ENTECH PLATFORMS FOR ELECTRICITY SUPPLIERS
See how Imperium™ technology can benefit both SaaS platform providers and their clients the electricity suppliers
The EnTech platform provider challenges cover a range of; disrupt, decarbonise, elevate CX to levels not known in the utility industry and make Time of Use standard for a Smart home or business.
Why RegTech for Platform Providers?
Our value to EnTech platform providers comes in 3 forms.
Firstly, we can create a series of controls to prove revenue integrity and therefore gain a SOC1 approval. This can be used to increase the ticket price for the platform and therefore used as a differentiator to competitors. See the SOC1 Revenue Integrity page for more detailed information. This externally audited function fundamentally gives confidence in the platform and its deployment as being correct for the particular client who has purchased it, as well as reducing operating costs through reduced external audit costs.
Secondly, we create a business assurance controls framework for the platform, this includes revenue, margin and fraud controls. We have done this with group-wide contracts and delivered it so the platform provider can re-sell this on to their clients. This can show the client the benefits of using leading digitally disruptive technologies both in terms of the platform itself but also for controls for assurance and the insightful power of data-driven control frameworks.
We create a business assurance dashboard with several views from the visibility deck. This provides an end-to-end view with the controls superimposed across the business process flow. There is also a functional view of KPI’s as well as by function source data accuracy, business rule correctness and the combined view of margin/loss/fraud views.
The business assurance controls coverage comes from Roscom IPR – namely how to map data sources to controls and how to group these into an end-to-end coverage visibility deck. We have the specialist knowledge to review the data available and to create a business assurance controls framework from it.
A major feature of the EnTech platforms is the removal of silo’s within the business and the elevation of customer experience to new heights. The powerful analytics within Imperium™ will provide the context for this level of improved experience granted by these new platforms. We can create the independent KPI’s that justify the statements made over the levels of CX EnTech clients can deliver through the platform.
The EnTech revolution is also supporting the innovation of new products in the usage space and having controls available to ensure good margin in the use of these Time of Use products is a key control. Driving demand away from traditional peak usage hours is a major factor in the new product generation. Ensuring these new usage patterns are not being exploited for fraud is another great strength of having the RegTech deployed showing fraud patterns and anomalies to better understand and control the risk represented by these new products.
The foundation creation for V2G and H2G technology and pricing models all while balancing the grid are new features only just in the infancy of exploitation but these new applications are opening a whole new aspect to grid management. These technologies give rise to new fraud threats as well as the fundamental issue of margin per household/business controls with such complex import/export of energy transactions.
The EnTech platforms also offer a level of data-based intelligence to their end consumers so to have an independent SOC1 approval and a business assurance framework to ensure the end client has maximum confidence in the product powering their billing and overall experience.
The third aspect of value Imperium™ delivers for the EnTech providers is the provision of Compliance offering for their clients. Imperium™ is designed from the outset to be configurable for controls creation. Therefore the local regulations can be analysed and controls created for compliance evidential proofs enabling the GRC function to operate knowing that the majority of the license operating conditions have been met and there is simple evidential proof to support this. There are typically few data driven compliance offerings in this space so our approach is new and different and can be a great approach to the EnTech clients.
Ease of Deployment - ETL
Accessing source data is often considered to be one of the most challenging aspects of setting up a new RegTech System. Imperium™ includes a dedicated mediation platform configured by our experienced inhouse engineering teams to keep the data extraction setup as simple as possible. The process of Extract, Transform, Load (ETL) is fully automated.
For more details on our setup process, request a product guide at the bottom of this page.
How Big is the Problem of Non-Compliance?
In the past 5 years in the UK alone, fines have amounted to over £33 Million against electricity and gas suppliers for a range of regulatory infractions*
In order to illustrate the cost impact of non-compliance with licence legislation, we have categorised all of the UK’s Ofgem fines over recent years (totaling over £150 million pounds).
The pie chart shows that the electricity supply licence and gas supplier licence fines combined make up £33 million (22% of the total value fines).
The bar chart below further breaks down this £33 million into the standard licence conditions (SLCs) that were affected.
For an explanation of this analysis, please just firstname.lastname@example.org
*all fines data taken from OfGem, correct as of September 2023