A proven regulatory program can provide significant savings. NERC pays close attention to entities that historically experience challenges in compliance, adding more frequent audits and, possibly, fines, notes Broussard.
Fort Worth, Texas (PRWEB) October 14, 2014
Certrec, a leading licensing and regulatory compliance service provider that supports NRC and NERC compliance, is pleased to announce their expertise and availability to support an initial due diligence review prior to an entity making an investment decision.
“Many entities discover significant savings by using Certrec’s experienced NERC team to perform the initial due diligence review prior to deploying their technical team and regulatory counsel. Significant savings can be realized by allowing Certrec to provide a basis for a preliminary go/no go decision thereby allowing your team to effectively focus its resources on improvement opportunities,” says Ann Broussard, Office of NERC Compliance Business Development Director.
There are four major points to consider when performing a due diligence review:
1. Identify risks associated with current regulatory programs. Often when acquisitions are being considered, NERC regulatory vulnerabilities are not evaluated by experienced regulatory experts. Failure to adequately determine NERC regulatory vulnerabilities often results in unexpected expenditures requiring implementation of required procedures and processes. Additionally, the risk of assuming existing violations and associated fines is often overlooked.
2. Identify assets to acquire. Make informed decisions about the assets to be acquired. Including a substation or several miles of transmission line may not be the bargain thought when additional regulatory responsibilities are evaluated.
3. Obtain solid technical perspective. NERC required evidence includes test and maintenance records which provide an excellent overview of how assets have been managed and maintained. Certrec’s NERC personnel have extensive engineering/operations experience as well as regulatory experience to conduct meaningful reviews of these records to determine current status of compliance.
4. Sign contracts that make sense. Be sure to identify arrangements that work for all parties rather than create burdens that would be more appropriately handled by a different entity. Ensure a prospective partner is ACTUALLY registered and qualified to provide a NERC regulated service.
“A proven regulatory program can provide significant savings. NERC pays close attention to entities that historically experience challenges in compliance, adding more frequent audits and, possibly, fines,” notes Broussard.
Founded in 1988, Certrec is regulatory compliance service provider with more than 1,000 cumulative years of energy industry experience helping clients manage the regulatory process to their advantage.
Certrec's Office of Licensing and Compliance (OLC), Office of Assessment and Recovery (OAR), Office of NERC Compliance (ONC), and Office of New Plant (ONP) solutions are used by nuclear, fossil, and wind utilities and Registered Entities across the United States when complying with the Nuclear Regulatory Commission (NRC), the Federal Energy Regulatory Commission (FERC), and the North American Electric Reliability Corporation (NERC) licensing and compliance standards.
Certrec is ISO 27001 certified, ensuring that its regulatory compliance web-tools and facilities comply with an internationally recognized standard of best practices regarding business, cyber and physical security and control.