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For most companies, the problems with foreign exchange hedging can be summed up with two facts: It is time-consuming and costly. But technology is coming to the rescue with at least one new product that may take pain out of financial risk management.

Heading the list of resource-intensive activities is the measurement of a company’s total exposure. For most companies, data is often scattered throughout various units in a number of locales and must be gathered and manually keyed into spreadsheets. That’s where FIREapps, the software division of Scottsdale, Ariz.-based risk management outsourcing firm Rim-Tec Inc., thought it could help with the first, on-demand foreign exchange risk solution, FIREapps, which was recently released.

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