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There are always two aspects to risk–the tangible and the intangible. In 2003, Honeywell implemented SunGard AvantGard’s global treasury workstation and FXall’s foreign currency trading/settlement Web application. The applications comprised Honeywell’s FX hedging solution. One problem: Honeywell’s FX trader had to manually take the e-mails and spreadsheets from the 200-plus units, data-mine them into one net trade requirement per currency pair and then execute the hedge. Given the volume of data, reworking mistakes became commonplace.

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