June 02, 2011 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that its customer, Constellation Energy, has won the Open Compliance and Ethics Group (OCEG) 2011 GRC Achievement Awards. The awards were presented to 5 companies at the Compliance Week’s Annual Conference in Washington D.C., where Constellation Energy also won the Peer Choice Prize, based on a vote by the conference attendees who viewed presentations on each of the winning projects.
Every year, OCEG presents the GRC Achievement Awards to those companies, government agencies and organizations that have made great strides in improving and integrating their approaches to GRC to achieve Principled Performance®. This year, the award was presented to five leading organizations – Adecco, Constellation Energy, Humana, MISO and Visa.
A Fortune 500 company headquartered in Baltimore, MD, Constellation Energy is a competitive supplier of power, natural gas and energy products and services for homes and businesses across the United States. It operates a diversified fleet of power plants, totaling approximately 12,000 megawatts of generating capacity, and owns a regulated electric and gas utility that serves customers in central Maryland.
The 2011 GRC Achievement Awards recognizes Constellation Energy for its strategic risk management project which aims to integrate risk management into decision-making, and drive a culture of business ownership, while simultaneously ensuring compliance with industry and company standards.
Constellation Energy rapidly transitioned from a siloed operational structure to an integrated business model with a standardized risk framework and a holistic approach to enterprise risk management. The company embedded an enterprise-wide, risk-focused culture by establishing a top-down and bottom-up approach to identifying risks, enhancing communication and access to information, and educating employees to take responsibility for risk management. The key goals of this initiative were to:
- Recognize risk management as a core competency of business units and functional support groups
- Create consistency in language, processes and systems used for capturing risk information
- Foster a culture promoting risk identification, and enabling it across all parts of the business
- Integrate risk into management decision-making and strategic planning
- Adopt a streamlined framework and an integrated GRC system
Constellation Energy implemented a common risk framework, supported by the MetricStream GRC Platform. The framework enables repeatable risk-control self-assessments, automates workflows, and enhances information sharing, accountability and transparency.
MetricStream CEO, Shellye Archambeau said, “Constellation Energy undertook an ambitious project to establish a common GRC framework enabling each business and functional area to manage its own risks while facilitating risk aggregation, effectiveness of controls, monitoring, and management reporting. We are very pleased that MetricStream has been able to support this process with our GRC platform, and I’d like to extend my personal congratulations to Constellation Energy for the recognition they have received.”
To view Constellation Energy’s winning presentation, please click here.
MetricStream is a market leader in Enterprise-wide Governance, Risk, Compliance (GRC) and Quality Solutions for global corporations. MetricStream solutions are used by leading corporations such as Pfizer, Philips, NASDAQ, UBS, SanDisk, Subway, Fairchild Semiconductor and Cummins in diverse industries such as Pharmaceuticals, Medical Devices, Automotive, Food, High Tech Manufacturing, Energy and Financial Services to manage their quality processes, regulatory and industry-mandated compliance and corporate governance initiatives, as well as by over a million compliance professionals worldwide via the www.ComplianceOnline.com portal. MetricStream is headquartered in Palo Alto, California and can be reached at www.metricstream.com