We performed a comprehensive review of the trading function’s existing policies, procedures, risk quantification and reporting.  Developed numerous recommendations, including documentation of Board-to-trader delegation of authority, better segregation of front and middle offices, more frequent and consistent market and credit exposure monitoring, and structured limits on transaction types, volumes and tenors. 

Developed and gained Board ratification of enhanced risk policies, governance structure, ETRM system controls, risk reporting and escalation procedures.  Submitted an expert report to the utility’s regulatory commission, including recommendations to the commission for ongoing review of the utility’s trading activities.