Ernst & Young, Australia (EY Australia) and Microsoft has formed a working group with dedicated resources and technology to reduce cost and risks in the Energy sector as it grapples with Consumer Data Right compliance deadlines.
EY Australia has created a 12-person strong team of experienced practitioners who previously worked on banking sector CDR compliance issues and are now speaking to Energy clients about the new requirements.
EY Australia and Microsoft are collaborating on the rebuilding of the EY Fuse service to leverage extensive lessons learned from work completed for the banking sector CDR programs.
“The recently set deadlines by the federal government give a hard target for the sector and there is a lot of work to be done,” said EY Oceania Power & Utilities leader Igor Sadimenko.
“The banking sector vastly underestimated the time, budgets, and resources required to meet these compliance deadlines.
“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,” Mr Sadimenko said.
The centrepiece of the joint offer is the EY Fuse Consumer Data Right platform, which is built on Microsoft Azure services hosted in Microsoft’s Australia Region datacentres.
The service allows energy retailers to become compliant with the CDR regime in a much shorter timeframe, assimilating significantly less risk and cost doing so. The savings are compounded given the service also provides data recipient consent, access and control services enabling energy retailers as a data recipient, leveraging new data streams to develop detailed customer insights and offer new and innovative 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 Mr Sadimenko.
Jo Dooley, General Manager, Enterprise, Microsoft ANZ said; “Microsoft is excited to work with EY Australia and extend the Fuse service into the energy sector, leveraging market leading technologies to support clients’ CDR needs. Fuse offers a low risk, high value approach as demonstrated in the banking sector and through this collaboration we will now be able to streamline CDR compliance for energy companies.”
The collaboration between Microsoft and EY Australia on the Fuse service demonstrates the realisation of the combined value we’re able to deliver to clients through the unique combination of market-leading cloud services, sector-specific knowledge and long-term relationships.