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Ensure timely response, accountability, and risk mitigation through escalations
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Power cooperatives in North America are highly regulated organizations under the oversight of federal and state regulatory bodies such as the Public Utility Commission, NERC, FERC, Department of Licensing and Regulation, and others.
Each of these regulatory bodies has its own set of rules and regulations. However, one common requirement across all regulatory bodies is that they expect power cooperatives to be resilient to risks. It is mandated for power cooperatives to establish and maintain a proactive Risk Management System throughout the organization.
The Risk Officer plays a pivotal role in the establishment and efficient management of risks within any organization, and this holds true for a power cooperative as well.
Risk assessment demands extensive collaboration and control over shared information. However, the overuse of traditional communication tools, like emails and phone calls, while accessible, is not scalable and lacks centralization.
Modern risk leaders need contemporary solutions to address the challenges associated with centralization in risk assessment processes.
As a risk leader, you may encounter various daily challenges, but some of the most significant issues stemming from a decentralized risk management system include:
VComply is a unique platform that enables you to onboard stakeholders from all locations, creating a central virtual space for risk assessment, information sharing, and document management, eliminating the need for manual processes.
Key features for facilitating centralized risk assessment include:
As the risk officer in a power cooperative, you can take the below steps to simplify and centralize the risk assessment process.
Effortlessly onboard your risk team members within the VComply platform using only their email addresses.
Assign role-based work permissions and control information access to effectively manage risk assessment activities across all stakeholders.
Create user groups for enhanced collaboration and establish a unified space to monitor individual responsibilities.
You will no longer need to share information through emails and phone calls. When you identify and register a risk in VComply, a dedicated risk workroom is automatically generated for that specific assessment.
Stakeholders can track the progress of the assessment and exchange information within the workroom. This centralizes information and eliminates the need for time-consuming meetings.
In the risk workroom, you and your team can share feedback and comments through the ‘Discussion Board.’ The assignee of the risk assessment will receive real-time updates on all comments and feedback.
Notifying individuals about their risk-related tasks is now easier than ever.
Once a risk workroom is created, all relevant stakeholders receive real-time email and platform notifications.
Automatic alerts are consistently sent to all stakeholders until the expected work is completed. This significantly reduces the likelihood of missed communication.
Create customized folders for specific risks and centralize document sharing with an easy upload option.
Once the files are uploaded, all stakeholders can access them from anywhere, at any time, eliminating information gaps and reducing the risk of information leakage.
Visualize the risk assessment reports, overall risk posture, and risk due diligence through the central ‘Risk Dashboard’. Easily customize the dashboard and create custom risk report for board communication.
Ready to set up a trial of VComply and automate your compliance process?