One can compare the job of reliability risk management to that of a ship captain directing the safe passage of the vessel through waters filled with reefs and icebergs, sometimes fighting currents and foul weather. The captain may have navigation charts but they may be inaccurate or incomplete. Electronic navigation and communication equipment may be affected by interference or sun spot activity, and the vessel’s power plant and other essential systems may have failures. It takes a lot of experience and great skill to cope with such risks and still bring the ship safely to its destination.

NERC’s Reliability Risk Management (RRM) group carries out the ERO’s statutory responsibility by performing assessments (including Real‐time or near‐Real‐time assessments) of the reliability and adequacy of the Bulk-Power System and by identifying potential issues of concern relating to system, equipment, entity and human performance that may indicate the possible need to develop new or modified Reliability Standards. RRM includes four primary functions:

• Bulk-Power System awareness
• Event analysis
• Training
• Operator certification

This group focuses directly on proactive awareness of Bulk-Power System conditions and all events over a threshold of impact. RRM analyzes events and addresses the most significant risks to Bulk-Power System reliability, ensuring that industry is well informed of system events, emerging trends, risk analysis, lessons learned and expected actions. These functions may also identify areas in which new or enhanced compliance monitoring and enforcement initiatives are warranted, pursuant to the ERO’s statutory responsibility to monitor, enforce and achieve compliance with mandatory Reliability Standards.

Risk is always with us; there is no escaping it. However, we can deal with risk and keep it at an acceptable level by managing it. We can manage risk by using a variety of tools to:

• Identify risks
• Evaluate them as to likelihood and consequences
• Assess the options for accommodating the risks
• Prioritize the risk management efforts
• Develop risk management plans
• Track and manage the risk management efforts

At 360factors can help utilities create a powerful GRC Software, powered by effective GRC programs. It provides an easier way to manage all your NERC Standards, Compliance to these standards, practices, and procedures, Gap Analysis, RSAW, NERC Audits, and Job Task Analysis. I strongly believe this regulatory knowledge base would be a valuable tool which would enable you to take corrective and preventative actions.

 

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