Risk Mitigation and Compliance for Major North American Utilities Provider
Standing up a bulk electric system and getting it successfully operational is a lengthy and complicated process.
Effective management of the asset lifecycle requires efficient coordination of a great deal of data across multiple business units, including a heavy emphasis on regulatory compliance. Above all, the changing regulatory environment certainly tops the list of challenges that need to met. Leaders and regulators are seeking greater transparency, execution control, and accountability through improvements that have the potential to impact the entire organization.
A major global electricity distributor had many cumbersome manual and paper processes that were slowing down efforts to deliver real-time data, and the company was losing ground with competitors while increasing risk exposure. The company determined that it required an immediate overhaul of its processes and a tighter alignment with an increasingly complex and stringent regulatory and compliance framework.
The client embarked on a digital transformation journey. ODESSO was chosen as the system integration consulting organization to:
Increase speed to compliance
Improve oversight, accountability for decision making, and staff effectiveness
Achieve a comprehensive and real time view of large sets of transient data
Gain a full audit history of risk processes across multiple businesses and regions
ODESSO navigated the client through complex technology challenges using its no-code and low-code expertise to:
Integrate data across existing systems
Dynamically manage cases to handle complex interactions
Implement business process, workflow, and collaboration management
Embed AI, RPA, and other advanced technologies • implement trusted security, reliability, and governance with cloud-enablement
Leverage real time data collection from IoT enabled devices to inform and enforce critical business decisions.
Introduce spatial computing technologies to aid in field data collection
RESULT: Risks Converted to Rewards
Immediate successes were realized in reduced security risk exposure, followed by improvements in every phase of the audit lifecycle due to data-driven evidentiary processes.
Cycle times were reduced from an average of 212 days to 47 days leading to faster data driven decisions.
Better process management led to decreased risk exposure.
The ability to proactively meet the regulatory requirements during utility provisioning phases was significantly improved.
Eliminated Data Silos
Data from new departments was integrated within a few weeks and with minimum consulting resources.
Reduced Reliance on Code
Eliminated 65 thousand lines of code leading to operational efficiencies and easy-to-maintain software environment.