What Is the Difference between Risk Control & Risk Management

What Is the Difference between Risk Control and Risk Management?

Risk is an inherent part of any business operation, and managing it effectively is crucial for long-term success. In risk management, two key terms often come into play: risk control and risk management. While they may sound similar, they serve distinct purposes and are essential components of a comprehensive risk management strategy. In this blog, we will the differences between risk control and risk management to shed light on their roles and significance.
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Leveraging an Automated Approach to Meet NERC Standards and Compliance

Leveraging an Automated Approach to Meet NERC Standards and Compliance

Electric utilities must adhere to strict operational and planning rules set by NERC, the North American Electric Reliability Corporation. Still, a significant number of compliance teams continue to grapple with labor-intensive, manual methodologies for maanging and maintaining these standards. They often rely on a series of spreadsheets, email correspondence, and makeshift tools to manage NERC compliance. While these methods might suffice in the early stages, they invariably reveal their inadequacy as compliance demands and tasks escalate. The consequence is a proliferation of compliance gaps, suboptimal processes, and resource limitations that impede the attainment of comprehensive compliance.
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The Role of NERC Reliability Standards in Grid Reliability

The North American Electric Reliability Corporation (NERC) plays a critical role in ensuring the reliability and security of the North American power grid. The origin of the corporation dated back t0 1968. In 1968, the North American Electric Reliability Corporation (NERC) was formed as a voluntary organization by the electric utility industry to ensure the reliability and adequacy of bulk power transmission in North America. Over the years, NERC expanded its reach and, in 1981, changed its name to the North American Electric Reliability Corporation to recognize Canada's participation. NERC played a vital role in addressing deregulation and promoting fair pricing, competition, and cooperation with independent power producers, marketers, and brokers. The organization also took on a new role in addressing national security concerns related to the power grid, becoming a founding member of the Partnership for Critical Infrastructure Security (PCIS).
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