NKG Holding “who is who”: Risk Control Unit
NKG Holding “who is who”: Risk Control Unit
Meet the Risk Control team:
Heidi Ühleke, Lyuben Chernev, Mauricio da Rocha Calado (f.l.t.r.)
It’s surprising to learn that until recently, this crucial department was staffed by only two people. The team has now grown to three, which still seems remarkable given the breadth of their responsibilities and the significance of their work. Let’s take a closer look at the RCU at Neumann Gruppe. Heidi Ühleke, who leads the team, brings over 30 years of experience in the coffee industry. She is joined by Lyuben Chernev, CFA and, most recently, Mauricio Calado, who together manage risk for the group.
So, what are the central tasks of the RCU? “The RCU monitors, validates, and consolidates risk exposures relating to market, credit, and liquidity risk,” explains Heidi. “For example, we deal with coffee-specific differential risk.” Many have heard about this term before, but it’s worth exploring further: The coffee differential refers to the price gap between physical coffee and exchange-traded futures. Influenced by supply, demand, quality, and origin, it often fluctuates independently of the main ‘C’ market price. Since it is negotiated between buyers and sellers and – unlike the market price risk – “non-hedgeable” with standardized financial instruments, managing this risk is particularly challenging and can affect costs differently. The RCU addresses these and other concerns about liquidity and market price fluctuations in close coordination with the Treasury Department team.
In addition to managing financial risks, the RCU also plays a vital role in legal matters. The team collaborates closely with NG’s Legal Department. As Heidi puts it, she sometimes feels like “half a lawyer” herself: “We deal with contracts a lot, for example, contracts with banks or insurers. In doing so, the RCU often acts as a bridge between what the contract says and the reality of the coffee business. Sometimes it may only be one or two words that make a difference.” Ultimately, contracts must fit both the legal framework and the practical realities of the coffee industry to be enforceable.
The RCU is also deeply involved in trade credit insurance, bank assessments, and projects such as the Revolving Credit Facility.
Twice a week, the team compiles the “Coffee Risk Report” from data gathered worldwide and from a variety of sources. This report consolidates risk findings from group companies and forms the foundation for management decisions. As Lyuben explains, “Somehow, we have to incorporate data from Papua New Guinea to Seattle into our report.” The challenge is to make sure the report is ready every afternoon Hamburg time, which requires the team to be well-connected outside Hamburg and to communicate with colleagues across departments. The RCU works with all NKG export and import companies, engaging daily with traders, finance officers, and risk managers across the globe.
The team’s focus is always on validating the data. As Lyuben emphasizes, “It is essential to get data correctly. With wrong data we would make the wrong decisions.”
As global markets grow ever more complex, the RCU remains crucial for making sound, data-driven decisions every day. Whether it’s market volatility, contracts, or global data flows, with deep expertise, sharp judgment, and a strong team spirit, the RCU ensures that informed decisions remain at the heart of NKG’s coffee business.
Heidi Ühleke,
Head of Risk Control Unit
Lyuben Chernev,
CFA Risk Analyst
Mauricio da Rocha Calado,
Credit Insurance Specialist
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