On-time, in-budget project reduces costs and delivers major risk management gains
OpenLink, the global leader in trading, treasury and risk management solutions for the energy, commodities, corporate and financial services industries, today announced the completion of a major upgrade of its energy trading risk management system at Mabanaft Ltd. The project was delivered on time and within budget, and will significantly reduce costs, increase automation and give Mabanaft Ltd greater granularity and control of its risk data.
A longtime client of OpenLink, Mabanaft Ltd uses the solution to support the complete trade lifecycle, from deal capture to position reporting, exposure management and invoicing. The solution also supports back-office payments in addition to nominating and scheduling for the physical movement of fuel. Having used the system for over ten years, Mabanaft Ltd recognized the need to upgrade to a newer version of the platform and, at the same time, reduce the number of customizations. These customizations previously increased manual processes over the years due to business change but have now been replaced with core features and automation.
Iain MacCormick, Risk Manager at Mabanaft Ltd, said: “This project is a major step forward for us. The upgrade gives us the flexibility to develop and use the core features of the system in ways which were never previously possible. This will enable better decision-making so we can spend more time getting value from our data, especially around risk, and less time gathering and manipulating it. We are particularly pleased with the timeframe in which the upgrade was completed, given the scale and complexity of the work required. That speaks volumes to the quality of the underlying technology, and the work of the OpenLink consultants and wider team.”
The new version of OpenLink’s solution brings significant efficiencies through standardization and ease of use. It moves Mabanaft Ltd to standard reporting in the middle office and significantly increases the speed of the month-end process, reducing overtime costs. In addition, it allows Mabanaft Ltd to bring all management of its aviation fuel business onto the same central platform, offering more streamlined interfacing with other internal systems.
Jennifer Broker, Senior Vice President Professional Services, OpenLink EMEA, added: “At OpenLink, we work hard to make significant investments developing and updating our technology, so it’s rewarding to complete a project like this through which Mabanaft Ltd is able to extract the full value from the system. We look forward to a continued strong partnership with the Mabanaft Ltd team as they pursue further enhancements to support their business strategy.”