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EPAM Success Story - Halliburton Foreign Currency Risk Management
Halliburton is the world leader in integrated energy services, energy equipment, engineering, construction, and maintenance. Through its six business units-Halliburton Energy Services (HES), Brown & Root Energy Services (BRES), Landmark Graphics Corporation's, Kellogg Brown & Root (KBR), Brown & Root Services (BRS), Dresser Equipment Group (DEG)-Halliburton offers integrated solutions for the exploration and production of energy.
Situation
Being a global company with about 360 local offices and affiliate partners worldwide, the Halliburton Company deals with innumerable currency transactions daily. With faster than ever growth in global financial markets, Halliburton's legacy manual, paper-based report systems did not provide the required up-to-date and reliable information to effectively optimize foreign currency transactions. Halliburton needed a system to manage foreign currency exchange risks and distribute the most recent financial data throughout their worldwide business network.
Solution
In 1995 EPAM Systems was engaged to develop the Exposure Management System for the Treasury Department of Halliburton Company to manage the currency risk of their two major business units, Brown & Root and Halliburton Energy Services. In 1999 upgrades to the system included many advanced features and seamless interfaces into Halliburton's SAP ERP Systems. This project was named: EMS SAP 2000.
System Highlights
System functionally is divided into three main areas for the corporation as a management application for receiving, processing, and sending multi-currency sales reports:
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Dresser Exposure Management System Central (Dresser accounts) |
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Exposure Management System B&R (Brown and Root accounts) |
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Exposure Management System SAP (SAP accounts) |
Results
More effectively and at speeds never before possible, the treasury staff at Halliburton uses the Exposure Management System to manage foreign exchange risk based on up-to-date financial facts provided by the system. The company benefits from full automation of report distribution between headquarters and local managers. Coverage is provided to more than 300 local affiliate partners that manage 177 local currency rates. Last but not least, the system significantly reduced loses by enhancing the reliability and accuracy of this critical business process.
"The EMS application benefits exceeded all expectations. It is a fast, reliable, easy-to-use system. Due to the successful delivery of EMS SAP 2000, Halliburton has contracted EPAM for the development of a Contract Management System. Halliburton projects are a testimonial to EPAM's ability to meet customer expectations."
Steve Mathews,
Halliburton Company Manager - Financial Risk Treasury Dept.
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