EY Australia and Microsoft have formed a working group to tackle cost and risk in the Energy sector related to Consumer Data Right (CDR) compliance deadlines.
The two companies are collaborating on the rebuilding of the EY Fuse service used in banking sector CDR programmes, EY said. Both the companies see 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.
“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 and Utilities leader Igor Sadimenko. The banking sector vastly underestimated the time, budgets, and resources required to meet these compliance deadlines, he added.
This offering is built on Microsoft Azure services hosted in Microsoft’s Australia Region data centres. The service would help customers achieve compliance with the CDR regime in a much shorter timeframe. Also, it provides data recipient consent, access and control services to develop customer insights and offer new products.
“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,” said Sadimenko.
Microsoft enterprise general manager Jo Dooley 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.”
