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About
This intensive 3-day practical course equips middle office professionals with the tools and practical frameworks to understand, manage and mitigate the complex risks in oil and commodities trading.
Through a mix of interactive discussions, real-world case studies, and group exercises, participants will explore why risk failures still occur despite robust systems, and how organisations can respond effectively when the unexpected happens.
Drawing on real cases such as Barings Bank, Hin Leong, and Trafigura, the course delves into process discipline, reporting, and the influence of corporate culture on risk outcomes. Drawing on over 30 years of experience in trading, operations, and risk management at firms such as BHP, course instructor brings real-life cases, lessons learned, and proven methodologies into the classroom.
The final part of the course introduces the principles of High Reliability Organizations (HROs) — helping participants learn how to anticipate, detect, and contain unexpected events before they escalate. This highly practical course bridges risk theory with day-today operations to build a deeper understanding of risk resilience in trading environments.
Through a mix of interactive discussions, real-world case studies, and group exercises, participants will explore why risk failures still occur despite robust systems, and how organisations can respond effectively when the unexpected happens.
Drawing on real cases such as Barings Bank, Hin Leong, and Trafigura, the course delves into process discipline, reporting, and the influence of corporate culture on risk outcomes. Drawing on over 30 years of experience in trading, operations, and risk management at firms such as BHP, course instructor brings real-life cases, lessons learned, and proven methodologies into the classroom.
The final part of the course introduces the principles of High Reliability Organizations (HROs) — helping participants learn how to anticipate, detect, and contain unexpected events before they escalate. This highly practical course bridges risk theory with day-today operations to build a deeper understanding of risk resilience in trading environments.
What will you Learn?
- Understand the role and objectives of the Risk Management Team and its connection to commercial and operational functions.
- Identify and categorize the key risks in oil trading: market, freight, credit, performance, counterparty, financial control, legal, operational, and environmental.
- Recognize why failures and unexpected outcomes still occur despite controls, and how to respond effectively.
- Apply risk process discipline across contract execution, deal capture, reporting, and governance.
- Analyse real case studies (e.g., Barings Bank, Coal & Fuel Oil incidents, Trafigura fraud)
- Apply High Reliability Organization (HRO) techniques to manage the unexpected.
Agenda
Morning:
– Welcome and objectives of the program
– The role and objectives of the Risk Management Team
– Why do we manage risk? The balance between profit and protection
– Interactive Discussion: Why do failures still happen? Real world risk failures – We will
discuss a number of risk failures old and new to prompt this discussion
– Can we prevent all unexpected risks from impacting our business?
Afternoon:
– Risks in Commodities Trading
– Welcome and objectives of the program
– The role and objectives of the Risk Management Team
– Why do we manage risk? The balance between profit and protection
– Interactive Discussion: Why do failures still happen? Real world risk failures – We will
discuss a number of risk failures old and new to prompt this discussion
- The Salad Oil King of New York
- Barings Bank Collapse
- Hin Leong
- Trafigura Nickel Scandal
– Can we prevent all unexpected risks from impacting our business?
Afternoon:
– Risks in Commodities Trading
- *Price (Flat Price and Basis), Freight, Credit and Credit Mitigation, Performance, Counterparty, Legal, Operational, Environmental, Financial Control
Morning:
– Processes and Process Discipline
– Risk Reporting and Controls
**How to manage them
Afternoon:
– Corporate Culture and Risk Management
– Group work: Applying the Just Culture approach to a breach scenario
– A short introduction to Day 3 – Managing Unexpected Outcomes
– Processes and Process Discipline
- Contract discipline, system discipline, mandates & approvals
- Stepping through an oil trading process flow: deal capture → execution → settlement
- Interactive Discussion: the segregation of duty in the process flow
– Risk Reporting and Controls
- Position, P&L, compliance, credit, performance, payments/receipts
- Breaches.
**How to manage them
Afternoon:
– Corporate Culture and Risk Management
- Discussion. Barings Bank Collapse Discussion – How did culture play a role in the collapse?
- The Just Culture Decision Tree
– Group work: Applying the Just Culture approach to a breach scenario
– A short introduction to Day 3 – Managing Unexpected Outcomes
- Anticipation and Containment
Morning:
How do we stay vigilant and what do we do if the unexpected does happen?
The Safety Analogue
– High Reliability Organizations (HROs) in Risk Management
– Why HROs?
– The five principles:
– Anticipation
Afternoon
– Real-life case study: Applying HRO principles to unexpected events in risk management of commodities
– Closing session: Lessons for the middle office
How do we stay vigilant and what do we do if the unexpected does happen?
The Safety Analogue
– High Reliability Organizations (HROs) in Risk Management
– Why HROs?
