Technology can be an incredible supporting partner for regulatory compliance. New generation solutions currently approach specific areas of concern, which includes security, record management, risk management, and business performance.
FREMONT, CA: Regulatory uncertainties are an enduring challenge for the Energy and Utilities (E&U) industry. For many companies, industry regulations are the most crucial compliance problem, way more than of operational risks, customer complaints, and customer-facing processes. Organizations had to anticipate regulatory mandates and implement compliance cost-effectively; in the face of the overpowering levels of conformity to keep up the balance in the industry.
By creating compliance programs without limiting innovative improvements, companies can maintain a delicate balance. Here are a few key areas where regulatory demands have a significant impact:
Price reporting holds a vital interest for both regulators and providers. Transaction price information provides regulators transparency and insights into the market and the derivations of prices. It shows providers how their business impacts the market at different locations. Programs of price reporting for regulators generally give rise to the concern on how they can use the data, despite safe harbor rules. The appropriate system, process, control, and training can provide more confidence to the commercial team of the organization regarding integrity in price reporting.
The asset infrastructure and management protocols of E&U companies are old-fashioned. The development in consumer demands and keen scrutiny from regulators add to the pressure. Increased utilization of technology and the subject matter expertise can go a long way in mitigating operational risks. Intelligent usage of information systems can merge data across multiple systems and build real-time visualizations. Machine Learning technologies and predictive analytics can proactively prevent failures and prioritize asset risk and replacement. Companies should shift away from the old usage-based thinking to strategies that include detailed assessments to align with the latest standards. The shift needs to walk along predictive analytics to enhance the quality of operations, maintenance, and investments.
As obligatory regulations in cybersecurity operations, E&U companies can step up their voluntary efforts. They can brace themselves for any dynamic and added rules in the areas of cloud services, privacy and data protection, procurement, and third-party supply chains. Robust governance structures and accountability frameworks can be a part of an integral and sound cybersecurity agreement program. E&U providers need to establish meticulous regulatory monitoring and change the existing models to be prepared for agile responsiveness.