World Vision wins grand prize at major financial industry award competition
Aid agency wins Association of Finance Professionals’ Pinnacle Award
Foreign exchange management program leads directly to greater impact on children
Focus on children enables best practices to go even further says award winner
MONDAY, OCTOBER 16, 2017 –– Foreign exchange that has an impact on children’s lives saw World Vision win the grand prize Pinnacle Award at the 2017 Annual Conference for the Association of Finance Professionals (AFP) yesterday.
“We are honored to receive this award from one of the industry leaders in financial management. However, the real value is the impact on the most vulnerable children around the world,” says World Vision’s Head of Global Treasury Kathryn Powers.
“At a time when more than 1.7 billion children are subjected to violence every year, and when global financial resources for aid and development are deeply constrained, every dollar counts.”
AFP hosts the largest networking conference worldwide with more than 6,500 finance professionals from across corporations, banks, technology companies, and service providers. This year’s annual competition saw corporations showcase their finest initiatives in treasury management.
World Vision submission “Improving Child Wellness with Foreign Exchange Gains” looked at the organization’s approach to foreign exchange.
“We help offices plan for and absorb shocks from abnormal swings in currency rates, providing forecasted budget rates to both fundraising and field offices,” says Powers.
World Vision’s financial risk management team, led by Director Leon Tompkins, designed an active risk management hedging program that reduces the impact of currency fluctuations. Local offices benefit from reduced costs, investing directly and immediately into places where children are most in need.
Yesterday’s grand prize award is the latest in a number of awards for World Vision’s financial management, including Treasury Today’s Adam Smith Awards in 2017 (FX Solution) and 2016 (Relationship Management) and Treasury Management International Awards in 2015 (Cash Management).
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Notes to editors
The Pinnacle Award includes a donation of $10,000 from Wells Fargo to a charity of the winner’s choice. As World Vision cannot give the money to ourselves, we have chosen to donate it to Kickstart, a non-profit social enterprise with a mission to lift millions of people out of poverty quickly, cost-effectively and sustainably. The organisation has a history of demonstrated positive impact across numerous local communities and households, a positive local, on-the-ground reputation, an earned income model focused on sustainability and resiliency of families and an aligned operational footprint with World Vision and Vision Fund. Founded in 1991, KickStart provides appropriate technology for small-holder farmers. Their flagship product is the treadle pump that is used to convey water from wells of up to 7m depth for micro-irrigation.