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Efficient operation and management of a distributed power grid calls for a Smart Grid that can extend the functionality of the grid enhance its reliability, security, efficiency, and adaptability. Such a Smart Grid requires a flexible platform for leveraging the disparate information sources (e.g. online equipment monitoring, weather data) as well as sophisticated decision algorithms, to enable their seamless interaction. In this paper, we present BenSOA, a flexible framework for power asset management that employs two complementary mathematical and technological tools — Bender's decomposition and Service Oriented Architecture — to provide a promising approach for the implementation of a Smart Grid. We motivate and describe the design of BenSOA and show how BenSOA can be used to implement decision processes such as risk-based optimal power flow in a Smart Grid.