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Managing and Mitigating Risk
Technology Category
- Infrastructure as a Service (IaaS) - Cloud Storage Services
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Food & Beverage
The Challenge
Czarnikow is wholly reliant upon business information management to support its global operations. The combination of manual and unstructured office based processes lacked the control, clarity, efficiency, security and governance required within the business.
Information flow across the business and its counter-parties was handled through custom spread sheets, email (both user mailboxes and Microsoft Exchange public folders), Word documents and specific business function systems such as Infor SunSystems FMS for accounting and Allegro for trading/shipping.
A lack of flexible and compliant process management in trade registration, credit risk and counterparty on-boarding was leading to unacceptable levels of risk in day-to-day operations. This was increasingly threatening operational capability and failing to support the strategic growth plans of the business. The business issues included:
• Too many manual, cumbersome processes with inconsistent hand-offs and duplication of data entry
• Pre execution enforcement of internal compliance procedures, ensuring adherence to external regulations with improved reporting and transparency
• Manual processes and retrospective visibility were leading to unacceptable levels of operational risk
• Inability to delegate authority across the business due to insufficient auditability and control
• Limited visibility and accessibility of real-time, accurate management information to inform business decisions
• Lack of global standards in compliance processing
The Customer
Czarnikow Group Limited
About The Customer
Czarnikow Group Limited has been in the sugar business since 1861 and is the premier provider of world sugar market services. With a head office in London and 11 regional offices around the world staffed by around 200 employees; the organisation supports
The Solution
Czarnikow ultimately decided to implement XMPro iBOS integrated with Microsoft CRM, Microsoft SharePoint, Infor SunSystems FMS and Allegro [Commodity Trading Platform].
XMPro iBOS provides Czarnikow with an enterprise integrated process platform incorporating:
• Counterparty compliance, full credit check control and on-boarding
• Integration and master data management across all business systems
• Counterparty ongoing review and renewal
• Trade credit risk and compliance control with automated credit checking and update of the front end CRM system with notifications
• Automated real time update of transactional information in the Allegro trading system, both at the point of execution and amendment
• Bi-directional Shipment creation, amendment and deletion in the CRM system and the Allegro Trading system
• Generation of trade sanction alerts to users at the point of trade execution and shipment creation
• Vessel creation, approval and assignment
• Integration with MS SharePoint for vessel documentation capture and auditability
XMPro iBOS provides Czarnikow with an enterprise integrated process platform incorporating:
• Counterparty compliance, full credit check control and on-boarding
• Integration and master data management across all business systems
• Counterparty ongoing review and renewal
• Trade credit risk and compliance control with automated credit checking and update of the front end CRM system with notifications
• Automated real time update of transactional information in the Allegro trading system, both at the point of execution and amendment
• Bi-directional Shipment creation, amendment and deletion in the CRM system and the Allegro Trading system
• Generation of trade sanction alerts to users at the point of trade execution and shipment creation
• Vessel creation, approval and assignment
• Integration with MS SharePoint for vessel documentation capture and auditability
Operational Impact
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