Enterprise Policy and Compliance Management - Energy & Utilities

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Managing effective policies and controls for compliance with these regulations has become increasingly complex and time-consuming. Traditional compliance management tools such as spreadsheets and ‘siloed’ systems are costly to manage, lead to duplication of effort, and do not provide the kind of visibility required for effective compliance tracking.

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MetricStream Policy and Compliance Management Solution overcomes these challenges by providing a single, integrated framework to manage and monitor policies and compliance activities across the entire spectrum of regulatory requirements. The solution streamlines, unifies and standardizes policy and compliance management workflows across the enterprise, thus eliminating redundancies, and improving operational efficiency. In addition, it delivers real-time data on compliance activities, gaps and metrics, helping managers make quick and informed strategic decisions.

Using the solution, Energy and Utility organizations can automate the entire compliance management lifecycle, ensure that all compliance requirements are effectively managed, identify and mitigate compliance risks, and efficiently conduct compliance audits. On the policy management front, the solution helps create, review and store policies in a centralized repository, while also mapping policies to regulations, and tracking exceptions such as compliance gaps and risks.

MetricStream Policy and Compliance Management Solution is a critical component of an enterprise-wide Governance Risk and Compliance framework (E-GRC). The key capabilities of the solution include:

• Support for various approaches to compliance, including a risk-based methodology and a control-based methodology
• Harmonization of compliance programs across departments, and mapping of similar compliance requirements to the same controls for a standardized and efficient compliance approach
• A centralized sharable library of all enterprise-wide risks, controls and test plans
• A complete preloaded collection of all compliance requirements along with best practices
• Automatic alerts of changes/updates to regulations, through integration with regulatory information sources such as the NERC website
• Automation of processes for compliance environment design, regulatory documentation, compliance assessment, compliance risk and audit management, ongoing tests, reviews, attestations and remediation
• Powerful dashboards for tracking the status of compliance across the enterprise, highlighting key risk areas, and analyzing trends
• An integrated Task and Issue Management module that captures all compliance violations, and monitors the implementation of mitigation plans

Benefits

Enable proactive, sustainable compliance: Proactively recognize the risks associated with regulatory requirements, related penalties and disclosure requirements. Facilitate seamless collaboration on compliance activities across the enterprise, and establish a compliance-focused work culture.

Simplify compliance management: Replace siloed systems and point solutions with a single platform that supports the management of multiple compliance requirements, including FERC, NERC, regional standards, DOE, OSHA, EPA, FACTA, CFATS and DOJ/SEC.

Reduce compliance costs: Eliminate compliance inconsistencies, redundancies and duplication of effort by streamlining compliance management workflows, and enabling sharing of documents, processes, risks and controls through a centralized information repository.

Improve accountability: Enable a federated approach to compliance where process owners take direct responsibility for managing and testing controls, while simultaneously rolling the results back upstream to be viewed by managers in real time.

Facilitate intelligent decision making: Gain granular clarity into compliance processes and data, and assess the overall compliance status of the organization to effectively determine and plan future strategy. Proactively recognize the risks associated with regulatory requirements, related penalties and disclosure requirements.

Access world-class compliance resources: Connect to MetricStream’s ComplianceOnline.com, the leading GRC portal and online community,to gain information, best practices, training, products and tools on corporate governance, risk management, regulatory compliance and quality management.

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