GRC Challenges

BWise software for Compliance with FERC Regulations

The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over interstate and wholesale electricity sales, hydroelectric, natural gas, liquefied natural gas and oil pipelines. The U.S. Energy Policy Act of 2005 expanded FERC's authority to impose mandatory reliability standards on the bulk transmission system and to impose penalties on entities that manipulate the electricity and natural gas markets. Energy, Utility and Pipeline enterprises must comply with the regulations and standards set down by FERC.

Specifically FERC:

  • Monitors and investigates energy markets
  • Uses civil penalties and other means against energy organizations and individuals who violate FERC rules in the energy markets
  • Oversees environmental matters related to natural gas and hydroelectricity projects and major electricity policy initiatives
  • Administers accounting and financial reporting regulations and conduct of regulated companies

Continuously monitor compliance with FERC regulations

BWise not only enables compliance with FERC regulations, but BWise also has experience working in the Energy, Utilities and Pipeline industries. The BWise® GRC platform serves several enterprises in this sector and enables energy-related enterprises to comply with FERC, to continually monitor that compliance, and ultimately report on its compliance internally and externally.

Easily track Compliance issues and Omissions

The Compliance Management component of the BWise® GRC platform enables a corporation to map its compliance, easily track compliance issues and omissions, perform a risk analysis on particular compliance initiatives, and finally, create an overview of compliance with full reporting and dashboards. Internal auditors and risk managers can use the BWise solution to find and focus on key non-compliance issues, ultimately probing deeply to find the source of non-compliance then tracking the issue in the future. Both financial and organizational incidents can be found and tracked in the solution; for example energy price manipulation for FERC compliance and sabotage.

For more information about how BWise can help you comply with FERC regulations, please contact us.