BWise Welcomes Trafigura, One of the Largest Independent Trading Commodities Companies, as a Customer
New York, NY and ‘s-Hertogenbosch, Netherlands, March 3, 2010 – BWise, the global leader in Governance, Risk and Compliance (GRC) management software, announced today that Trafigura has selected BWise to streamline their internal control and operational risk management processes. With BWise, Trafigura is enabled to detect fraud and reduce risks by ensuring the proper design of controls and their performance in a more efficient and effective way. Trafigura chose BWise because it is an integrated part of the BWise GRC platform and suitable for future GRC initiatives.
Suitable solution for future needs
One of the big advantages of a companywide GRC platform is that it enables organizations to bring two different worlds together, auditing and the individual business units. Working together in the same software environment not only will result in substantial costs and time savings, but will also lead to better understanding of one another’s work. Trafigura will replace their basic spreadsheet solution by implementing BWise 4.1. It will be embedded throughout the organization and will provide a clear audit trail for external auditors and BWise 4.1 offers comprehensive possibilities for the company’s future needs in both qualitative and quantitative risk management functions.
Trafigura in control
With 1,900 employees and 60 offices in 42 countries, Trafigura is the world’s third largest independent oil trader and the second largest independent trader in the non-ferrous concentrates market. The company has access to approximately US $18 billion in credit facilities and investments in industrial assets around the world of more than US $1.5 billion. Because 90% of its offices and operations are run by locals, Trafigura has continued with strong investments in assets and IT. By implementing BWise the company will be able to standardize and better manage its internal control and risk management processes.
BWise creates synergy
Luc Brandts, CTO and founder, of BWise said, “BWise is very proud to welcome Trafigura as one of our customers. We are convinced that using BWise for internal control will lead to significant time and cost efficiencies. Simply using spreadsheets, a company must aggregate the documents to get an overview of the results. This is a very time consuming and error-sensitive process.” Trafigura confirmed, “After optimizing the internal control process, we will have clear, integrated and aggregate insight into our company’s performance. Now we can focus on reducing risks without thinking about the administrative burden.”