MetricStream, the market leader in enterprise Governance, Risk, Compliance (GRC) solutions, announced that Ontario’s Independent Electricity System Operator (IESO), a large electricity power system operator in North America, has gone live with MetricStream’s Enterprise GRC Platform to automate implementation and monitoring of compliance to electric reliability standards set by North American Electric Reliability Corporation (NERC) and the Northeast Power Coordinating Council (NPCC).
IESO works at the heart of Ontario’s power system and connects all participants – generators, transmitters, retailers, industries and local distribution companies. The company oversees about 300 power entities in the region to ensure that the provincial electricity grid operates reliably and co-ordinates emergency preparedness for the province’s power system. The company develops, enforces and monitors reliability standards and ensures compliance in the operations of the transmission systems of the entire province.
While striving to ensure compliance with standards entities such as, NPCC and NERC, the IESO needs clear visibility of compliance levels of a large number of market participant organizations. Adherence to standards requirements is a key responsibility that IESO addresses with the MetricStream Solution.
The MetricStream solution will support IESO in its critical reliability compliance program by integrating reliability standards, capturing reporting from various market participant organizations across Ontario, ensuring compliance to those standards, reviewing market participants’ compliance and reporting compliance status timely and efficiently. The solution will be used by IESO internal users as well as market participants who report their reliability compliance to the IESO. Market participants can create and submit self-certifications, self-reporting and action plans for issue management.
Commenting on going live with the MetricStream solution Mike Falvo, Manager of Market Facilitation at IESO said, “With the successful implementation of the MetricStream solution, we are looking forward to better serving our market participants. With advanced functionalities and robust architecture, MetricStream’s platform is capable of completely supporting our complex compliance frameworks, detailed control and documentation workflows, and rigorous reporting demands.”
“We are delighted to see IESO go live with the MetricStream solution,” says Gaurav Kapoor, Chief Operating Officer at MetricStream. “The compliance requirements faced by energy operators enforce stringent regulatory oversight and reporting mandates. MetricStream is leading the way to meet such elaborate as well rigorous requirements of the energy sector with our intelligent and robust solution. IESO holds a special place among our customers in the energy space because of the fact that IESO monitors as well as enforces reliability compliance in the entire province. “
MetricStream’s Enterprise GRC Platform has been deployed by some of the largest public and private electric utilities, power companies, oil & gas corporations as well as regulatory agencies. MetricStream is positioned in the Leaders Quadrant of the Gartner Magic Quadrant for Enterprise GRC Platforms, 2011.