New York, June 26, 2008 – Reval, a global leader in financial risk management solutions and services, announced that it was recognized at Treasury Today’s inaugural Adam Smith Awards for Best Practice and Innovation which took place on Thursday, June 19th at the Four Seasons Hotel in Canary Wharf, London. The ceremony welcomed treasurers, CFOs, cash managers and more from around Europe to accept awards recognizing the innovative solutions that successfully achieved improved efficiency, exceptional implementation and significant cost savings. Reval won "Highly Commended" in the Bright SOX Award for Good Corporate Governance.
The Bright SOX Award for Good Corporate Governance category was open to firms who have proven solutions in the difficult areas of compliance, governance and satisfying regulatory considerations which impact the treasury environment.
Richard Parkinson, Managing Director of Treasury Today commented, "The judging criteria for these Awards are tough, and the competition was extremely strong. Winning entries needed to demonstrate tangible results in the form of cost savings and above average ROI, through to exceptional implementation and quantitative improvements in efficiency. To have won an award is therefore a significant accolade for Reval."
Reval is consistently viewed as the leader in treasury compliance and helps its Global 2000 clients with the complexities of accounting regulations as they relate to derivatives. With that, most of Reval’s clients need to be SOX-compliant and furthermore, they need their vendors to adhere to the same strict regulations. Reval has invested in the more detailed Type II SAS 70 compliance certification, which is a big differentiator from their competitors. "Having a vendor such as Reval being SAS 70 compliant helps clients reduce their cost of being SOX compliant. It is a guarantee that they have to undergo very few SOX-related queries from their own auditors," said Dharmendra Varma, Reval’s Quality Assurance Compliance Manager.
"As one of the first companies in our space to obtain a Big 4 audited SAS 70, we are very happy to be able to be recognized by the industry for the quality and thoroughness of our controls and process," added Philip Pettinato, Chief Operating Officer of Reval.
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