Walter Energy Selects IT2 Treasury Management Solution
Walter Energy, a ‘pure-play’ metallurgical coal producer for the global steel industry, has selected the IT2 Treasury Management Solution (TMS). This project is highly strategic, designed to enable the company to navigate significant complexity and volatility in its financial exposures.
With operations in the US, Canada and the UK, Walter Energy is adopting a policy of treasury centralisation and control of which the IT2 implementation is a major component. IT2 will both significantly streamline and enforce central treasury rules and workflows, transitioning the company’s spreadsheet-based treasury department to a single platform. Expected benefits include more straightforward, visually intuitive processes, risk management, and governance for the purposes of audit and Sarbanes-Oxley (SOX) compliance.
“We are positioning Walter Energy to be a leader in treasury best practices, complete with robust, streamlined processes and maximum insight into cash, exposure and risk,” said Michael Griffin, interim treasurer at Walter Energy. “IT2 will further enable our treasury department to manage a diverse portfolio of exposures – from leases, corporate debt and credit, to securities investments and foreign exchange – according to best-practice treasury policy. We will also be better able to manage a comprehensive hedging and risk management strategy by working within the single platform of IT2 TMS.”