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FX risk attribution · for treasury teams

When the CFO asks why,
have the answer.

Your FX result, taken apart down to the invoice. Then a hedge that fits.

Start a two-week pilotSee an example
2 to reviewPositions · 30 Sep 2026Rates · 30 Sep 2026
Attribution

What currency did to your result this quarter

Q3 2026All entities
FX result · Q3 Reconciled(US$3.0M)FX gains and losses in the ledger
The market(US$2.0M)the euro, peso and pound moved
The business(US$1.0M)timing and volume, net of hedges
By entity6 entities · 3 with a result
EntityCurrencyFX resultShare of result
DEGermany GmbHEUR(US$1.8M)60%
UKUK LtdGBP(US$0.6M)20%
MXMexico SAMXN(US$0.6M)20%
CACanada IncCADUS$0.0M0%
JPJapan KKJPYUS$0.0M0%
SGSingapore PteSGDUS$0.0M0%
Copied for the CFO Germany (US$1.8M): euro (1.2), late payments (0.6)
Attribution

What currency did to your result this quarter

By entityMarket or business
Where the result came from(US$3.0M) · Q3 2026
The market(US$2.0M)The business(US$1.0M)(US$3.0M)
The euro, peso and pound movedYour own timing and volume, net of hedges
DriverPartAmountShare
RRateMarket(US$2.0M)67%
TTiming · late paymentsBusiness(US$0.6M)20%
VVolume · above planBusiness(US$0.6M)20%
HHedgesHedging+US$0.2M−7%
Coverage

Is the hedge book inside policy, and where is it not?

Next 12 monthsPolicy 60–90%
Where every exposure sitsband 60–90%
0%6090
EUR receivablesGermany GmbH42%75%Off bandIn band
GBP payrollUK Ltd71%In band
MXN purchasesMexico SA66%In band
Prepare the trade1 exposure outside policyAll exposures inside policy
Copied for the CFO Q3 (3.0) explained · euro cover back to policy by 30 Oct

A software company FX was “a black box”. Now every swing traces to the ledger.

The gap

The total is right. The why is missing.

What the total hides

You hedge what the report shows. The rest runs open.

Offsets that settle weeks apart, and exposure that never reaches a report, carry no hedge.

Euro exposure · Q3
Exposure€28M€50MHedged€21MCover75%42%
Hedged€21M
Left open by policy€7M
Offsets that settle on different datesNetted to zero€10M
Booked, never reportedNot on the report€12M
What the report expects from the euro · Q3What the euro did to the result · Q3(US$0.4M)(US$1.2M)
At policy on paper. Small moves expected.(0.1)(0.3)Jul(0.2)(0.6)Aug(0.1)(0.3)Sep

Worked example

The Q3 loss, taken apart.

Select a part: where it came from, why it moved, and what to do.

FX result · Q3 2026(US$3.0M)
Market (US$2.0M)Business, net of hedges (US$1.0M)
FX result(US$3.0M)

Every line ties to the ledger export of 30 Sep 2026

Currencies moved against open exposure(US$2.0M)
Traced to
  1. Group · three currencies
  2. Germany GmbH, UK Ltd, Mexico SA
  3. EUR/USD 1.100 → 1.067 · USD/MXN 17.90 → 17.20 · GBP/USD 1.300 → 1.330(2.0)
Why it moved

The euro fell on what customers owe; the peso and pound rose on what you pay. Euro cover was 42% against a 75% policy, so more of the move reached the result.

What to do

The move itself can't be fixed. The cover can: back to 75% with one €16.5M forward.

OwnerTreasuryBy30 Oct

The fix

Fix the hedge where the gap starts.

Checked against your policy. You trade with your own banks.

Euro exposure · Q3€50M
Hedged€21MLeave as is
Left open by policy€7MWithin policy
Offsets on different dates€10MMatch hedges to payment dates
Booked, never reported€12MMeasure it, then decide
How €10M slips throughAugust
1 Aug31 Aug
€5.0M inCustomer pays · 9 Aug(€5.0M) outSupplier paid · 27 Aug
Open 18 days
On the reportnet zero18 days unhedged
What to hedge, and whenRatios and tenors for your policyA policy check on your current program

The goal Fewer FX surprises in the results, and a hedge program you can defend line by line.

Who asks

Whoever asks, the same answer.

FX result · Q3 · four drivers(US$3.0M)
Rate(2.0)
Timing(0.6)
Volume(0.6)
Hedges+0.2
Market (2.0) · Business, net of hedges (1.0)Same run 9f2c…a41e

Your stack

Your systems stay. Orbit adds the why.

Pick a system: what Orbit reads from it, what it adds, and which part of the result it explains.

Your systems
Market ratesAdded by Orbit
General ledger · Q3184,203 lines
LineEntity · itemDuePaidAmount
18,203UK Ltd · payroll30 Sep30 SepGBP 1,180,000
18,204Hartmann AG · invoice 447112 Sep30 SepEUR 10,000,000
18,205Mexico SA · supplier15 Sep15 SepMXN 3,600,000

Paid 18 days late

Orbit reads
entityaccountcurrencyamountdue datepaid date
Orbit adds
The market rate on every dateEach payment matched to its invoice
FX result · Q3(US$3.0M)
Rate(2.0)
Timing(0.6)
Volume(0.6)
Hedges+0.2

Explained by this system

From this systemInvoice 4471, paid 18 days late(US$0.3M)
Traced to the ledger
CSVERP ledgerledger_export.csvXLSXTreasury systemhedges.xlsxXLSXPlan and forecastsplan_fy26.xlsx
OrbitReads the exports. Adds the why.
FX result · Q3(US$3.0M)Traced to the ledger
ReproducibleSame inputs, same answer, tied to your trial balance.
Walled offYour data never mixes with another client's.How we handle your data
IndependentEarns nothing from any trade, so it can tell you to hedge less as readily as more.
Built byCorporate data scientists and financial engineers
Advised byFX leaders from Bank of America, BMO, Magna
Backed byDiagram · SagardSOC 2 Type I · Type II in observation

Getting started

One number is enough to start.

  1. Q2 FX result · groupQ3 FX result · Germany GmbHHedge cost · year to date
    01

    Choose a figure

  2. ledger.csvhedges.xlsxplan.xlsx
    02

    Export what you already have

    No integration.

  3. (US$1.8M)row 18,204
    03

    Get it traced back

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