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Regulatory Reporting: Transformation is a Reality

Posted by: Andrew Hunt | March 3, 2016

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The regulatory and reporting landscape is particularly complex for energy and utilities companies. They have to conduct operations in a variety of regulatory and tax regimes, they have big upfront investment needs, which often go hand in hand with great uncertainty about long-term outcomes.

The geopolitical, environmental, energy and natural resource supply and trading environment, combined with often complex stakeholder and business relationships, adds to the complexities these companies face. In addition, the advent of International Financial Reporting Standards and section 404 of the Sarbanes-Oxley Act for US registrants has added to the challenges. All of this demands careful judgement around corporate governance, internal controls and external reporting.

With demand growth, investment and affordability, cleaner energy, smarter energy, and the changing role of a customer – all of these components add to a new energy and utilities market structure that drives companies’ strategies. This will not happen tomorrow – it is happening now. The question is how this changing environment will impact the future model of energy and utilities companies, from their assets to industry technology, regulation and customer engagement.

Checkout GRC Software for Power & Utilities

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Industry transformation is no longer “pending”; it’s underway. And the good news is that opportunities for the future are starting to come into focus. Many of the moving pieces around fuel prices, renewables, customer interaction, managing distributed generation, electricity storage, demand response, and energy efficiency are beginning to fall into place — and we now see utilities taking concrete, financially sound steps to incorporate these elements directly into their business models to seize opportunities for growth.

How can we help?

360factors, Inc. is a cloud based Enterprise Risk and Compliance Management Technology and Services Company. We help companies improve business performance by reducing risk and ensuring compliance through our flagship product Predict360, which uses unique mapping and cognitive computing technologies to provide regulatory insight, predict risks and drive operational excellence.

360factors offers EHS consulting through its professional services consultants. RSA offers a wide range of professional services in regulatory compliance and permitting (air, water, and waste), site investigation and remediation, environmental and dredge material sampling and evaluation, and health, safety and risk management services. RSA maintains a staff of experienced key personnel including registered professional engineers, geologists, and health and safety specialists.

 

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