The ‘Energy and Utilities’ industry involves fuel extraction, refining and distribution. The industry is very widespread and is located across geographies. It also forms a basis for the survival of many industries. Although the industry is thriving, organizations operating in this sector face a plethora of challenges on a regular basis.

The energy sector is prone to many critical risks which need quick attention and mitigation. Cyber-security threats, frequently changing regulations and trade policies, unstable tariff structure, are some of the major threats and risks to the industry. The chances of catastrophic events are very high and organizations have to be very careful in handling them.

Since the industry is prone to many risks, there are various Compliances in place to reduce its impact. The compliance trends are highly dynamic and need the compliance officers to be very agile to manage them. Safety and health compliances, operational compliances, technological and data security compliances, trade and tariff regulations are few of the major compliances.

Apart from compliances and risks, there are other issues like inefficient workflows and internal controls, time-consuming audit processes and decreases operational efficiencies of resources. Solving these issues is essential to minimize the cost and time spent on these activities.

All the above-mentioned problems can be solved by using an integrated platform called GRC. GRC helps in maintaining governance, complying to regulations and makes risk and audit management easier. Internal workflows of the organization and inter-department activities can be streamlined and monitored. Responsibilities can be entrusted and monitored for better performance analysis and management. Various types of risks can be categorized, assessed and handled on the basis of their impact and vulnerability. For a company that is prone to multiple risks, this provides a clear view of all the risks and makes managing these risks easier. The impact of remediation and mitigation can be examined before implementing them.

The compliance module helps in managing contracts, policies and regulations. Audit management can be planned and executed in a systematic manner. Policies and contracts can be arranged categorically and managed effortlessly. Creating, tracking and evaluating documents in automated in these platforms.

Using a GRC platform can be highly beneficial for organizations. Time, effort and money put into managing resources, data and compliances can be reduced by a huge extent. It can also facilitate standardizing risk management strategies and reporting. Quality assurance, vendor management and regulating health and safety standards can be simplified. Through well-connected systems, redundancy in work can also be reduced leading to improved efficiency.

Organizations in the energies and utility sector can use GRC platforms for hassle-free governance and compliance and tackle the issues and challenges faced by them.

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