GRC software makes inroads in US utility sector
A growing number of US utilities and power companies are acquiring governance, risk and compliance software to help them cope with the mounting burden of regulation, including stricter standards on grid reliability and cybersecurity. Alexander Osipovich reports
Like many major power companies across the US, Minnesota-based Xcel Energy has an enterprise risk management (ERM) programme designed to keep senior management abreast of potential threats to the firm. Such potential threats include accidents at Xcel's 77 power plants, failures to comply with rules issued by the US Federal Energy Regulatory Commission (Ferc) or errors in financial accounting.
But until recently, the ERM process at Xcel was a bit of a hodgepodge. Roughly 30 major departments at
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