Energy & Utilities

Energy and utility companies are operating in a dynamic market. Energy companies are continually under pressure from various influences; shareholders demand financial transparency, while government and the public are demanding innovative, green energy solutions and increased environmental responsibility. This has resulted in more rules and regulations governing the energy and utility industry; whether they are financial, such as Sarbanes Oxley or IFRS, or are industry specific such as FERC, and NERC.

In addition, energy companies have their own internal standard policies, procedures and restrictions regarding safety, internal controls, and quality. Companies may have Energy Risk Management initiatives or internal production and operational restrictions. All of this makes it necessary for energy and utility companies to build a solid Governance, Risk and Compliance framework that will bring them in control and give them the information to improve the business and GRC processes.

One GRC platform

BWise serves many firms in the energy and utilities sector, including not only regional utilities and energy suppliers, but also firms in the pipeline and distribution business, oil and natural gas exploration and drilling categories and large multi-national gas and oil suppliers. Software from BWise enables an energy firm to mitigate and manage multiple compliance initiatives while also managing its risk management framework and governance programs within the same GRC platform.

Specific needs

Compliance with regulations such as FERC and NERC are fully managed with BWise; quarterly and annual reports as required by FERC can be managed and compiled from existing documentation, while also organizing incident reports, risk assessments and audits as required by NERC. BWise fully manages these duties, making sure there is no over lap and duplication of duties from different regulations, resulting in better mitigation and a profound ROI.

Real ROI

The BWise integrated GRC Platform enables Energy companies to meet their compliance initiatives, but also helps develop common corporate processes to manage all operational and enterprise risks in an integrated manner. BWise uses a process-centric approach to GRC, enabling energy companies to integrate all GRC related initiatives into one system. BWise software will not only facilitate compliance with regulations, but also will find value at risk, reduce costs, assist in the elimination of duplicate controls, enable enterprise governance and create real ROI.

Download the reference case about how Repower and Southern Company use BWise.