Utility companies are subject to strict regulations imposed by government agencies, including the Federal Energy Regulatory Commission (FERC), the Environmental Protection Agency (EPA), and others. Proper record-keeping ensures the utility company complies with these regulations and avoids legal and financial liabilities.
The records also ensure that utility companies maintain efficient and accurate operations. This article discusses the importance of being proactive with record retention and explores some strategies for utility companies to navigate regulatory compliance.
Record Retention Ensures Compliance
Government regulations require utility companies to maintain certain documents. The documents include contracts, customer billing information, outage reports, financial statements, and environmental reports.
The retention period can vary based on the type of document and agency requirements. If you lack a robust record retention strategy, you could lose these documents or increase the risk that they will be destroyed, leading to the loss of essential information.
Ensuring Business Continuity
Natural disasters like floods, hurricanes, and tornadoes can wreak havoc on businesses. It’s important that your utility company has records preserved in ways that are accessible even in times of emergency. For instance, having access to customer records can help maintain customer satisfaction and loyalty by providing customers with accurate and up-to-date information about their accounts.
Streamlining Auditing and Inspections
Inspections and audits are a fact of life for most utility companies, and maintaining well-documented and accessible records can significantly streamline the process. With a well-designed record retention strategy, you can ensure you have everything you need to demonstrate compliance when an auditor or inspector arrives on the scene.
Record Retention Strategies to Consider
Utility companies can implement the following strategies to ensure they remain compliant with regulatory requirements:
- Establish protocols for document retention. This includes assigning personnel to manage records and determining which documents should be kept and for how long.
- Use secure, cloud-based software for storing digital files. Software applications can provide extensive search capabilities, automated filing systems and backups, and robust security protocols.
- Have a secure system in place for physical records protection. This includes an off-site storage facility with climate control and disaster recovery protocols.
The Bottom Line
Utility companies must take a proactive approach to record retention to remain compliant with government regulations and protect their data. At IRCH, we offer record retention solutions and retention consulting to utility companies to ensure their data is secure, accessible, and compliant. Contact us today to learn more.
