BarnOwl for the Utilities and Energy Industry
Energy organisations face an increasingly complex and challenging business environment with more and more pressure to remain competitive whilst ensuring long-term sustainability. With increased regulations concerning safety, social responsibility, clean air and water, and the environment, and the need to find alternate sources of energy, it is imperative that energy companies adopt integrated GRC, quality, and health and safety management solutions to strengthen business operations, and enhance reputation and credibility.
Typical business challenges facing energy organisations include:
- Political and regulatory risk
- Volatility in both supply and demand
- Commodity price fluctuations
- High operating and capital costs requiring cash optimisation
- Geographical risk and scarce resources
- Innovation / alternate sources of energy
- Increased regulatory pressure including social responsibility, energy rights, clean air and water regulations, etc.
- Environmental, health & safety (EH&S) risks (employee safety)
- Labour relations in industry
- Shortage of skilled and experienced labour
- Climate change
- Operational inefficiencies
- Infrastructure quality
- Reputational risk
There is a need for an integrated approach to risk management in order to minimise the ramifications of actions (risks) taken in one area of the business affecting another area of the business and ultimately affecting the success of a project. The embedding of risk management procedures and practices across an organisation in a non-siloed manner is, therefore, critical to ensuring relevant awareness is raised across departments and functional areas.
A flexible risk management framework is critical for meeting the needs of a complex and dynamic industry such as the energy industry. Organisations need an effective way of prioritising and managing risk across the organisation as well as complying with local and cross-border legislation, standards and mandates. Proactive risk management also involves the documenting and managing of lessons learnt, incidents / near misses. In addition, the identification and ongoing monitoring of risk mitigation plans is critical to effective risk management.
An organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)
How BarnOwl addresses the challenge
BarnOwl GRC software streamlines your GRC processes, integrates risk, compliance and assurance information on a centralised platform, standardises risk and control taxonomies and offers the flexibility and scalability required for your changing business environment. BarnOwl:
- provides a customisable risk-based framework for the energy industry (in line with the COSO and ISO31000 standards) for you to manage your risk and compliance process as well as facilitate inspections / audits, findings and detailed analysis.
- enables you to identify and document risks, causes, consequences and related controls (e.g. bowtie).
- automates risk and control self-assessments.
- facilitates a non-siloed approach to risk management by linking cross divisional risks and key risk indicators.
- enables the establishment of systematic, collaborative, and transparent quality management programs.
- eliminates process deviations, inconsistencies, and redundancies.
- provides readily available access to a lessons learnt database.
- enables you to record, monitor and report on issues / incidents.
- provides a centralised repository for all your regulatory compliance requirements (fully integrated 3rd party compliance library) and tracks how you are meeting each compliance requirement.
- streamlines internal audits, forensic audits as well as third-party audits and enables you to gain real-time visibility into risk-based auditing, audit findings, root cause analysis and the ongoing monitoring of mitigation actions.
- brings together risk management, compliance, assurance, as well as all related communication, analysis and reporting under a common platform.
- provides continuous monitoring of your risk universe with early-warning notifications.
- drives the proactive management of risk mitigation strategies.
- generates risk intelligence and trend reporting at all levels of the organisation.
The Benefits of using BarnOwl
The benefits of using BarnOwl include:
- Improved GRC maturity through an integrated and flexible GRC solution.
- Optimise and monitor risk-reward outcomes by gaining a comprehensive, real time view of your organisation’s risk profile.
- Simplify regulatory compliance, using a single system to manage your compliance requirements and activities.
- Enhance GRC productivity and efficiency as well as embed standards across the value chain.
- Facilitate greater communication and collaboration on GRC tasks across all business units and locations.
- Drive ownership and accountability for risk management across the organisation.
- Facilitate the principle that an organisation’s risk and opportunities, strategy, business model, performance and sustainable development are all inseparable elements of the value creation process. (King IV™ Principle 4)
Links to References, Case Studies and Resources
BarnOwl is a fully integrated governance, risk management, compliance and audit software solution used by over 200 organisations in Africa, Europe and the UK. Some of our Utilities and Energy clients include Engen and Department of Energy.
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For every industry, no matter the size of the business, BarnOwl is the ultimate GRC and the audit software solution to assist you in the achievement of your strategic goals with a high degree of confidence.
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