GRC Software for the Energy and Utility Industries
Today the Energy and Utility industries are facing more risks and threats than ever before. These include increased regulation, cyber threats, and vulnerable infrastructure. Quantivate GRC software solutions provide Energy and Utility companies an easy way to manage and mitigate risks, verify compliance, and ensure operations and infrastructures are properly supported.
The Quantivate GRC Suite for Energy and Utility Companies
With the Quantivate GRC software suite for energy and utility companies it is easy to integrate distinct yet interdependent disciplines such as business continuity, vendor and supplier risk management, information and IT security, audit management, regulatory compliance, and enterprise risk management. Quantivate’s true SaaS platform is accessible from distributed locations such as sub-stations, distribution towers, refineries, terminals, or power plants. The Quantivate platform is designed to allow seamless integration of data between the various Quantivate GRC modules. Its flexible design allows the solution to scale to the needs of any organization and helps them align business needs with risks and compliance efforts.
With the Quantivate GRC solutions, energy and utility companies can document, track, and manage all GRC initiatives at all levels of the organization. Quantivate GRC software solution allows organizations to focus on:
- Managing standards and ensuring compliance with regulations such as NERC, FERC, SCADA, ISO, or SOX
- Managing enterprise wide risk
- Maintaining a secure IT infrastructure
- Maintaining Actionable Business Continuity plans
Business Continuity and Disaster Recovery for Energy and Utility Companies
The utilities industry is one of the most important industries in the United States and is considered part of the country’s critical infrastructure. When it comes to essential services such as power, gas, and water, zero downtime is expected. With such high expectations utility and energy companies must establish strong business continuity and disaster recovery practices. Quantivate’s all-hazards planning approach allows Energy and Utility companies to prepare for any incident from power loss and theft to a natural disaster. Quantivate Business Continuity Management Software allows you to produce a more complete and easy-to-manage business continuity plan in less time and with less effort.
Quantivate Business Continuity Software includes a complete BCMP solution for:
- Business Impact Analysis (BIA)
- Risk Assessment (Threat and Vulnerability Analysis)
- Strategies and Solutions Development
- Plan Development
- Plan Maintenance
- Emergency Notification (SMS, Email, Voice Broadcast)
- Incident Management
IT GRC for Energy and Utility Companies
With data breaches increasing at an explosive rate IT security is becoming more and more important everyday. Today, more regulatory bodies are requiring high levels of information and data security than ever before. Quantivate IT GRC manages the IT requirements for regulations, embeds them into IT policies and communicates the policies throughout the organization, ensuring compliance. Quantivate IT GRC is a fully configurable software platform that fits most organizations and IT environments and provides on-the-fly software customization to adapt to changing security programs and regulatory needs.
Quantivate IT GRC allows you to:
- Create, measure, monitor, and manage IT programs based on leading control frameworks.
- Build a risk profile of the IT landscape in relation to the business.
- Contains embedded content based on standard frameworks and regulations such as COBIT, ISO 27002, SOX, FFIEC, PCI, GLBA, HIPAA and NERC
- Provides access to harmonized controls that cover various compliance requirements including SOX, FFIEC, PCI, FISMA, GLBA, HIPAA, NERC, NIST, FedRAMP, BITS, GAPP, Jericho Forum, ITIL, SEI CMM, and SANS 20 Critical Controls
Regulatory Compliance Management
The energy and utility industries are faced with many restrictions or requirements from regulators and customers. Non-compliance with these regulations is not an option and can result in significant fines and penalties from government regulators. The Quantivate Regulatory Compliance Manager (RCM) software module provides a strong solution for compliance managers to manage a wide variety of regulatory and compliance processes to ensures accountability throughout the organization. The software delivers key features to monitor pertinent regulations and other requirements, organize compliance documentation, run risk assessments, and demonstrate proof of compliance through robust reporting.
The Quantivate Regulatory Compliance solution for energy and utility companies allows an organization to:
- Manage standards like NERC, FERC, ISO, NIST, COBIT, Solvency II, NAIC-MAR, HIPAA, CFPB, and other regulatory bodies.
- Perform a Risk Assessment on regulatory changes to identify gaps in compliance and determine the priority of implementation.
- Create compliance task management and automated workflows.
- Map and apply all regulatory requirements to applicable policies, controls, and processes.
- Provide Compliance and Risk reporting for all levels.
- Review the impact to the organization of compliance changes.
Enterprise Risk Management for Energy and Utility Companies
The energy and utility industries face a variety of risks and issues including financial risks, expectations from customers, reducing accidents and injuries, losses to plants or infrastructure, and increasing regulatory oversight. In addition, constant market changes, internal forces, and regulatory demand make it difficult to determine what risks are the most critical. Quantivate ERM software enables organizations to closely analyze their risks and opportunities to better align them with strategic plans. In addition, energy and utility companies can define strategic objectives and track their performance through KPIs, and monitor potential hazards through KRIs.
The Quantivate ERM Solution for energy and utilities includes:
- Risk heat maps
- Risk and control assessments
- Automated alerts
- Risk analytics
- Key performance indicators (KPIs)
- Key risk indicators (KRIs)
- What-if Scenario analysis
Third Party Management for Energy and Utility Companies
Do you know whom you are doing business with? Today the energy and utility industries are relying on an ever-increasing number of suppliers for essential business functions. This opens the organization to greater risk levels than ever before. In addition, laws and regulations are forcing utilities and energy companies to do greater due diligence and identify their critical suppliers. Quantivate’s Third Party Management module allows energy and utility companies to identify potential supplier risks, verify that suppliers are compliant, and continue to monitor changes that can create new risks.
Quantivate’s Supplier and Vendor Management software includes:
- Centralized file library for third party data and contract management
- Supplier and vendor risk management and due diligence
- Easy to use dashboard interface
- Comprehensive and customizable reporting
- Dynamic Workflow Engine
Internal Audit Management
The Quantivate Internal Audit solution helps energy and utilities to manage a number of important Audit related activities. Quantivate Internal Audit software’s end-to-end functionality for managing the internal audit process provides audit management throughout the life cycle of each audit. Including:
- Centralized digital library of all audit plans, work papers, findings, reports, and follow-up
- Graphical dashboard interface of audit activities, statuses, and results
- Audit task management and scheduling
- Risk Assessment
- Creating, managing and analyzing customizable online questionnaires
- Auditor/resource skillset database
- Resource planning and time tracking (Hours & Costs)
- Extensive customizable reporting