helping corporations and banks remain compliant with the increasing complexities of accounting regulations affecting derivatives. Reval’s FAS 157 solution is fully integrated into the company’s flagship derivative solution, HedgeRx®.
With the increased attention being paid to FAS 157 lately, Reval has seen an overwhelming demand for its award-winning FAS 157 solution. “FAS 157 was definitely a ‘sleeper standard’ where many corporates and some of the Big 4 were not taking the standard seriously under the grounds of not having an immaterial impact to most of their fair values,” notes Jiro Okochi, CEO of Reval. “The credit and liquidity crunch has turned that view upside down and now there is a high level of concern about taking FAS 157 more seriously and with more rigor,” continued Okochi.
Okochi added, “It’s an honor to be the only vendor to win in the Technology of the Year category again and we are all proud to be acknowledged as a leader in providing value added services to major corporations and banks through our Software as a Service platform.”
Reval’s derivative solution and derivative valuation service address the complex business, valuation, and accounting requirements for derivative management for interest rates, foreign exchange and commodities. Reval’s products and services help companies implement better approaches to effectiveness testing under stringent accounting rules such as FAS 133 and IAS 39, providing better control of operational risk, and helping to avoid financial restatements and other regulatory pitfalls. The easy-to-deploy Software as a Service solution has cutting-edge security, strict controls and a SAS 70 Type II certification. Organizations including Commerzbank, Deloitte & Touche LLP, General Motors, GlaxoSmithKline, the government of Canada, National Grid Transco plc, Qantas, and many more have used Reval’s solutions to hedge foreign exchange, interest rate, energy and commodity risks while complying with today’s FAS 133 and IAS 39 requirements.
Treasury & Risk Alexander Hamilton Awards
Treasury & Risk covers the significant developments, trends, industry leaders, best practices and technology that are shaping the future of finance and treasury for senior financial executives, including CFOs, treasurers and controllers. T&R, a unit of Summit Business Media, established the Alexander Hamilton Awards in 1996 to celebrate excellence in treasury and financial management. A complete list of the 13th annual Alexander Hamilton Awards for Excellence winners can be found at www.treasuryandrisk.com. Summit Business Media serves the financial services and insurance industries through publications, electronic products and conference events.
Reval ® provides financial and accounting professionals with an award-winning Web-based platform that supports derivatives risk management. This software-as-a-service addresses the need for derivatives to comply with national regulations, such as FAS 133, FAS 157, and Sarbanes-Oxley, as well as international regulations such as IAS 39 and IFRS 7. The world’s leading corporations, financial institutions, and accounting firms rely on Reval to provide independent valuations of derivative transactions and to assist with the hedge accounting of foreign exchange, interest rates, energy, credit, commodities, and other asset classes. Reval uses its expert teams comprising financial engineers, accounting professionals, and technologists to deliver its critically acclaimed services and products, which integrate easily with treasury management and ERP systems and deploy rapidly. Founded in 1999, Reval has headquarters in New York and regional centers based in London, Sydney and Gurgaon, India. The company also maintains offices in Chicago, Toronto, and San Francisco.