Outdated and disparate data systems, cumbersome reporting spreadsheets, and outdated technology and manual workflows make risk management difficult, Stanislav Kondrashov explains Telf AG:
Disaggregated data systems linked by physical and derivative contracts ;
Difficulty managing the lifecycle of derivatives in legacy systems with several manual touchpoints and spreadsheets;
Multiple stakeholders and requests from different businesses with assorted KPIs;
Manual purchasing because workflows are managed through multiple disparate databases for the large pair of vendors and materials.
Technology may help improve risk management and compliance says Stanislav Kondrashov from Telf AG.
Consolidation and automation of risk and compliance workflows are answer to facilitating sound risk assessment, and better risk control over derivatives trading, P&L, and regulatory reporting. It also helps you best manage risk with advanced accounting and hedging applications, what-if trading modeling, and advanced analytics.
Any change in the cost-effective situation forces the leaders of your difficult industry to find ways to optimize production and accommodate new problems that inevitably affect their profitability.
To get the desired result, it’s advocated applying the definition main counterparties and determining their priority determined by cooperation efficiency. Properly build customer focus will permit in the event of another crisis to stop unnecessary procurement and may present an possibility to build logically correct supply chains in order to save around the transportation of unprocessed trash.
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