London, 29th April 2014 – Reval, a leading global Software-as-a-Service (SaaS) provider of comprehensive and integrated Treasury and Risk Management (TRM) solutions, announced today that British Sky Broadcasting Group plc (BSkyB), the UK and Ireland’s leading home entertainment and communications company, is now live on Reval, with the ability to incorporate new accounting standards into its financial reporting.
“As we were looking to upgrade our legacy treasury system, we took the opportunity to review our manual processes and to incorporate the new IFRS13 requirements for Credit Value Adjustments (CVA) into our financial reporting,” says Simon Morley, Group Treasurer at BSkyB. “In addition to supporting the new standards, Reval´s SaaS TRM solution enables us to improve the efficiency in risk management processes, provide more accurate mark-to-market valuations and benefit from its integrated capabilities for hedge accounting. We are also planning to leverage Reval´s straight-through processing (STP) community to more effectively manage our money market fund investments.”
“New regulations and accounting standards always add complexity to the treasury function,” says Nigel Sirett, Managing Director EMEA at Reval. “Trying to adapt simple tools with more manual workarounds increases operational risk and is extremely inefficient. Reval is therefore delighted to help BSkyB significantly reduce manual efforts, improve their risk management, and ensure compliance today and in the future.”
About British Sky Broadcasting Group plc
Sky is the UK and Ireland’s leading home entertainment and communications company. Around 40% of all homes have a direct relationship with Sky through its range of TV, broadband and home telephony services. Sky is the UK’s biggest investor in television content, investing more than £2.5 billion a year in channels such as Sky 1, Sky Atlantic, Sky Living, Sky Arts, Sky Sports, Sky Movies and Sky News. Around two-thirds of Sky’s content spend is invested in the UK and Sky is the fastest-growing source of investment in original British programmes. More than 30 million people watch Sky content each week.
Alongside its commitment to offering customers a greater choice of high-quality content, Sky is a leading innovator. Customers enjoy total control and flexibility over their favourite TV through Sky+, watch TV on the move through Sky Go, and enjoy the best quality TV experience at home through High Definition and 3D. Sky distributes its content broadly over several platforms, including satellite, cable, IPTV, mobile and WiFi. NOW TV, Sky’s second consumer brand, builds on the company’s leadership in internet TV. Sky is also the UK’s fastest-growing home communications company and favourite ‘triple-play’ provider of TV, broadband and home phone.
Sky believes in making a wider contribution to the communities in which it operates by taking positive action on the environment, supporting grassroots sports and increasing access to, and participation in, the arts. Sky employs 23,000 people, has annual revenues of £7.2 billion and is estimated to support a £5.4 billion contribution to UK GDP. Sky is listed on the London Stock Exchange (BSY).
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