Utilities need an effective GRC management program that comprehensively covers the complexities associated with compliance.
FREMONT, CA: In the past few years, there have been various incidents of targeted cyber-attacks on power grids, and security incidents occurring in utility organizations. Organizations are constantly trying to steer away from these risks. Furthermore, the advancements in technology and the adoption of innovations have forced organizations to re-evaluate their security risk management capabilities. The right GRC management is important for any company planning to thrive in the utility landscape.
From the time utility assets are assigned to the operation of the infrastructure, there are various regulatory reviews and audits. Additionally, utilities require massive data and documents to ensure compliance with regulatory policies. To address the risk of fines and keep utility resources efficient, utilities need to access all the relevant information for both compliance reporting as well as quick responses to audits. This can accompany a significant price tag as regulators expect utilities to become digital.
Technology also offers an opportunity to improve the accuracy and speed of compliance significantly. A connected and open data environment creates the foundation essential to access and utilize the information for project delivery, maintenance, asset operations, and compliance. Deployment of an advanced project management system can result in a data environment that reduces the time as well as the cost of compliance management. A project management system is a trusted source of truth for utilities, which provides visibility around how the firm has transformed over time. The system enables to enforce workflow that addresses utilities’ compliance goals, ensuring that documentation and audits are available for reporting and regulatory reviews.
Addressing the increasingly complex regulatory policies can be tough for utilities. To manage risk while staying compliant, firms are opting for proactive policies. Without a clear compliance program, utilities risk themselves from getting penalized by regulators.