Ernst & Young (EY) Australia and Microsoft have established a working group tackling Consumer Data Right (CDR) compliance deadlines for the energy sector.
The core element of the working group is the two companies rebuilding EY's Fuse Consumer Data Right platform, which the consulting firm claimed will help energy retailers to be CDR compliant “in a much shorter time frame”.
Broadly, the CDR regime, introduced in late 2017 with a Compliance and Enforcement Policy released in May 2020, is designed to give consumers greater access to and control over their data, a factor the government hopes will lead not only to better prices for customers, but also more innovative products and services.
EY's platform, which is built on Microsoft Azure services hosted in the vendor’s Australia region data centres, offers data recipient consent, access and control services, enabling energy retailers to be a data recipient, as well as providing new data streams to generate customer insights and offer new products to customers.
“We see great potential in helping energy retailers accelerate compliance and provide their customers with products and services uniquely tailored to their situation allowing them to efficiently and cost effectively meet their energy needs,” said EY Oceania power and utilities leader Igor Sadimenko.
EY claimed its previous work helping the banking sector meet CDR guidelines would assist with the rebuilding of EY Fuse, as it plans to “leverage extensive lessons” that it learnt during that time.
“The banking sector vastly underestimated the time, budgets and resources required to meet these compliance deadlines,” Sadimenko said.
“There are considerable risk variables and associated costs that are not being adequately tackled by the energy sector based on what we saw when financial services were similarly going through this and we are determined to help the energy sector leverage those lessons.”
In September, EY Australia, through its recent acquisition of SecureWorx, and Microsoft combined their offerings to launch a security operations centre (SOC).
At the time, EY claimed the SOC offers 24/7 support and has been independently assessed by an Information Security Registered Assessors Program (IRAP) assessor.