Global Energy and Commodities Firm Case Study

This global energy and commodities firm has implemented Fenergo to meet Know Your Counterparty (KYC) requirements globally. The project, aimed at digitizing the counterparty and service provider onboarding experience, started with the firm’s trading arm in the Middle East before expanding across its operations in Asia, Europe, and the US.

As one of the world’s largest global energy and commodities firms, efficiency is a core tenet of its engagement with counterparties to facilitate the flow of energy supplies across its global network. 

The firm’s incumbent email-based approach to counterparty and service provider onboarding was heavily manual and virtually untraceable. The enormous disconnect this created between front and middle offices was ultimately increasing time to revenue and causing traders to spend time on the back-and-forth required to conduct due diligence, rather than focusing on revenue generating activities such as trading.

“Fenergo quickly identified how to solve our manual process issues and was able to create a digital onboarding process that has drastically reduced our counterparty onboarding timeframe.” – Head of Compliance at Global Energy and Commodities Firm

Another issue was that fines from law enforcement and industry regulatory bodies were becoming a bigger issue in the Energy and Commodities space. In recent years, we’ve seen significant financial penalties handed out to firms for failing to have sufficiently precise counterparty onboarding and due diligence processes. The firm was conscious of the need to safeguard against fines as well as finding a way to increase efficiency at onboarding.

For this global energy and commodities firm, Fenergo: 

• Created the scope for an effective counterparty onboarding portal to replace emails
• Implemented the new onboarding portal in just five and a half months
• Delivered AI capabilities in the form of Advanced Reporting

Download the full case study to understand how, by implementing Fenergo, the firm has seen improved counterparty onboarding times and become equipped to onboard counterparties more efficiently and effectively across multiple jurisdictions.