Staying up-to-date on the tough but ever-changing regulatory standards enables utilities to gain and manage compliance better and be audit-ready at all times.
FREMONT, CA: Over the past few years, there have been multiple incidents of targeted cyber-attacks on power grids, and security issues occurring in utility organizations. Organizations are striving to steer away from these risks. Furthermore, the developments in technology and the adoption of innovations have compelled organizations to re-evaluate their security risk management processes. The right GRC management is essential for any company planning to thrive in the utility business.
From the time utility assets are commissioned to the operation of the infrastructure, there are several regulatory reviews and audits. Adding to that, utilities require massive documents and data to ensure compliance with regulatory mandates. To mitigate the risk of fines and keep utility resources productive, utilities need to access all the necessary information for both compliance reporting and quick responses to audits. This can come with a significant price tag, and for that, regulators are expecting utilities to become digital.
Technology also presents an opportunity to improve the speed and accuracy of compliance significantly. An open and connected data environment creates the foundation necessary to access and use the information for project delivery, asset operations, maintenance, and compliance. Implementation of an advanced project management system can open a data environment that reduces the time and cost of compliance management. A project management system is a utility’s trusted source of truth, which gives visibility around how the firm has changed over time. The system helps to enforce workflows that meet utilities’ compliance requirements, ensuring that documentation and audits are in place for reporting and regulatory reviews.
Navigating the increasingly complex regulatory requirements can be tough for utilities. To manage risk and stay compliant, firms are establishing proactive policies. Without a defined compliance program, utilities risk themselves by being heavily penalized by regulators.