Risk Awareness and Oversight (RAO)
The functional group within SERC’s Risk Management organization is responsible for the Inherent Risk Assessment and Compliance Oversight Plan activities along with holistic Internal Control Assessments of an entity’s Internal Controls Program.
The ERO Enterprise Guide for Compliance Monitoring describes the process Compliance Enforcement Authorities (CEAs) use to assess inherent risk of registered entities and serves as a common approach for NERC and the six Regional Entities (REs) for implementing and performing an IRA.
Explore Compliance Pages
Compliance Monitoring
Coordinated Oversight
Technical Feasibility Exception
Risk Management
Assessment & Self-Report
Enforcement
Registration & Certification
Compliance Oversight Plans
The Compliance Oversight Plan (COP) is developed to capture how SERC will monitor a registered entity’s compliance with selected North American Electric Reliability Corporation (NERC) Reliability Standards based on entity-specific risks. COPs are developed by using results of the IRA and performance considerations that tailor compliance monitoring activities to the registered entity. The COP is dynamic and requires updating from time to time as the entity’s risk profile changes.
Internal Control assessments
The Internal Control Assessments is a programmatic/holistic assessment of an entity’s internal controls program. By conducting a comprehensive review, SERC can ensure that a Registered Entity’s internal controls program is designed and implemented effectively to address regulatory requirements. This process allows for the identification and mitigation of reliability and security risks, which can allow SERC to better accomplish risk-based monitoring approaches. Additionally, implementing an effective internal controls program supports the entity in maintaining a strong reputation, building trust, and minimizing the potential for legal and financial consequences resulting from non-compliances. Therefore, reviewing an entity’s internal controls program can benefit the entity in several ways, such as:
By identifying in gaps in their controls for meeting regulatory obligations,
Instilling confidence among stakeholders.
Fostering a culture of reliability and security throughout the organization.
This assessment is voluntary. If your entity would like to have an Internal Control Assessment performed on your internal controls program or you are interested in learning more about the assessment, please fill out the Request for Assistance form by denoting a request for an Internal Controls Assessment here
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