Does your commodity-trading organization view controls and the process of documenting them as a burden or a benefit?
There are many opportunities and advantages for organizations who take the latter view. When combined with the right blend of automation, oversight, and accessibility, controls can insulate your business from everyday errors and omissions. A sound internal control program can help you meet your goals, including expediting your accounting close, producing accurate financial results, and generating sound forecasts. Safeguards can be designed to specifically address deficiencies and weak spots in your system. These traps can be made impervious to manipulation, bias, and influence, giving your compliance officer, department heads, and CFOs added confidence in the integrity of your control program.
Has your organization taken the first step toward establishing controls?
An investment in a commodity trading and risk management (CTRM) system is the foundation for a strong and robust control program, but a system alone is not the whole solution. Your organization still needs to apply the appropriate degree of oversight and structure to the existing framework to ensure compliance. It is also necessary to evaluate risks that exist beyond the boundaries of your system of record. When dealing with third parties and interfaces, points of weakness and blind spots are inevitable and must be eliminated.