FERC Compliance
For companies in the energy sector, FERC (Federal Energy Regulatory Commission) compliance impacts all business functions operationally as well as strategically. In addition, they are faced with other compliance requirements from other national, state and regional regulatory bodies. MetricStream offers an integrated solution for successfully meeting the increasing regulatory and reporting requirements while lowering the associated costs that can otherwise be substantial.
By leveraging MetricStream's flexible control-hierarchy, organizations can define and maintain a centralized compliance structure with processes, risks, and controls. Assessments can be scheduled and assigned to test and document the effectiveness of controls. If issues such as exceptions and adverse events are identified, a systematic mechanism for investigation and response is triggered with a standardized approach for root cause analysis and action plan implementation.
MetricStream solution also supports implementing other initiatives key for FERC compliance 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.
MetricStream uniquely combines software and content to deliver this solution with embedded best practices templates, access to compliance training programs, and integration of business processes with regulatory notifications or industry alerts.
Centralized Risk and Control Documentation: A common repository for documenting risks, controls, assessments, and related policies and procedures for systematic compliance management.
Closed Loop Processes: Integrated compliance processes to create a unified and seamless environment for identification, recording and remediation of issues and exceptions.
Real-Time Reporting: Role-based dashboards, control diagrams, and scorecards provide visibility into the ongoing compliance efforts and bring high-risk areas into focus.
Reduced Compliance Costs: Integrated and consistent risk and compliance management leads to better resource utilization and significantly lower costs.
