Introduction

Whilst it remains the responsibility for each individual organisation to include appropriate clauses in line with their business area, risk-tolerance and approach, the clauses contain suggested minimum requirements for third party vendor counterparties working with Members when complying with TCR requirements.

Vision for Value Creation

With the increasing shift of digital assets to the cloud, the reliance on external providers for recording and retention technology has grown. This introduces risks for trading companies, as they rely on these providers to have proper processes in place to ensure service quality and quick issue detection and resolution.

To ensure compliance with regulatory requirements and reduce associated reputational and/or commercial risks, it is essential to properly record and retain electronic voice communications of relevant staff under various regulations.
Creating a standard list of technical requirements for trader voice recording provides an effective mitigation and gives leverage to the trading entities.

What is Published

Members of Energy LEAP have worked together, leveraging some of the learnings in the technology industry to create a baseline set of Clauses for suggested use by organisations in the energy sector.

The Clauses require counterparties to adhere to a published Information Technology Service Management framework (ITSM) and industry-standard processes for service delivery, both before vendor selection and during service delivery.

The intention is to set a baseline for such counterparties’ reporting structures, efficient communications as well as responsive processes in the event of changes or other significant events.

A Member may elect to add or remove specific sections from the Clauses. However, Members should consult legal counsel to review those changes to make sure they have the desired effect.

The publication download includes a glossary of terms, Frequently Asked Questions (FAQ), as well as the Contractual Clauses template itself. This can be downloaded here.

Should you wish to provide input to this ongoing work, you can utilise the Energy LEAP contact form as found here.