Company Monitoring Framework
The water industry regulator, Ofwat, introduced the company monitoring framework assessment to encourage companies to deliver high quality assurance of the information that they produce. This is more than ensuring that companies have systems in place to check that data is correct. It is also being confident that companies are communicating issues in a clear, accessible and transparent way and that the information gives a fair view of how a company is performing.
Companies are assessed in one of three categories - ‘self assurance,’ ‘targeted assurance’ or ‘prescribed assurance’. The categorisations reflect Ofwat’s view of the quality of each company’s approach to assurance as well as the level of discretion the company has in determining the assurance process for information it publishes going forward.
As a targeted assurance company, South West Water is required to perform a ‘Risks, Strengths and Weaknesses’ consultation as well as publish an Assurance Plan. These consultations and publications occurred in autumn 2017 and are updated annually.
Risks, Strengths and Weaknesses statement
South West Water recognises how important it is for all our customers and stakeholders to have trust and confidence in the information we report on our services. We undertake a review of our risks, strengths and weaknesses to understand how we can improve the information that we publish to ensure that the information is what customers and stakeholders want, in a format that is helpful, accurate and easily understood.
The results of this exercise identify where we can improve the information we publish over the coming year. A culture of quality and continuous improvement is embedded in the business and supports this objective.
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Assurance Plan
South West Water remains not only keen to ensure that the information it provides to customers and other stakeholders is reliable but also useful and is in a format and style which is understandable and user-friendly.
The assurance plan utilises South West Water’s long established Integrated Assurance Framework which incorporates a robust ‘three lines of defence model.’ This framework is applied flexibly to areas where assurance is required, considering both the risk that the information/data may be incorrectly reported and the appropriate options for assurance.
The assurance we perform and commission gives comfort to the users of the information which we provide internally and externally and forms part of South West Water’s corporate governance. The assurance plan follows a consultation with customers and other stakeholders on our risks strengths and weaknesses statement.
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