Compliance and regulations can now be facilitated using technology-backed solutions, and utility companies are experiencing direct benefits.
FREMONT, CA: Emerging technologies have unleashed a host of regulatory norms on the utility industry. The only way for utility companies to adapt to the changing regulatory landscape is by reshaping governance and risk management. Advanced technology-enabled solutions are of prime importance for the utilities to face compliance obligations, minutely monitor risky investments in projects, and manage resources as per regulatory norms. Some of the most prominent technology trends related to governance, risk management, and compliance (GRC) are discussed here.
Third-Party Risk Management Solutions
It is the age of connectivity; utility firms are incorporating technologies that enhance interconnections. However, the interconnectedness of the systems has its share of risks. Increasingly, companies are employing third-party services as well. Thus, the enterprises have to protect internal security along with ensuring that third-party services are safe. Firms have realized the probability of threats and are including risk management programs to mitigate potential attacks.
Protection of Critical Data through Advanced Tools
A report from The Economist mentions that data is the world’s most valuable resource. Utility firms receive, process, and share extensive amounts of operational, as well as customer data. Handling such a vast volume of data can be challenging for utility company personnel due to the compliance issues. Thus, emerging compliance frameworks can be fulfilled by opting for data protection solutions.
Artificial Intelligence (AI) at the Core
The vastness and complexity of the utility data sets have made it necessary for enterprises to shift to AI-based solutions that facilitate the effective management and utilization of data. With AI utility firms can analyze data and recognize patterns and anomalies that could point to security loopholes in the future. Further, AI-driven advancements can help automation. Thus, AI is vital for utility firms to keep compliance issues in check.
Rapid advancements in technologies have empowered the utility industry to improve upon governance and regulatory compliance.