While recognizing its importance to an efficient and effective trading process, for many trading firms it still takes a laborious and manual effort to know who their approved counterparties are, which products they can trade, and to access certification and compliance paperwork. The quality of products delivered as well as increasing food safety legislation, require proper controls to protect reputations and comply with regulatory rules. At the same time, when those controls are inefficient they will impact the business. In an age of digitalization, the successful commodity trading firms have automated this. Do you have your trading partners’ information and offering at your fingertips, or is this a Soft Spot for you? Like any business, commodity trading firms are exposed to a variety of challenges and risks. The Softs commodity business operates in an international arena, with overseas trading partners in markets of different political environments. Knowing your counterparty is key to expect a consistent flow of quality products that comply with food and health regulations, and in the process not to lose sleep over payments. Unfortunately, this means a lot of moving parts, paperwork to chase and tracking statuses. A Commodity Trading & Risk System (CTRM) is designed to
Continue reading A Soft(s) Spot? – Easy insight into certified Counterparties and their Products. This article appeared first on CTRM Center.
Source: CTRM Center