Nov302022 by Connor JamesNo Comments
Why you need to customise your Compliance Management Framework

Why you need to customise your Compliance Management Framework

Compliance, NT Energy Compliance
Compliance management is an integral part of any business and is essential for minimizing the risk of non-compliance with applicable laws and regulations. Ensuring that a compliance management framework reflects the actual practices of those within the business and the scope of the business activities is key to achieving effective compliance. A compliance management framework is designed to ensure that a business is compliant with applicable laws, regulations and standards. It provides a structure for compliance-related activities and sets out the processes and procedures that must be followed. The framework must be tailored to the specific needs of a business, based on the size and scope of its operations, the type of industry it operates in, and the applicable laws and regulations. Changing business needs It is important that the…
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Nov302022 by Connor JamesNo Comments
Reviewing Compliance Controls

Reviewing Compliance Controls

AU Energy Compliance, NT Energy Compliance
As a business, having effective controls in place is essential to ensure compliance. Compliance is a fundamental part of any organisation, and failure to meet legal or regulatory requirements can have serious consequences. That’s why it’s important to review the controls your organisation has in place to make sure they are appropriate and effective. At Compliance Quarter, we understand the importance of having strong controls in place, and we’re here to help. Here are some tips for reviewing the controls your business has in place to ensure compliance: 1. Assess the current controls: Start by assessing the current controls your business has in place to ensure compliance. Are they effective? Are they up-to-date? Are they being followed? Are there any gaps in the controls that need to be addressed? 2.…
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Nov182022 by Connor JamesNo Comments
AER releases latest Wholesale Markets Quarterly

AER releases latest Wholesale Markets Quarterly

AU Energy Compliance
The Australian Energy Regulator (AER) has published its latest wholesale markets quarterly report that looks at the wholesale gas and electricity markets in the period from July to September 2022.  During the relevant period, gas and electricity prices continued to fluctuate and remained high compared to previous years.  Gas and electricity prices halved in August from record levels in July but have remained consistently high. In June and July, higher winter demand at the time of acute tightening of gas and electricity supply drove wholesale energy prices to record levels.  At the same time international: gas prices climbed sharply and the Iona southern gas storage dropped to record low levels.  That scarcity of gas influenced by domestic gas and electricity prices.  Exacerbating the situation, a number of coal plants experienced…
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Nov172022 by Connor JamesNo Comments
NT: Annual Compliance Monitoring Report 2021-22

NT: Annual Compliance Monitoring Report 2021-22

NT Energy Compliance
The NT Utilities Commission has published its Annual Compliance Monitoring Report for 2021-2022. The report examines compliance reports lodged by licensees and the Commission's assessment of breaches reported by licensees. During the 2021-2022 period, 13 licensees submitted compliance reports, including one report of both material and non-material breaches relating to life support under the Electricity Retail Supply Code. The NT, as in NECF, has a self reporting obligation. The reporting obligations are set out in the Compliance Framework and Reporting Guidelines (Guidelines), which are available on the Commission’s website (https://utilicom.nt.gov.au/). The Guidelines require relevant licence holders to submit an annualcompliance report by 31 August each year. Reported non-compliances are classified as either material or non-material breaches. All breaches must be reported but for material breaches there are additional reporting requirements.…
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Nov82022 by Connor JamesNo Comments
Reconsidering the DMO

Reconsidering the DMO

AU Energy Compliance
The Australian Energy Regulator (AER) has published the Default Market Offer 2023-24 Issues Paper. In the context of unprecedented wholesale energy prices, the Issues Paper makes interesting reading and is going to be closely examined by energy retailers and other participants. What is the DMO The Default Market Offer (DMO) is the maximum price that an energy retailer can charge a customer who is on a standing offer and is the maximum price that an exempt seller can charge a customer within an embedded network. The DMO represents a ‘safety net’ for consumers who are disengaged with the energy market. The DMO applies to small business and residential customers in South Australia, New South Wales and south-east Queensland where there is no other retail price regulation. The AER determines the…
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Nov72022 by Connor JamesNo Comments
Mandatory Data Breach Reporting and Planning

Mandatory Data Breach Reporting and Planning

AU Energy Compliance, NT Energy Compliance
Failing to plan is planning to fail when it comes to data security and breach responses. In this post, we examine the regulatory obligations of entities under the notifiable data breach (NDB) scheme. Specially, we examine when reporting is mandatory and what the features of a broader effective response plan are. When is reporting mandatory? The NDB scheme is found in Part IIIC of the Privacy Act and requires certain businesses to notify affected individuals and the Privacy Commissioner of certain data breaches. The reporting obligation kicks in where there is an ‘eligible data breach,’ which is a data breach where: there is unauthorised access to or disclosure of personal information held by an entity (or information is lost in circumstances where unauthorised access or disclosure is likely to occur);…
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