Energy and Utility companies are faced with rapidly changing business environments resulting from increasingly complex regulatory requirements, growing cyber threats, and vulnerable standardized technology. The lack of appropriate risk and compliance management frameworks and techniques can lead to undesirable consequences and hefty penalties from national and regional regulators. Risk and compliance impact all business functions operationally as well as strategically, making it imperative for companies to adopt an integrated and scalable approach to manage risk and cope with the complex regulatory landscape.
MetricStream offers the industry’s most advanced and comprehensive suite of solutions that empower organizations to effectively manage risks and efficiently build compliance processes. MetricStream solutions assist Energy and Utility firms in a number of critical areas:
NERC Critical Infrastructure Protection (CIP): The Energy Policy Act (EP Act) of 2005 empowers NERC as the national Electric Reliability Organization (ERO) to establish and enforce cyber security and reliability standards applicable to bulk power systems. MetricStream offers an integrated solution that ensures compliance with NERC CIP 002-009 (Critical Infrastructure Protection) standards while lowering the associated costs that can otherwise be substantial. The solution has the ability to track process ownership, assessment plans, and remediation statuses on graphical charts with real-time information. It also provides powerful role-based dashboards, control diagrams, and scorecards to ensure visibility into on-going compliance efforts, and bring high-risk areas into focus.
Reliability Assessment: As the ERO, NERC conducts frequent reliability assessments for bulk power systems. MetricStream provides comprehensive solutions to assist the NERC reliability assessment process with capabilities to analyze disturbances and record exceptions, which can be tracked to closure. The solution also facilitates information exchange and coordination between regulatory bodies (FERC, NERC, etc.), the Board and Management team, and other stakeholders. A comprehensive framework is provided for training and security awareness based on programs developed by a community of industry experts.
FERC Compliance: Energy companies are faced with a proliferation of compliance oversight and reporting requirements from FERC (Federal Energy Regulation Commission) . MetricStream provides a common framework and an integrated approach to manage these complex regulatory mandates as well as other state and regional public service commissions. The MetricStream solution supports the implementation of critical governance initiatives such as programs for Standards of Conduct and EH&S through document control, compliance training, on-going auditing, and recording and reporting of FERC-related violations , process non-conformance, and the resulting corrective actions. The solution provides enhanced policy management capabilities with the ability to monitor compliance and controls processes across the enterprise, and rectify deviations, errors, and redundant activities.
Enterprise Risk Management: Operating in a highly sensitive and vulnerable environment, energy companies are today gearing-up to increase risk-adjusted returns, improve strategic judgment, and avoid extraordinary losses due to lawsuits, fines, operational failures, or negligence. The MetricStream solution provides strategies, methodologies and risk reporting capabilities to identify, measure, monitor, control, and mitigate risks. The solution ensures that each organization’s risks and controls are well documented, appropriately assessed . It also tracks remedial actions to closure , and provides the capability to embed standardized risk management practices across the entire value chain.
Customer Complaint/ Feedback Management :The Energy and Utilities sector is undergoing tremendous change. Regulatory and reliability compliance requirements are constantly evolving, environmental concerns are becoming more pressing, and the adoption of Smart Grid is raising cost, regulatory, and security issues. Simultaneously, strict regulations have been imposed to improve the handling of customer complaints and feedback. As a result, the spotlight is firmly on the development and enforcement of policies to enhance customer satisfaction, and manage customer feedback and complaints in a more effective and efficient manner. MetricStream Customer Feedback Management Solution is a comprehensive solution that enables Energy and Utility companies to establish and follow consistent procedures for managing customer feedback, capturing complaint information, logging exceptions, managing tasks, planning actions, resolving complaints, and reporting their status. The solution streamlines the development and implementation of remediation and corrective action plans across the enterprise. It also provides real-time visibility for tracking each complaint from initiation to closure and following the appropriate processes to ensure that nothing slips through the cracks. A powerful analytics and reporting capability with graphical dashboards helps managers perform trend analyses and spot recurring problems.
Emission Management: The energy sector accounts for approximately 60% of global GHG emissions. Energy companies are seeking to adopt a formal, enterprise-wide approach that can unify emission management across their operations and enable sustainable compliance with federal and international regulations and mandates. The MetricStream solution for emission management enables an organization to manage, measure, and report environmental indicators by implementing an integrated emission management program and streamlining all the underlying business processes. The comprehensive solution serves as a central emission management system to reduce the risk of environmental regulation violations and provide baseline data and information for business and operational planning.
Quality and Safety Management: Many energy companies are increasingly becoming proactive about implementing quality and safety programs to maximize high-quality results, and minimize operational risks and legal liabilities. MetricStream solutions are being widely used for implementing initiatives such as quality assurance programs, streamlining corrective actions (CAPAs), developing electronic document management systems (eDMS), performing safety and quality audits, managing incidents and investigations , ensuring compliance withEH&S , TQM, ISO 9000, and ISO 14001, and recording and reporting FERC-related violations or process non-conformance.
MetricStream solutions also provide other intelligent and content driven features such as access to best practices and training from an expert community and integration of business processes with notifications and industry alerts.