Palo Alto, CA (PRWEB) March 18, 2010
MetricStream, Inc., the market leader in enterprise Governance, Risk, Compliance (GRC) solutions, announced today that Ontario’s Independent Electricity System Operator (IESO), one of the Independent System Operators (ISOs) in North America, has selected MetricStream’s Enterprise GRC Platform to streamline and automate implementation and monitoring of compliance to electric reliability standards laid down by the North American Electric Reliability Corporation (NERC) and the Northeast Power Coordinating Council (NPCC).
The IESO works at the heart of Ontario's power system, connecting all participants - generators that produce electricity, transmitters that send it across the province, retailers that buy and sell it, industries that use it and local distribution companies. Overseeing 300 power entities in the region, the IESO ensures the reliable operation of the provincial electricity grid acting as the reliability co-coordinator for the province of Ontario, developing and enforcing reliability standards and ensuring compliance.
MetricStream will implement its compliance and policy management solution for enabling a systematic compliance monitoring process for NERC and NPPC electric reliability standards. The system will support integrating reliability standards, capture reporting from various market participant organizations in Ontario and ensuring compliance to those standards, and reporting compliance status to the standards authority.
The solution will provide a centralized data model, information routing, review and approval workflows, collaboration tools, task management, alerts, notifications and reporting for various functions such as recording reliability standards, assigning owners, informing regulatory stakeholders, conducting gap analysis, updating policies, developing compliance certification reports, gathering compliance information and evidence, assessing compliance, reporting compliance status and non-compliance, applying sanctions, coordinating corrective measures and implementing mitigation plans.
MetricStream provides the most comprehensive suite of policy, compliance, risk and audit management solutions for energy companies and utilities. The solution ships with embedded content and best practices to support requirements and programs such as NERC standards, reliability assessments and audits, enterprise risk management(ERM), quality and safety regulations and incident and investigation management. For instance, MetricStream solution ships with embedded content for NERC standards and requirements with capabilities to conduct assessments at all information layers that may be rolled up and monitored at all authorization levels.
“Reliability compliance is a critical program for us. We must report on over a thousand standards and requirements for the large number participants in our energy market,” said Dan Rochester, Manager, Reliability Standards and Assessments at the IESO. “By using MetricStream we will be able to enhance our compliance efforts. We selected MetricStream because it was user friendly, secure and will integrate easily with our existing systems.”
“It is exciting to be selected by the IESO and we are looking forward to implementing and supporting our system for this critical compliance initiative,” said Gaurav Kapoor, CFO and General Manager at MetricStream. Having implemented our GRC solutions at many large energy and utility companies, the opportunity to work with an organization that not only monitors but also enforces compliance carries special significance for us. It also validates our deep domain expertise and thorough business understanding when it comes to addressing risk and compliance complexities in this sector where the challenge of rising costs and regulatory pressures intensify daily.”
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Philips, NASDAQ, UBS, SanDisk, BP, Subway, Fairchild Semiconductor, Hitachi and TaylorMade-Adidas Golf in diverse industries such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the http://www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at http://www.metricstream.com.