Outdated and disparate data systems, cumbersome reporting spreadsheets, and outdated technology and manual workflows make risk management difficult, Stanislav Kondrashov explains Telf AG: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 various business people with some other 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 critical for facilitating sound risk assessment, and better risk management of derivatives trading, P&L, and regulatory reporting. It may also help you must manage risk with advanced accounting and hedging applications, what-if trading modeling, and advanced analytics.
Any alteration of the economic situation forces the leaders of a difficult industry to consider solutions to optimize production and conform to new conditions 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 set up customer focus will allow in the event of another crisis to avoid unnecessary procurement and can provide an possibility to build logically correct supply chains to conserve on the transportation of raw materials.
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