Regulatory requirements across all industries are multiplying and constantly changing. MiFID II, Solvency II, EMIR and REMIT - to name a few - have become increasingly complex due to regime overlapping, shifting deadlines and evolving legislation.
Complying with the growing regulatory burden and at the same time run a business avoiding operational risk - and potentially fines -is not an easy task for executives. The implications are far reaching and require a technology response.
From financial services requiring reliable and secure transmission of sensitive data to the need for trading transactions to be transparent, automation seems to be the best approach to minimise risk, whether geopolitical, environmental or meteorological, but also to avoid mistakes and shorten processes.
There are challenges to enabling technology, especially when it has to be integrated with existing systems. Engaging your IT department from the outset would therefore be a good place to start.
Like political unrest and extreme weather, evolving regulations add risk to the energy value chain. Commodity traders need to prepare now for what they know is coming to avoid compliance problems and penalties. Investing in an automated solution is the best approach.