For companies in the energy sector, compliance with regulations from FERC (Federal Energy Regulatory Commission) impacts all business functions operationally as well as strategically. Companies are also faced with other compliance requirements from national, state, and regional regulatory bodies. MetricStream offers an integrated solution for successfully meeting FERC regulatory and reporting requirements while lowering the associated costs that can otherwise be substantial.Download Solution Brief
MetricStream FERC Compliance Management Software Solution
By leveraging MetricStream's flexible control-hierarchy capabilities, organizations can define and maintain a centralized FERC compliance structure with the complete range of processes, risks, and controls. Assessments can be scheduled and assigned to test and document the effectiveness of controls. Issues such as exceptions and adverse events can be identified and routed through a systematic process of investigation and response with a standardized approach for root cause analysis and action plan implementation.
The MetricStream solution also supports implementing other FERC compliance initiatives such as programs for Standards of Conduct and EH&S, document control, FERC compliance training, ongoing FERC compliance auditing, recording and reporting of FERC-related violations, and the resulting corrective actions.
The solution uniquely combines software and content to deliver embedded best practice templates and access to FERC compliance training programs. It also integrates business processes with regulatory notifications or industry alerts.
- Centralized Risk and Control Documentation: The solution provides a common repository for documenting risks, controls, assessments, and related policies and procedures for systematic FERC compliance management.
- Closed Loop Processes: Integrated FERC compliance processes create a unified and seamless environment for identifying, recording, and remedying issues and exceptions.
- Real-Time Reporting: Role-based dashboards, control diagrams, and scorecards provide visibility into ongoing FERC compliance efforts, and bring high-risk areas into focus.
- Reduced FERC Compliance Costs: Integrated and consistent risk and compliance management enables better resource utilization and significantly lower compliance costs.
The greatest successes have been identifying the controls to reduce risk and making that transparent to senior management and the board.