Denver, Colo. (PRWEB) April 16, 2013
Energy Risk recently released the results of their 2013 Software Survey and Rankings. In these results, ETRM software vendors were ranked in several different categories on a variety of capabilities. (For Pioneers results, click here.)
In addition to surveying participants on vendor capabilities, the survey also gathered information from respondents about their plans and preparedness on certain issues. This year, the big topics were budget and regulatory compliance.
This data is both a useful and interesting reflection of the current ETRM setting.
As countless new regulations continue to be passed in countries all over the world, the need to have an ETRM system that can easily comply with these regulations is of utmost importance. For this reason, the Energy Risk Software Survey asked participants how their companies are doing in terms of being prepared for these regulations to come into effect.
According to the survey, when it comes to regulatory preparedness, only 20% of respondents said that their systems were ready for regulations such as Dodd-Frank, EMIR, and REMIT. Considering certain regulations are coming into effect soon, this is a fairly daunting figure.
Luckily, 40% say they are almost ready while 34% are not quite ready, but have started thinking about it. Only 5% report being not at all ready.
The article also addresses how prepared vendors are for developing compliant solutions in time for the various regulations. Obviously, this can be a challenge as delays and lawsuits, at least where Dodd-Frank is concerned, have slowed the process down considerably.
For this reason, A lot of risk managers are building component-led solutions for dealing with the regulation for example, reporting packages and data repositories, Energy Risk quoted Baris Ertan of The Structure Group in the results article.
Pioneer Solutions has already developed their regulatory compliance solutionComplianceTracker. ComplianceTracker provides enterprise-wide compliance tracking, performance monitoring and reporting for corporate, regulatory, environmental and other compliance requirements.
Another topic of interest on this year’s survey was budgets.
According to the report, Energy trading and risk management (ETRM) software budgets are declining, just as new regulatory requirements are putting more demand on ETRM platforms than in previous years.
The survey also found that 45% of participants say their budgets will remain the same while 28% and 27% expect an increase or decrease, respectively.
Though these numbers may be fairly discouraging, the good news for the ETRM space is that when asked by the survey if companies or their clients have plans to invest in software systems in 2013, over and above general maintenance costs 67% of respondents said yes.
This means that even though budgets are down, the need for ETRM solutions is strong.
The report sums it up pretty well: The responses to this years survey give the impression firms are attempting to do more with less when it comes to ETRM technology.
Now the challenge ahead is finding the best ETRM vendor to accomplish this goala task that can be challenging and time consuming.
Interested in how to go about selecting the right ETRM vendor? Download a free copy of the CommodityPoint whitepaper 5 Critical Succes Factors in Selecting and Implementing CTRM Solutions
For more industry related articles, be sure to subscribe to Pioneer’s ETRM blog.
Pioneer Solutions LLC is a global software provider of next generation Energy Trading and Risk Management (ETRM) Environmental Management Information Systems (EMIS) & Enterprise Compliance Solutions. Pioneers comprehensive suite of products are designed specifically for utility and energy companies and offer a single seamlessly integrated platform that can handle all commodity types, risk exposures and compliance needs.
Offering the latest in business processing capability, Pioneers products offer the user a configurable environment that allows for customizable templates for workflow and user-defined custom formula entry. Serving some of the largest utilities and energy companies across the globe, Pioneers flexible solutions are designed for rapid deployment and easily adapt to clients unique business processes, model complex trading scenarios and automate business processes.
Find More Blog Press Releases