A Framework for Translating as-is findings into future state process and business requirements for a CTRM (Commodity Trading and Risk Management) system.

As commodity trading and risk management (CTRM) systems become more prevalent in the market, it’s important for organisations to have a methodology framework to translate as-is findings into future state processes and business requirements. Additionally, organisations must ensure that their methodology framework aligns with a suitable standard, take TOGAF (The Open Group Architecture Framework) as an example. In this blog post, we’ll explore a methodology framework that we use with our clients to achieve these objectives.

Step 1: Identify Stakeholders and As-Is Processes

The first step in the methodology framework is to identify stakeholders and their requirements. This includes identifying key business users, IT staff, and external stakeholders. Next, the organisation should conduct an assessment of the current as-is processes for commodity trading and risk management, including any existing systems, workflows, and business rules.

Step 2: Develop Future State Vision and Goals

Based on the as-is process assessment, the organisation should develop a future state vision and goals for the CTRM system. This includes defining the objectives of the system, such as improving risk management, reducing operational costs, and increasing efficiency. Additionally, the organisation should define the scope of the project, including the business processes that will be impacted by the new system.

Step 3: Develop Requirements and Use Cases

Once the future state vision and goals have been defined, the organisation should develop requirements and use cases for the CTRM system. This includes defining the functional and non-functional requirements of the system, such as data management, reporting, and security. Additionally, the organisation should develop use cases that describe how users will interact with the system, including specific workflows and business rules.

Step 4: Develop Solution Architecture

Based on the requirements and use cases, the organisation should develop a solution architecture for the CTRM system. This includes defining the overall system design, including the technical architecture, data architecture, and application architecture. Additionally, the organisation should define the integration points between the new system and existing systems, as well as any new infrastructure requirements.

Step 5: Evaluate and Select Vendor

After developing the solution architecture, the organisation should evaluate and select a vendor that can provide a CTRM system that meets their requirements. This includes conducting a vendor evaluation process, which may include issuing a request for proposal (RFP), evaluating vendor responses, and conducting vendor demonstrations.

Step 6: Define Implementation Roadmap

Once a vendor has been selected, the organisation should define an implementation roadmap for the CTRM system. This includes defining the project plan, resource requirements, and timelines for the implementation. Additionally, the organisation should define the testing and deployment strategy, including any training requirements for end users.

Step 7: Monitor and Evaluate System Performance

After the CTRM system has been implemented, the organisation should monitor and evaluate system performance on an ongoing basis. This includes defining performance metrics, such as system uptime, data accuracy, and user satisfaction. Additionally, the organisation should conduct periodic system reviews to identify any areas for improvement and ensure that the system continues to meet the organisation’s business objectives.