Regional entity cancelled regularly scheduled audit for this Certrec client.
Fort Worth, TX (PRWEB) May 27, 2015 — Certrec, a leading regulatory compliance and licensing service provider that supports NERC and NRC Compliance, announced today that a registered entity customer had a regularly scheduled audit cancelled based on its robust program.
“No Audit” – Recently, a registered entity scheduled for an audit was queried about the Internal Compliance Program (ICP) by the regional entity. The regional entity communicated that the registered entity could provide its ICP, any internal controls and evidence of implementation for review. Based upon the very positive results of the regulator’s review, the regularly scheduled audit was cancelled.
“We were very pleasantly surprised to learn about the decision to forego an onsite audit. Certrec developed our NERC Compliance program years ago, understanding our goal to always be in compliance,” says Wind Fleet NERC Compliance Associate.
Certrec developed the registered entity’s NERC Compliance program including the ICP several years ago and has managed the program since development. The registered entity’s ICP provided auditable evidence of their internal controls and their effectiveness in full coverage of the applicable NERC Standards and Requirements. Additionally, all elements of a robust ICP were in place. The registered entity was able to provide “stacking
evidence” in all cases demonstrating the depth and breadth of their compliance program’s implementation.
Background – The registered entity, a Generator Owner and Operator, recognized the importance and cost savings of a robust ICP. The registered entity recognized very early that they lacked sufficient resources to handle their NERC Compliance program. Certrec was chosen to build their ICP and support them through real time ongoing compliance support. Providing the necessary expertise, self-assessment, engineering, and infrastructure ensures ongoing compliance with NERC Reliability Standards. Choosing Certrec helped the registered entity achieve their goal of continuous compliance.
Significant Investment, Significant Savings – Many registered entities, as well as regional entities, invest significant resources in audit preparation. Initially, the registered entity organizes and reviews procedures, policies, and evidence. SMEs (Subject Matter Experts) are identified and prepared for their role in the audit. Mock audits are held to prepare the team for a successful audit with their regional entity. During these activities, the regional entity is preparing for the audit: reviewing previous audits with the registered entity, deciding how many and what standards will be included in the audit, staffing, etc.
When all aspects are considered, the registered entity and the regional entity, each have invested thousands of dollars in resources to prepare for an audit. Some estimates range from $75,000 to $100,000 for each entity.
Determine Current State of Regulatory Program – Many registered entities may find audit preparation challenging due to the dynamic, and, sometimes, complex technical nature of the associated regulations. Often these regulations can be misunderstood, and, in some cases, go unnoticed by the registered entity. A proven regulatory program can provide significant savings. NERC pays close attention to entities that historically experience challenges in compliance, adding more frequent audits, increased in depth reviews, and, possibly, fines.
With Certrec your NERC work is done once and done right.
About Certrec:
Certrec is a leading provider of regulatory compliance solutions for the energy industry with the mission of helping ensure a stable, reliable, bulk electric supply. Since 1988, Certrec’s SaaS applications and consulting know-how have helped hundreds of power-generating facilities manage their regulatory compliance and reduce their risks.
Certrec’s engineers and business teams bring a cumulative 1,500 years of working experience in regulatory areas of compliance, engineering, and operations, including nuclear, fossil, solar, wind facilities, and other Registered Entities generation and transmission.
Certrec has helped more than 200 generating facilities establish and maintain NERC Compliance Programs. We manage the entire NERC compliance program for 80+ registered entities in the US, Canada, and Mexico that trust us to decrease their regulatory and reputational risk. Certrec is ISO/IEC 27001:2022 certified and has successfully completed annual SOC 2 Type 2 examinations.
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