Energy companies rely on a multitude of suppliers that provide technology, materials, data, and professional services. They have to consider risk and compliance in the context of cybercrime, anti-bribery and corruption, and anti-money laundering.
The Electric Reliability Organization Enterprise, which consists of the North American Reliability Corporation (NERC), is in place to assure the effective reduction of risks to the reliability and security of the grid. The FERC is also responsible for issuing regulatory responses to cyber incidences.
The number of energy vendors in the ThirdPartyTrust network is growing everyday. The unique attribute about our solution is vendors manage their own security profiles and can share their profiles with other companies. Vendors get mileage out of their work and energy companies can be assured they have up to date information when they assess a vendor.
Regulatory oversight and scrutiny is broader than ever as globalization and digitization continue to reform the energy industry. Third party risk management will be critical in the coming years to ensure a secure infrastructure.