Carmel, Ind. – The Open Compliance and Ethics Group (OCEG) named MISO a recipient of the 2011 Governance, Risk Management and Compliance (GRC) Achievement Award for MISO’s comprehensive compliance framework and technology solution, each known as the Compliance Model and Compliance Platform.
The 2011 GRC Achievement Awards were presented May 24 at Compliance Week’s 5th Annual Conference in Washington, D.C. MISO was one of five winners including Adecco, Constellation Energy, Humana, and Visa. A committee of OCEG's Fellows reviewed and selected winners for the GRC Achievement Award.
“We’re honored to receive this prestigious award,” said MISO President and CEO John R. Bear. “The OCEG GRC Achievement Award provides further evidence of MISO’s commitment to its members and customers by establishing a common and systematic approach to support and demonstrate compliance with policies, procedures and most importantly our business processes.”
MISO formed an officer-level task force in late 2008 to address compliance initiatives. In order to implement its Compliance Model and Compliance Platform, MISO undertook a four-phase approach known as the Compliance Model Implementation (CMI), which involved identifying requirements, validating and assigning requirements, documenting compliance processes, controls and records, and implementing processes within the Compliance Platform. MISO’s transformation from document-driven to process-driven compliance reduced the risk of non-compliance through standard and consistent business practices.
The OCEG GRC Achievement Award recognizes organizations that demonstrate achievement in one or several of the following areas:
- Structure: Establishing a strong GRC organizational structure to ensure adequate oversight and coordination of efforts;
- Information: Improving management, use and transparency of GRC relevant information;
- Effectiveness: Gaining greater confidence in the effectiveness of compliance controls;
- Processes: Coordinating risk assessment processes to develop a clearer enterprise view of risk;
- Performance: Streamlining aspects of GRC capability to reduce cost and improve performance
For more information, see MISO's winning presentation.