Mar 18, 2014
From the Global Energy Institute
This publication examines five questions that represent interconnected issues affecting a company’s regulatory compliance program and provides a useful tool to assess your company’s compliance readiness.
Answering “no” to any of the five questions, or doubting the capabilities of your company’s compliance program, could indicate weakness in your defense. Companies of all sizes must take an honest look at their current program’s strengths and limitations and be proactive about making the required changes.
A compliance program must be dynamic and constantly changing to keep pace with rapidly changing market conditions, regulatory regimes, trader behaviors and technology. It should also have an ongoing process improvement plan to stay ahead of the evolving risks.
This could require trading companies to invest in new systems, technologies or other upgrades to their energy trading and risk management (ETRM) software systems that can change the way they operate. Overall, companies must realize that implementing a compliance program is not a one-time project but an ongoing journey.