Large Renewable Energy Company Streamlines Compliance and Enterprise Risk Management
The Client: Leading specialist in renewable energy
As a rapidly growing company, the client found it increasingly challenging to comply with multiple regulations and compliance requirements. Inconsistent risk management processes also made it difficult to evaluate the company’s risks and related issues. MetricStream apps offered the client end-to-end compliance management and Enterprise Risk Management (ERM) capabilities. In addition, MetricStream’s cloud deployment offered faster time-to-value, robust security, flexibility, and agility at low implementation costs, along with the ability to extend the system to other local operations in the future.
After consulting several compliance and ERM solution providers, the client selected MetricStream based on the strength of MetricStream’s integrated Governance, Risk, and Compliance (GRC) platform, as well as its associated global support services.
The client implemented the MetricStream Compliance Management App and the MetricStream Enterprise Risk Management App, both of which provided a wide range of capabilities without needing any specific customization.
Below are the key features of the implementation:
An Integrated Approach to Compliance and Enterprise Risk Management
The MetricStream apps share a common risk-control repository that provides a consistent, tightly mapped view of company objectives, policies, risks, controls, and processes. As a result, users gain a common point of reference to manage and track risk-related activities.
The MetricStream Compliance Management App
The app provides a common framework to manage compliance requirements. It enables the client to manage cross-industry mandates and regulations, as well as industry-focused regulatory guidelines.
The MetricStream Enterprise Risk Management App
The app helps the client maintain risk registers, and assess, rate, monitor, and report on enterprise risks. The app also standardizes the risk and control language used throughout the enterprise, thereby strengthening risk-related communication, analysis, and reporting. Scenario analysis tools and reports deliver real-time and in-depth insights into enterprise risk, enabling stakeholders to respond in a proactive manner.
The MetricStream apps are directly accessible from the MetricStream GRC Cloud, a cutting-edge, private, virtualized infrastructure that supports quick deployment, and provides robust security, flexibility, and agility at low implementation costs. Moreover, the cloud facilitates international scale deployments, so that the MetricStream apps can be easily extended in the future.
The increasing demand for renewable energy is driving a large number of energy operators (both local and global) to provide multiple products and services. However, energy is a critical asset in every country, and therefore, energy operators have to grapple with multiple regulatory compliance requirements.
As a major energy company, the client needed to comply with many legal and reporting obligations, as well as other energy sector regulatory requirements. Violating any of these requirements could result in significant penalties.
The company also had to take into account all contractual obligations for its operations in Australia, while simultaneously addressing regional policies across the organization. Throughout these efforts, it was critical to maintain the flexibility of the organization, while ensuring a central point of control for the corporate management teams.
When it came to risk management, operation managers organized their data manually on multiple spreadsheets. As a result, it was difficult to map risks, making risk assessments complex. Corporate management lacked the information needed to gain effective visibility into enterprise risks, and to track and mitigate incidents as needed. Moreover, the lack of reminders and notifications often resulted in frequent delays.
At the end of the day, the client needed to ensure control over compliance and risk without engaging in complex and costly initiatives. The ability to synchronize compliance and risk management teams was absolutely necessary to mitigate risks in a timely manner, and strengthen compliance with various regulations.
The MetricStream Compliance Management App enables a systematic approach to compliance which, in turn, helps the client minimize redundancies, and optimize resources and costs. Any compliance issues that arise can be automatically routed through a closed-loop and timely process of investigation and remediation.
A Holistic Perspective of Enterprise Risks
MetricStream’s automatic risk assessment capabilities have simplified the client’s risk management processes. Instead of being managed in siloes, risk assessments and monitoring can now be holistically performed with the MetricStream Enterprise Risk Management App. All risk and control data can be accessed and verified in a single, central location.
A Foundation for the Company’s GRC Program
The MetricStream GRC Platform offers a complete, agile, and fully integrated infrastructure to use multiple apps, including the MetricStream Compliance Management App and the MetricStream Enterprise Risk Management App. The client can also add on other apps whenever required.