CoreTRM Pte. Ltd., a provider of commodity trading and risk management system (CTRM) solutions, today announced that Concord Energy has successfully implemented the CoreTRM platform to manage their Crude, Refined Products and LNG trading activities.
Singapore based, Concord Energy Group, is a highly regarded international trading company with over 20 years’ experience in commodity markets, specialising in oil trading and more recently opening an LNG business. Concord has traded over 700 million barrels of oil in more than 30 countries worldwide.
“The key objective of Concord was to have a CTRM system which could do the traditional task of a CTRM system but the system should be quick to implement and allow the Concord in-house team to expand the system without the need for costly external resources. The system needed to enable once through processing – from trade initiation to invoicing. It needed to be able to cater for the needs of the trader, operator, charterer, trade finance team and risk manager. It must be able to generate standardised reports for banks, brokers, commodity exchanges, treasury and compliance teams. Expandability to the companies accounting system was a must. We also needed the system to be able to adapt to new business lines as the company grows“, said a Concord spokesman.
“We are pleased to say that the CoreTRM team delivered as promised and the system was online and performing as expected within 2 months of signing the contract. CoreTRM support is responsive and knowledgeable. It has been a pleasure to work with Ron and team and the unanimous view in Concord is that CoreTRM project is a great success story which provides a cost-effective expandable solution for the future growth of the company”
The CoreTRM platform is a modern approach to the development, deployment and delivery of CTRM systems. The unique design of CoreTRM means that the product is delivered as a fully functioning system but can be easily extended both during the implementation, and after as client needs change, with little or no code required. The secure API provides easy connectivity to client inhouse applications, as well as CTRM-related products such as know your customer, advanced analytics, and regulatory. CoreTRM is a cloud-based platform which benefits from true cloud features such as dynamic resource scaling and disaster recovery. CoreTRM can also be delivered as a private segregated deployment if required.
“CoreTRM are delighted to have worked with Concord on the implementation of their new CTRM system. The staff at Concord have been in the oil trading industry for a long time with extensive systems experience and have helped to validate that the CoreTRM product is a complete solution for oil trading activities” said Ron Garden, Founder and Architect CoreTRM Pte. Ltd.
CoreTRM Pte. Ltd. is a privately owned Singapore based company which provides a revolutionary approach to the development, deployment and delivery of CTRM / ETRM systems. The chief architect and founder of CoreTRM has distilled the best practises he has learnt by developing, implementing and supporting CTRM systems for some of the world’s largest oil trading companies. His success in providing niche cloud-based stock market research tools to sophisticated investors worldwide, made him realise that that the traditional ‘big project installation’ approach so common with CTRM systems in the past has seen its time. CoreTRM sees a new world of CTRM system roll out, based around a secure easy to use API linked in real time to a central pricing engine which enables the organisation’s risk to be analysed in a multi-facetted way by key stakeholders such as trading, operations, accounting, finance, risk and compliance. The speed of implementation and seamless integration possibilities available by using the API together with an easily extendable data model allows CoreTRM to be implemented in an organic manner and grow with the client company as its needs evolve.