The Danish Utilities Authority has published a new supervision strategy. The strategy sets the framework for the Danish Utilities Authority's risk-based supervision across our work areas in the coming years.
I am pleased that we can now publish a strategy that makes it clear how we will carry out our risk-based supervision. The strategy provides, among other things, an insight into the way in which we will work with risk assessments and supervision in the utilities sector in the future, says Carsten Smidt, Director of the Danish Utilities Authority, in a press release about the new strategy.
The supervision strategy is used in connection with the supervision tasks that the Danish Utilities Authority initiates on its own initiative. Therefore, the strategy will not replace a number of ongoing control activities and other tasks, such as approving reports, processing complaints or setting revenue limits.
Will select areas of supervision based on an assessment of both risk and materiality
The strategy is a tool that is intended to strengthen the way in which the Danish Utilities Authority approaches supervision tasks that contain a special risk element. This may be in the form of a greater probability of detecting regulatory violations or where the consequences of regulatory violations are most serious for consumers.
- With the new strategy, the utility companies can expect that we will work to a greater extent with the selection of areas of supervision based on an explicit assessment of both risk and materiality. This does not mean that we believe that there is increased risk or more irregularities in the industry, but it means that we now have a more specific method for selecting the areas that we would like to investigate further, says Carsten Smidt.
The supervisory strategy will be implemented throughout the Danish Utilities Authority during the autumn/winter of 2023.
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