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GRC Professional : GRC Autumn 2012
IN DEPTH 12 GRC Professional • Autumn 2012 What’s the energy forecast? Given the broad range of regulatory requirements and the state of constant change, what must risk and compliance experts in the energy sector do to be at the top of their game? By ChrIs sheedy rarEly doEs an industry FaCE suCh PoWErFul consequences of change as within the energ y sector. a nd rarely have the potential effects of that change been so strongly felt as now. But it’s not just the opportun ities and threats posed by political and env ironmental issues such as the carbon tax, the Clean Energy regulator act and the national Greenhouse Energ y reporting scheme that risk and compliance specialists in energ y need to beware. there’s also the challenging work environment. there’s the weather. there is ex ploration a nd development. there i s the need to make the most of ageing infrastructure. and there are enough fast- changing regulations to make your head spin. “Energy companies understand the business consequences of political change perhaps better than organisations in any other sector,” wrote PwC ACCC crackdown on door-to-door sales practices The ACCC has launched legal proceedings against three energy retailers and their marketing companies, casting a spotlight on door- to-door selling practices across industries. The move highlights ACCC Chairman Rod Sims’ intention to follow through on plans to litigate more frequently, with “unconscionable” door- to-door selling one of the competition watchdog’s “high-level objectives for 2012”. The ACCC filed proceedings in the Federal Court of Australia against AGL Sales Pty Ltd, AGL South Australia Pty Ltd, and marketing company CPM Australia Pty Ltd. With the exception of AGL Sales, the ACCC alleges that each of the respondents breached the Australian Consumer Law by failing to immediately leave the premises at the request of an occupier. The layers of reporting resulting from the regulatory environment are greater than they have ever been in the past. The compliance burden is enormous.
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