Asset managers, compliance managers, facility managers and company officers have to ensure that objectives are being met for key process activities related to ongoing compliance with NERC, FERC, environmental, and local regulations and requirements.
An effective internal controls program
A well-designed internal controls program is a crucial part of an entity’s ability to achieve its operational, strategic, and compliance objectives.
Your internal controls processes should be designed to
The four key elements of an internal controls program are risk assessment, design, implementation, monitoring to determine if controls are operating as designed, and evaluating whether the internal controls are efficient.
Entities that design their internal controls program to address all key elements will be
able to identify and prioritize risk and develop internal controls to mitigate risks
effectively. By implementing processes to monitor and evaluate internal controls,
entities can ensure they are meeting their objectives efficiently and are responsive to
their organization’s changing needs.
By designing and implementing a robust internal controls program, you can be confident
that you understand your compliance risks, are managing them through monitoring and
evaluation, and have assurance about your compliance status.
Efficient internal controls programs can protect company assets and operation efficiency as well as improve the cost effectiveness of your compliance program’s activities and ensure your readiness for audits, spot-checks, routine data submittals, and other regulatory obligations.
In our next few blogs, we will discuss in more detail the four key elements to an effective internal controls program.