Energy
Energy companies are faced with a proliferation of compliance requirements from a growing number of regulatory bodies that impose regulatory oversight and reporting requirements. Regulatory requirements include: Sarbanes Oxley Act (SOx), FERC and NERC regulations (Federal Energy Regulation Commission and North American Electric Reliability Commission) and state and regional public service commissions. All business functions are impacted operationally as well as strategically.
MetricStream offers an integrated solution for successfully meeting these requirements while lowering the associated costs that can otherwise be substantial. MetricStream Compliance Platform, a proven infrastructure for building compliance application, provides core modules and services to automate and streamline compliance processes.
Companies can use MetricStream solution for implementing governance initiatives such as programs for Standards of Conduct and EH&S through document control, compliance training, ongoing auditing, as well as recording and reporting of FERC-related violations or process nonconformance and the resulting corrective actions.
By leveraging MetricStream's flexible control-hierarchy (which encompasses COSO requirements), organizations can define and maintain a centralized compliance structure with processes, risks, and controls documented for SOx compliance, IT governance, and other risk management frameworks. Assessments can be scheduled and assigned to test and document the effectiveness of controls. Once issues are identified and documented, a systematic mechanism of remediation and disclosure is triggered by the underlying workflow and collaboration engine.
Role-based dashboards, control diagrams, and scorecards provide visibility into the ongoing compliance efforts and bring high-risk areas into focus. The solution has the ability to track process ownership, assessment plans, remediation status, etc. on graphical charts with real-time information that can be accessed globally. Ability to drill-down to deeper levels of information with a single click provides an easy way to access the data at finer levels of detail.
