Solar & wind facility asset owners have certain compliance obligations for every site. These obligations are activities that need to be completed for another party. They can come from the terms of a partner contract, regulatory policy or even just a company rule. Failure to perform any one of these tasks could cause damage to a relationship with a partner, litigation or even a shutdown by authorities. To avoid these costly mistakes, the asset management team must have a systematic way to stay on top of compliance obligations.
Here we have a compiled a procedure to follow to keep on top of your obligations.
A: Define obligations
Evaluate all sources of obligations. This includes, but is not limited to, contracts, relevant regulations and company policy. Determine what actionable tasks need to be performed to stay compliant and create an event for them in whatever task tracking software you use. Examples can include reporting, scheduled payments, training, preventative maintenance, etc.
Select the primary asset manager who will be responsible for the event and assign them the task. Ask yourself what will happen if that team member is unavailable? Or does that task need a sign-off or approval by a superior? Ensure that a clear policy is put in place so that the task will follow your organization’s workflow and get completed on time.
C: Set Recurrence
Often, events will occur on a monthly or quarterly basis. Setting up a system to streamline the creation of these tasks can save you time. Explore options to automate this with your software package or build time into your schedule to review and update the work timetable.
D: Ongoing Evaluation
Your organization is a living entity that is signing new contracts and is subjected to changing regulations. Even internal policy is changing, a new management team may want to implement and track a new set of tasks. Ensure you evaluate your contracts on an ongoing basis and identify new events that will need to be tracked to stay on top of your organization’s changing needs.
Tracking and completing compliance obligations are becoming more relevant. The North American Electric Reliability Corporation (NERC) implemented rules in 2016 that obligate operators of facilities larger than 75 MW to maintain high standards. Additionally, as owner-operators grow their portfolio of plants, the sum of tasks that need tracking increases which becomes more challenging to stay on top of.
A growing number of power utility firms and independent power producers are turning to asset management software for compliance management. Arbox’s Hap® platform providers a state of the art compliance management module that can simplify this process for you. Furthermore it provides additional toolsets and can automate reporting and invoicing. To learn more contact info at arbox.com for a demo.