New Delhi, November 16, 2015: Amway India, country’s leading direct selling company and a wholly owned subsidiary of Amway Corporation, USA, has been awarded Two prestigious Adam Smith Asia Awards 2015 for ‘Best in Class Benchmarking’ & ‘Best Corporate and Social responsibility initiative’ for the year 2015.
The Adam Smith Awards are recognized globally as the ultimate benchmark for achievement in corporate treasury. In 2015, more than 200 nominations were submitted across the Asia Pacific region with every major country and territory of the Asia-Pacific region represented.
Best in Class Benchmarking Category: Amway India has developed in-house the most comprehensive Treasury solution covering all aspects including - Reconciliation, Standard Operating Procedures for Treasury, Built in knowledge assessment tools, Cashier Productivity, automated journal entries and many other functions.
Best Corporate and Social Responsibility: This is about being ‘Green’ in the treasury transactions. The team at Amway, in collaboration with Citibank, has developed a virtual P-card product which ensures that the transaction trail is completely online thereby doing away with the lengthy offline transactions which helped the Jury to award this solution as the Best CSR solution under the Green transactions category.
Speaking on the occasion, Mr. K.V Hariharan, CFO, Amway India, said, “We are challenging conventions and are invigorating a new culture of growth through innovation within Amway. This is an important part of our strategy of inclusive, ethical and sustainable growth. Amway operates with very high ethical standards and the same apply to the treasury department. We have a complete vision and roadmap to implement best in class treasury practices in India.”
Bikash Mukherjee, Treasury Head, Amway India, said, “Treasury is an important department for us as we use it to pay commissions to the many thousands of Amway distributors on a month to month basis. We are delighted to see that the endeavor to adopt world class practices is paying rich dividends.”
Amway India received Adam Smith Award for ‘Best in Class benchmarking’ in 2014. The treasury team at Amway also won the most prestigious award by The Asset, Asia’s leading finance magazine, for ‘The Best Electronic Banking Implementation’. The award recognizes the efforts and support provided by Amway to implement the most complex electronic banking solution with best in class Host to Host integration.