Energy and Utilities
Energy and utility companies are operating in a dynamic market. They are continually under pressure from various influences including fluctuating commodity prices, increasing regulation, and changing macroeconomic conditions. Renewables, smart grids, and distributed distribution are disrupting traditional business models and creating new risks with the hopes of improving efficiency, taking advantage of big data, and expanding the customer base. Shareholders are demanding financial transparency, while the government, advocacy groups, and the public are demanding innovative, greener standards for generation and consumption all while expecting an increase in environmental responsibility.
Moreover, there are more rules and regulations governing the energy and utility industry now than ever before, whether they are financial (e.g., Sarbanes Oxley or IFRS), or are industry specific (e.g., FERC, and NERC). As a result, energy and utility companies need a strong view of their regulatory requirements and how their risk management activities (e.g., integrated policy management and network and production data) align to the heightened expectations.
In addition, energy and utility companies have heightened risk management expectations. These include understanding many operational risks like trading, environmental health and safety, information technology and information security. In response, organizations are rife with policies, procedures, and restrictions regarding safety, internal controls, and quality. Disparate risk management practices are pervasive across the company creating inefficiencies in management, over allocation of capital and resources, and an incomplete holistic view of the risk profile. This makes it necessary for energy and utility companies to adopt a GRC solution that combines risk management, compliance management, and audit in an integrated solution. This will provide the information to improve the business and decision making.
ONE GRC PLATFORM
BWise is proud to be the GRC vendor of choice for many diverse energy and utility companies. This includes regional utilities and energy suppliers, pipeline and distribution business, oil and natural gas exploration, and large, multi-national gas and oil suppliers. BWise enables an organization to easily configure our solutions to align with your company’s risk management framework. This includes topics like compliance management, information security, and business continuity/resiliency within the same platform.
SPECIFIC REGULATORY NEEDS
Compliance with regulations such as FERC and NERC can be fully supported and managed with BWise. This includes the underlying process for risk-informed decision making, cyber security, production and organization of incident reports, risk assessments and audits, and quarterly and annual reporting. BWise enables the efficient management of these activities, making sure there isn’t any overlap or duplication of efforts from different regulations. The result is better mitigation and an enhanced 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 a real ROI.
To find out more, read how Southern Company optimized its Internal Control process to achieve streamlined SOX compliance or contact us to get a demo.