Risk mitigation is the process of minimizing or eradicating potential harm from an identified risk. However, when a risk is very high, risk mitigation can be difficult and expensive, and vice versa. Therefore, it is crucial for businesses to update their risk management plan on a regular basis. A well-managed risk management program consists of a number of different activities, including planning, implementing, monitoring, and reporting. Despite the fact that understanding risks and their potential effects may take time and effort, businesses can leverage technology to simplify and streamline the process. For example, the Austrian CTRM (Commodity Trading and Risk Management) software provider ComFin Software offers their flagship solution “Comcore CTRM”, which delivers precise and fast data that is essential for minimizing risks and seizing opportunities.
Establishment of ComFin Software
Established in 2005, ComFin Software originated from PVM Oil Associates, one of the world’s largest oil broker companies. Prior to this, PVM Oil Associates’ IT department in Vienna developed MS Access applications for trade and risk management. Then known as “The Bulldog”, this software quickly became a powerful tool with both big and small clients from all over the world. Risk managers and trading managers adored it and offered suggestions for improvements.
When it reached its technical limitations, the team significantly improved “TheBulldog” on a cutting-edge software platform. They first developed a proprietary framework for this purpose, which led to simple and quick growth. The outcome, known as “Comcore CTRM,” was first released in 2016.
Core Services
ComFin Software provides commodity trading and risk management solutions with the highest quality standards. The CTRM software offers powerful functions designed to support complex trading environments. It is specifically tailored to meet the requirements of professionals in the transportation and distribution of physical commodities such as oil and gas, metals and mining, and agricultural goods. It also offers advanced hedging tools to help manage price risk effectively.
Since 2005, ComFin Software’s adaptable and universally integrable software has built a reputation as a technical leader in the CTRM software market. For businesses in all sectors of the physical commodities industry, success depends on the early detection and management of potential financial and operational risks. ComFin Software’s Comcore CTRM simplifies, streamlines, and effectively performs operational tasks. This helps in leveraging the risk management strategy towards greater ease, quickness, cost effectiveness, and security for all employees within the organization.
Beneficial to Clients
The Comcore CTRM software is based on valid standards and fulfills national and international criteria. It benefits the clients in several ways, as follows:
Ease of use for risk management: Comcore CTRM enables user to visualise and handle risks effectively. It provides a wider perspective to experts and managers in areas of control, risk management, and strategic business planning.
Work process automation: Comcore CTRM software automates and minimizes manual work processes like monitoring, documentation, and reporting.
No intervention: The Comcore CTRM system integration accurately routes processes without altering them. For instance, user may receive inspection results by email in spreadsheets and import the data into Comcore directly from their email.
Swift Action in Turbulent Times
ComFin Software responds quickly to emergencies. Issues that arise during operations can be measured and fixed using its features. ComFin Software’s customers are grateful for the company’s quick assistance. In an emergency, they typically respond without any delay. For instance, several years ago a client installed an MS Office update on the live system without prior testing or consulting. As a result, the client was no longer able to launch their CTRM software “TheBulldog”. Upon being informed, the team at ComFin Software reacted immediately and, in less than two hours, discovered the source of the problem. After another hour, the client was live again with their CTRM software. ComFin Software has gained the trust of customers world-wide due to its responsiveness and customer focus.
Managing Partner, Gerald Neher
Just a few months after it was formally founded in 2005, Gerald Neher joined ComFin Software as a consultant. He spent two years in Asia assisting clients in achieving their goals and growing the business operations there. After returning to Europe, he took charge of the internal quality assurance department, creating fresh methods for automated testing and significantly enhancing the quality of the software delivered to the customers. Since 2010, he has served as the company’s CEO, and in 2018, he acquired the business through a partial management buyout. Under his leadership, ComFin Software has expanded its services beyond the petrochemical industry to the agricultural, mining, and metallurgical industries. To meet the needs of the targeted sectors and spread the solutions and services across a larger geographic area, partnerships have been formed all over the world.
Demand for Source Code License
ComFin Software has prioritized future development with a triple focus on new features, increased performance, and enhanced usability. Increased automation will be essential in the near future, thereby saving time and avoiding the errors associated with manual inputs.
ComFin Software is experiencing a surge in demand for source code licenses. In the past, vendors were not interested in disclosing the source code for their products, and if they did, they frequently charge exorbitant amounts, often in the millions of US dollars. In response to stricter corporate compliance regulations, the IT departments now require a clear understanding of program activity, especially with regard to any transmission of sensitive data to external parties.
Recognizing this trend early on, ComFin Software began providing source code licenses at highly affordable rates. With the flexibility to always offer technical support, it is feasible to develop new customizations, interfaces, or add-ons either independently from the vendor or in collaboration with the vendor.
Upgrades in Offerings
Every year, ComFin Software releases at least one significant feature improvement. Additional smaller upgrades are generally given for customizations as well as for minor improvements and corrections of defects.
The team is currently working on extending the Comcore CTRM Suite to cover additional commodities. In the early part of 2022, ComFin Software released an upgrade to support the translation of the entire software GUI into any other language, with the users having the option to freely switch between languages at any time. This has been the prerequisite for entering new geographic markets. Together with local partners in several countries, ComFin Software can now deliver to regions where English is not as widely used. In mid-2022, the company released an upgraded version of its software, which included enhanced support for LNG and natural gas trades. Notably, it permitted the calculation of boil-off-gas (BOG) and the Wobbe Index. The company plans to hold a solid and steady presence in Europe, Africa, and the American continents by 2024.
Written by Steve Sanchez.
