A key part of this activity will be to review the REC legal text to ensure that all requirements are identified, along with any risk to them being met. The Code Manager will then support the Performance Assurance Board in seeking to mitigate those risks. The Code Manager will:
1. Design, implement and manage the REC Performance Assurance Framework to identify, assess and mitigate retail market risks
2. Support the running of the Performance Assurance Board (PAB)
3. Perform market monitoring and REC Party compliance audits
4. Administer the REC Party entry and exit process on behalf of the PAB.
We will ensure that the services provided by RECCo are also meeting the requirements of the REC. Our performance assurance function will also have oversight of the Professional Services and Technical Service Providers.
Once the performance assurance framework is established, we would expect the work of the PAB may feed into the RECCo strategy and objectives for the following year(s), to the extent we may have a role in mitigating any of the retail risks the PAB identify.
REC Sandbox
The Performance Assurance Board will also oversee the REC Sandbox. As with those of other codes, the REC Sandbox will enable new entrants and incumbents to trial disruptive and innovative ideas, even if they do not meet the usual rules and procedures of the REC. In this way, we hope to facilitate improved products and services finding their way to market and deliver benefit for consumers. The REC Sandbox will differ from other codes insofar as the REC Performance Assurance Board will review the lessons learnt from each trial, and raise any change proposals it considers appropriate, rather than place that burden upon the trial participant.