– The five principles:
– Anticipation
- Preoccupation with Failure
- Reluctance to Simplify
- Sensitivity to Operations
- Commitment to Resilience
- Deference to Expertise
Afternoon
– Real-life case study: Applying HRO principles to unexpected events in risk management of commodities
– Closing session: Lessons for the middle office
Participants
Middle Office / Risk Management Professionals
Finance and Credit Teams (Back Office)
Trading and Operations Staff (Front and Middle Office)
Compliance, Audit, and Control Managers
Anyone seeking a deeper understanding of integrated risk management in commodities trading
Practical Information
Middle Office Risk Management in Commodities Trading course fee is £3,550
Early Bird Price: £3,300, available until 16 August 2026
Please note: UK-based companies are subject to 20% UK VAT
Early Bird Price: £3,300, available until 16 August 2026
Please note: UK-based companies are subject to 20% UK VAT
The course fee covers:
- Participation in the course
- Lunches and coffee breaks during the programme
- The course materials in hard copy and E-Version
- Industry certificate of International Business House
Payment options are available in two forms: bank transfer and card payment.
To be confirmed
We provide the convenience of reserving accommodation, which is not part of the
delegate package. For further details, please don’t hesitate to contact us by e-mail
address (office@ibhouse.net).
delegate package. For further details, please don’t hesitate to contact us by e-mail
address (office@ibhouse.net).
Certificate
Demonstrate your new skills and gain a step up in your career with globally recognised CPD certifications.
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IBH Frequently Asked Questions
- Online: Choose the course you wish to register: Click the "REGISTER NOW" button in the course page, complete the form and click submit.
- Email: Send us your course details with the delegates information at office@ibhouse.net
- Telephone: Please call us on our Tel No: +44 (0) 207 183 4507 or Mob No: +44 7932 572866 to reserve your seats.
For corporate fees and group registration, please send your query to office@ibhouse.net
- Bank Transfer
- Card Payment
- Cash
- We will send you the invoice within 48 hours of receipt of registration. If you do not received your invoice within this time, please send us an email office@ibhouse.net
- We will send you the confirmation by email within 24 hours after you registration.
- We will send you the confirmation by email within 24 hours after you registration.
Yes. Please send the full name, position and company name of new participant 48 hours before course date.
If you notify International Business House in writing or via email up to 30 days before the start date of the course, you will receive a full refund less an administration fee of 100£ of the course fee. In addition if you are unable to attend, the following cancellation charges will apply for written notice received:
If you are unable to attend a course, you are welcome to provide a delegate substitution, up to 24 hours prior to the course at no extra charge.
If you wish to transfer to a different course a 10% admin charge will be made if the transfer occurs between 10-29 days before the course.
If you fail to attend the course on which you are booked and have not given prior notice to International Business House then the course fee will remain payable in full.
This cancellation policy is necessary owing to the strict limitation on attendance numbers. IBH reserves the right to amend or cancel any course, course times, dates or published prices. Changes to course prices, times and dates will be advised 30 days before the course
- 14-29 days before the course: 50%.
- 1-14 days before: 100%.
If you are unable to attend a course, you are welcome to provide a delegate substitution, up to 24 hours prior to the course at no extra charge.
If you wish to transfer to a different course a 10% admin charge will be made if the transfer occurs between 10-29 days before the course.
If you fail to attend the course on which you are booked and have not given prior notice to International Business House then the course fee will remain payable in full.
This cancellation policy is necessary owing to the strict limitation on attendance numbers. IBH reserves the right to amend or cancel any course, course times, dates or published prices. Changes to course prices, times and dates will be advised 30 days before the course
IBH reserves the right to amend or cancel any course, course times, dates or published prices. Changes to course prices, times and dates will be advised before the course start date and any course already paid in full will not be subject to the increased price.
IBH proved delegates with visa support letters once payment has been received.
Please send us to office@ibhouse.net the following information:
If you registered with accommodation IBH will also provide you with hotel booking confirmation. For more information about visa procedure please visit our website or call us +44 (0) 207 183 45 07. Should your visa application be declined, we will provide a full refund of the payment.
Please send us to office@ibhouse.net the following information:
- Your copy of passport
- Company name
- Position
If you registered with accommodation IBH will also provide you with hotel booking confirmation. For more information about visa procedure please visit our website or call us +44 (0) 207 183 45 07. Should your visa application be declined, we will provide a full refund of the payment.
Yes. Any of our open professional excellence courses can be run in-house to meet your company's specific needs. For more information please click here
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Richard
Richard has over 34 years of commodities trading experience in both petroleum and metals, as an oil broker, operations executive, middle office, crude oil and products trading, metals trading and has worked for a major producer, trading company and finally at BHP where he held several senior management positions including trading, risk management, IT, and strategy.
Richard has a Bachelor of Science Degree in Petroleum and Natural Gas Engineering from the Pennsylvania State University and a Master’s in Business Administration from IMD. He is also an angel investor, a member of the Singapore Institute of Directors and is presently the director of CTRM Consultants Pte Ltd.
Richard has a Bachelor of Science Degree in Petroleum and Natural Gas Engineering from the Pennsylvania State University and a Master’s in Business Administration from IMD. He is also an angel investor, a member of the Singapore Institute of Directors and is presently the director of CTRM Consultants Pte Ltd.
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