Project Doorstep - London Preliminary Findings 17th April, 2000.

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Presentation transcript:

Project Doorstep - London Preliminary Findings 17th April, 2000

Project Doorstep - London Preliminary Findings Product Type UK Gas10 Continental Gas5 UK Power10 Continental Power15 Global Liquids Petrochems2 Crude6 NGL2 Resid3 Refined2 Plastics1 Total Deals Tested56 Number of Deals Tested

Project Doorstep - London Preliminary Findings Effective Controls  Trading P & L and positions reported to Enron management in Houston on a daily basis  Taped trader phone lines  Clear segregation of duties exist between Trading Support functions  Top Commercial & Commercial Support personnel are very controls-minded and are knowledgeable about their roles within the controls process  Power traders input deals directly in the system and review confirmations for accuracy  Coordination group implemented in Global Products to act as a liaison between Trading & Trading Support and ensure proper controls are maintained over operational data  Invoices and payments are reviewed by Settlements Management before being sent to counterparties to ensure proper support is in place for invoiced terms

Project Doorstep - London Preliminary Findings Observation  Significant positions (spread options) are being valued in Excel models  Gas and Power Scheduling reports directly to Commercial  No established procedures in place for legal review of confirmation templates or new deal types requiring documentation  Continental Power documentation process is manually intensive and requires a large number of resources to ensure documentation requirements are met Action Step  Finalize and complete Socrates system which will capture and value deal optionality in a more robust and controlled manner  Implement Coordination group within Gas and Power to serve as a liaison between Trading and Trading Support that will be responsible for deal entry into operating systems and related reconciliations involving operational and trading information  Formalize and document procedures and requirements for legal review of transaction documentation  Implement DCAF II for Continental Power which will reduce the risk of manual errors and enhance the efficiency of the Documentation process

Project Doorstep - London Preliminary Findings Observation  No front-end deal capture process for UK & Continental Gas Trading - Documentation inputs deals into system via Gas Trading written deal log - No subsequent review of system deal ticket or confirm by trader  Incomplete credit exposures captured by Credit Aggregation System  Continental Power utilizes Excel spreadsheets for power scheduling purposes  Inconsistent use of “New Counterparty” designation in deal capture Action Step  Require Gas Trading to input deals directly into Trade Blotter from which Documentation will validate deals  Develop IT solution and streamline processes to ensure all counterparty exposure is captured by credit Aggregation System  Enhance Empower to meet the scheduling requirements of Continental Power  Require compliance with credit policies regarding deals transacted with new counterparties to ensure proper credit approval