Example SOPs: Oil Broker

Oil Broker SOPs

Creating Standard Operating Procedures for your Oil Broker work can be difficult and take time. That’s why we’ve created these example Oil Broker SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Oil Broker SOP examples.

Oil Broker SOP Examples

1. SOP: Client Onboarding
Purpose: The purpose of this SOP is to outline the process for onboarding new clients in the oil brokerage business. It includes gathering necessary documentation, conducting due diligence, and setting up client accounts. This SOP ensures that all necessary information is collected and verified before engaging in any business transactions.
Scope: This SOP applies to all new clients in the oil brokerage business.
Person Responsible: The client onboarding team, led by the Client Onboarding Manager.
References: This SOP may reference other SOPs such as “Know Your Customer (KYC) Procedures” and “Account Setup Process.”

2. SOP: Trade Execution
Purpose: The purpose of this SOP is to define the process for executing trades on behalf of clients in the oil brokerage business. It includes receiving trade instructions, verifying client accounts, conducting market analysis, and executing trades through appropriate channels. This SOP ensures that trades are executed accurately and efficiently.
Scope: This SOP applies to all trade execution activities in the oil brokerage business.
Person Responsible: The Trade Execution Team, led by the Trade Execution Manager.
References: This SOP may reference other SOPs such as “Client Onboarding” and “Risk Management Procedures.”

3. SOP: Risk Management
Purpose: The purpose of this SOP is to establish guidelines for managing risks associated with oil brokerage activities. It includes identifying and assessing risks, implementing risk mitigation strategies, and monitoring risk exposure. This SOP ensures that potential risks are identified and managed effectively to protect the business and its clients.
Scope: This SOP applies to all risk management activities in the oil brokerage business.
Person Responsible: The Risk Management Team, led by the Risk Manager.
References: This SOP may reference other SOPs such as “Trade Execution” and “Compliance Procedures.”

4. SOP: Compliance Procedures
Purpose: The purpose of this SOP is to outline the compliance requirements and procedures that must be followed in the oil brokerage business. It includes adhering to regulatory guidelines, conducting regular compliance audits, and reporting any non-compliance issues. This SOP ensures that the business operates within legal and regulatory frameworks.
Scope: This SOP applies to all compliance-related activities in the oil brokerage business.
Person Responsible: The Compliance Officer, supported by the Compliance Team.
References: This SOP may reference other SOPs such as “Client Onboarding” and “Risk Management Procedures.”

5. SOP: Settlement and Reconciliation
Purpose: The purpose of this SOP is to define the process for settling and reconciling financial transactions in the oil brokerage business. It includes verifying trade details, reconciling accounts, and ensuring timely settlement of funds. This SOP ensures accurate financial reporting and minimizes discrepancies in transaction records.
Scope: This SOP applies to all settlement and reconciliation activities in the oil brokerage business.
Person Responsible: The Settlement and Reconciliation Team, led by the Settlement Manager.
References: This SOP may reference other SOPs such as “Trade Execution” and “Accounting Procedures.”

6. SOP: Communication and Reporting
Purpose: The purpose of this SOP is to establish guidelines for effective communication and reporting within the oil brokerage business. It includes maintaining regular communication with clients, providing timely reports on trade activities, and ensuring confidentiality of sensitive information. This SOP ensures transparent and efficient communication channels.
Scope: This SOP applies to all communication and reporting activities in the oil brokerage business.
Person Responsible: The Communication and Reporting Team, led by the Communication Manager.
References: This SOP may reference other SOPs such as “Client Onboarding” and “Compliance Procedures.”

Oil Broker SOP Templates

Looking for SOP templates for your Oil Broker work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Oil Broker work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.