Accurate reporting for a Utility
The Situation
This utility was at risk of a large (£10m) fine for misreporting on its spending against assets and performance each year to the regulator.
In previous years this utility had reported incorrectly and was subjected to a warning that further reports required a high degree of accuracy.
The Task
Introduce quality standards and managed the creation of an accurate Annual Report, which would result in no fines or penalties being applied.
Introduce a data review of all departments, service and usage to understand the risks in order to reduce the risk of misreporting.
The Action / Approach
Established programme governance and reporting structure with appropriate quality gates to ensure annual report was produced reviewed and signed-off by Board with appropriate time to brief all Directors and NEDs
Initiated and managed a project to analyse the data paths from source to report and analyse the risks of transforming and storing the data at each point. Develop a plan to mitigate any risks of misreporting at these risks points.
The Result
Introduced quality standards and managed creation of an accurate Annual Report to the Regulator to prevent potential fine of £10m.
Implemented data review of all departments, service and usage, to reduce the risk of misreporting and introduced new data architecture.
Introduced new reporting governance saving £12m in further annual reporting costs.
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