Welsh Water consults on the Draft Assurance Plan
We welcomed the publication of Ofwat’s ‘Company Monitoring Framework’ in June 2015 as it challenges all companies:
- to publish information that is consistently accurate and reliable;
- continue to review what information our customers and stakeholders want and need; and
- be transparent about the data assurance that they put in place.
The Company Monitoring Framework describes three categories of assurance. Companies are assigned by Ofwat annually to a category following a series of assessments covering a wide range of information. The three categories are:
- self-assurance, a company uses its own discretion to provide assurance beyond the common assurance requirements;
- targeted assurance, a company loses discretion on some areas of assurance beyond the common assurance requirements; and
- prescribed assurance, a company loses discretion on many areas of assurance beyond the common assurance requirements.
Our ongoing objective is to make available information that is easy to understand and navigate and which enables customers to understand how we are performing. We recognise that this helps to give confidence and trust to customers and stakeholders in the information we publish.
We have a tried and tested audit and assurance framework in place that ensures standards of quality are being met. This is summarised below but we also provide links to all the various documents that we have published since the introduction of Ofwat’s Company Monitoring Framework, within our webpage dedicated to our assurance framework.
- Written Guidance
- Management Reviews
- Management Checks
- Specialist Teams e.g. Compliance, Legal. Regulatory
- Senior Management
- Audit Committee
- Internal Audit
- External Audit
- Technical Audit
- External Specialists
This is the third year we have published and consulted on a Statement of Risks, Strengths and Weaknesses and Draft Assurance Plan. We welcome customer and stakeholder comments on our consultation document which can be downloaded by clicking here, and request your responses by 12 January 2018. The feedback received will be used to shape our Final Assurance Plan, which we intend publishing in March 2018.