Analyzing Counterparty Trading and Sanctions Risk in the Energy Sector
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Employees of energy and commodities trading firms say* that de-centralized or siloed data is the biggest challenge they face when onboarding counterparties and suppliers, closely followed by an ever-evolving sanctions landscape.
The energy and commodities sector is currently in an era which is defined by complex geopolitical conflicts and stringent regulatory requirements, a set of circumstances that are only aggravating these challenges and making onboarding and due diligence processes less efficient.
This report features insights from the following industry experts:
- António Pedro Rodrigues – Head of Compliance, Galp Energia
- Paul Iezzi – EMEA Channel Partner Manager, LSEG Risk Intelligence
- Rawad Halawi – Partner, Financial Advisory, Deloitte
- Rory Doyle – Head of Financial Crime Policy, Fenergo
- Howard Walper – CEO Americas, Commodities People
In this report, we analyze the risks associated with counterparties, trading, and sanctions in the energy sector. We also recap the on-the-ground insights and advice issued by our expert panel members from our webinar with Commodities People.
The webinar, “Know Your Counterparty: Energy Trading and Sanctions Risk,” provided a crucial platform for discussion among leading experts in the fields of compliance, financial crime, and sanctions.
The webinar recording can be accessed on-demand here.
Key themes covered include:
- How geopolitical complexities and PEPs are influencing firms’ risk management strategy
- Where technology such as automation can benefit due diligence processes, data, and checks
- The necessity of clear and configurable documentation processes when onboarding counterparties
- Implementing an appropriate risk-based approach to avoid sanctions breaches while operating in energy and commodities markets
How Fenergo Helps Energy & Commodities Firms
Digitalize the end-to-end onboarding and Know Your Counterparty process for counterparties throughout the entire lifecycle. Simplify and automate due diligence with pre-packaged Know Your Counterparty rules and workflows, ensuring effective counterparty due diligence and regulatory compliance.
*Results taken from a poll run during a Fenergo webinar in May 2024