Selecting an ETRM or CTRM platform is one of the most consequential technology decisions a trading business makes. The system will shape how you trade, manage risk and report for a decade or more, and the cost of getting it wrong extends far beyond the licence fee. Yet many selections are still driven by polished demonstrations rather than evidence. Here is a practical, proven approach.
1. Start with your processes, not the market
Before speaking to any vendor, document how your business actually works today: deal capture, scheduling, risk, credit, settlement, accounting and reporting. Identify pain points, workarounds and spreadsheets. This baseline becomes the foundation for requirements and the yardstick for every vendor claim. Our as-is assessment is designed for exactly this step.
2. Write requirements that can be tested
Good requirements describe outcomes and scenarios, not features. "Capture a fixed-price physical gas deal with daily nominations and invoice it correctly" is testable; "supports gas trading" is not. Prioritise ruthlessly into must-have, important and nice-to-have, and weight your evaluation criteria before you see any product.
3. Scan the market and shortlist
Use a market scan to identify vendors that credibly serve your commodities, size and geography, then shortlist three to five. Consider deployment model (cloud, SaaS or on-premise), integration approach, vendor stability, implementation partners and total cost of ownership, not just licence price.
4. Issue an RFP and run scripted demonstrations
Send a structured RFP, then invite shortlisted vendors to demonstrate your scenarios using a script you provide. Scripted demos expose the gap between what software can do in principle and what it does with your deals, your data and your edge cases.
5. Score consistently and check references
Score each vendor against the weighted criteria with a cross-functional panel: front office, risk, operations, finance and IT. Speak to reference clients with similar businesses, and ask specifically about implementation effort, upgrades and support.
6. Negotiate the whole deal
Licence or subscription cost is only one part. Negotiate implementation scope and assumptions, support levels, upgrade terms, data ownership and exit provisions. A clear, agreed scope is the best protection against overruns later.
7. Plan for implementation before you sign
The selection is only successful if the implementation is. Agree governance, resourcing and a realistic plan with the vendor before signature, and carry your requirements and scenarios straight into design and testing.
Why independence matters
An independent adviser has no licence to sell and no partnership to protect, which keeps the evaluation honest and strengthens your position in negotiation. If you are planning a selection, our vendor selection service can run or support each of these steps.
