| by QBI Solutions

Compliance Management System: Which One is best for RE Portfolios?

Every so often, we read about companies (some multinationals) that ignore compliance requirements and eventually not only incur hefty fines but also taint their reputations. However tasking the compliance process appears, renewable energy companies cannot afford to tread on the borders, especially when compliance management systems are available.

Many companies have opted to incorporate ease and surety in compliance management. As you consider joining the bandwagon, you most likely are asking how you can find and implement the best CMS for your renewable energy portfolios.

We will address your questions now.

What Is a Compliance Management System?

For renewable energy asset owners, compliance obligations are normal. These are fundamental actions that need to be done for another party. Parties can draw the compliance from regulatory guidelines, contract terms, or company policy.

While compliance management was always important, it has never been more important than it is now. A compliance management system offers the asset manager an end-to-end view of the organization’s compliance progress. Instead of waiting for the external auditor to unearth violations, the manager sees them as they happen and so can apply the necessary fixes.

RE companies are increasingly using the power of technology to manage their compliance obligations, specifically through compliance management systems. A modern compliance management system is a setup that can help your business manage risks, control mitigating actions, and assure you that your business is always compliant.

No company wants to contend with lawsuits. A compliance management system removes this worry and secures focus for business development efforts. This system makes compliance tracking so easy. Your business can store assessments, audits, and inspections in a consolidated place where all the authorized users can access the activities. By also automating the compliance processes, this system minimizes operation costs and enhances the reputation of your business.

You sure need this kind of transformation for your renewable energy portfolios. We’ll help you make the next step.

Choosing the Right CMS for Your Needs

There is a wide range of these systems in the market. Probably you have already sampled some. However, if you are planning to choose the best CMS for your energy business, how do you proceed?

First, we suggest that you conduct extensive research on the available system providers. This process can be treacherous, but the return on investment is attractive when done well.

In the course of the research, strive to understand the different deployment alternatives. A premise-based solution is the one that your company hosts in a hard drive, while a cloud-based solution is stored on the internet.

The two options are fundamentally different in use and features. An on-premise system relies on an internal team for maintenance and updates, whereas a cloud-based system is run by experts outside the company.

One may argue that a company-based system is more secure, but the modern cloud-based systems are highly secured with authenticity, encryption, and other high-level security measures.

Your journey to a cloud-based CMS will be smooth if you involve a tried and tested provider such as QBI Solutions. But you still need to have the budget for this project approved. Company budgets are tight and getting money for software considered disruptive can be difficult.

Asking for a demo with the stakeholders is usually a highly effective strategy to getting the budget for a modern CMS approved. Beyond this step, the only thing remaining is the implementation of your CMS. There are many reasons why the implementation phase shouldn’t worry you if you choose QBI as your partner.

QBI as a Compliance Management System

Renewable energy portfolios play a central role in ensuring that the world meets carbon reduction goals in pursuit of the 2050 net-zero emissions target. There are many energy-connected regulations for asset owners to observe. The route to compliance can be intricate and long and ending up on the wrong side can be disastrous.

From our extensive experience in renewable energy asset management, we have a deep understanding of legislation obligations and other compliance requirements in many countries. We believe that these requirements provide an opportunity for every industry player to assess how they promote the sustainability agenda, and therefore these regulations are there for the good of the industry.

QBI as a CMS system can help you:

  • Perform your renewable energy responsibilities
  • Foresee and prepare for changes
  • View compliance as motivation to improve your portfolio performance
  • Apply cost-effective measures for optimum returns

QBI Solutions is overseeing the success of over 1000 renewable energy assets around the world. If you are yearning for uninterrupted operations for increased energy security, higher environmental impact, or money savings, we offer the best compliance management system for your business.

Contact our team for a candid discussion about an advanced CMS for your RE investments.

Best Practices