Spectrum Brands Reduces Operational Risk with Hedge Accounting Insight
VANCOUVER, British Columbia, Feb. 9, 2012 /PRNewswire/ — Spectrum Brands, the multi-billion dollar company behind leading brands Rayovac and Remington, has selected Hedge Accounting Insight as its hedge effectiveness testing solution. Spectrum Brands expects to reduce the time, cost, and risk associated with its existing hedge accounting process with FINCAD’s affordable Software-as-a-Service (SaaS) solution.
Before subscribing to Hedge Accounting Insight, Spectrum Brands was using only spreadsheets. However, Spectrum Brands decided to adopt Hedge Accounting Insight as it took on more complex hedge products and needed an easy to use, unified solution to simplify its hedge accounting process. Spectrum Brands anticipates saving significant time and cost with this solution, allowing it to devote resources to other activities as well as minimizing the risk of audit restatements.
“Hedge Accounting Insight ties together all of the analysis and reports needed for hedge accounting in a clear, concise package that is very easy to use,” says John Beattie, VP and Treasurer, Spectrum Brands. “The detailed reports are complete, organized and intuitive, which is valuable to our auditors, making our audit process smoother and more efficient.”
“We understand that hedge effectiveness testing is one of the biggest challenges for corporate treasuries,” explains Bob Park, President and CEO, FINCAD. “Hedge Accounting Insight helps treasuries overcome those challenges, making the hedge accounting process as seamless and insightful as possible for many organizations, including Spectrum Brands.”
About Spectrum Brands
Spectrum Brands is a global consumer products company and a leading supplier of batteries, shaving and grooming products, personal care products, specialty pet supplies, lawn & garden and home pest control products, personal insect repellents and portable lighting. Helping to meet the needs of consumers worldwide, included in its portfolio of widely trusted brands are Rayovac®, Remington®, George Foreman®, Black & Decker Home®, Toastmaster®, Varta®, Tetra®, Marineland®, Nature’s Miracle®, Dingo®, 8-In-1®, Spectracide®, Cutter®, Repel®, and HotShot®. Spectrum Brands’ products are sold by the world’s top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Headquartered in Madison, Wisconsin, Spectrum Brands generates annual revenue from continuing operations in excess of $3 billion.
Founded in 1990, FINCAD provides advanced modelling solutions built on award-winning, patent pending technology. With more than 4,000 clients in over 80 countries around the world, FINCAD is the leading provider of financial analytics technology, enabling global market participants to make informed hedging and investment decisions. FINCAD provides software and services supporting the valuation, reporting and risk management of derivatives and fixed income portfolios to banks, corporate treasuries, hedge funds, asset management firms, audit firms, and governments. FINCAD Analytics can be accessed through Excel, MATLAB, as a Software-as-a-Service or embedded into an existing system through software development kits. Now, over 70 FINCAD Alliance Partners embed FINCAD Analytics within their solutions. FINCAD provides sales and client services from Dublin, Ireland, and Vancouver, Canada.