Shell’s rolling deployment of the Cadis EDM enterprise data management platform will give the petrochemicals giant a centralised repository for collection, normalisation and distribution of all foreign exchange rates and curves globally. The treasury department deployment, initially in London but soon to be at a series of overseas locations as well, will support all treasury applications and more than 30 ERP systems across the company.
For Cadis, the Shell contract – won earlier this year following an intensive selection process – marks a strident move into two new areas of business: energy and corporates. CEO Daniel Simpson says the project has involved working with many of the larger ERP platforms, a process that has been relatively straightforward.
The Cadis platform will allow Shell to use centrally managed FX and rates data from a variety of sources – “the usual suspects,” says Simpson – to provide accurate information to a wide range of applications globally, from invoicing and financial reporting, through to risk management and hedging systems.
Access will be available to Shell staff via a web-based front-end. The system replaces what Simpson describes as “a number of homegrown systems” that had grown increasingly unwieldy. Implementing Cadis gives it a central hub of FX data, including spot and forward rates and curves.
The Cadis EDM platform creates and manages gold copy masters across all data types, and provides a framework for data governance, risk management and compliance. In Shell’s case, it has allowed it to migrate from legacy infrastructures.