August 11, 2011 | Palo Alto, California - MetricStream Inc., the market leader in Governance, Risk and Compliance (GRC) and Quality Management Solutions, today announced that Colorado Springs Utilities has chosen MetricStream solutions for Integrated GRC and Environmental Management. MetricStream solutions will be used across the organization, including the Southern Delivery System (SDS) program, the Environmental Services Department (EVS) and the Electric Reliability Compliance Program (ERCP).
Since 1924, Colorado Springs Utilities has provided electricity, natural gas, water and wastewater services to the Pikes Peak region. The company is known for its competitive prices and exceptional home town service. It is also recognized for its responsible environmental practices, built on a strong culture of compliance. These practices include aggressively pursuing employee safety measures, leveraging renewable energy sources, and minimizing emissions in compliance with air quality standards and regulations.
MetricStream solutions will enable the utility service provider to streamline and automate "siloed" GRC initiatives including Compliance and Operational Risk Management, corporate and IT governance and compliance with various regulations, such as NERC, WECC, FERC and other environmental compliance norms. With MetricStream solutions, Colorado Springs Utilities will be able to consolidate existing tools and processes, improve compliance alignment, and automate the management, measurement, gap remediation and reporting of controls in accordance with regulations, standards and policies. The solutions will also provide functional capabilities to incorporate the management of other regulatory processes such as natural gas Distribution Integrity Management Program (DIMP), rules implemented by the Pipeline Hazardous Materials Safety Administration, and employee safety requirements required by OSHA.
A robust GRC framework guides Colorado Springs Utilities' business. However, expanding operations and new, large-scale projects have exposed the company to a variety of new risks and complex compliance regulations.
"We wanted to scale up our GRC efforts by integrating various risk and compliance initiatives for better visibility and management. We are delighted that MetricStream can help us meet these objectives," says Amy Derrickson, IT Project Manager at Colorado Springs Utilities. "MetricStream stood out for us because of its impressive track record in the Energy & Utilities industry. Moreover, the company's platform is extremely flexible and can seamlessly adapt to our expanding operations and changing GRC needs."
"We are excited to partner with an organization that is committed to strong and sustainable GRC management," says Gaurav Kapoor, Chief Operating Officer at MetricStream. "The Energy & Utilities industry today is subject to heavy regulations, demanding customers and large scale expansion. But with MetricStream's innovative and intuitive technology, major energy corporations worldwide have overcome these challenges and strengthened their GRC initiatives for optimal business results."
MetricStream will enable Colorado Springs Utilities to integrate the complete length and breadth of their GRC program on a single platform. Isolated GRC systems and processes will be replaced with a centralized approach that eliminates redundancies and optimizes resource utilization. In addition, workflows will be automated, increasing operational efficiency and minimizing the risk of manual errors.
MetricStream Compliance Management solution will streamline compliance with existing regulations, ranging from NERC reliability standards, to WECC, to FERC and other environmental norms. MetricStream platform easily integrates with existing systems, consolidating all processes and data onto one platform for a holistic approach to compliance. NERC standards and updates can be automatically imported into the system and reporting, automated. The solution also tracks the status of NERC training provided to employees either online or offline. In addition, customizable dashboards can be leveraged to gain in-depth visibility into the status of compliance at any time.
MetricStream Environmental Management Solution (EMS) will be used to manage and track permit applications, acquisitions, implementations, monitoring, reporting and closure, as well as monitoring and tracking of SDS program mitigations and related environmental commitments. The solution will also help in tracking and assuring compliance with federal, state and regional regulations related to constructions, operations and monitoring. Colorado Springs Utilities Environmental Management Services, which is responsible for all environmental permitting, compliance, auditing and management of construction and facility operations, will use MetricStream EMS for managing air emission related activities, Air Pollution Emission Notifications (APEN), and other potential operational compliance needs in the future.